Spotify Technology (SPOT) Q3 2026 earnings — TrendMatrix coverage
Reported
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy
Key numbers
- Adjusted EPS
- $2.48
- Estimate
- $2.81
- Surprise
- -11.6%
- Revenue (period 2026-09-30)
- $4.97B
- Score at report (before → after)
- 5.4 → 5.5/10
Revenue source: yfinance_provisional (provisional — SEC XBRL not yet filed for this period).
How the report landed
Spotify Technology (SPOT) missed the $2.81 estimate with adjusted EPS of $2.48 — a large 11.6% shortfall. TrendMatrix's engine moved from Buy (Wait) (5.4/10) to Sell at 5.5/10 after the report — the engine's score rose despite the miss.
Where TrendMatrix's rating stands now
TrendMatrix currently rates SPOT Sell at 5.1/10.
2 of the last 4 quarters beat the estimate; this quarter's -11.6% surprise compares with a +15.0% four-quarter average. Next scheduled report: 2027-02-09.
What supports the rating
- Wide economic moat
What argues against it
- Thin upside margin: 8.5%
- Sector modifier (Communication Services): -0.8
- Consecutive earnings misses (2)
This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.
The levels TrendMatrix's engine tracks
- Current price
- $538.40
- Price target
- $583.99
- Stop
- $500.71
- Upside to target
- +8.5%
- Reward-to-risk
- 0.7:1
At 32.8× trailing and 31.4× forward earnings, consensus estimates imply little change in earnings power.
Model outputs from TrendMatrix’s engine as of 2026-10-29 — shown for context, not personalized investment advice.
SPOT at TrendMatrix's latest read
Communication and media names are subscriber-economics stories; engagement and ARPU trends behind the print drive the reaction.
- Industry
- Internet Content & Information
- Market cap
- $110.71B
- P/E (fwd)
- 31.4
- P/E (ttm)
- 32.8
- 52-week range
- $405.00–$673.16
- Off 52-week high
- 20.0%
- RSI (14)
- 54
- Volume vs avg
- 0.85×
- Score today
- 5.1/10