Spotify announced its First Quarter 2026 earnings, marking a strong start to its Year of Raising Ambition, with continued momentum across the business and ongoing innovation on the platform, further personalizing discovery and control for users.
Q1 results were in line with or ahead of expectations across all key metrics, with robust growth in both MAUs and subscribers. The platform surpassed 760 million monthly active users and delivered its second-highest gross margin to date.
Gustav Söderström, Co-CEO, also chipped in:
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.
Notable highlights from the Q1 2026 results include:
- Premium Subscribers grew 9% Y/Y to 293 million
- Monthly Active Users (MAUs) climbed 12% Y/Y to 761 million
- Total Revenue increased 14% Y/Y constant currency to €4.5 billion
- Gross Margin improved by ~140 bps Y/Y to 33%
- Operating Income reached €715 million
Alex Norström, Co-CEO, said:
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. Since the global rollout of our more personalized free experience, users in key markets like the US 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.
