Spotify Technology vs Warner Music Group
Spotify Technology reported revenue of €17.2 billion in fiscal 2025, and Warner Music Group $6.7 billion in fiscal 2025, in different currencies. Spotify Technology's revenue grew 9.7% in its latest year, and Warner Music Group's grew 4.4%. Spotify Technology had an operating margin of 12.8%, against 10.3% at Warner Music Group. Free cash flow was €2.9 billion at Spotify Technology and $539 million at Warner Music Group. Their fiscal years end in different months (December 31 and September 30), so the periods don't line up exactly.
Side by side
| Spotify Technology | Warner Music Group | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Sep 30, 2025 |
| Revenue | €17.2B | $6.7B |
| Revenue growth | 9.7% | 4.4% |
| Revenue growth a year, last 5 years | 16.9% | 8.5% |
| Gross margin | 32.0% | 45.9% |
| Operating margin | 12.8% | 10.3% |
| Net margin | 12.9% | 5.4% |
| Free cash flow | €2.9B | $539M |
| Free cash flow margin | 16.7% | 8.0% |
| Return on capital | — | 12.2% |
| Net debt to EBITDA | — | 3.6x |
| Dividends and buybacks | €439M | $399M |
| Change in diluted share count | 1.7% | — |
| Last close | $572.36 | $30.29 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $98.9 million | bought $2.0 million, sold $0 |
| Piotroski F-score | 6 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
In each company's own currency, fiscal years
Spotify TechnologyWarner Music Group
Operating margin
Percent of revenue
Spotify TechnologyWarner Music Group
Free cash flow
In each company's own currency. Cash from operations minus capital expenditure.
Spotify TechnologyWarner Music Group
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Spotify Technology and Warner Music Group pages.