Overview
- Revenue reached €4.27 billion with EPS of €3.28 and net income of €899 million, as MAUs rose to 713 million and Premium subscribers to 281 million.
- Gross margin improved to 31.6% and operating income to €582 million, supported by broad price hikes and cost discipline.
- Q4 outlook calls for operating income of about €620 million and MAUs near 745 million, with revenue around €4.5 billion and Premium subscribers guided to 289 million.
- Ad-supported revenue declined about 6% year over year even as ad-supported MAUs climbed to 446 million and programmatic ad tools expanded.
- Leadership shifts on Jan. 1, 2026 move Daniel Ek to executive chairman as Gustav Söderström and Alex Norström become co-CEOs, alongside product moves like lossless audio, a ChatGPT integration, audiobook expansion, and a Netflix video podcast deal.