New York, Feb 11, 2026, 09:28 EST — Premarket
- Spotify stock added roughly 1% in premarket trading, following Tuesday’s 14.8% surge.
- Sentiment got a boost from Q4 profit and record user growth, though revenue growth lost some steam.
- Attention now turns to Q1’s subscriber growth, pricing moves, and margin performance.
Spotify Technology S.A. stock edged roughly 1% higher in premarket action Wednesday, trading near $481. The move comes after SPOT soared 14.8% the previous session, finishing Tuesday at $476.02. 1
Investors have zeroed in on Spotify’s ability to convert its vast user base into real profit—especially after a tough period for platforms relying on ads and subscriptions. That’s why the move is significant.
Spotify’s leaning in on price hikes this quarter and pushing into new territory—think books, video, creator tools—as it works to hold user engagement against rivals with big wallets, bundling music inside much broader ecosystems.
Spotify’s fourth-quarter numbers are in: paying subscribers jumped 10% from last year to hit 290 million, with monthly active users (MAUs) hitting 751 million. Gross margin edged up to 33.1%. Operating income landed at 701 million euros, covering business profit before interest and taxes. The company called out continued engagement with “Wrapped,” plus fresh product efforts—think audiobooks, and a partnership slated for this spring to bring physical book sales to the app for U.S. and U.K. users. 2
Spotify is projecting first-quarter operating income at 660 million euros, just edging past Wall Street’s forecast, though its revenue outlook—4.5 billion euros—lands just under what analysts had penciled in. Speaking to Reuters, co-CEO Gustav Söderström called the “Interactive DJ” tool “one of the most used experiences” on the platform, and shrugged off concerns about AI-driven “spammy” tracks, saying the issue isn’t new. Over on the user side, co-CEO Alex Norström pointed to growth coming “especially in emerging markets.” 3
The company put out its Q4 results in a filing, posting the update to its investor site and attaching the shareholder letter as an exhibit. 4
Evercore ISI trimmed its Spotify target price to $700 from $750 but stuck to its “Outperform” call, an analyst note posted by Investing.com showed. 5
Still, it wouldn’t take much for things to swing the opposite direction. Spotify’s first-quarter forecasts are pointing to smaller net additions after last quarter’s surge, and while higher prices can boost revenue, they risk nudging churn up — particularly if new users are coming from markets that spend less or if ad demand backs off.
Investors are eyeing any initial signs of churn following the recent price hikes, and checking if margins can hold up amid spending on newer ventures — video, audiobooks. Next big event: Spotify’s first-quarter numbers, slated for around April 28, according to earnings calendars. 6
