Spotify Q2 reports higher than expected subscriber count, but revenue misses guidance

Spotify reported its performance for the second quarter of this year. The streaming service added more subscribers than expected, however total revenue and operating income fell below expectations.

After adding 5 million premium subscribers in Q1, it added 8 million more this quarter (exceeding forecasts by 3 million). Compared to Q2 last year, the number of premium subscribers increased by 12%, however, ad-supported subscribers are 1% down.

Spotify’s Q2 2025 report

In total, Spotify had 696 million Monthly Active Users (MAU) in Q2 2025, up 11% compared to the same period last year. Of that, premium subscribers are 276 million. Guidance was for 689 million MAU and 273 million premium subscribers.

However, the total revenue for Q2 was €4.2 billion and operating income was €406 million, both of which are below the guidance of €4.3 billion and €539 million. You can find the detailed breakdown in this PDF.

Distribution and growth of Monthly Active Users and Premium Subscribers

Spotify is incorporated in Sweden, which brings some expenses not seen in American companies. For example, a higher stock price led to €98 million more in social charges than predicted (employer contributions to social security).

Spotify also posted its outlook for Q3. It expects to reach 710 million MAU (+14 million over this quarter), with total premium subscribers reaching 281 million (+5 million QoQ). However, total revenue is expected to remain the same at €4.2 billion with a predicted €485 million operating income (with an expectation of €25 million in social charges based on Q2 share price).

Additionally, the Board of Directors approved a $1 billion increase to the company’s share repurchase program, which brought the total up to $2 billion. Of that, $104 million has already been spent on repurchasing shares.

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