
Spotify's Q3 '25 earnings call reported exceeding MAU guidance at 713M, being in line with subscriber numbers at 281M, and beating on revenue at $4.92B with a reported EPS of $3.78 (vs. estimates of $2.26). The company forecasts 745M MAU and 289M subscribers for Q4.
Bullish
Spotify surpassed 700 million monthly active users, exceeding guidance, and was in line with subscriber numbers, also beating on revenue, gross margin, and operating income.
Bearish
Advertising revenue growth has decelerated, with a two-year stack showing a decrease from 31% growth in Q3 2024 to 7% in Q3 2025, indicating softness in pricing.