Snap Inc (SNAP)

Snap Inc. Receives Credit Rating Upgrade from S&P Global RatingsJune 3, 2026 5:30 PM
Business Wire Snap Inc. (NYSE: SNAP) today announced that S&P Global Ratings has upgraded the company’s issuer credit rating to BB- from B+, with a positive outlook. S&P also upgraded its issue-level ratings on Snap’s unsecured notes to BB- from B+. In its report, S&P cited Snap’s improving operating and financial performance, including: Lower S&P Global Ratings-adjusted gross leverage; Improved free operating cash flow to debt; Expected revenue growth, supported by subscriptions and newer monetization initiatives; and Snap’s recently announced cost savings program, which S&P expects to support accelerated deleveraging. S&P’s positive outlook reflects the potential for a higher rating over the next year if Snap successfully executes its cost savings initiatives and continues growing revenue, supporting further improvement in leverage. “This upgrade reflects the progress we are making to strengthen Snap’s financial profile while continuing to invest in our long-term growth opportunities,” said Doug Hott, Chief Financial Officer of Snap Inc. “We remain focused on disciplined execution, durable revenue growth, and building a more efficient business that supports long-term value creation.” Recent Snap highlights include: Growth: Q1 revenue grew 12% year-over-year to $1.53 billion. Profitability path: Net loss improved to $89 million and adjusted EBITDA improved to $233 million. Cash flow: Operating cash flow reached $327 million and free cash flow reached $286 million in Q1. Revenue diversification: Other Revenue grew 87% year-over-year to $285 million. Cost discipline: Snap expects more than $500 million in annualized cost reductions in the second half of 2026. Long-term investment: Snap continues to invest with discipline in Specs and the future of computing. About Snap Inc. Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. Snap Inc. operates Snapchat, a visual messaging app that enhances your relationships with friends, family, and the world, and Specs Inc., a wholly-owned subsidiary dedicated to making computing more human, in addition to Bitmoji, Saturn, and other digital services. For more information, visit snap.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release, including statements regarding Snap’s financial profile, cost savings initiatives, revenue growth, leverage, monetization opportunities, long-term growth opportunities, disciplined execution, business efficiency, investments in Specs, and long-term value creation. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Snap cautions you that the foregoing may not include all of the forward-looking statements made in this press release. You should not rely on forward-looking statements as predictions of future events. Snap has based the forward-looking statements contained in this press release primarily on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. For more information, please refer to Snap’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and Snap’s other filings with the SEC, which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this press release are based on assumptions that Snap believes to be reasonable as of this date. Snap undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603573034/en/ Investor Relations: ir@snap.com
Media: press@snap.com Original: Snap Inc. Receives Credit Rating Upgrade from S&P Global Ratings

Luke Wood Joins Snap Inc. Board of DirectorsMay 20, 2026 5:00 PM
Business Wire Snap Inc. (NYSE: SNAP) announced today that Luke Wood, former President of Beats by Dr. Dre and Vice President at Apple Inc., has been appointed to the company’s board of directors, effective as of May 20, 2026. “We are excited to welcome Luke to Snap’s board,” said Evan Spiegel, co-founder and Chief Executive Officer of Snap Inc. “Luke has helped build and scale iconic products and brands at the intersection of technology and culture, and we look forward to benefiting from his insights.” “Luke’s creative and operating experience will bring a valuable perspective to our board,” said Michael Lynton, Chairperson of the board of directors of Snap Inc. “We are pleased to welcome him and look forward to his contributions in the years ahead.” “I’m thrilled to join Snap’s board at such an exciting time for the company,” said Wood. “Snap has a strong track record of innovation, and I look forward to working with Evan, Michael, and the other directors.” Mr. Wood, age 57, is a co-founder and has served as Chief Executive Officer of Violet St Holdings, LLC since September 2022. From August 2014 to April 2020, Mr. Wood served as President of Beats by Dr. Dre and as a Vice President at Apple Inc. following Apple’s acquisition of Beats. Prior to that, he served as President of Beats by Dr. Dre from February 2011 to August 2014. Earlier in his career, Mr. Wood held various leadership positions at Interscope Geffen A&M and imprint DGC Records. Mr. Wood currently serves as a member of the board of directors of Fender Musical Instruments Corp. He holds a B.A. in American Studies from Wesleyan University. About Snap Inc. Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520914576/en/ Investors and Analysts:
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press@snap.com Original: Luke Wood Joins Snap Inc. Board of Directors

Snap shares tumble after geopolitical headwinds weigh on outlookMay 7, 2026 6:52 AM
IH Market News Snap Inc. (NYSE:SNAP) posted first-quarter results that topped analyst estimates, but the stock slid after the company warned that advertising revenue was pressured by the conflict in the Middle East and softer growth trends in North America. Its second-quarter revenue forecast also came in largely in line with Wall Street expectations.The company additionally revealed it had ended its $400 million agreement with artificial intelligence startup Perplexity.Shares of Snap dropped nearly 10% in premarket trading Thursday. Revenue growth improves despite advertising pressures The social media platform reported a first-quarter loss of -$0.05 per share, better than analyst projections of -$0.08 per share.Revenue rose 12% year-over-year to $1.53 billion, narrowly exceeding the consensus estimate of $1.52 billion. The company’s top-line growth accelerated compared with prior quarters as it returned to growth in daily active users while also improving margins.Advertising revenue increased 3% to $1.24 billion during the quarter, supported by strength in direct response advertising. However, Snap said the conflict in the Middle East reduced revenue by approximately $20 million to $25 million in March alone and cautioned that geopolitical uncertainty could continue to weigh on results.Adjusted EBITDA reached $233.3 million, ahead of analyst expectations of $212 million. Analysts see early signs of improvement “SNAP has been through multiple years of struggling to get its ad business back to industry average growth, and while it continues to trail, there are greenshoots appearing,” Barclays analyst Ross Sandler said in a note.“Admittedly, some of the 2Q uptick is from easy comps around the ad auction issues a year ago, but there is also underlying improvement,” he added.Wolfe Research analyst Shweta Khajuria said Snap’s 5% growth in daily active users during the quarter was “overshadowed by macro uncertainty.”“That said, while the Perplexity partnership won’t happen, we note that SNAP has yet to rule out other AI LLMs or agents partnerships to serve as distribution for the platform,” she said. Guidance disappoints investors Investor sentiment weakened after Snap issued second-quarter revenue guidance in the range of $1.52 billion to $1.55 billion. The midpoint of $1.535 billion came in slightly below the analyst consensus forecast of $1.54 billion.The company said its outlook excludes any contribution from Perplexity following the mutually agreed termination of the partnership during the first quarter and also reflects ongoing weakness tied to conditions in the Middle East.“In Q1, we returned to growth in daily active users, accelerated revenue growth, expanded margins, and generated strong free cash flow,” said CEO Evan Spiegel. “We remain focused on disciplined execution as we invest in Specs and our long-term opportunity in intelligent eyewear.” User growth and cash flow strengthen Snap reported adjusted EBITDA of $233 million, more than double the $108 million posted a year earlier. Free cash flow climbed 150% year-over-year to $286 million from $114 million.Global daily active users increased 5% from the prior year to 483 million, while monthly active users rose to 956 million.For the second quarter, the company expects adjusted EBITDA between $175 million and $200 million. Snap also anticipates pre-tax restructuring charges ranging from $95 million to $130 million tied to a recent organizational overhaul, with most of those costs expected to be recognized during the second quarter. More about Snap Snap is a social media and technology company best known for Snapchat, its multimedia messaging platform. The company generates most of its revenue through digital advertising and has increasingly focused on augmented reality, artificial intelligence integrations, and wearable technology initiatives such as its Specs smart glasses platform.Snap stock price Original: Snap shares tumble after geopolitical headwinds weigh on outlook

Snap Inc. Announces First Quarter 2026 Financial ResultsMay 6, 2026 4:10 PM
Business Wire First quarter revenue increased 12% year-over-year to $1,529 million First quarter operating cash flow was $327 million and Free Cash Flow was $286 million First quarter net loss of $89 million and Adjusted EBITDA of $233 million Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended March 31, 2026. “In Q1, we returned to growth in daily active users, accelerated revenue growth, expanded margins, and generated strong free cash flow,” said Evan Spiegel, CEO. “We remain focused on disciplined execution as we invest in Specs and our long-term opportunity in intelligent eyewear and look forward to sharing more at AWE on June 16th.” Q1 2026 Financial Summary Revenue was $1,529 million, compared to $1,363 million in the prior year, an increase of 12% year-over-year. Net loss was $89 million, compared to $140 million in the prior year. Adjusted EBITDA was $233 million, compared to $108 million in the prior year. Operating cash flow was $327 million, compared to $152 million in the prior year. Free Cash Flow was $286 million, compared to $114 million in the prior year.   Three Months Ended
March 31,   Percent
Change     2026       2025                 (Unaudited) (dollars in thousands, except per share amounts)     Revenue $ 1,528,791     $ 1,363,217     12 % Operating loss $ (74,449 )   $ (193,846 )   62 % Net loss $ (88,951 )   $ (139,587 )   36 % Adjusted EBITDA (1) $ 233,333     $ 108,425     115 % Net cash provided by operating activities $ 326,779     $ 151,610     116 % Free Cash Flow (2) $ 286,007     $ 114,396     150 % Diluted net loss per share attributable to common stockholders $ (0.05 )   $ (0.08 )   38 % (1) See page 9 for a reconciliation of net loss to Adjusted EBITDA. (2) See page 9 for a reconciliation of net cash provided by operating activities to Free Cash Flow. Q1 2026 Summary & Key Highlights We deepened engagement with our community: The Snapchat community continues to grow, reaching 956 million global monthly active users (MAU) in Q1, an increase of 43 million or 5% year-over-year and Global Daily Active Users (DAU) grew to 483 million or 5% year-over-year. Our focus on prioritizing authentic content created using the Snapchat Camera and our investments in the Creator experience are driving Spotlight posts, contributing to nearly 74% year-over-year growth in Spotlight posters in the US and over 61% globally. The March Madness Topic Chat was one of the most active real-time group chats with more than 90,000 chats sent to the group and, at peak moments, over 40,000 people active in the chat simultaneously. Our community used AR Lenses in our Snapchat camera more than 9 billion times per day on average in Q1, driven by 75% of Snapchatters engaging with AR every day on average. We continue to see strong momentum in our creator and developer ecosystem, with more than 400,000 Lenses submitted in the quarter, increasing more than 150% year-over-year. The Snap Map reached over 450 million global monthly active users in Q1, reflecting strong continued engagement. We are focused on accelerating and diversifying our revenue growth: In Q1, Sponsored Snaps drove strong performance gains, with per-impression click-through rates increasing 226% and 7-day conversion volume rising 59%. We launched AI Sponsored Snaps, a new format that enables brands to engage Snapchatters through interactive, AI-powered conversations in Chat and extends our strategy of delivering more personalized, high-intent advertising experiences. Promoted Places campaigns demonstrated strong impact, with Carl’s Jr. achieving an 18% lift in incremental visits alongside gains in ad awareness and brand favorability. Dynamic Product Ads revenue grew more than 30% year-over-year, while adoption among small and medium-sized customers more than doubled. We directly monetized the growing engagement on Snapchat, with Other Revenue increasing 87% year-over-year to $285 million. We are making computers more human with Specs: We expanded our strategic collaboration with Qualcomm Technologies, Inc. to bring their industry-leading Snapdragon system-on-a-chip (SoC) to future generations of Specs, strengthening the platform for developers and partners. We partnered with Jonathan Yeo to bring his exhibition, “Spectacular: The Art of Jonathan Yeo in Augmented Reality” - first shown at the Centre Pompidou - to SXSW in Austin, transforming his iconic portraits into living, responsive installations through Spectacles. We are seeing high levels of engagement and sustained growth in Specs Lens creation, with the number of Lenses submitted increasing 28% year-over-year. We are seeing expanding use cases across learning, gaming, and AI-powered experiences, with developers building immersive experiences in preparation for launch, including: Fossils, created by XR focused company VyuXR Immersive Studios, is an interactive AR learning experience that uses spatial puzzle mechanics to let users uncover and assemble prehistoric fossils while bringing extinct animals to life. Artel, created by Yegor Ryabtsov, is an AR drawing app that lets users create in 3D space with a wide range of brushes, colors, and effects, and now includes physics-based interactions that allow drawings to respond to gravity and motion. Q2 2026 Outlook Snap Inc. will discuss its Q2 2026 outlook during its Q1 2026 Earnings Call (details below) and in its investor letter available at investor.snap.com. Conference Call Information Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call. Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD. Definitions Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options. Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter. Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs. A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter. Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.” About Snap Inc. Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. Snap contributes to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. Snap Inc. operates Snapchat, a visual messaging app that enhances your relationships with friends, family, and the world, and Specs Inc., a wholly-owned subsidiary dedicated to making computing more human, in addition to Bitmoji, Saturn, and other digital services. For more information, visit snap.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.” Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries. SNAP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)       Three Months Ended
March 31,     2026       2025   Cash flows from operating activities       Net loss $ (88,951 )   $ (139,587 ) Adjustments to reconcile net loss to net cash provided by operating activities:       Depreciation and amortization   44,696       37,715   Stock-based compensation   250,040       247,338   Amortization of debt issuance costs and debt discount (premium)   (931 )     7,642   Losses on debt and equity securities, net   845       15,800   Gain on extinguishment of debt   —       (66,939 ) Other   5,126       (805 ) Change in operating assets and liabilities, net of effect of acquisitions:       Accounts receivable, net of allowance   174,635       194,216   Prepaid expenses and other current assets   (16,270 )     (22,828 ) Operating lease right-of-use assets   15,114       14,123   Other assets   (240 )     9,010   Accounts payable   22,044       34,260   Accrued expenses and other current liabilities   (67,649 )     (162,568 ) Operating lease liabilities   (12,455 )     (16,993 ) Other liabilities   775       1,226   Net cash provided by operating activities   326,779       151,610   Cash flows from investing activities       Purchases of property and equipment   (40,772 )     (37,214 ) Purchases of strategic investments   (5,934 )     —   Cash paid for acquisitions, net of cash acquired   (39,370 )     —   Purchases of marketable securities   (302,360 )     (235,799 ) Sales of marketable securities   232,098       12,001   Maturities of marketable securities   213,600       263,766   Net cash provided by investing activities   57,262       2,754   Cash flows from financing activities       Proceeds from issuance of notes, net of issuance costs   —       1,473,083   Repurchases of Class A non-voting common stock   (350,499 )     (257,100 ) Deferred payments for acquisitions   —       (57,977 ) Repurchases of convertible notes   —       (1,444,626 ) Other   (1,601 )     (1,899 ) Net cash used in financing activities   (352,100 )     (288,519 ) Change in cash, cash equivalents, and restricted cash   31,941       (134,155 ) Cash, cash equivalents, and restricted cash, beginning of period   1,031,397       1,050,234   Cash, cash equivalents, and restricted cash, end of period $ 1,063,338     $ 916,079   SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts, unaudited)       Three Months Ended
March 31,     2026       2025   Revenue $ 1,528,791     $ 1,363,217   Costs and expenses:       Cost of revenue   665,241       639,579   Research and development   478,296       424,165   Sales and marketing   239,011       257,957   General and administrative   220,692       235,362   Total costs and expenses   1,603,240       1,557,063   Operating loss   (74,449 )     (193,846 ) Interest income   26,459       37,018   Interest expense   (36,756 )     (23,399 ) Other income (expense), net   (1,014 )     49,069   Loss before income taxes   (85,760 )     (131,158 ) Income tax expense   (3,191 )     (8,429 ) Net loss $ (88,951 )   $ (139,587 ) Net loss per share attributable to Class A, Class B, and Class C common stockholders:       Basic $ (0.05 )   $ (0.08 ) Diluted $ (0.05 )   $ (0.08 ) Weighted average shares used in computation of net loss per share:       Basic   1,687,650       1,696,353   Diluted   1,687,650       1,696,353   SNAP INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value)           March 31,
2026   December 31,
2025   (unaudited)     Assets       Current assets       Cash and cash equivalents $ 1,061,924     $ 1,030,435   Marketable securities   1,760,959       1,910,137   Accounts receivable, net of allowance   1,187,181       1,372,237   Prepaid expenses and other current assets   269,436       272,065   Total current assets   4,279,500       4,584,874   Property and equipment, net   580,827       578,075   Operating lease right-of-use assets   563,775       506,216   Intangible assets, net   93,865       66,613   Goodwill   1,753,800       1,720,769   Other assets   229,804       221,255   Total assets $ 7,501,571     $ 7,677,802   Liabilities and Stockholders’ Equity       Current liabilities       Accounts payable $ 238,318     $ 219,793   Operating lease liabilities   33,340       48,479   Accrued expenses and other current liabilities   895,357       971,627   Short-term debt, net   46,988       46,969   Total current liabilities   1,214,003       1,286,868   Long-term debt, net   3,488,747       3,489,860   Operating lease liabilities, noncurrent   632,504       557,823   Other liabilities   82,044       61,756   Total liabilities   5,417,298       5,396,307   Commitments and contingencies       Stockholders’ equity       Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,487,384 shares issued, 1,443,120 shares outstanding at March 31, 2026, and 3,000,000 shares authorized, 1,502,073 shares issued, 1,457,403 shares outstanding at December 31, 2025.   15       15   Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at March 31, 2026 and December 31, 2025.   —       —   Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at March 31, 2026 and December 31, 2025.   2       2   Treasury stock, at cost. 44,264 and 44,670 shares of Class A non-voting common stock at March 31, 2026 and December 31, 2025, respectively.   (431,762 )     (435,722 ) Additional paid-in capital   16,887,594       16,637,324   Accumulated deficit   (14,386,265 )     (13,946,816 ) Accumulated other comprehensive income   14,689       26,692   Total stockholders’ equity   2,084,273       2,281,495   Total liabilities and stockholders’ equity $ 7,501,571 $ 7,677,802 SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, unaudited)       Three Months Ended
March 31,     2026       2025   Free Cash Flow reconciliation:       Net cash provided by operating activities $ 326,779     $ 151,610   Less:       Purchases of property and equipment   (40,772 )     (37,214 ) Free Cash Flow $ 286,007     $ 114,396     Three Months Ended
March 31,     2026       2025   Adjusted EBITDA reconciliation:       Net loss $ (88,951 )   $ (139,587 ) Add (deduct):       Interest income   (26,459 )     (37,018 ) Interest expense   36,756       23,399   Other (income) expense, net   1,014       (49,069 ) Income tax expense   3,191       8,429   Depreciation and amortization   44,696       37,715   Stock-based compensation expense   250,040       247,338   Payroll and other tax expense related to stock-based compensation   13,046       17,218   Adjusted EBITDA $ 233,333     $ 108,425   Total depreciation and amortization expense by function:     Three Months Ended
March 31,     2026       2025 Depreciation and amortization expense:       Cost of revenue $ 1,463   $ 1,420 Research and development   28,160     22,987 Sales and marketing   6,635     4,823 General and administrative   8,438     8,485 Total $ 44,696   $ 37,715 SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except per share amounts, unaudited)   Total stock-based compensation expense by function:     Three Months Ended
March 31,     2026       2025   Stock-based compensation expense:       Cost of revenue $ 1,586   $ 1,434 Research and development   173,916     156,688 Sales and marketing   45,332     54,440 General and administrative   29,206     34,776 Total $ 250,040   $ 247,338 SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (dollars and shares in thousands, except per user amounts, unaudited)                           Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 Cash Flows and Shares                       Net cash provided by (used in) operating activities $ 230,633     $ 151,610     $ 88,494     $ 146,488     $ 269,578     $ 326,779   Net cash provided by (used in) operating activities - YoY (year-over-year)   40 %     72 %     514 %     26 %     17 %     116 % Net cash provided by (used in) operating activities - TTM (trailing twelve months) $ 413,480     $ 476,738     $ 586,609     $ 617,225     $ 656,170     $ 831,339   Purchases of property and equipment $ (48,275 )   $ (37,214 )   $ (64,701 )   $ (53,044 )   $ (64,022 )   $ (40,772 ) Purchases of property and equipment - YoY   (10 )%     (26 )%     24 %     20 %     33 %     10 % Purchases of property and equipment - TTM $ (194,826 )   $ (181,592 )   $ (194,231 )   $ (203,234 )   $ (218,981 )   $ (222,539 ) Free Cash Flow $ 182,358     $ 114,396     $ 23,793     $ 93,444     $ 205,556     $ 286,007   Free Cash Flow - YoY   65 %     202 %     132 %     30 %     13 %     150 % Free Cash Flow - TTM $ 218,654     $ 295,146     $ 392,378     $ 413,991     $ 437,189     $ 608,800   Common shares outstanding   1,690,645       1,686,678       1,682,350       1,710,909       1,711,554       1,697,270   Common shares outstanding - YoY   3 %     3 %     2 %     2 %     1 %     1 % Shares underlying stock-based awards   135,036       136,044       144,011       150,460       168,060       189,878   Shares underlying stock-based awards - YoY   (15 )%     (7 )%     — %     13 %     24 %     40 % Total common shares outstanding plus shares underlying stock-based awards   1,825,681       1,822,722       1,826,361       1,861,369       1,879,614       1,887,148   Total common shares outstanding plus shares underlying stock-based awards - YoY   1.2 %     1.9 %     1.6 %     3.1 %     3.0 %     3.5 %                         Results of Operations                       Revenue $ 1,557,283     $ 1,363,217     $ 1,344,930     $ 1,506,839     $ 1,716,461     $ 1,528,791   Revenue - YoY   14 %     14 %     9 %     10 %     10 %     12 % Revenue - TTM $ 5,361,398     $ 5,529,842     $ 5,638,004     $ 5,772,269     $ 5,931,447     $ 6,097,021   Revenue by region (1)                       North America $ 968,943     $ 831,691     $ 820,600     $ 897,814     $ 1,025,498     $ 851,253   North America - YoY   8 %     12 %     7 %     5 %     6 %     2 % North America - TTM $ 3,337,255     $ 3,425,815     $ 3,478,855     $ 3,519,048     $ 3,575,603     $ 3,595,165   Europe $ 287,031     $ 224,015     $ 265,343     $ 297,950     $ 341,134     $ 323,852   Europe - YoY   20 %     14 %     15 %     20 %     19 %     45 % Europe - TTM $ 961,612     $ 989,783     $ 1,025,291     $ 1,074,339     $ 1,128,442     $ 1,228,279   Rest of World $ 301,309     $ 307,511     $ 258,987     $ 311,075     $ 349,829     $ 353,686   Rest of World - YoY   35 %     20 %     8 %     17 %     16 %     15 % Rest of World - TTM $ 1,062,531     $ 1,114,244     $ 1,133,858     $ 1,178,882     $ 1,227,402     $ 1,273,577   Operating income (loss) $ (26,877 )   $ (193,846 )   $ (259,676 )   $ (128,362 )   $ 49,717     $ (74,449 ) Operating income (loss) - YoY   89 %     42 %     (2 )%     26 %     285 %     62 % Operating income (loss) - Margin   (2 )%     (14 )%     (19 )%     (9 )%     3 %     (5 )% Operating income (loss) - TTM $ (787,294 )   $ (647,908 )   $ (653,609 )   $ (608,761 )   $ (532,167 )   $ (412,770 ) Net income (loss) $ 9,101     $ (139,587 )   $ (262,570 )   $ (103,541 )   $ 45,209     $ (88,951 ) Net income (loss) - YoY   104 %     54 %     (6 )%     32 %     397 %     36 % Net income (loss) - Margin   1 %     (10 )%     (20 )%     (7 )%     3 %     (6 )% Net income (loss) - TTM $ (697,856 )   $ (532,353 )   $ (546,303 )   $ (496,597 )   $ (460,489 )   $ (409,853 ) Adjusted EBITDA $ 276,007     $ 108,425     $ 41,270     $ 182,038     $ 357,746     $ 233,333   Adjusted EBITDA - YoY   73 %     137 %     (25 )%     38 %     30 %     115 % Adjusted EBITDA - Margin (2)   18 %     8 %     3 %     12 %     21 %     15 % Adjusted EBITDA - TTM $ 508,605     $ 571,371     $ 557,664     $ 607,740     $ 689,479     $ 814,387   (1) Total revenue for geographic reporting is apportioned to each region based on our estimate of where revenue-generating activities occur, which is generally determined by the billing address of the customer. For advertising revenue, we allocate revenue based on the geographic location where advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU. (2) We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.       SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued) (dollars and shares in thousands, except per user amounts, unaudited)                           Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026 Other                       DAU (in millions) (1)   453       460       469       477       474       483   DAU - YoY   9 %     9 %     9 %     8 %     5 %     5 % DAU by region (in millions)                       North America   100       99       98       98       94       92   North America - YoY   (1 )%     (1 )%     (2 )%     (3 )%     (5 )%     (7 )% Europe   99       99       100       100       98       97   Europe - YoY   4 %     3 %     3 %     1 %     (1 )%     (2 )% Rest of World   254       262       271       280       282       294   Rest of World - YoY   17 %     16 %     15 %     15 %     11 %     12 % MAU (in millions)   895       913       932       943       946       956   MAU - YoY   7 %     7 %     7 %     7 %     6 %     5 % ARPU $ 3.44     $ 2.96     $ 2.87     $ 3.16     $ 3.62     $ 3.17   ARPU - YoY   5 %     5 %     — %     2 %     5 %     7 % ARPU by region                       North America $ 9.73     $ 8.41     $ 8.33     $ 9.20     $ 10.88     $ 9.23   North America - YoY   9 %     13 %     9 %     8 %     12 %     10 % Europe $ 2.89     $ 2.26     $ 2.65     $ 2.99     $ 3.47     $ 3.34   Europe - YoY   16 %     11 %     13 %     19 %     20 %     48 % Rest of World $ 1.19     $ 1.17     $ 0.96     $ 1.11     $ 1.24     $ 1.20   Rest of World - YoY   16 %     4 %     (6 )%     2 %     5 %     3 % Employees (full-time; excludes part-time, contractors, and temporary personnel)   4,911       5,061       5,206       5,194       5,261       5,381   Employees - YoY   (7 )%     5 %     10 %     8 %     7 %     6 %                         Depreciation and amortization expense                       Cost of revenue $ 1,123     $ 1,420     $ 1,505     $ 1,016     $ 1,818     $ 1,463   Research and development   24,351       22,987       24,849       27,127       26,568       28,160   Sales and marketing   5,333       4,823       5,108       5,487       5,945       6,635   General and administrative   8,774       8,485       8,561       8,884       9,050       8,438   Total $ 39,581     $ 37,715     $ 40,023     $ 42,514     $ 43,381     $ 44,696   Depreciation and amortization expense - YoY   (24 )%     (10 )%     6 %     9 %     10 %     19 %                         Stock-based compensation expense                       Cost of revenue $ 1,626     $ 1,434     $ 1,656     $ 2,327     $ 2,009     $ 1,586   Research and development   165,330       156,688       166,809       171,649       185,456       173,916   Sales and marketing   56,463       54,440       48,710       51,236       43,627       45,332   General and administrative   34,312       34,776       34,711       35,151       26,146       29,206   Total $ 257,731     $ 247,338     $ 251,886     $ 260,363     $ 257,238     $ 250,040   Stock-based compensation expense - YoY   (23 )%     (6 )%     (3 )%     — %     — %     1 % (1) Numbers may not foot due to rounding.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260506151842/en/ Investors and Analysts:
ir@snap.com Press:
press@snap.com Original: Snap Inc. Announces First Quarter 2026 Financial Results

Kuehn Law Encourages Investors of Snap, Inc. to Contact Law FirmApril 29, 2026 5:56 PM
PR Newswire (US)

NEW YORK, April 29, 2026 /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Snap, Inc. (NYSE: SNAP) breached their fiduciary duties to shareholders.







According to a federal securities lawsuit, Insiders at Snap caused the company to misrepresent or fail to disclose material adverse facts concerning the true state of Snap's advertising revenue growth rate; notably, that, due to Snap's own execution failure, it had significantly declined from 9% in the first quarter to only 1% in April.If you currently own SNAP and purchased prior to April 29, 2025 please contact Justin Kuehn, Esq. by email at justin @RJ. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights. Why Your Participation Matters:As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™ For additional information, please visit Shareholder Derivative Litigation - Kuehn Law.Attorney advertising. Prior results do not guarantee similar outcomes.Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968

Long Tail Up on 15 Apr 2026. GLTA

Snap Shares Surge as Layoffs Aim to Boost ProfitabilityApril 15, 2026 8:48 AM
IH Market News
Snap (NYSE:SNAP) shares jumped 8.2% in premarket trading on Wednesday after the company announced a significant round of layoffs impacting about 1,000 full-time employees, or roughly 16% of its global workforce.Chief Executive Officer Evan Spiegel said in a memo to staff that the cuts are part of efforts to improve efficiency as Snap focuses on achieving profitable growth. The company is also eliminating more than 300 unfilled positions.Spiegel told employees that the workforce reduction and hiring slowdown are expected to lower Snap’s annual cost base by over $500 million by the second half of the year.The restructuring follows first-quarter results showing revenue increased 12% to $1.53 billion, slightly above the $1.52 billion consensus estimate.In the internal memo, Spiegel pointed to advancements in artificial intelligence as a contributing factor, noting that improved technology is enabling employees to work more efficiently. Many staff members were instructed to work remotely on Wednesday as the layoffs were carried out.The latest cost-cutting initiative reflects Snap’s ongoing efforts to streamline its operations and move toward profitability, amid continued pressures in the digital advertising sector.Snap stock price

Original: Snap Shares Surge as Layoffs Aim to Boost Profitability

Snap Shares Edge Higher on Qualcomm Smart Glasses PartnershipApril 10, 2026 9:36 AM
IH Market News
Shares of Snap Inc. (NYSE:SNAP) rose 1% on Friday morning after the company unveiled a multi-year strategic partnership with Qualcomm Technologies (NASDAQ:QCOM) to support upcoming generations of its Specs smart glasses using Snapdragon system-on-a-chip technology.The deal represents the first major initiative for Specs Inc., Snap’s subsidiary focused on next-generation consumer eyewear set to launch later this year. The new glasses are designed to blend digital experiences with the real world, enabling users to see, hear, and interact with virtual content in real time.Specs will run on Snapdragon XR platforms, which integrate edge AI with high-performance, energy-efficient computing to deliver intelligent, context-aware experiences directly on the device. The collaboration builds on a relationship spanning more than five years, during which Snapdragon chips have powered earlier versions of Snap’s Spectacles.As part of the agreement, both companies will align on long-term product roadmaps and deepen technical cooperation to bring on-device AI, advanced graphics, and multiuser digital capabilities to the Specs ecosystem. The initiative is also intended to create a scalable platform for developers and partners, supporting consistent product development over time.“We believe the future of computing will be more human and grounded in the real world,” commented Evan Spiegel, co-founder and CEO of Snap Inc. “Our work with Qualcomm provides a strong foundation for the future of Specs, bringing developers and consumers advanced technology and performance that pushes the boundaries of what’s possible.”Cristiano Amon, President and Chief Executive Officer of Qualcomm Incorporated, added that the next phase of computing will be shaped by devices capable of understanding what users see, hear, and say, along with their surrounding context, and responding instantly to the environment.Snap stock priceQualcomm stock price

Original: Snap Shares Edge Higher on Qualcomm Smart Glasses Partnership

Snap and Qualcomm Expand Strategic Collaboration to Advance Intelligent Computing Experiences on SpecsApril 10, 2026 8:00 AM
Business Wire
Long-term agreement brings Snapdragon XR solutions to future generations of Specs, strengthening the platform for developers and customers


Today, Specs Inc., a Snap subsidiary, and Qualcomm Technologies, Inc. announced a multi-year strategic agreement to power future generations of Specs with Qualcomm Technologies’ industry-leading Snapdragon system-on-a-chip (SoC).


This is the first flagship engagement for Specs Inc., which is launching Specs, advanced eyewear that seamlessly integrates digital experiences into the physical world, for consumers later this year. Specs are standalone, see-through glasses that bring the digital world to you, allowing you to see, hear, and interact with digital content just like it’s in your physical space.


Specs are powered by Snapdragon XR platforms. By combining edge AI and high performance, low-power compute, Snapdragon platforms provide the foundation that enables intelligent, context-aware experiences to run directly on-device, for faster and more private interactions. This strategic initiative builds on both companies’ commitment to making computing more human and more seamlessly integrated into everyday life, transforming the way the world works, learns, and plays together.


Snap Inc. and Qualcomm Technologies have a strong track record of powering advanced immersive technology. This agreement builds on more than five years of innovation and collaboration, as Snapdragon platforms have powered multiple previous generations of Snap’s Spectacles.


Through long-term strategic roadmap alignment and technical collaboration, both companies will work together to rapidly bring industry-leading capabilities to the Specs platform, including on-device AI, cutting-edge graphics, and advanced multiuser digital experiences.


The joint initiative establishes a scalable foundation for the growing community of developers and partners building for Specs, supporting a predictable product cadence and enabling the creation of increasingly sophisticated digital experiences over time.


“We believe the future of computing will be more human and grounded in the real world," said Evan Spiegel, co-founder and CEO, Snap Inc. “Our work with Qualcomm provides a strong foundation for the future of Specs, bringing developers and consumers advanced technology and performance that pushes the boundaries of what’s possible.”


“The next era of computing will be defined by devices that understand what you see, hear and say as well as context, and respond instantly to the world around you,” said Cristiano Amon, President and Chief Executive Officer, Qualcomm Incorporated. “Our work on future generations of Specs will enable power-efficient interactive AR devices that deliver agentic experiences that feel natural, intuitive and integrate seamlessly into daily life.”


About Specs Inc.


Specs Inc. is a wholly-owned subsidiary of Snap Inc. dedicated to making computing more human. The company develops Specs, advanced eyewear that seamlessly integrates digital experiences into the physical world.


Specs feature see-through lenses that place digital objects directly into three-dimensional space, powered by Snap OS, a proprietary, context-aware operating system designed for natural interaction with your hands and voice.


Specs Inc. also provides Lens Studio, a full suite of advanced developer tools that powers immersive augmented reality experiences across Specs, Snapchat, and other services.


About Qualcomm


Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Building on our 40 years of technology leadership in creating era-defining breakthroughs, we deliver a broad portfolio of solutions built with our leading-edge AI, high-performance, low-power computing, and unrivaled connectivity. Our Snapdragon® platforms power extraordinary consumer experiences, and our Qualcomm Dragonwing™ products empower businesses and industries to scale to new heights. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress.


Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated.


Qualcomm and Snapdragon are trademarks or registered trademarks of Qualcomm Incorporated.


FORWARD LOOKING STATEMENTS


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding the anticipated launch of our new hardware, strategic roadmap alignment and technical collaboration are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.


You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260410114952/en/
Investors and Analysts:

ir@snap.com


Press:

press@snap.com


Original: Snap and Qualcomm Expand Strategic Collaboration to Advance Intelligent Computing Experiences on Specs

Bearish Signal Reversed on 31 March 2026. GLTA

Snap shares slip after EU opens investigation into child safety on SnapchatMarch 26, 2026 10:22 AM
IH Market News
Shares of Snap (NYSE:SNAP) fell about 1.6% in premarket trading on Thursday after the European Union launched an investigation into whether Snapchat is adequately addressing risks related to child grooming and the sale of illegal products on its platform.The inquiry is being carried out under the EU’s Digital Services Act, which requires major online platforms to take stronger action against illegal and harmful content or face potential penalties of up to 6% of their global annual revenue.“From grooming and exposure to illegal products to account settings that undermine minors’ safety, Snapchat appears to have overlooked that the Digital Services Act demands high safety standards for all users,” EU technology chief Henna Virkkunen said in a statement.The European Commission said it believes Snapchat may lack sufficient safeguards to stop minors from being contacted by users attempting sexual exploitation or other criminal activities.Regulators also raised concerns that the platform’s content moderation systems may not be effective enough at preventing posts that direct users toward illegal products such as drugs or age-restricted goods including vapes and alcohol.In addition, the Commission said it will assume control of a Dutch regulatory investigation launched last September that examined the sale of vaping products to minors through Snapchat.The probe represents another regulatory challenge for social media companies operating in Europe under the Digital Services Act, which introduced stricter rules aimed at improving user protection and strengthening oversight of online content.Snap stock price

Original: Snap shares slip after EU opens investigation into child safety on Snapchat

Bloomberg 500 (B500) Index Adds Eleven Securities Following March ReconstitutionMarch 5, 2026 8:30 AM
PR Newswire (US)

NEW YORK, March 5, 2026 /PRNewswire/ -- Bloomberg Indices announced the following changes to the Bloomberg 500 (B500) Index effective prior to the open of trading on Thursday, March 12, 2026, to coincide with the March reconstitution of the index. The B500 contains the 500 most highly capitalized US companies weighted by float market cap, reflecting a market capitalization of $58.19 trillion.







AST SpaceMobile, Inc. (ASTS UW), Bloom Energy Corporation (BE UN), Ciena Corporation (CIEN UN), Coherent Corp.S (COHR UN), EchoStar Corporation (SATS UW), Flutter Entertainment PLC (FLUT UN), FTAI Aviation Ltd. (FTAI UW), Lumentum Holdings Inc. (LITE UW), Nebius Group N.V. (NBIS UW), Royal Gold, Inc. (RGLD UW), and Sandisk Corporation of Delaware (SNDK UW) will enter the index. These equities span a variety of sectors, but Technology is most represented amongst this set.Changes to the B500 Index reflect the results of a purely rules-based index design focused on measuring markets with transparency and representativeness beyond market capitalization alone. As a result, the B500 mitigates potential biases and systematically evaluates potential members, which may lead to earlier additions of qualified companies when compared to indices using a committee-based approach.Following is the list of membership changes:Index EventSecurity TickerCompany NameBICS SectorAdditionASTS UWAST SpaceMobile IncCommunicationsAdditionBE UNBloom Energy CorpIndustrialsAdditionCIEN UNCiena CorpTechnologyAdditionCOHR UNCoherent CorpTechnologyAdditionSATS UWEchoStar CorpCommunicationsAdditionFLUT UNFlutter Entertainment PLCConsumer DiscretionaryAdditionFTAI UWFTAI Aviation LtdIndustrialsAdditionLITE UWLumentum Holdings IncTechnologyAdditionNBIS UWNebius Group NVTechnologyAdditionRGLD UWRoyal Gold IncMaterialsAdditionSNDK UWSandisk Corp/DETechnologyDeletionALGN UWAlign Technology IncHealth CareDeletionARE UNAlexandria Real Estate Equities IncReal EstateDeletionBAH UNBooz Allen Hamilton Holding CorpTechnologyDeletionBAX UNBaxter International IncHealth CareDeletionBF/A UNBrown-Forman CorpConsumer StaplesDeletionBF/B UNBrown-Forman CorpConsumer StaplesDeletionBLDR UNBuilders FirstSource IncConsumer DiscretionaryDeletionBSY UWBentley Systems IncTechnologyDeletionCLX UNClorox Co/TheConsumer StaplesDeletionFDS UNFactSet Research Systems IncFinancialsDeletionNTNX UWNutanix IncTechnologyDeletionSNAP UNSnap IncCommunicationsDeletionSOLS UWSolstice Advanced Materials IncMaterialsDeletionUDR UNUDR IncReal EstateDeletionVSNT UWVersant Media Group IncCommunicationsDeletionZBRA UWZebra Technologies CorpTechnologyThe B500 is available to Terminal clients at {B500 INDEX }. All research and methodology for the indices are available at bloombergindices.com.About Bloomberg Index Services Limited
Bloomberg's index team has a proven track record in creating industry-leading and bespoke indices across asset classes, including their flagship fixed income, commodity and equity indices. BISL takes an innovative approach to delivering strategic benchmarks that help market participants address their evolving investment needs. The indices, which are seamlessly integrated with other Bloomberg solutions, draw on a comprehensive range of trusted data and reliable technology for calculations, analytics and workflow automation, along with distribution capabilities that can help amplify the visibility of our customers' products.About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/bloomberg-500-b500-index-adds-eleven-securities-following-march-reconstitution-302704048.htmlSOURCE Bloomberg L.P.

Original: Bloomberg 500 (B500) Index Adds Eleven Securities Following March Reconstitution

Going on rocket ship today?

Snap is leveling up fast — My AI is now a fully integrated, customizable LLM assistant inside chat, and Snap’s AI-powered AR lenses keep it leading the entire computer-vision space. This is Snap’s real AI inflection point. $SNAP

$SNAP Snap Inc. is hitting a major inflection point — 25M paid subscribers and a rapidly scaling subscription revenue engine are transforming the company’s growth profile. $SOCL

$SNAP — Social Media App

• Improving revenue trends + stabilizing ad demand
• Strong engagement from Gen Z + high daily active usage
• Expanding AR + camera tech with real commercial use cases
• Cost discipline improving margins + operating leverage
• High-beta name with strong reaction to catalysts
• Growing creator tools + monetization pathways
• Strategic partnerships boosting ad ecosystem
• Leaner org after restructuring = faster execution
• Optionality in AR, AI, and camera platform development
• Small-cap social name with asymmetric upside on any beat

Snap Inc. Files Annual Report on Form 10-KFebruary 5, 2026 9:10 AM
Business Wire
Snap Inc. (NYSE: SNAP) has filed its Annual Report on Form 10-K for the year ended December 31, 2025, with the Securities and Exchange Commission.


The report, which includes Snap Inc.’s audited financial statements, is accessible at investor.snap.com. A printed copy of the report may be requested free of charge by any stockholder by requesting a copy in writing to: Corporate Secretary, Snap Inc., 3000 31st Street, Santa Monica, California, 90405 USA. The report is also available at www.sec.gov.


About Snap Inc.


Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205610063/en/
Investors and Analysts:

ir@snap.com


Press:

press@snap.com


Original: Snap Inc. Files Annual Report on Form 10-K

Snap Shares Rise After Q4 Profit Beats Forecasts Despite User Growth ShortfallFebruary 5, 2026 6:41 AM
IH Market News
Snap Inc (NYSE:SNAP) shares climbed roughly 6% in premarket trading on Thursday after the social media company reported fourth-quarter earnings that exceeded analyst expectations, even as user growth came in below forecasts and forward guidance remained cautious.The company reported adjusted earnings of $0.03 per share for the fourth quarter, outperforming analyst projections of a $0.03 per share loss. Revenue totalled $1.72 billion, slightly ahead of consensus estimates of $1.7 billion and representing a 10% increase year-on-year.However, daily active users reached 474 million, missing analyst expectations of 477 million.“Our Q4 results began to reflect the impact of our strategic pivot toward profitable growth, translating into revenue diversification and meaningful margin expansion,” said CEO Evan Spiegel in a statement.Gross margin rose to 59% during the quarter, improving by 4 percentage points compared with the previous quarter and by 2 percentage points from the same period last year. Snap generated operating cash flow of $270 million and free cash flow of $206 million during the quarter.Looking ahead, Snap projected first-quarter 2026 revenue in the range of $1.5 billion to $1.53 billion, falling short of analyst expectations of $1.54 billion. The midpoint of the company’s forecast, $1.515 billion, is about 1.6% below consensus estimates.“The 1Q revenue guide fell short of expectations as the recently announced Perplexity deal has yet to solidify (still coming to an agreement on terms) and mgmt did not factor it into guidance,” Stifel analyst Mark Kelley said.“Ultimately, with questions around the timing of the Perplexity deal hitting the P&L and continued headwinds in the user base, we think it will be hard for this one to find support intra-quarter,” he added, lowering his price target to $5.50 from $7.The company also unveiled a $500 million share repurchase programme designed to offset dilution linked to employee stock compensation.Snap reported strong growth in its Other Revenue segment, which includes Snapchat+ subscriptions, with revenue increasing 62% year-on-year to $232 million. Subscriber numbers rose 71% year-on-year to 24 million. Revenue from In-App Optimisations increased 89% compared with the previous year, while Dynamic Product Ads revenue grew 19%.The broader Snapchat platform recorded 946 million monthly active users globally in the fourth quarter, representing an increase of 51 million users, or 6% year-on-year, although daily user growth fell short of expectations.Snap stock price

Original: Snap Shares Rise After Q4 Profit Beats Forecasts Despite User Growth Shortfall

Snap Inc. Announces Fourth Quarter and Full Year 2025 Financial ResultsFebruary 4, 2026 4:10 PM
Business Wire
Fourth quarter revenue increased 10% year-over-year to $1,716 million


Fourth quarter gross margin of 59%, up 4 percentage points sequentially and 2 percentage points year-over-year


Fourth quarter operating cash flow was $270 million and Free Cash Flow was $206 million


Fourth quarter net income of $45 million and Adjusted EBITDA of $358 million


Snap Inc. (NYSE: SNAP) today announced financial results for the quarter and full year ended December 31, 2025.


“Our Q4 results began to reflect the impact of our strategic pivot toward profitable growth, translating into revenue diversification and meaningful margin expansion,” said Evan Spiegel, CEO. “This progress reflects our commitment to building a more financially efficient and profitable business while continuing to invest in the future of augmented reality and the consumer launch of Specs.”


Snap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.


The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.


Repurchases under this program will be funded from existing cash and cash equivalents. As of December 31, 2025, Snap had $2.9 billion in cash, cash equivalents, and marketable securities.


Annual Financial Summary



Revenue was $5,931 million in 2025, compared to $5,361 million in the prior year, an increase of 11% year-over-year.



Net loss was $460 million in 2025, compared to $698 million in the prior year.



Adjusted EBITDA was $689 million in 2025, compared to $509 million in the prior year.



Operating cash flow was $656 million in 2025, compared to $413 million in the prior year.



Free Cash Flow was $437 million in 2025, compared to $219 million in the prior year.



Q4 2025 Financial Summary



Revenue was $1,716 million, compared to $1,557 million in the prior year, an increase of 10% year-over-year.



Net income was $45 million, compared to $9 million in the prior year.



Adjusted EBITDA was $358 million, compared to $276 million in the prior year.



Operating cash flow was $270 million, compared to $231 million in the prior year.



Free Cash Flow was $206 million, compared to $182 million in the prior year.





 






Three Months Ended




December 31,






 






Percent




Change






 






Year Ended




December 31,






 






Percent




Change








 






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 






 








 






 






 






 






 






 






 






 






 






 






 






 








(Unaudited)






(dollars in thousands, except per share amounts)






 






 








Revenue






$






1,716,461







 






$






1,557,283






 






 






10






%






 






$






5,931,447






 






 






$






5,361,398






 






 






11






%








Operating income (loss)






$






49,717






 






 






$






(26,877






)






 






285






%






 






$






(532,167






)






 






$






(787,294






)






 






32






%








Net income (loss)






$






45,209






 






 






$






9,101






 






 






397






%






 






$






(460,489






)






 






$






(697,856






)






 






34






%








Adjusted EBITDA (1)






$






357,746






 






 






$






276,007






 






 






30






%






 






$






689,479






 






 






$






508,605






 






 






36






%








Net cash provided by (used in) operating activities






$






269,578






 






 






$






230,633






 






 






17






%






 






$






656,170






 






 






$






413,480






 






 






59






%








Free Cash Flow (2)






$






205,556






 






 






$






182,358






 






 






13






%






 






$






437,189






 






 






$






218,654






 






 






100






%








Diluted net income (loss) per share attributable to common stockholders






$






0.03






 






 






$






0.01






 






 






200






%






 






$






(0.27






)






 






$






(0.42






)






 






36






%









(1)







See page 11 for a reconciliation of net income (loss) to Adjusted EBITDA. Total restructuring charges for the year ended December 31, 2024, and excluded from Adjusted EBITDA, was $72.0 million. No restructuring charges were incurred during the year ended December 31, 2025 and the three months ended December 31, 2024.








(2)







See page 11 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.







Q4 2025 Summary & Key Highlights


We deepened engagement with our community:



The Snapchat community continues to grow, reaching 946 million global monthly active users (MAU) in Q4, an increase of 51 million or 6% year-over-year.



The number of US Snapchatters posting to Spotlight increased 47% year-over-year in Q4.



The number of Spotlight reposts and shares increased 69% year-over-year in the US, demonstrating improved content relevance in Spotlight discovery.



We introduced Comic Bitmoji, a new style available to Snapchat+ subscribers that brings back the charm of classic avatars, while keeping all the benefits of today’s 3D Bitmoji infrastructure.



We rolled out Quick Cut, our Lens-powered video creation tool that helps Snapchatters quickly turn their favorite Memories into beat-synced, ready-to-share Snaps in seconds.



We made Snapchat available for download on Amazon Fire Tablets through the Amazon Appstore.



We are focused on accelerating and diversifying our revenue growth:



Revenue from In-App Optimizations grew 89% year-over-year, supported by advances in foundational app models, broader adoption of the App Power Pack, and new immersive formats such as Playables.



Revenue from Dynamic Product Ads increased 19% year-over-year, driven by expansion among large advertisers and continued migration of spend from static formats into higher-performing dynamic solutions.



Other Revenue increased 62% year-over-year to $232 million in Q4, with subscribers growing 71% year-over-year to reach 24 million in Q4.



In Q4, Sponsored Snaps click-through rates grew 7% and click-through purchases grew 17% from Q3 to Q4, during which numerous format and ranking improvements were introduced.



Our Smart Campaign Solution suite, which uses AI to identify incremental high-value audiences and dynamically allocate spend across objectives, contributed to a more than 8% lift in conversions, making performance advertising on Snapchat simpler, more efficient, and more accessible.



In Q4, total active advertisers increased 28% year-over-year, driven in part by simplified onboarding, improved campaign workflows, and increased performance.



We strengthened our SMB offering through new partnerships, including a global integration with Wix, which allows ecommerce businesses to seamlessly create campaigns, manage catalogs, and improve measurement.



We invested in our augmented reality platform:



Our community used AR Lenses in our Snapchat camera 8 billion times per day, and over 450,000 developers have built more than 5 million Lenses with Snap’s world-leading AR tools.



In Q4, more than 350 million Snapchatters engaged with AR every day on average.



More than 700 million users have engaged with Gen AI Lenses over 17 billion times, underscoring the growing demand for AI-powered creative tools on our service.



Snapchatters engaged with our Imagine Lens nearly two billion times since launch in September, highlighting strong engagement with our latest AR experiences powered by generative AI.



We launched new Lens Studio features including Selfie Attachments, which now support animated attachments, allowing developers to bring props to life rather than just having static elements.



We updated Head Generator in Lens Studio to a new version that delivers higher fidelity character heads and significantly improved adherence to developer image prompts.



We enhanced our Character Controller in Lens Studio by adding new features such as jump buffering and remote asset support to improve gameplay feel, reduce lens size, and improve performance in multiplayer sessions.



We introduced the Animate It Lens, our first open prompt video generation Lens that leverages Snap’s internally developed AI video generation model to create short, shareable videos in seconds.



We collaborated with Disney on an innovative Zootopia 2 co-promotional campaign featuring Zootopia 2 themed AR Lenses within the Snap platform and at a mall pop-up and Snap was involved in Disney’s recreating a Snap Lens moment in the film.



We are making computers more human with Specs:



We began testing Snap Cloud, Powered by Supabase, a leading backend-as-a-service platform, to make advanced backend capabilities easy and accessible in Snap’s AR authoring tool, Lens Studio.



We announced that Lenses built today on Spectacles will be compatible on Specs, which will launch for the public this year.



To prepare for the launch of our next generation of Specs this year, partners and developers have been building compelling AR experiences:


Star Wars: Holocron Histories, created by Industrial Light & Magic and Synth Riders, is now live.



Developer Harry Banda created Card Master, a multiplayer AR card game that lets players face AI opponents in classic card games, with tutorials and achievements, evolving into a broader suite of AR card experiences for Specs.



Developer Arthur Ibanda created HandymanAI, an AI-powered AR assistant that uses camera context and voice input to guide users through everyday repair and DIY tasks with step-by-step instructions, tools lists, and visual references.






Q1 2026 and Full Year 2026 Outlook


Snap Inc. will discuss its Q1 2026 and full year 2026 outlook during its Q4 2025 Earnings Call (details below) and in its investor letter available at investor.snap.com.


Conference Call Information


Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.


Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.


Definitions


Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.


Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.


Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.


A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.


Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.


A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.


Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”


About Snap Inc.


Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.


You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.


Non-GAAP Financial Measures


To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.


We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.


We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.


We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.


For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”


Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.




SNAP INC.








CONSOLIDATED STATEMENTS OF CASH FLOWS








(in thousands, unaudited)










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 






 






 






 






 








Net income (loss)






$






45,209






 






 






$






9,101






 






 






$






(460,489






)






 






$






(697,856






)








Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:






 






 






 






 






 






 






 








Depreciation and amortization






 






43,381






 






 






 






39,581






 






 






 






163,633






 






 






 






158,074






 








Stock-based compensation






 






257,238






 






 






 






257,731






 






 






 






1,016,825






 






 






 






1,041,023






 








Amortization of debt issuance costs and debt discount (premium)






 






(898






)






 






 






2,721






 






 






 






6,880






 






 






 






9,388






 








Losses (gains) on debt and equity securities, net






 






1,166






 






 






 






(3,706






)






 






 






16,940






 






 






 






8,460






 








(Gain) loss on extinguishment of debt






 






—






 






 






 






—






 






 






 






(96,734






)






 






 






6,672






 








Other






 






11,577






 






 






 






(10,324






)






 






 






26,119






 






 






 






(20,825






)








Change in operating assets and liabilities, net of effect of acquisitions:






 






 






 






 






 






 






 








Accounts receivable, net of allowance






 






(133,859






)






 






 






(167,355






)






 






 






(31,827






)






 






 






(94,005






)








Prepaid expenses and other current assets






 






(20,545






)






 






 






(303






)






 






 






(66,744






)






 






 






(36,544






)








Operating lease right-of-use assets






 






14,385






 






 






 






12,892






 






 






 






57,214






 






 






 






54,127






 








Other assets






 






651






 






 






 






(6,945






)






 






 






7,705






 






 






 






(9,952






)








Accounts payable






 






67,736






 






 






 






11,559






 






 






 






45,918






 






 






 






(100,728






)








Accrued expenses and other current liabilities






 






3,761






 






 






 






103,620






 






 






 






12,814






 






 






 






150,391






 








Operating lease liabilities






 






(10,269






)






 






 






(18,409






)






 






 






(34,429






)






 






 






(62,663






)








Other liabilities






 






(9,955






)






 






 






470






 






 






 






(7,655






)






 






 






7,918






 








Net cash provided by (used in) operating activities






 






269,578






 






 






 






230,633






 






 






 






656,170






 






 






 






413,480






 








Cash flows from investing activities






 






 






 






 






 






 






 








Purchases of property and equipment






 






(64,022






)






 






 






(48,275






)






 






 






(218,981






)






 






 






(194,826






)








Purchases of strategic investments






 






(2,500






)






 






 






—






 






 






 






(22,500






)






 






 






(2,000






)








Sales of strategic investments






 






—






 






 






 






183






 






 






 






11,050






 






 






 






1,755






 








Cash paid for acquisitions, net of cash acquired






 






—






 






 






 






—






 






 






 






(35,499






)






 






 






—






 








Purchases of marketable securities






 






(260,479






)






 






 






(342,078






)






 






 






(1,275,796






)






 






 






(2,287,668






)








Sales of marketable securities






 






201,578






 






 






 






—






 






 






 






741,266






 






 






 






354,311






 








Maturities of marketable securities






 






191,842






 






 






 






241,378






 






 






 






977,159






 






 






 






1,411,444






 








Other






 






(3,581






)






 






 






—






 






 






 






(3,581






)






 






 






(100






)








Net cash provided by (used in) investing activities






 






62,838






 






 






 






(148,792






)






 






 






173,118






 






 






 






(717,084






)








Cash flows from financing activities






 






 






 






 






 






 






 








Proceeds from issuance of notes, net of issuance costs






 






—






 






 






 






—






 






 






 






2,014,193






 






 






 






740,350






 








Purchase of capped calls






 






—






 






 






 






—






 






 






 






—






 






 






 






(68,850






)








Proceeds from termination of capped calls






 






—






 






 






 






—






 






 






 






—






 






 






 






62,683






 








Proceeds from the exercise of stock options






 






374






 






 






 






—






 






 






 






374






 






 






 






12,798






 








Repurchases of Class A non-voting common stock






 






(250,293






)






 






 






—






 






 






 






(750,866






)






 






 






(311,069






)








Deferred payments for acquisitions






 






(5,000






)






 






 






—






 






 






 






(72,539






)






 






 






(3,695






)








Repurchases of convertible notes






 






—






 






 






 






—






 






 






 






(1,994,550






)






 






 






(859,042






)








Repayment of convertible notes






 






—






 






 






 






—






 






 






 






(36,240






)






 






 






—






 








Other






 






(1,599






)






 






 






—






 






 






 






(8,497






)






 






 






(1,799






)








Net cash provided by (used in) financing activities






 






(256,518






)






 






 






—






 






 






 






(848,125






)






 






 






(428,624






)








Change in cash, cash equivalents, and restricted cash






 






75,898






 






 






 






81,841






 






 






 






(18,837






)






 






 






(732,228






)








Cash, cash equivalents, and restricted cash, beginning of period






 






955,499






 






 






 






968,393






 






 






 






1,050,234






 






 






 






1,782,462






 








Cash, cash equivalents, and restricted cash, end of period






$






1,031,397






 






 






$






1,050,234






 






 






$






1,031,397






 






 






$






1,050,234






 









SNAP INC.








CONSOLIDATED STATEMENTS OF OPERATIONS








(in thousands, except per share amounts, unaudited)










 



 






Three Months Ended December 31,






 






Year Ended December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue






$






1,716,461






 






 






$






1,557,283






 






 






$






5,931,447






 






 






$






5,361,398






 








Costs and expenses:






 






 






 






 






 






 






 








Cost of revenue






 






702,443






 






 






 






671,660






 






 






 






2,669,575






 






 






 






2,474,237






 








Research and development






 






472,693






 






 






 






422,937






 






 






 






1,793,601






 






 






 






1,691,683






 








Sales and marketing






 






249,280






 






 






 






248,214






 






 






 






1,021,305






 






 






 






1,063,675






 








General and administrative






 






242,328






 






 






 






241,349






 






 






 






979,133






 






 






 






919,097






 








Total costs and expenses






 






1,666,744






 






 






 






1,584,160






 






 






 






6,463,614






 






 






 






6,148,692






 








Operating income (loss)






 






49,717






 






 






 






(26,877






)






 






 






(532,167






)






 






 






(787,294






)








Interest income






 






31,687






 






 






 






38,573






 






 






 






134,159






 






 






 






153,466






 








Interest expense






 






(36,498






)






 






 






(5,813






)






 






 






(121,998






)






 






 






(21,552






)








Other income (expense), net






 






(6,946






)






 






 






8,382






 






 






 






68,870






 






 






 






(16,846






)








Income (loss) before income taxes






 






37,960






 






 






 






14,265






 






 






 






(451,136






)






 






 






(672,226






)








Income tax benefit (expense)






 






7,249






 






 






 






(5,164






)






 






 






(9,353






)






 






 






(25,630






)








Net income (loss)






$






45,209






 






 






$






9,101






 






 






$






(460,489






)






 






$






(697,856






)








Net income (loss) per share attributable to Class A, Class B, and Class C common stockholders:






 






 






 






 






 






 






 








Basic






$






0.03






 






 






$






0.01






 






 






$






(0.27






)






 






$






(0.42






)








Diluted






$






0.03






 






 






$






0.01






 






 






$






(0.27






)






 






$






(0.42






)








Weighted average shares used in computation of net income (loss) per share:






 






 






 






 






 






 






 








Basic






 






1,710,465






 






 






 






1,681,160






 






 






 






1,694,598






 






 






 






1,659,147






 








Diluted






 






1,720,347






 






 






 






1,717,119






 






 






 






1,694,598






 






 






 






1,659,147






 









SNAP INC.








CONSOLIDATED BALANCE SHEETS








(in thousands, except par value)










 



 






December 31,

2025






 






December 31,

2024








 






(unaudited)






 






 








Assets






 






 






 








Current assets






 






 






 








Cash and cash equivalents






$






1,030,435






 






 






$






1,046,534






 








Marketable securities






 






1,910,137






 






 






 






2,329,745






 








Accounts receivable, net of allowance






 






1,372,237






 






 






 






1,348,472






 








Prepaid expenses and other current assets






 






272,065






 






 






 






182,006






 








Total current assets






 






4,584,874






 






 






 






4,906,757






 








Property and equipment, net






 






578,075






 






 






 






489,088






 








Operating lease right-of-use assets






 






506,216






 






 






 






530,441






 








Intangible assets, net






 






66,613






 






 






 






86,363






 








Goodwill






 






1,720,769






 






 






 






1,689,785






 








Other assets






 






221,255






 






 






 






233,914






 








Total assets






$






7,677,802






 






 






$






7,936,348






 








Liabilities and Stockholders’ Equity






 






 






 








Current liabilities






 






 






 








Accounts payable






$






219,793






 






 






$






173,197






 








Operating lease liabilities






 






48,479






 






 






 






24,885






 








Accrued expenses and other current liabilities






 






971,627






 






 






 






1,009,254






 








Short-term debt, net






 






46,969






 






 






 






36,212






 








Total current liabilities






 






1,286,868






 






 






 






1,243,548






 








Long-term debt, net






 






3,489,860






 






 






 






3,607,717






 








Operating lease liabilities, noncurrent






 






557,823






 






 






 






575,082






 








Other liabilities






 






61,756






 






 






 






59,240






 








Total liabilities






 






5,396,307






 






 






 






5,485,587






 








Commitments and contingencies






 






 






 








Stockholders’ equity






 






 






 








Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,502,073 shares issued, 1,457,403 shares outstanding as of December 31, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding as of December 31, 2024.






 






15






 






 






 






14






 








Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding as of December 31, 2025 and December 31, 2024.






 






—






 






 






 






—






 








Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding as of December 31, 2025 and December 31, 2024.






 






2






 






 






 






2






 








Treasury stock, at cost. 44,670 and 47,222 shares of Class A non-voting common stock as of December 31, 2025 and December 31, 2024, respectively.






 






(435,722






)






 






 






(460,620






)








Additional paid-in capital






 






16,637,324






 






 






 






15,644,132






 








Accumulated deficit






 






(13,946,816






)






 






 






(12,735,461






)








Accumulated other comprehensive income (loss)






 






26,692






 






 






 






2,694






 








Total stockholders’ equity






 






2,281,495






 






 






 






2,450,761






 








Total liabilities and stockholders’ equity






$






7,677,802






 






 






$






7,936,348






 









SNAP INC.








RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES








(in thousands, unaudited)










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Free Cash Flow reconciliation:






 






 






 






 






 






 






 








Net cash provided by (used in) operating activities






$






269,578






 






 






$






230,633






 






 






$






656,170






 






 






$






413,480






 








Less:






 






 






 






 






 






 






 








Purchases of property and equipment






 






(64,022






)






 






 






(48,275






)






 






 






(218,981






)






 






 






(194,826






)








Free Cash Flow






$






205,556






 






 






$






182,358






 






 






$






437,189






 






 






$






218,654






 









 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Adjusted EBITDA reconciliation:






 






 






 






 






 






 






 








Net income (loss)






$






45,209






 






 






$






9,101






 






 






$






(460,489






)






 






$






(697,856






)








Add (deduct):






 






 






 






 






 






 






 








Interest income






 






(31,687






)






 






 






(38,573






)






 






 






(134,159






)






 






 






(153,466






)








Interest expense






 






36,498






 






 






 






5,813






 






 






 






121,998






 






 






 






21,552






 








Other (income) expense, net






 






6,946






 






 






 






(8,382






)






 






 






(68,870






)






 






 






16,846






 








Income tax (benefit) expense






 






(7,249






)






 






 






5,164






 






 






 






9,353






 






 






 






25,630






 








Depreciation and amortization






 






43,381






 






 






 






39,581






 






 






 






163,633






 






 






 






154,459






 








Stock-based compensation expense






 






257,238






 






 






 






257,731






 






 






 






1,016,825






 






 






 






1,031,621






 








Payroll and other tax expense related to stock-based compensation






 






7,410






 






 






 






5,572






 






 






 






41,188






 






 






 






37,768






 








Restructuring charges (1)






 






—






 






 






 






—






 






 






 






—






 






 






 






72,051






 








Adjusted EBITDA






$






357,746






 






 






$






276,007






 






 






$






689,479






 






 






$






508,605






 









(1)







Restructuring charges during 2024 primarily include $70.2 million of cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. These charges are not reflective of underlying trends in our business.









Total depreciation and amortization expense by function:










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Depreciation and amortization expense (1):






 






 






 






 






 






 






 








Cost of revenue






$






1,818







 






$






1,123







 






$






5,759







 






$






6,110









Research and development






 






26,568






 






 






 






24,351






 






 






 






101,531






 






 






 






99,656






 








Sales and marketing






 






5,945






 






 






 






5,333






 






 






 






21,363






 






 






 






19,947






 








General and administrative






 






9,050






 






 






 






8,774






 






 






 






34,980






 






 






 






32,361






 








Total






$






43,381






 






 






$






39,581






 






 






$






163,633






 






 






$






158,074






 









(1)







Depreciation and amortization expense for the year ended December 31, 2024 includes restructuring charges.









SNAP INC.








RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)








(in thousands, except per share amounts, unaudited)










 



Total stock-based compensation expense by function:










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Stock-based compensation expense (1):






 






 






 






 






 






 






 








Cost of revenue






$






2,009







 






$






1,626







 






$






7,426







 






$






6,034









Research and development






 






185,456






 






 






 






165,330






 






 






 






680,602






 






 






 






683,830






 








Sales and marketing






 






43,627






 






 






 






56,463






 






 






 






198,013






 






 






 






216,672






 








General and administrative






 






26,146






 






 






 






34,312






 






 






 






130,784






 






 






 






134,487






 








Total






$






257,238






 






 






$






257,731






 






 






$






1,016,825






 






 






$






1,041,023






 









(1)







Stock-based compensation expense for the year ended December 31, 2024 includes restructuring charges.









SNAP INC.








SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS








(dollars and shares in thousands, except per user amounts, unaudited)


















 



 






Q3 2024






 






Q4 2024






 






Q1 2025






 






Q2 2025






 






Q3 2025






 






Q4 2025








 






 






 






 






 






 






 






 






 






 






 






 








 






(NM = Not Meaningful)








Cash Flows and Shares






 






 






 






 






 






 






 






 






 






 






 








Net cash provided by (used in) operating activities






$






115,872






 






 






$






230,633






 






 






$






151,610






 






 






$






88,494






 






 






$






146,488






 






 






$






269,578






 








Net cash provided by (used in) operating activities - YoY (year-over-year)






 






NM






 






 






 






40






%






 






 






72






%






 






 






514






%






 






 






26






%






 






 






17






%








Net cash provided by (used in) operating activities - TTM (trailing twelve months)






$






347,421






 






 






$






413,480






 






 






$






476,738






 






 






$






586,609






 






 






$






617,225






 






 






$






656,170






 








Purchases of property and equipment






$






(44,041






)






 






$






(48,275






)






 






$






(37,214






)






 






$






(64,701






)






 






$






(53,044






)






 






$






(64,022






)








Purchases of property and equipment - YoY






 






(40






)%






 






 






(10






)%






 






 






(26






)%






 






 






24






%






 






 






20






%






 






 






33






%








Purchases of property and equipment - TTM






$






(200,270






)






 






$






(194,826






)






 






$






(181,592






)






 






$






(194,231






)






 






$






(203,234






)






 






$






(218,981






)








Free Cash Flow






$






71,831






 






 






$






182,358






 






 






$






114,396






 






 






$






23,793






 






 






$






93,444






 






 






$






205,556






 








Free Cash Flow - YoY






 






218






%






 






 






65






%






 






 






202






%






 






 






132






%






 






 






30






%






 






 






13






%








Free Cash Flow - TTM






$






147,151






 






 






$






218,654






 






 






$






295,146






 






 






$






392,378






 






 






$






413,991






 






 






$






437,189






 








Common shares outstanding






 






1,672,212






 






 






 






1,690,645






 






 






 






1,686,678






 






 






 






1,682,350






 






 






 






1,710,909






 






 






 






1,711,554






 








Common shares outstanding - YoY






 






2






%






 






 






3






%






 






 






3






%






 






 






2






%






 






 






2






%






 






 






1






%








Shares underlying stock-based awards






 






132,783






 






 






 






135,036






 






 






 






136,044






 






 






 






144,011






 






 






 






150,460






 






 






 






168,060






 








Shares underlying stock-based awards - YoY






 






(14






)%






 






 






(15






)%






 






 






(7






)%






 






 






—






%






 






 






13






%






 






 






24






%








Total common shares outstanding plus shares underlying stock-based awards






 






1,804,995






 






 






 






1,825,681






 






 






 






1,822,722






 






 






 






1,826,361






 






 






 






1,861,369






 






 






 






1,879,614






 








Total common shares outstanding plus shares underlying stock-based awards - YoY






 






1






%






 






 






1






%






 






 






2






%






 






 






2






%






 






 






3






%






 






 






3






%








 






 






 






 






 






 






 






 






 






 






 






 








Results of Operations






 






 






 






 






 






 






 






 






 






 






 








Revenue






$






1,372,574






 






 






$






1,557,283






 






 






$






1,363,217






 






 






$






1,344,930






 






 






$






1,506,839






 






 






$






1,716,461






 








Revenue - YoY






 






15






%






 






 






14






%






 






 






14






%






 






 






9






%






 






 






10






%






 






 






10






%








Revenue - TTM






$






5,165,402






 






 






$






5,361,398






 






 






$






5,529,842






 






 






$






5,638,004






 






 






$






5,772,269






 






 






$






5,931,447






 








Revenue by region (1)






 






 






 






 






 






 






 






 






 






 






 








North America






$






857,621






 






 






$






968,943






 






 






$






831,691






 






 






$






820,600






 






 






$






897,814






 






 






$






1,025,498






 








North America - YoY






 






9






%






 






 






8






%






 






 






12






%






 






 






7






%






 






 






5






%






 






 






6






%








North America - TTM






$






3,267,854






 






 






$






3,337,255






 






 






$






3,425,815






 






 






$






3,478,855






 






 






$






3,519,048






 






 






$






3,575,603






 








Europe






$






248,902






 






 






$






287,031






 






 






$






224,015






 






 






$






265,343






 






 






$






297,950






 






 






$






341,134






 








Europe - YoY






 






24






%






 






 






20






%






 






 






14






%






 






 






15






%






 






 






20






%






 






 






19






%








Europe - TTM






$






912,834






 






 






$






961,612






 






 






$






989,783






 






 






$






1,025,291






 






 






$






1,074,339






 






 






$






1,128,442






 








Rest of World






$






266,051






 






 






$






301,309






 






 






$






307,511






 






 






$






258,987






 






 






$






311,075






 






 






$






349,829






 








Rest of World - YoY






 






32






%






 






 






35






%






 






 






20






%






 






 






8






%






 






 






17






%






 






 






16






%








Rest of World - TTM






$






984,714






 






 






$






1,062,531






 






 






$






1,114,244






 






 






$






1,133,858






 






 






$






1,178,882






 






 






$






1,227,402






 








Operating income (loss)






$






(173,210






)






 






$






(26,877






)






 






$






(193,846






)






 






$






(259,676






)






 






$






(128,362






)






 






$






49,717






 








Operating income (loss) - YoY






 






54






%






 






 






89






%






 






 






42






%






 






 






(2






)%






 






 






26






%






 






 






285






%








Operating income (loss) - Margin






 






(13






)%






 






 






(2






)%






 






 






(14






)%






 






 






(19






)%






 






 






(9






)%






 






 






3






%








Operating income (loss) - TTM






$






(1,009,130






)






 






$






(787,294






)






 






$






(647,908






)






 






$






(653,609






)






 






$






(608,761






)






 






$






(532,167






)








Net income (loss)






$






(153,247






)






 






$






9,101






 






 






$






(139,587






)






 






$






(262,570






)






 






$






(103,541






)






 






$






45,209






 








Net income (loss) - YoY






 






58






%






 






 






104






%






 






 






54






%






 






 






(6






)%






 






 






32






%






 






 






397






%








Net income (loss) - Margin






 






(11






)%






 






 






1






%






 






 






(10






)%






 






 






(20






)%






 






 






(7






)%






 






 






3






%








Net income (loss) - TTM






$






(955,204






)






 






$






(697,856






)






 






$






(532,353






)






 






$






(546,303






)






 






$






(496,597






)






 






$






(460,489






)








Adjusted EBITDA






$






131,962






 






 






$






276,007






 






 






$






108,425






 






 






$






41,270






 






 






$






182,038






 






 






$






357,746






 








Adjusted EBITDA - YoY






 






229






%






 






 






73






%






 






 






137






%






 






 






(25






)%






 






 






38






%






 






 






30






%








Adjusted EBITDA - Margin (2)






 






10






%






 






 






18






%






 






 






8






%






 






 






3






%






 






 






12






%






 






 






21






%








Adjusted EBITDA - TTM






$






391,747






 






 






$






508,605






 






 






$






571,371






 






 






$






557,664






 






 






$






607,740






 






 






$






689,479






 









(1)







Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.








(2)







We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.









SNAP INC.








SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)








(dollars and shares in thousands, except per user amounts, unaudited)


















 



 






Q3 2024






 






Q4 2024






 






Q1 2025






 






Q2 2025






 






Q3 2025






 






Q4 2025








Other






 






 






 






 






 






 






 






 






 






 






 








DAU (in millions) (1)






 






443






 






 






 






453






 






 






 






460






 






 






 






469






 






 






 






477






 






 






 






474






 








DAU - YoY (2)






 






9






%






 






 






9






%






 






 






9






%






 






 






9






%






 






 






8






%






 






 






5






%








DAU by region (in millions)






 






 






 






 






 






 






 






 






 






 






 








North America






 






100






 






 






 






100






 






 






 






99






 






 






 






98






 






 






 






98






 






 






 






94






 








North America - YoY






 






—






%






 






 






(1






)%






 






 






(1






)%






 






 






(2






)%






 






 






(3






)%






 






 






(5






)%








Europe






 






99






 






 






 






99






 






 






 






99






 






 






 






100






 






 






 






100






 






 






 






98






 








Europe - YoY






 






4






%






 






 






4






%






 






 






3






%






 






 






3






%






 






 






1






%






 






 






(1






)%








Rest of World






 






244






 






 






 






254






 






 






 






262






 






 






 






271






 






 






 






280






 






 






 






282






 








Rest of World - YoY






 






16






%






 






 






17






%






 






 






16






%






 






 






15






%






 






 






15






%






 






 






11






%








MAU (in millions)






 






883






 






 






 






895






 






 






 






913






 






 






 






932






 






 






 






943






 






 






 






946






 








MAU - YoY (2)






 






7






%






 






 






7






%






 






 






7






%






 






 






7






%






 






 






7






%






 






 






6






%








ARPU






$






3.10






 






 






$






3.44






 






 






$






2.96






 






 






$






2.87






 






 






$






3.16






 






 






$






3.62






 








ARPU - YoY






 






6






%






 






 






5






%






 






 






5






%






 






 






—






%






 






 






2






%






 






 






5






%








ARPU by region






 






 






 






 






 






 






 






 






 






 






 








North America






$






8.54






 






 






$






9.73






 






 






$






8.41






 






 






$






8.33






 






 






$






9.20






 






 






$






10.88






 








North America - YoY






 






9






%






 






 






9






%






 






 






13






%






 






 






9






%






 






 






8






%






 






 






12






%








Europe






$






2.52






 






 






$






2.89






 






 






$






2.26






 






 






$






2.65






 






 






$






2.99






 






 






$






3.47






 








Europe - YoY






 






19






%






 






 






16






%






 






 






11






%






 






 






13






%






 






 






19






%






 






 






20






%








Rest of World






$






1.09






 






 






$






1.19






 






 






$






1.17






 






 






$






0.96






 






 






$






1.11






 






 






$






1.24






 








Rest of World - YoY






 






14






%






 






 






16






%






 






 






4






%






 






 






(6






)%






 






 






2






%






 






 






5






%








Employees (full-time; excludes part-time, contractors, and temporary personnel)






 






4,800






 






 






 






4,911






 






 






 






5,061






 






 






 






5,206






 






 






 






5,194






 






 






 






5,261






 








Employees - YoY






 






(11






)%






 






 






(7






)%






 






 






5






%






 






 






10






%






 






 






8






%






 






 






7






%








 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization expense






 






 






 






 






 






 






 






 






 






 






 








Cost of revenue






$






965






 






 






$






1,123






 






 






$






1,420






 






 






$






1,505






 






 






$






1,016






 






 






$






1,818






 








Research and development






 






24,798






 






 






 






24,351






 






 






 






22,987






 






 






 






24,849






 






 






 






27,127






 






 






 






26,568






 








Sales and marketing






 






4,953






 






 






 






5,333






 






 






 






4,823






 






 






 






5,108






 






 






 






5,487






 






 






 






5,945






 








General and administrative






 






8,134






 






 






 






8,774






 






 






 






8,485






 






 






 






8,561






 






 






 






8,884






 






 






 






9,050






 








Total






$






38,850






 






 






$






39,581






 






 






$






37,715






 






 






$






40,023






 






 






$






42,514






 






 






$






43,381






 








Depreciation and amortization expense - YoY






 






(6






)%






 






 






(24






)%






 






 






(10






)%






 






 






6






%






 






 






9






%






 






 






10






%








 






 






 






 






 






 






 






 






 






 






 






 








Stock-based compensation expense






 






 






 






 






 






 






 






 






 






 






 








Cost of revenue






$






1,333






 






 






$






1,626






 






 






$






1,434






 






 






$






1,656






 






 






$






2,327






 






 






$






2,009






 








Research and development






 






172,516






 






 






 






165,330






 






 






 






156,688






 






 






 






166,809






 






 






 






171,649






 






 






 






185,456






 








Sales and marketing






 






53,345






 






 






 






56,463






 






 






 






54,440






 






 






 






48,710






 






 






 






51,236






 






 






 






43,627






 








General and administrative






 






33,035






 






 






 






34,312






 






 






 






34,776






 






 






 






34,711






 






 






 






35,151






 






 






 






26,146






 








Total






$






260,229






 






 






$






257,731






 






 






$






247,338






 






 






$






251,886






 






 






$






260,363






 






 






$






257,238






 








Stock-based compensation expense - YoY






 






(27






)%






 






 






(23






)%






 






 






(6






)%






 






 






(3






)%






 






 






—






%






 






 






—






%









(1)







Numbers may not foot due to rounding.








(2)







In the first quarter of 2025, we refined our processes and controls to allow us to more accurately record user activity that would not otherwise be recorded during such period due to delays in receiving user metric information resulting from carrier or other user connectivity issues during the measurement period. For additional information concerning these refinements, see the “Note Regarding User Metrics and Other Data” in our Quarterly Report filed on Form 10-Q for the first quarter of 2025. As a result of such refinements, our DAUs and MAUs may not be directly comparable to those in prior periods.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204028183/en/
Investors and Analysts:

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Press:

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Original: Snap Inc. Announces Fourth Quarter and Full Year 2025 Financial Results