US Market News
1月前
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
US Market News
4月前
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:
ir@snap.com
Press:
press@snap.com
Original: Snap Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
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