Spotify reported results for the first quarter of 2026 that were in line or slightly ahead of expectations across all key metrics — gaining 3 million Premium subscribers in the period to reach 293 million total, notwithstanding its recent price increases in the U.S.
Total monthly active users (including both free and paid) climbed 12% year over year to 761 million, slightly ahead of its prior guidance of 759 million.
Spotify’s Q1 revenue came in at €4.53 billion, up 8%, driven by 10% growth in Premium revenue and offset by an ad-supported revenue decline of 5%. (Excluding the impact of foreign exchange rates, Spotify said, total revenue increased 15%, Premium revenue was up 15% and ad-supported sales rose 3%.) On a constant-currency basis, an increase in music advertising was driven by growth in impressions sold, partially offset by softness in pricing, while podcasting ad growth was led by sponsorship gains across owned and licensed shows.
The company’s Q1 gross margin of 33.0% was its second-highest to date, up from 31.6% a year prior. Operating income reached €715 million, up 40%, and free cash flow rose 54% to €824 million in the period. According to Spotify, the improved gross margin was due to revenue growth outpacing costs for music (net of marketplace programs), audiobooks and video podcasts.
Likely putting a damper on Spotify’s Premium growth in Q1: It raised subscription prices in the U.S., its third price hike in four years. The company said paid subscriptions in the period saw “broad-based regional growth, led by Latin America and Europe.”
Spotify’s outlook for Q2 calls for more robust user growth. It’s projecting total MAUs increasing to 778 million (a gain of 17 million) and Premium subscribers of 299 million (implying the addition of 6 million net new subscribers in the quarter). The company expects total revenue of €4.8 billion, which would be up 14.5%; operating income of €630 million; and operating margin of 33.1%.
Alex Norström, co-CEO of Spotify, said in announcing the results: “We surpassed 760 million MAU, delivered on the subscriber growth we aimed to achieve, and saw healthy engagement from existing users, reactivations and new users alike.” He added, “Since the global rollout of our more personalized free experience, users in key markets like the U.S. are listening and watching more days per month. All that reinforces our confidence in sustained user and subscriber growth, low churn and continued progress on revenue and margin.”
Gustav Söderström, Spotify’s other co-CEO, added: “We’re well positioned because of our large, engaged user base, deep creator relationships, and years of investment in personalization and infrastructure at scale. Together, these create a platform that can take advantage of this moment and unlock entirely new growth vectors that will enable us to climb new mountains previously unimaginable. We see significant room to grow across users, formats and engagement and to expand what Spotify is and can become over time.”
Norström and Söderström assumed the roles of co-CEOs at the start of 2026, as founder Daniel Ek stepped aside as CEO to become executive chairman.
Overall, Spotify said it now offers about 7 million podcast titles, of which more than 590,000 are video podcasts. The company has 700,000-plus audiobook titles across 22 markets. On Monday, Spotify announced it was launching into the fitness category, including a deal with Peloton to license more than 1,400 workout videos for Premium subs.
The company paid out $11 billion to the music industry in 2025, up about 10% from the year prior.
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