Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Spotify Technology S.A. (SPOT) Halal?

PASS

Spotify Technology S.A. · NYSE: SPOT · Telecom

The short answer

Yes - Spotify Technology S.A. (SPOT) passes this Shariah stock screen at all three gates, with a prominent disclosed caveat. Spotify, the Luxembourg-based audio streaming platform, earns its revenue from Premium subscriptions (~89% of revenue) and Ad-Supported advertising (FY2025 revenue 17,186 million euros) - with no alcohol, tobacco, gambling, weapons, pork, or conventional-finance business segments. The caveat: Spotify is a user-generated-content platform that hosts podcasts including explicit/adult content, and the Ad-Supported segment sells advertising (advertiser categories not quantified in filings) - disclosed prominently, following the pipeline's platform precedent. The financial ratios pass: debt of about 2.32B euros is about 2.5% of its ~$101.82B market cap ($491.4/share, October 2, 2026), below the ~33% ceiling, and interest income of 245 million euros is about 1.43% of revenue, below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Spotify Technology S.A. (NYSE: SPOT), founded in 2006 in Stockholm and based in Luxembourg (direct listing on NYSE April 2018), is an audio streaming platform. Per its Form 20-F for the fiscal year ended December 31, 2025 (Note 23 'Segment information'; filed ~February 2026; accession 0001628280-26-006874; CIK 1639920), it has two reportable segments: Premium (revenue primarily through subscription fees; 2025 revenue 15,350 million euros, ~89% of revenue) and Ad-Supported (revenue primarily through the sale of advertising across music and podcast content; 2025 revenue 1,836 million euros) - consolidated 2025 revenue 17,186 million euros. The platform also offers audiobooks and video podcasts (Spotify Partner Program). The Shariah consideration (disclosed honestly): Spotify is a user-generated-content platform that hosts podcasts including explicit/adult content, and the Ad-Supported segment sells advertising across music and podcast content (the 20-F does not break down ad revenue by advertiser category, so alcohol/gambling ad exposure is not quantified). There are no alcohol, tobacco, gambling, weapons, pork, or conventional-finance business segments. Gate 1 read: CONDITIONAL PASS - clean core business (subscriptions + advertising platform), with the explicit-content/advertising caveat disclosed prominently, following the pipeline's platform precedent (Shopify's merchant-neutral caveat). A strict reading that treats any platform hosting of explicit third-party content as a hard business-gate fail would fail it - that judgment call is disclosed here, not hidden. Gate 1 passes with the caveat. Facts only.

Gate 2 — Debt and cash: PASS

Per Spotify's Form 20-F for the fiscal year ended December 31, 2025 (filed ~February 2026; accession 0001628280-26-006874; CIK 1639920; euro millions; Spotify reports in EUR), total debt at December 31, 2025 was about 2.32B euros (TipRanks; MarketBeat: $2.22B; AlphaSpread: long-term debt 433M euros + current portion 1.5B euros - the Exchangeable Notes became current in FY2025). Against a market cap of about $101.82B ($491.4 per share, Finnhub, October 2, 2026; sanity check: 205.8M shares outstanding x $491.4 = about $101.1B - same range), debt / market cap is about 2.5% at ~1.08 EUR/USD - below the ~33% ceiling (far enough under that no FX-rate precision matters). Cash and short-term investments of 9.46B euros are about 10% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Per Spotify's Form 20-F for the fiscal year ended December 31, 2025 (euro millions), interest income was 245 million euros (Zoya's FY2025 annual-report parse: 245,000,000 euros, 1.43% of the combined total) against total revenue of 17,186 million euros (20-F Note 23; 2024: 15,673M euros; 2023: 13,247M euros) = about 1.43% of revenue - below the 5% non-compliant income ceiling. Corroboration: FXEmpire reports 'Interest & Investment Income' $330.369M against $19,444.24M revenue (1.70% - a combined line, also passing); 9M 2025 interest income was 181M euros (Q3 2025 6-K), consistent with ~245M euros full-year. The 20-F defines 'Finance income' as interest on cash/cash equivalents and short-term investments, interest on finance lease receivables, dividends, and FX gains. Net income FY2025 was 2.21B euros. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Spotify do?

Spotify Technology S.A. (NYSE: SPOT), founded in 2006 in Stockholm and based in Luxembourg (direct listing on NYSE April 2018), is an audio streaming platform. Per its Form 20-F for the fiscal year ended December 31, 2025 (Note 23 'Segment information'), it has two reportable segments: Premium (revenue primarily through subscription fees; 2025 revenue 15,350 million euros, ~89% of revenue) and Ad-Supported (revenue primarily through the sale of advertising across music and podcast content; 2025 revenue 1,836 million euros) - consolidated 2025 revenue 17,186 million euros. The platform also offers audiobooks and video podcasts. Its shares trade on the New York Stock Exchange (ticker SPOT).

Why does Spotify pass this Shariah stock screen?

Spotify passes all three gates of this Shariah stock screen, but with a prominent, disclosed caveat. Gate 1 (business activity): audio streaming - subscriptions plus advertising; there are no alcohol, tobacco, gambling, weapons, pork, or conventional-finance business segments. The honest caveat: Spotify is a user-generated-content platform that hosts podcasts including explicit/adult content, and the Ad-Supported segment sells advertising across music and podcast content (the 20-F does not break down ad revenue by advertiser category, so alcohol/gambling ad exposure is not quantified). Because the core business is subscriptions and advertising and neither exposure is quantified, this screen records a conditional pass, following the pipeline's platform precedent (Shopify's merchant-neutral caveat). A strict reading that treats any platform hosting of explicit third-party content as a hard business-gate fail would fail it - this judgment call is disclosed, not hidden. Gate 2 (debt): total debt of about 2.32B euros is about 2.5% of its ~$101.82B market cap (October 2, 2026), below the ~33% ceiling. Gate 3 (non-compliant income): interest income of 245 million euros is about 1.43% of FY2025 revenue (17,186 million euros), below the 5% ceiling. Result: PASS with the content caveat disclosed prominently. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Spotify's interest-bearing debt ratio?

Per Spotify's Form 20-F for the fiscal year ended December 31, 2025 (filed ~February 2026; accession 0001628280-26-006874; CIK 1639920; euro millions; Spotify reports in EUR), total debt at December 31, 2025 was about 2.32B euros (TipRanks; MarketBeat: $2.22B; AlphaSpread: long-term debt 433M euros + current portion 1.5B euros - the Exchangeable Notes became current in FY2025). Against a market cap of about $101.82B ($491.4 per share, Finnhub, October 2, 2026; sanity check: 205.8M shares outstanding x $491.4 = about $101.1B - same range), debt / market cap is about 2.5% at ~1.08 EUR/USD - below the ~33% ceiling (far enough under that no FX-rate precision matters). Cash and short-term investments of 9.46B euros are about 10% of market cap. Gate 2 passes. Facts only.

How much interest income does Spotify earn?

Per Spotify's Form 20-F for the fiscal year ended December 31, 2025 (euro millions), interest income was 245 million euros (Zoya's FY2025 annual-report parse: 245,000,000 euros, 1.43% of the combined total) against total revenue of 17,186 million euros (20-F Note 23; 2024: 15,673M euros; 2023: 13,247M euros) = about 1.43% of revenue - below the 5% non-compliant income ceiling. Corroboration: FXEmpire reports 'Interest & Investment Income' $330.369M against $19,444.24M revenue (1.70% - a combined line, also passing); 9M 2025 interest income was 181M euros (Q3 2025 6-K), consistent with ~245M euros full-year. The 20-F defines 'Finance income' as interest on cash/cash equivalents and short-term investments, interest on finance lease receivables, dividends, and FX gains. Net income FY2025 was 2.21B euros. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Spotify?

Zoya covers Spotify at zoya.finance/stocks/spot: its auto-generated FAQ page is garbled/contradictory (one line reads 'not Shariah-compliant and therefore considered halal,' another 'not Shariah-compliant and therefore not considered halal'), so no clean Zoya PASS/FAIL can be quoted - only coverage and underlying data are reported (FY2025 revenue 17,186,000,000 euros and interest income 245,000,000 euros, 1.43% of the combined total). Musaffa: no musaffa.com/stock/SPOT page was found in targeted searches - honestly reported as no coverage found, not invented. ShariaPortfolio: no SPOT page was found on spscreener.mxcorporate.com - honestly reported as no coverage found, not invented.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).