Spotify is expected to report Q2 2026 consensus revenue of $5.55 billion and EPS of $3.27, with the stock currently trading near $499.94 compared to a $671.00 analyst price target. The primary focus for investors this quarter is the trajectory of Premium Subscriber growth, with consensus expectations set at 299 million total subscribers.
Markets remain cautious following a post-earnings selloff in the previous quarter, which was driven by concerns over elevated operating expenses and the monetization pace of AI-driven tools. Analysts are specifically looking for evidence that recent price increases and efficiency initiatives can sustain the company's target gross margins above 33% despite rising competitive pressure.