Snap

SNAP · NYSE · Communication Services · Financials, fiscal 2016 to 2025

SNAP · Last close · October 26, 2026

$6.34

Snap's revenue rose 10.6% to $5.9 billion in fiscal 2025. Its operating margin was −9.0%, up from −14.7% a year earlier. Free cash flow was $437 million, up 100.0%. It paid out $751 million in dividends and buybacks, 172% of free cash flow. The diluted share count rose 2.1%.

SNAP INC Latest fiscal year ended December 31, 2025 10-K filed February 5, 2026 · 0001564408-26-000013 Updated October 11, 2026

Revenue

$5.9B

10.6%

Operating margin

−9.0%

5.7 pts

Net income

−$460M

Free cash flow

$437M

100.0%

Return on capital

−14.8%

8.3 pts

Market cap

$10.5B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Snap does

Snap makes Snapchat, a mobile app for visual messaging. The app opens straight to the camera, so people can send photos and short videos, called Snaps, that are deleted by default. It also has Stories, a map that shows friends who choose to share their location, a Spotlight feed of videos, augmented reality (AR) effects called Lenses, and an AI chatbot called My AI. It also makes wearable AR glasses called Spectacles, or Specs.

Snap makes most of its money from advertising. Advertisers, from small businesses to well-known brands, pay to reach people on the app, and advertising was about 87% of total revenue in 2025. It also sells subscriptions, including Snapchat+, Lens+ and Snapchat Platinum, which adds an ad-free experience, plus cloud storage plans for saved photos and videos. Snap had 474 million daily active users on average in the fourth quarter of 2025.

Snap says many of its competitors have more resources and larger market shares. It depends on Google Cloud and Amazon Web Services for most of its computing and storage, and on Google, Apple and Amazon for the mobile systems that run the app.

Its biggest risks, as it describes them

Losing users or seeing them use Snapchat less, since its user growth has slowed in the past.
Its heavy dependence on advertising, and the chance that advertisers leave or cut their spending.
Changes by mobile operating system and device makers that it does not control.
Its reliance on Google Cloud and Amazon Web Services for most of its computing and storage.
Whether its new products and its physical products, such as Spectacles, will succeed.

From Snap's annual report on Form 10-K, filed February 5, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Snap lost money in fiscal 2025: a net loss of $460 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Snap yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Snap's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Snap's fiscal 2025 free cash flow of $437M, net cash of −$643M at December 31, 2025 and 1,695 million diluted shares, from its filings. The scenarios are fitted to Snap: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Interactive Media & Services), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Snap's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 9% then 6% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 13% then 8% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $6.34
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Snap's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,693	3,939	3,544	3,376	2,941
Debt incl. finance leases	2,253	3,742	3,749	3,680	3,584
Net debt (negative means net cash)	−1,440	−197	205	304	643
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.6x	1.4x	1.6x	1.5x	1.6x
Interest coverage	−39.7x	−65.0x	−63.5x	−36.5x	−4.4x
Current ratio	5.7x	4.3x	4.4x	4.0x	3.6x
Quick ratio	5.7x	4.3x	4.4x	4.0x	3.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Snap shares on the open market, and 9 insiders sold $110.7 million, $105.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Ronan HarrisChief Commercial Officer	Sold	42,741	$6.23	$266,259	Form 4
Sep 16, 2026	Ajit MohanChief Business Officer	Sold	6,797	$5.82	$39,559	Form 4
Sep 9, 2026	Rebecca MorrowChief Accounting Officer	Sold plan	20,000	$5.35	$107,000	Form 4
Sep 3, 2026	Zachary M BriersGeneral Counsel	Sold plan	11,257	$6.00	$67,542	Form 4
Aug 19, 2026	Zachary M BriersGeneral Counsel	Sold plan	67,540	$5.08	$343,103	Form 4
Aug 17, 2026	Zachary M BriersGeneral Counsel	Sold plan	136,504	$5.20	$709,821	Form 4
Aug 17, 2026	Douglas HottChief Financial Officer	Sold	131,884	$5.20	$685,797	Form 4
Aug 17, 2026	Ajit MohanChief Business Officer	Sold	54,608	$5.20	$283,962	Form 4
Aug 17, 2026	Rebecca MorrowChief Accounting Officer	Sold	17,336	$5.20	$90,147	Form 4
Aug 6, 2026	Robert C. MurphyChief Technology Officer, Director, 10% owner	Sold plan	2,000,000	$5.25	$10.5 million	Form 4
Aug 5, 2026	Robert C. MurphyChief Technology Officer, Director, 10% owner	Sold plan	2,000,000	$5.56	$11.1 million	Form 4
Jul 16, 2026	Ajit MohanChief Business Officer	Sold	24,263	$4.72	$114,521	Form 4

The latest 12 of 55 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 9	5 of 9	6 of 9
Accruals ratio	−19.6%	−14.0%	−14.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Snap side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Snap	FY25	10.6%	−9.0%	7.4%	−14.8%	—	6
Match Group	FY25	0.2%	25.0%	29.4%	28.2%	2.7x	8	Compare
People Inc.	FY25	−8.7%	−4.1%	1.9%	−1.3%	14.5x	6	Compare
Reddit	FY25	69.4%	20.1%	31.1%	119.1%	−5.4x	6	Compare
Tripadvisor	FY25	3.0%	4.2%	8.6%	8.9%	1.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	404	825	1,180	1,716	2,507	4,117	4,602	4,606	5,361	5,931
Revenue growth	589.5%	104.0%	43.1%	45.3%	46.1%	64.2%	11.8%	0.1%	16.4%	10.6%
Gross profit	−47	108	382	820	1,324	2,367	2,786	2,492	2,887	3,262
Research and development	184	1,535	772	884	1,102	1,566	2,110	1,911	1,692	1,794
Operating income	−520	−3,486	−1,268	−1,103	−862	−702	−1,395	−1,398	−787	−532
Net income	−515	−3,445	−1,256	−1,034	−945	−488	−1,430	−1,322	−698	−460
Diluted EPS (US$)	−0.64	−2.95	−0.97	−0.75	−0.65	−0.31	−0.89	−0.82	−0.42	−0.27
Diluted shares (millions)	808	1,166	1,301	1,376	1,456	1,559	1,608	1,612	1,659	1,695
Cash flow
Cash from operations	−611	−735	−690	−305	−168	293	185	246	414	656
Capital expenditure	66	84	120	36	58	70	129	212	195	219
Free cash flow	−678	−819	−810	−341	−225	223	55	35	219	437
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	11	0	0	0	0	0	1,001	189	311	751
Acquisitions	104	386	1	77	169	311	67	50	0	36
Stock-based compensation	32	2,640	538	686	770	1,092	1,388	1,324	1,041	1,017
Balance sheet at fiscal year end
Cash and short-term investments	987	2,043	1,279	2,113	2,538	3,693	3,939	3,544	3,376	2,941
Debt incl. finance leases	—	—	—	892	1,675	2,253	3,742	3,749	3,680	3,584
Total assets	1,723	3,422	2,714	4,012	5,024	7,536	8,030	7,968	7,936	7,678
Total liabilities	204	429	403	1,752	2,694	3,746	5,449	5,554	5,486	5,396
Shareholders' equity	1,519	2,992	2,311	2,260	2,330	3,790	2,581	2,414	2,451	2,282
Margins and ratios
Gross margin	−11.7%	13.0%	32.3%	47.8%	52.8%	57.5%	60.5%	54.1%	53.9%	55.0%
Operating margin	−128.7%	−422.5%	−107.5%	−64.3%	−34.4%	−17.1%	−30.3%	−30.4%	−14.7%	−9.0%
Net margin	−127.2%	−417.6%	−106.4%	−60.2%	−37.7%	−11.8%	−31.1%	−28.7%	−13.0%	−7.8%
Free cash flow margin	−167.5%	−99.3%	−68.6%	−19.9%	−9.0%	5.4%	1.2%	0.8%	4.1%	7.4%
Return on capital	—	—	—	—	−54.3%	−29.1%	−46.6%	−44.2%	−23.1%	−14.8%
Return on equity	—	−152.7%	−47.4%	−45.2%	−41.2%	−15.9%	−44.9%	−53.0%	−28.7%	−19.5%
Return on assets	—	−133.9%	−40.9%	−30.7%	−20.9%	−7.8%	−18.4%	−16.5%	−8.8%	−5.9%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Snap's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Snap.