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  "documentTitle": "2025 Q4 Shareholder Deck",
  "authorId": "Spotify",
  "authorName": "Spotify",
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  "sourceTypeSlug": "strategy_consulting",
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  "notes": "The slide uses a simple table structure to highlight performance against expectations (Above/In-Line).",
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      "kind": "disclaimer",
      "text": "* Includes (€50) million of Social Charges which were €67 million below forecast / guidance driven by share price movement during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control.",
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      "text": "Operating Income: €701",
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      "kind": "table",
      "text": "Monthly Active Users (M) 751 745 Premium Subscribers (M) 290 289 Total Revenue (€B) 4.5 4.5 Gross Margin 33.1% 32.9% Operating Income (€M) 701 620",
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      "text": "Key Highlights: Actuals vs. Guidance",
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