Snap Inc. Class A Common Stock (SNAP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	-$0.07	-$0.05	+28.6%	—	$1.5B	—
Q4 25	-$0.03	$0.03	+200.0%	—	$1.7B	—
Q3 25	$0.05	$0.1	+100.0%	—	$1.5B	—
Q2 25	-$0.15	-$0.16	-6.7%	—	$1.3B	—
Q1 25	$0.04	$0.08	+100.0%	—	$1.4B	—
Q4 24	-$0.04	$0.01	+125.0%	—	$1.6B	—
Q3 24	-$0.13	-$0.09	+30.8%	—	$1.4B	—
Q2 24	-$0.16	-$0.15	+6.3%	—	$1.2B	—
Q1 24	-$0.26	-$0.19	+26.9%	—	$1.2B	—
Q4 23	-$0.17	-$0.15	+11.8%	—	$1.4B	—
Q3 23	-$0.04	$0.02	+150.0%	—	$1.2B	—
Q2 23	-$0.04	-$0.02	+50.0%	—	$1.1B	—
Q1 23	-$0.01	$0.01	+200.0%	—	$988.6M	—
Q4 22	$0.11	$0.14	+27.3%	—	$1.3B	—
Q3 22	-$0.01	$0.08	+900.0%	—	$1.1B	—
Q2 22	-$0.02	-$0.02	0.0%	—	$1.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.27	—	—	$5.9B	—
FY24	—	-$0.42	—	—	$5.4B	—
FY23	—	-$0.82	—	—	$4.6B	—
FY22	—	-$0.89	—	—	$4.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$404.5M	$824.9M	$1.2B	$1.7B	$2.5B	$4.1B	$4.6B	$4.6B	$5.4B	$5.9B
YoY change	+589.5%	+104%	+43.1%	+45.3%	+46.1%	+64.2%	+11.8%	+0.09%	+16.4%	+10.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	404.5M	824.9M	1.2B	1.7B	2.5B	4.1B	4.6B	4.6B	5.4B	5.9B
Cost of revenue	451.7M	717.5M	798.9M	895.8M	1.2B	1.8B	1.8B	2.1B	2.5B	2.7B
Gross profit	-47.2M	107.5M	381.6M	819.7M	1.3B	2.4B	2.8B	2.5B	2.9B	3.3B
Gross margin	-11.7%	13%	32.3%	47.8%	52.8%	57.5%	60.6%	54.1%	53.9%	55%
Research & development	183.7M	1.5B	772.2M	883.5M	1.1B	1.6B	2.1B	1.9B	1.7B	1.8B
Selling, general & administrative	289.5M	2.1B	877.8M	1B	1.1B	1.5B	2.1B	2B	2B	2B
Operating expenses	473.2M	3.6B	1.7B	1.9B	2.2B	3.1B	4.2B	3.9B	3.7B	3.8B
Operating income	-520.4M	-3.5B	-1.3B	-1.1B	-862.1M	-702.1M	-1.4B	-1.4B	-787.3M	-532.2M
Operating margin	-128.7%	-422.5%	-107.5%	-64.3%	-34.4%	-17.1%	-30.3%	-30.4%	-14.7%	-8.97%
Non-operating income, net	-4.6M	4.5M	-8.2M	59M	15M	240.2M	-42.5M	-42.4M	-16.8M	68.9M
Pretax income	-521.7M	-3.5B	-1.3B	-1B	-926.2M	-474.4M	-1.4B	-1.3B	-672.2M	-451.1M
Income tax	-7.1M	-18.3M	2.5M	393K	18.7M	13.6M	29M	28.1M	25.6M	9.4M
Net income	-514.6M	-3.4B	-1.3B	-1B	-944.8M	-488M	-1.4B	-1.3B	-697.9M	-460.5M
Net margin	-127.2%	-417.6%	-106.4%	-60.3%	-37.7%	-11.9%	-31.1%	-28.7%	-13%	-7.76%
EBITDA	-491.2M	-3.4B	-1.2B	-921M	-742.2M	-337.6M	-1.2B	-1.1B	-492.6M	-165.5M
EPS	-0.44	-2.95	-0.97	-0.75	-0.65	-0.31	-0.89	-0.82	-0.42	-0.27
Diluted EPS	-0.44	-2.95	-0.97	-0.75	-0.65	-0.31	-0.89	-0.82	-0.42	-0.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.4B	1.2B	1.2B	1.4B	1.6B	1.4B	1.3B	1.5B	1.7B	1.5B	1.6B
Cost of revenue	555.8M	621.5M	574.7M	588.9M	638.9M	671.7M	639.6M	653.3M	674.2M	702.4M	665.2M	667.9M
Gross profit	632.8M	739.8M	620M	647.8M	733.7M	885.6M	723.6M	691.6M	832.6M	1B	863.5M	931.1M
Gross margin	53.2%	54.3%	51.9%	52.4%	53.5%	56.9%	53.1%	51.4%	55.3%	59.1%	56.5%	58.2%
Research & development	494.6M	483.5M	449.8M	406.2M	412.8M	422.9M	424.2M	443.3M	453.4M	472.7M	478.3M	542.1M
Selling, general & administrative	518.3M	505M	503.5M	495.6M	494.1M	489.6M	480M	507.9M	493.2M	533M	444.6M	559.7M
Operating expenses	1B	988.5M	953.3M	901.8M	906.9M	912.5M	904.2M	951.3M	946.6M	1B	922.9M	1.1B
Operating income	-380.1M	-248.7M	-333.2M	-254M	-173.2M	-26.9M	-193.8M	-259.7M	-128.4M	49.7M	-74.4M	-170.7M
Operating margin	-32%	-18.3%	-27.9%	-20.5%	-12.6%	-1.73%	-14.2%	-19.3%	-8.52%	2.9%	-4.87%	-10.7%
Non-operating income, net	-20.7M	-34.4M	-81K	-20.8M	-4.4M	8.4M	49.1M	-823K	27.6M	-6.9M	-1M	21.5M
Pretax income	-362.4M	-245M	-298.2M	-243.4M	-144.9M	14.3M	-131.2M	-254.9M	-103M	38M	-85.8M	-161.5M
Income tax	5.8M	3.3M	6.9M	5.2M	8.3M	5.2M	8.4M	7.7M	510K	-7.2M	3.2M	2.5M
Net income	-368.3M	-248.2M	-305.1M	-248.6M	-153.2M	9.1M	-139.6M	-262.6M	-103.5M	45.2M	-89M	-164M
Net margin	-31%	-18.2%	-25.5%	-20.1%	-11.2%	0.58%	-10.2%	-19.5%	-6.87%	2.63%	-5.82%	-10.3%
EBITDA	-315.7M	-187.4M	-251.7M	-200.4M	-100.2M	59.7M	-70M	-187.3M	-26M	117.8M	-4.3M	-77.6M
EPS	-0.23	-0.15	-0.19	-0.15	-0.09	0.01	-0.08	-0.16	-0.06	0.03	-0.05	-0.1
Diluted EPS	-0.23	-0.15	-0.19	-0.15	-0.09	0.01	-0.08	-0.16	-0.06	0.03	-0.05	-0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	17B	—	22.5B	72.9B	73.3B	14.4B	27.3B	17.9B	13.7B	8.8B
Enterprise value	—	15B	—	21.6B	72.4B	72.3B	14.6B	28.1B	18.7B	14.9B	10.7B
Shares outstanding	1.2B	1.2B	1.3B	1.4B	1.5B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	-19.3
P/S	—	20.7	—	13.1	29.1	17.8	3.13	5.93	3.33	2.31	1.42
P/B	—	5.69	—	9.94	31.3	19.3	5.58	11.3	7.29	5.99	4.64
EV/EBITDA	—	-4.42	—	-23.4	-97.5	-214.1	-12.4	-25.5	-38	-89.9	-73.4
EV/Sales	—	18.2	—	12.6	28.9	17.6	3.18	6.1	3.49	2.51	1.69
Earnings yield	—	—	—	—	—	—	—	—	—	—	-5.17%
FCF yield	—	-4.81%	—	-1.52%	-0.31%	0.3%	0.38%	0.13%	1.22%	3.2%	8.09%
PEG	—	—	—	—	—	—	—	—	—	—	0.52

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-11.7%	13%	32.3%	47.8%	52.8%	57.5%	60.6%	54.1%	53.9%	55%	58.2%
Operating margin	-128.7%	-422.5%	-107.5%	-64.3%	-34.4%	-17.1%	-30.3%	-30.4%	-14.7%	-8.97%	-2.64%
Net margin	-127.2%	-417.6%	-106.4%	-60.3%	-37.7%	-11.9%	-31.1%	-28.7%	-13%	-7.76%	-4.9%
ROE	-33.9%	-115.1%	-54.3%	-45.7%	-40.6%	-12.9%	-55.4%	-54.8%	-28.5%	-20.2%	-15.6%
ROA	-29.9%	-100.7%	-46.3%	-25.8%	-18.8%	-6.47%	-17.8%	-16.6%	-8.79%	-6%	-2.72%
ROIC	-95.2%	-361.1%	-122.9%	-79.7%	-48%	-25.7%	-49.5%	-43.5%	-23.7%	-15.3%	-9.27%
Return on tangible assets	-55.2%	-190.5%	-104.9%	-44.8%	-32.2%	-12.8%	-33%	-30.8%	-15.9%	-11.2%	-8.36%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	7.53	6.84	5.73	5.29	5	5.7	4.32	4.39	3.95	3.56	2.94
Quick ratio	7.53	6.84	5.73	5.29	5	5.7	4.32	4.39	3.95	3.56	2.94
Debt / equity	0.01	0.01	0	0.55	0.86	0.69	1.62	1.8	1.73	1.82	2.19
Debt / assets	0.01	0	0	0.31	0.4	0.35	0.52	0.55	0.53	0.54	0.57
Net debt / EBITDA	1.98	0.6	1.1	0.95	0.72	3.15	-0.2	-0.73	-1.76	-7.27	158.1
Interest coverage	-365.4	-1K	-320.9	-40.3	-8.53	-25.8	-64.3	-57.8	-30.2	-2.7	-1.16
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.35	0.71	0.91	1.25	1.72	2.64	2.86	2.86	3.23	3.5	3.76
EPS (basic)	-0.44	-2.95	-0.97	-0.75	-0.65	-0.31	-0.89	-0.82	-0.42	-0.27	-0.27
EPS (diluted)	-0.44	-2.95	-0.97	-0.75	-0.65	-0.31	-0.89	-0.82	-0.42	-0.27	-0.18
Book value per share	1.31	2.57	1.78	1.64	1.6	2.43	1.6	1.5	1.48	1.35	1.15
FCF per share	-0.59	-0.7	-0.62	-0.25	-0.15	0.14	0.03	0.02	0.13	0.26	0.42
Cash per share	0.85	1.75	0.98	1.54	1.74	2.37	2.45	2.2	2.03	1.74	1.57
Capex per share	0.06	0.07	0.09	0.03	0.04	0.04	0.08	0.13	0.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	16.4%	10.2%	10.2%	2.13%	2.31%	1.7%	2.81%	4.6%	3.63%	—	—
Capex / operating cash flow	-11.7%	-10.4%	-18.5%	-11.2%	-26.2%	14.2%	110.5%	131.3%	66.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.4B	$1.2B	$1.2B	$1.4B	$1.6B	$1.4B	$1.3B	$1.5B	$1.7B	$1.5B	$1.6B
YoY change	+5.32%	+4.74%	+20.9%	+15.8%	+15.5%	+14.4%	+14.1%	+8.75%	+9.78%	+10.2%	+12.1%	+18.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	987.4M	2B	1.3B	2.1B	2.5B	3.7B	3.9B	3.5B	3.4B	2.9B
Receivables	162.7M	279.5M	355M	492.2M	744.3M	1.1B	1.2B	1.3B	1.3B	1.4B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.2B	2.4B	1.7B	2.6B	3.3B	4.9B	5.3B	5B	4.9B	4.6B
Property, plant & equipment	63.7M	107.2M	158.5M	449.1M	448.4M	524.9M	621.2M	905.7M	998M	1.1B
Goodwill & intangibles	790.2M	1.6B	1.5B	1.7B	2.1B	3.7B	3.7B	3.7B	3.6B	3.6B
Total assets	1.7B	3.4B	2.7B	4B	5B	7.5B	8B	8B	7.9B	7.7B
Accounts payable	8.4M	71.2M	30.9M	46.9M	71.9M	125.3M	181.8M	279M	173.2M	219.8M
Short-term debt	—	—	—	42.2M	41.1M	52.4M	46.5M	49.3M	61.1M	95.4M
Total current liabilities	156.7M	346.3M	292.7M	499.7M	667.3M	851.8M	1.2B	1.1B	1.2B	1.3B
Long-term debt	15.1M	16M	0	1.2B	2B	2.6B	4.1B	4.3B	4.2B	4B
Total liabilities	203.9M	429.2M	403.1M	1.8B	2.7B	3.7B	5.4B	5.6B	5.5B	5.4B
Shareholders' equity	1.5B	3B	2.3B	2.3B	2.3B	3.8B	2.6B	2.4B	2.5B	2.3B
Total debt	15.1M	16M	0	1.2B	2B	2.6B	4.2B	4.3B	4.2B	4.1B
Net debt	-135M	-318M	-387.1M	716.8M	1.5B	637.2M	2.8B	2.6B	3.2B	3.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.6B	3.5B	2.9B	3.1B	3.2B	3.4B	3.2B	2.9B	3B	2.9B	2.8B	2.7B
Receivables	1.1B	1.3B	1.1B	1.1B	1.2B	1.3B	1.2B	1.2B	1.2B	1.4B	1.2B	1.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.9B	5B	4.2B	4.4B	4.6B	4.9B	4.6B	4.3B	4.5B	4.6B	4.3B	4.2B
Property, plant & equipment	722M	905.7M	937.5M	965.6M	983.4M	998M	1B	1.1B	1.1B	1.1B	1.1B	1.1B
Goodwill & intangibles	3.8B	3.7B	3.6B	3.6B	3.6B	3.6B	3.5B	3.6B	3.6B	3.6B	3.7B	3.7B
Total assets	7.7B	8B	7.2B	7.4B	7.6B	7.9B	7.6B	7.4B	7.6B	7.7B	7.5B	7.5B
Accounts payable	128.5M	279M	246.2M	179.6M	157.5M	173.2M	209.4M	116.9M	153.7M	219.8M	238.3M	177.4M
Short-term debt	62.1M	49.3M	36.6M	57.4M	57.5M	61.1M	58.7M	32.2M	90.4M	95.4M	80.3M	201M
Total current liabilities	1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B	1.2B	1.3B	1.2B	1.4B
Long-term debt	4.1B	4.3B	3.9B	4.2B	4.2B	4.2B	4.2B	4.2B	4.1B	4B	4.1B	4B
Total liabilities	5.2B	5.6B	5B	5.4B	5.4B	5.5B	5.3B	5.3B	5.4B	5.4B	5.4B	5.5B
Shareholders' equity	2.5B	2.4B	2.1B	2.1B	2.2B	2.5B	2.3B	2.1B	2.2B	2.3B	2.1B	1.9B
Total debt	4.2B	4.3B	3.9B	4.2B	4.2B	4.2B	4.2B	4.2B	4.2B	4.1B	4.2B	4.2B
Net debt	3B	2.6B	2.8B	3.2B	3.3B	3.2B	3.3B	3.3B	3.2B	3.1B	3.1B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-514.6M	-3.4B	-1.3B	-1B	-944.8M	-488M	-1.4B	-1.3B	-697.9M	-460.5M
Depreciation & amortization	29.1M	61.3M	91.6M	87.2M	86.7M	119.1M	202.2M	168.4M	158.1M	163.6M
Stock-based compensation	31.8M	2.6B	538.2M	686M	770.2M	1.1B	1.4B	1.3B	1B	1B
Change in working capital	-108.5M	-45.6M	-54.7M	-71.2M	-210.5M	-286.4M	-65.8M	10.9M	-205.3M	36.9M
Operating cash flow	-569.3M	-813.3M	-649M	-324.4M	-220.4M	491.4M	117M	161.3M	291.2M	656.2M
Capital expenditure	-66.4M	-84.5M	-120.2M	-36.5M	-57.8M	-69.9M	-129.3M	-211.7M	-194.8M	—
Investing cash flow	-1B	-1.4B	694.5M	-728.6M	-729.9M	90.2M	-1.1B	571M	-717.1M	392.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-10.6M	-394.2M	-551K	0	0	0	-1B	-189.4M	-311.1M	-750.9M
Financing cash flow	1.1B	2.3B	-551K	1.1B	888.6M	1.1B	302.4M	-459.8M	-441.4M	-848.5M
Net change in cash	-448.9M	83.6M	44.9M	96.3M	-61.7M	1.6B	-642.8M	272.4M	-867.3M	199.8M
Free cash flow	-678.3M	-819.2M	-810.2M	-341.4M	-225.5M	223M	55.3M	34.8M	218.7M	437.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-368.3M	-248.2M	-305.1M	-248.6M	-153.2M	9.1M	-139.6M	-262.6M	-103.5M	45.2M	-89M	-164M
Depreciation & amortization	41.2M	52.3M	41.7M	37.9M	38.9M	39.6M	37.7M	40M	42.5M	43.4M	44.7M	46.9M
Stock-based compensation	357.9M	333.2M	263.8M	259.3M	260.2M	257.7M	247.3M	251.9M	260.4M	257.2M	250M	263.2M
Change in working capital	-141.8M	-4.5M	125.9M	-96.7M	-66.7M	-167.8M	235.8M	-92.1M	-35.5M	-71.3M	199.9M	-120.9M
Operating cash flow	-113.4M	138.8M	111.4M	-35.3M	84.1M	131M	388.1M	88.5M	146.5M	269.6M	326.8M	176.2M
Capital expenditure	-73.4M	-53.7M	-50.4M	-52.1M	-44M	-48.3M	-37.2M	—	—	—	—	—
Investing cash flow	-31.6M	623.1M	-131.2M	-214.3M	-222.8M	-148.8M	2.8M	280.1M	-54.9M	130.4M	98M	31.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-189.4M	-235.1M	-76M	0	0	-257.1M	-243.5M	0	-250.3M	-350.5M	-250.5M
Financing cash flow	-10.4M	-205.3M	-675.8M	234.4M	0	0	-288.5M	-291.1M	-12M	-256.9M	-352.1M	-254.9M
Net change in cash	-155.5M	556.6M	-695.6M	-15.2M	-138.7M	-17.8M	102.4M	77.6M	79.6M	143.1M	72.7M	-47.2M
Free cash flow	-60.7M	110.9M	37.9M	-73.4M	71.8M	182.4M	114.4M	23.8M	93.4M	205.6M	286M	120.5M

Snap Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement