Spotify Results Presentation Deck
Free Cash Flow
The 10th quarter in a row of positive FCF
Free Cash Flow was €35 million in Q3, a decrease Y/Y
as lower Net Income adjusted for non-cash items was
partially offset by favorability in net working capital.
Capital expenditures decreased €20 million Y/Y to €5
million as a result of the completion of office build-outs.
This was the 10th quarter in a row of positive Free
Cash Flow. While the magnitude of Free Cash Flow can
fluctuate from quarter to quarter based on seasonality
and timing, we have averaged over €200 million of
positive Free Cash Flow on a trailing 12 month basis
for the past three years.
Spotify
€500
€ 400
€300
€200
€100
€0
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22
* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.
Free Cash Flow, LTM* (€M)
12View entire presentation