Snap Inc. (SNAP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$6.4B

Revenue growth

12.6%

Net income, last twelve months

-$311.2M

Earnings per share

-$0.18

Gross margin

57.3%

Operating margin

-5.1%

Net margin

-4.9%

Free cash flow

$705.5M

Return on equity

-16.2%

Market value

$10.3B

Cash

$958.8M

Debt

$3.5B

Debt to equity

1.83

Shares outstanding

1.7B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 3 August 2026.

• Revenue rose 19% year-over-year. Revenue was $1,599 million, up 19% from $1,345 million. Constant currency revenue rose 18%. Six-month revenue was $3,128 million, up 15%.
• Net loss narrowed year-over-year. Net loss was $164 million against $263 million a year earlier. Operating loss was $171 million against $260 million.
• Adjusted EBITDA rose sharply. Adjusted EBITDA was $250 million against $41 million, a 16% margin on revenue versus 3% a year earlier. Restructuring charges were excluded from this measure.
• Six-month figures shown alongside. Six-month revenue was $3,128 million against $2,708 million. The release presents six-month and three-month columns side by side.
• North America revenue up 15%. North America revenue was $943 million, up 15% year-over-year after a 2% rise in the first quarter.
• Europe revenue up 33%. Europe revenue was $354 million, up 33% year-over-year, compared with a 45% rise in the first quarter.
• Rest of World revenue up 17%. Rest of World revenue was $302 million, up 17% year-over-year, compared with $259 million a year earlier.
• Daily users reached 493 million. Global average daily active users were 493 million, up 5% year-over-year.
• North America daily users fell. North America DAU was 92 million, down 7% year-over-year, the fifth straight quarter of decline shown in the table.
• Europe daily users slipped. Europe DAU was 98 million, down 2% year-over-year.
• Rest of World daily users grew. Rest of World DAU was 303 million, up 12% year-over-year.
• Average revenue per user rose 13%. ARPU was $3.25, up 13% year-over-year. Regional ARPU was $10.26 in North America, up 23%, $3.62 in Europe, up 36%, and $1.00 in Rest of World, up 4%.
• Research and development costs rose. Research and development expense was $542 million against $443 million, up 22% year-over-year.
• Total costs grew 10%. Total costs and expenses were $1,770 million against $1,605 million. Cost of revenue was $668 million against $653 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 90 held.

Every filing

The newest filings with the SEC of 182 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

653 funds held it at 30 Jun 2026: 228 added and 182 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Alphabet Inc. (GOOGL): revenue $445.9B, market value $3.98T
• Alphabet Inc. (GOOG): revenue $445.9B, market value $3.94T
• Meta Platforms, Inc. (META): revenue $241.6B, market value $1.58T
• AppLovin Corp. (APP): revenue –, market value $87.2B
• Zoom Communications, Inc. (ZM): revenue $5.0B, market value $30.1B
• Baidu, Inc. (BIDU): revenue $18.0B, market value $27.1B
• Tempus AI, Inc. (TEM): revenue $1.4B, market value $14.0B
• Flutter Entertainment plc (FLUT): revenue $17.2B, market value $13.6B
• Pinterest, Inc. (PINS): revenue $4.6B, market value $11.8B
• DigitalOcean Holdings, Inc. (DOCN): revenue $1.0B, market value $11.0B

What the company does

Snapchat opens directly to the camera, and Snaps are deleted by default to mimic real-life conversations. The company had 474 million daily active users on average in the fourth quarter of 2025. It earns the substantial majority of its revenue from advertising on Snapchat, and it also sells subscriptions and physical products. At 31 December 2025 it had 5,261 full-time employees.

What Snapchat contains

Snapchat has five tabs. Camera is the entry point for creating Snaps and for augmented reality, or AR, experiences, and it offers millions of Lenses made by Snap and its community. Visual Messaging covers chat with AR, video, voice and creative tools. It includes My AI, the company's AI-powered chatbot, and Bitmoji, its personalised avatar tool. Snap Map shows nearby friends who choose to share their location, a heatmap of recent Snaps, and local businesses through Places profiles. Stories holds Friends Stories and a Discover section with content from creators and publisher partners. Spotlight surfaces entertaining Snaps from the community, tailored to each user over time.

The company also makes Spectacles, wearable AR glasses powered by its Snap OS operating system. They are available to developers through the Spectacles Developer Program, who build experiences with Lens Studio, a free AR development and distribution tool.

How it makes money

Advertising is the main source of revenue. The two advertising product groups are Snap Ads and AR Ads. Snap Ads come in several formats:

- Single image or video ads, which are skippable. - Story Ads, which are branded tiles in Discover and can be video or a series of 3 to 20 images. - Collection Ads, which show four tappable tiles. - - Commercials, which are non-skippable for six seconds and can last up to three minutes. - Sponsored Snaps, which are sponsored messages in the visual messaging tab. - Promoted Places, which highlight a brand's locations on Snap Map.

Some Snap Ads are subject to revenue sharing with the content partner. Advertisers buy through a self-serve platform and can bid for goals such as website visits, purchases, app downloads or calls to a business. The company offers its own measurement tools and supports third-party ones.

Other revenue comes from the Snapchat+, Lens+ and Snapchat Platinum subscriptions. Snapchat Platinum includes an ad-free experience. It also comes from Memories Storage Plans, which sell cloud storage, from partnerships such as an agreement with its AI platform partner, and from sales of physical products.

Partners and creators

Developers can use Creative Kit to share from their own apps into Snapchat. They can use Camera Kit to embed Snap's AR technology in their apps, and the Bitmoji for Developers APIs to add Bitmoji. AR creators build Lenses in Lens Studio. Spotlight creators can earn through advertising revenue sharing on mid-roll ads. A Creator Marketplace connects AR and Spotlight creators with advertisers. Programs such as the Snap Lens Network, the Spectacles Lens Fund and Lens Creator Rewards support creators. Publishers can monetise content through Discover. Snap also works with telecommunications providers and original equipment manufacturers as it builds its presence in new markets.

Technology and infrastructure

Research and development covers product development, advertising technology and large-scale infrastructure. Snap partners with third-party providers to host its products, and the company says this lets it scale without upfront physical infrastructure costs. Its costs of revenue include payments to those infrastructure partners, fees to content creators and publishers under revenue sharing, and transaction processing fees. The company reports 5,927 issued patents and 3,526 filed patent applications. The issued patents expire between 2026 and 2050.

Competition and regulation

Snap names Alphabet, Apple, ByteDance, Meta, Pinterest, Reddit and X among its competitors. In Asia it also names Kakao, LINE, Naver and Tencent. Because its products and its competitors' products are typically free, it says it competes on brand and the quality of its products rather than on price. It competes for advertisers on reach and ability to deliver a return on investment. Advertising spend tends to be strongest in the fourth quarter, and user engagement may be lower in summer months and higher in December.

Snap is subject to laws on advertising, privacy, protection of minors, artificial intelligence and many other areas. It operates under a consent order with the United States Federal Trade Commission from December 2014. The order requires a privacy program and biennial independent privacy audits over its 20-year life. In January 2025 the FTC referred a complaint about My AI to the Department of Justice. The filing says the Department of Justice did not act within the statutory period, the matter returned to the FTC, and the FTC has taken no further action.

Its people

About 54% of the 5,261 full-time employees work in engineering roles. The company lists its values as being kind, smart and creative. It uses equity as part of pay and says it has committed to paying a minimum living wage to all employees globally.

*From Snap's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1564408/000156440826000013/snap-20251231.htm)*

From the company's 10-K.