Morningstar

Morningstar

•

Feb 10, 2026

Spotify Technology S.A.: Spotify Earnings: Good Results and Outlook, but Outsize Stock Rise a Function of Recent Big Selloff

Symbols

SPOT

Sector(s)

Communication Services

Rating

Current Price

442.69

Fair Value

Economic Moat

Stewardship

Summary

Spotify is the leading global music streaming service provider, with over 750 million monthly active users and 290 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast co

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Analyst Profile

Matthew Dolgin

Equity Analyst

Matthew Dolgin is an equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers companies in the technology sector.Before joining Morningstar in 2016, Dolgin was a compliance examiner for the National Futures Association.Dolgin holds a bachelor’s degree in kinesiology from Northern Illinois University, a master’s degree in business administration from the University of Notre Dame, and a juris doctor degree from the Illinois Institute of Technology’s Chicago-Kent College of Law. He holds the Chartered Financial Analyst® designation.