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Snap Inc. Announces Third Quarter 2025 Financial Results
Third quarter revenue increased 10% year-over-year to $1,507 million
Daily Active Users increased 8% year-over-year to 477 million
Monthly Active Users increased 7% year-over-year to 943 million
Operating cash flow was $146 million and Free Cash Flow was $93 million
SANTA MONICA, Calif. – November 5, 2025 – Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2025.
“Our focus on performance, creativity, and simplicity is helping advertisers achieve stronger results while giving our community more ways to communicate,” said Evan Spiegel, CEO. “I’m proud of the team’s progress and confident that our discipline and innovation will support durable, long-term growth.”
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 September 30, 2025, Snap had $3.0 billion in cash, cash equivalents, and marketable securities.
Q3 2025 Financial Summary
•Revenue was $1,507 million, compared to $1,373 million in the prior year, an increase of 10% year-over-year.
•Net loss was $104 million, compared to $153 million in the prior year.
•Adjusted EBITDA was $182 million, compared to $132 million in the prior year.
•Operating cash flow was $146 million, compared to $116 million in the prior year.
•Free Cash Flow was $93 million, compared to $72 million in the prior year.
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Three Months Ended
September 30,
Percent
Change
Nine Months Ended
September 30,
Percent
Change
2025202420252024
(Unaudited)
(dollars in thousands, except per share amounts)
Revenue$1,506,839 $1,372,574 10 %$4,214,986 $3,804,115 11 %
Operating loss$(128,362)$(173,210)26 %$(581,884)$(760,417)23 %
Net loss$(103,541)$(153,247)32 %$(505,698)$(706,957)28 %
Adjusted EBITDA (1)
$182,038 $131,962 38 %$331,733 $232,598 43 %
Net cash provided by (used in) operating activities$146,488 $115,872 26 %$386,592 $182,847 111 %
Free Cash Flow (2)
$93,444 $71,831 30 %$231,633 $36,296 538 %
Diluted net loss per share attributable to common stockholders$(0.06)$(0.09)33 %$(0.30)$(0.43)30 %
(1)See page 11 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the nine months ended September 30, 2024, and excluded from Adjusted EBITDA, was $72.0 million. No restructuring charges were incurred during the three and nine months ended September 30, 2025 and the three months ended September 30, 2024.
(2)See page 11 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.
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Q3 2025 Summary & Key Highlights
We deepened engagement with our community:
•The Snapchat community continues to grow, reaching 943 million global monthly active users (MAU) in Q3, an increase of 60 million or 7% year-over-year.
•Daily active users (DAU) were 477 million in Q3 2025, an increase of 34 million, or 8%, year-over-year.
•In Q3, we shared that Snapchatters created well over one trillion selfie Snaps in 2024, a testament to how our global community uses our camera to communicate, play, and feel closer together.
•Global time spent watching content and the number of content viewers increased year-over-year in Q3, reflecting the multi-year investment in our machine learning infrastructure and the continued growth in Spotlight.
•The share of total Spotlight views from content posted in the last 24 hours increased more than 300% year-over-year in the US as our models better surface more topical and trending content.
•Over the past year, we onboarded thousands of creators to our Snap Star program, with the number of Spotlight posts by Snap Stars growing nearly 180% year-over-year in North America in Q3.
•We launched The Keys: A Guide to Digital Safety – a first-of-its-kind interactive online safety program specifically designed for teens and their parents.
We are focused on accelerating and diversifying our revenue growth:
•Direct Response advertising revenue increased 8% year-over-year, accelerating 3 percentage points from the prior quarter, driven by strong demand for our Pixel Purchase and App Purchase optimizations.
•Purchase-related ad revenue grew over 30% year-over-year, reflecting higher attribution accuracy and better campaign performance.
•Sponsored Snaps have proven to be one of the most effective ways for brands to join the conversation, driving up to 22% more conversions and achieving up to 19% lower costs per action (CPAs) when included in an advertiser's broader Snap campaign mix.
•According to a recent Kantar study, approximately 85% of US Snapchatters feel that Sponsored Snaps are “relevant to me” and “fit in with my habits on the platform.”
•We advanced Dynamic Product Ads with large language models that better understand products, driving over 4x higher conversion rates compared to baseline for certain campaigns.
•We launched the App Power Pack, a suite of new products which includes improved Target Cost Bidding, Sponsored Snaps for app advertisers, App End Cards, and Playables for interactive game previews, with early results showing that products in the App Power Pack are driving over 25% lift in iOS App Installs.
•Other Revenue, the majority of which is Snapchat+ subscription revenue, increased 54% year-over-year to $190 million in Q3.
•We announced Memories Storage Plans in Q3 and started to introduce this new offering to our community.
•We took an important step toward building out our AI platform by partnering with Perplexity AI to integrate its conversational search directly into Snapchat.
We invested in our augmented reality platform:
•Our community uses AR Lenses in our Snapchat camera 8 billion times per day, and over 400,000 developers have built more than 4 million Lenses with Snap’s world-leading AR tools.
•In Q3, more than 350 million Snapchatters engaged with AR every day on average.
•More than 500 million users have engaged with Gen AI Lenses over 6 billion times, underscoring the growing demand for AI-powered creative tools on the platform.
•Snapchatters engaged with our AI Face Swap Lens over one billion times in Q3, highlighting strong engagement with our latest AR experiences powered by generative AI.
•We introduced the Imagine Lens, our first Open Prompt Image Generation Lens, where Snapchatters can create, edit, and recreate Snaps simply by entering their own prompts.
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•We launched the Lens Studio AI Assistant, enabling developers to describe a Lens concept and have AI generate, code, and refine it automatically.
•We also launched Realistic StyleGen Mode, which applies lifelike transformations to clothing, hair, and accessories using on-device machine learning.
•We introduced AI Portraits, which lets Snapchatters create dynamic Lenses by defining a concept through person, action, and scene, and Selfie Attachments, which generate custom 3D assets that automatically attach to the face or body.
•To help developers monetize their work, we introduced Lens+ Partner Payouts, a program that allows creators to publish exclusive GenAI-powered Lenses for Lens+ and earn directly from subscribers.
We are making computers more human with Specs:
•In Q3, we launched Snap OS 2.0, a major update that lays the foundation for the public debut of our next-generation Specs in 2026.
•Snap OS 2.0 introduces a redesigned browser with faster performance, lower power usage, a minimalist user interface, support for widgets and bookmarks, resizable windows, and full WebXR capabilities.
•New features also expand creative and utility use cases: the Spotlight Lens lets users watch short video content , while the Gallery Lens provides a more immersive way to browse, organize, and share videos captured with Spectacles.
•We introduced Travel Mode, which improves the stability of AR content while in motion.
•Our new Spatial Tips Lens enables AI-powered contextual guidance in the real world, from labeling everyday objects to providing instructions for activities like a kick-flip on a skateboard.
•We announced Commerce Kit for Spectacles, enabling select developers to accept payments directly inside Lenses on Specs, allowing for the sale of digital goods or unlocking premium features.
•To prepare for the consumer launch of Specs next year, partners and developers have been building compelling AR experiences:
◦Partners like Enklu and Artglass are transforming live events with location-based Lenses.
◦Developer Caio Alves created Apollo 11, an immersive AR Lens that celebrates the historic 1969 moon landing, transporting users to the lunar surface with rockets, craters, and space-themed visuals.
◦Developer Stijn Spanhove created AI Teleport, a futuristic Lens that uses AI-driven effects to instantly “teleport” users into new environments, transforming their surroundings in a dramatic, sci-fi-inspired way.

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Q4 2025 Outlook
Snap Inc. will discuss its Q4 2025 outlook during its Q3 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.
Contact
Investors and Analysts:
ir@snap.com
Press:
press@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,
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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
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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.
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SNAP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Cash flows from operating activities
Net loss$(103,541)$(153,247)$(505,698)$(706,957)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization42,514 38,850 120,252 118,493 
Stock-based compensation260,363 260,229 759,587 783,292 
Amortization of debt issuance costs and debt discount (premium)686 2,717 7,778 6,667 
Losses (gains) on debt and equity securities, net1,182 536 15,774 12,166 
(Gain) loss on extinguishment of debt(29,795)— (96,734)6,672 
Other2,985 2,200 14,542 (10,501)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance(89,096)(51,941)102,032 73,350 
Prepaid expenses and other current assets(16,313)11,914 (46,199)(36,241)
Operating lease right-of-use assets14,909 12,731 42,829 41,235 
Other assets161 3,090 7,054 (3,007)
Accounts payable38,125 (16,642)(21,818)(112,287)
Accrued expenses and other current liabilities23,926 19,331 9,053 46,771 
Operating lease liabilities1,325 (16,384)(24,160)(44,254)
Other liabilities(943)2,488 2,300 7,448 
Net cash provided by (used in) operating activities146,488 115,872 386,592 182,847 
Cash flows from investing activities
Purchases of property and equipment(53,044)(44,041)(154,959)(146,551)
Purchases of strategic investments— — (20,000)(2,000)
Sales of strategic investments11,050 557 11,050 1,572 
Cash paid for acquisitions, net of cash acquired— — (35,499)— 
Purchases of marketable securities(388,652)(705,066)(1,015,317)(1,945,590)
Sales of marketable securities102,530 187,754 539,688 354,311 
Maturities of marketable securities220,203 337,985 785,317 1,170,066 
Other— — — (100)
Net cash provided by (used in) investing activities(107,913)(222,811)110,280 (568,292)
Cash flows from financing activities
Proceeds from issuance of notes, net of issuance costs541,110 — 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— 10,304 — 12,798 
Repurchases of Class A non-voting common stock— — (500,573)(311,069)
Deferred payments for acquisitions— — (67,539)(3,695)
Repurchases of convertible notes(549,924)— (1,994,550)(859,042)
Repayment of convertible notes— — (36,240)— 
Other(3,199)— (6,898)(1,799)
Net cash provided by (used in) financing activities(12,013)10,304 (591,607)(428,624)
Change in cash, cash equivalents, and restricted cash26,562 (96,635)(94,735)(814,069)
Cash, cash equivalents, and restricted cash, beginning of period928,937 1,065,028 1,050,234 1,782,462 
Cash, cash equivalents, and restricted cash, end of period$955,499 $968,393 $955,499 $968,393 
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SNAP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Revenue$1,506,839 $1,372,574 $4,214,986 $3,804,115 
Costs and expenses:
Cost of revenue674,220 638,907 1,967,132 1,802,577 
Research and development453,418 412,791 1,320,908 1,268,746 
Sales and marketing256,215 273,107 772,025 815,461 
General and administrative251,348 220,979 736,805 677,748 
Total costs and expenses1,635,201 1,545,784 4,796,870 4,564,532 
Operating loss(128,362)(173,210)(581,884)(760,417)
Interest income32,255 38,533 102,472 114,893 
Interest expense(34,494)(5,883)(85,500)(15,739)
Other income (expense), net27,570 (4,355)75,816 (25,228)
Loss before income taxes(103,031)(144,915)(489,096)(686,491)
Income tax benefit (expense)(510)(8,332)(16,602)(20,466)
Net loss$(103,541)$(153,247)$(505,698)$(706,957)
Net loss per share attributable to Class A, Class B, and Class C common stockholders:
Basic$(0.06)$(0.09)$(0.30)$(0.43)
Diluted$(0.06)$(0.09)$(0.30)$(0.43)
Weighted average shares used in computation of net loss per share:
Basic1,696,5421,663,0111,689,2511,651,756
Diluted1,696,5421,663,0111,689,2511,651,756
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SNAP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
September 30,
2025		December 31,
2024
(unaudited)
Assets
Current assets
Cash and cash equivalents$953,317 $1,046,534 
Marketable securities2,040,060 2,329,745 
Accounts receivable, net of allowance1,248,011 1,348,472 
Prepaid expenses and other current assets235,099 182,006 
Total current assets4,476,487 4,906,757 
Property and equipment, net557,418 489,088 
Operating lease right-of-use assets520,187 530,441 
Intangible assets, net77,257 86,363 
Goodwill1,720,586 1,689,785 
Other assets226,015 233,914 
Total assets$7,577,950 $7,936,348 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$153,683 $173,197 
Operating lease liabilities43,468 24,885 
Accrued expenses and other current liabilities976,547 1,009,254 
Short-term debt, net46,951 36,212 
Total current liabilities1,220,649 1,243,548 
Long-term debt, net3,490,938 3,607,717 
Operating lease liabilities, noncurrent572,240 575,082 
Other liabilities66,773 59,240 
Total liabilities5,350,600 5,485,587 
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,501,916 shares issued, 1,456,759 shares outstanding at September 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at December 31, 2024.15 14 
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at September 30, 2025 and December 31, 2024.— — 
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2025 and December 31, 2024.2 2 
Treasury stock, at cost. 45,157 and 47,222 shares of Class A non-voting common stock at September 30, 2025 and December 31, 2024, respectively.(440,476)(460,620)
Additional paid-in capital16,383,575 15,644,132 
Accumulated deficit(13,741,732)(12,735,461)
Accumulated other comprehensive income (loss)25,966 2,694 
Total stockholders’ equity2,227,350 2,450,761 
Total liabilities and stockholders’ equity$7,577,950 $7,936,348 
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SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Free Cash Flow reconciliation:
Net cash provided by (used in) operating activities$146,488 $115,872 $386,592 $182,847 
Less:
Purchases of property and equipment(53,044)(44,041)(154,959)(146,551)
Free Cash Flow$93,444 $71,831 $231,633 $36,296 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Adjusted EBITDA reconciliation:
Net loss$(103,541)$(153,247)$(505,698)$(706,957)
Add (deduct):
Interest income(32,255)(38,533)(102,472)(114,893)
Interest expense34,494 5,883 85,500 15,739 
Other (income) expense, net(27,570)4,355 (75,816)25,228 
Income tax (benefit) expense510 8,332 16,602 20,466 
Depreciation and amortization42,514 38,850 120,252 114,878 
Stock-based compensation expense260,363 260,229 759,587 773,890 
Payroll and other tax expense related to stock-based compensation7,523 6,093 33,778 32,196 
Restructuring charges (1)
— — — 72,051 
Adjusted EBITDA$182,038 $131,962 $331,733 $232,598 
(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
September 30,
Nine Months Ended
September 30,
2025202420252024
Depreciation and amortization expense (1):
Cost of revenue$1,016 $965 $3,941 $4,987 
Research and development27,127 24,798 74,963 75,305 
Sales and marketing5,487 4,953 15,418 14,614 
General and administrative8,884 8,134 25,930 23,587 
Total$42,514 $38,850 $120,252 $118,493 
(1)Depreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.
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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
September 30,
Nine Months Ended
September 30,
2025202420252024
Stock-based compensation expense (1):
Cost of revenue$2,327 $1,333 $5,417 $4,408 
Research and development171,649 172,516 495,146 518,500 
Sales and marketing51,236 53,345 154,386 160,209 
General and administrative35,151 33,035 104,638 100,175 
Total$260,363 $260,229 $759,587 $783,292 
(1)Stock-based compensation expense for the three and nine months ended September 30, 2024 includes restructuring charges.
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SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands, except per user amounts, unaudited)
Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating activities$(21,377)$115,872 $230,633 $151,610 $88,494 $146,488 
Net cash provided by (used in) operating activities - YoY (year-over-year)74 %NM40 %72 %514 %26 %
Net cash provided by (used in) operating activities - TTM (trailing twelve months)$244,330 $347,421 $413,480 $476,738 $586,609 $617,225 
Purchases of property and equipment$(52,062)$(44,041)$(48,275)$(37,214)$(64,701)$(53,044)
Purchases of property and equipment - YoY41 %(40)%(10)%(26)%24 %20 %
Purchases of property and equipment - TTM$(229,664)$(200,270)$(194,826)$(181,592)$(194,231)$(203,234)
Free Cash Flow$(73,439)$71,831 $182,358 $114,396 $23,793 $93,444 
Free Cash Flow - YoY38 %218 %65 %202 %132 %30 %
Free Cash Flow - TTM$14,666 $147,151 $218,654 $295,146 $392,378 $413,991 
Common shares outstanding1,653,820 1,672,212 1,690,645 1,686,678 1,682,350 1,710,909 
Common shares outstanding - YoY2 %2 %3 %3 %2 %2 %
Shares underlying stock-based awards144,315 132,783 135,036 136,044 144,011 150,460 
Shares underlying stock-based awards - YoY(3)%(14)%(15)%(7)%— %13 %
Total common shares outstanding plus shares underlying stock-based awards1,798,135 1,804,995 1,825,681 1,822,722 1,826,361 1,861,369 
Total common shares outstanding plus shares underlying stock-based awards - YoY2 %1 %1 %2 %2 %3 %
Results of Operations
Revenue$1,236,768 $1,372,574 $1,557,283 $1,363,217 $1,344,930 $1,506,839 
Revenue - YoY16 %15 %14 %14 %9 %10 %
Revenue - TTM$4,981,379 $5,165,402 $5,361,398 $5,529,842 $5,638,004 $5,772,269 
Revenue by region (1)
North America$767,560 $857,621 $968,943 $831,691 $820,600 $897,814 
North America - YoY12 %9 %8 %12 %7 %5 %
North America - TTM$3,196,387 $3,267,854 $3,337,255 $3,425,815 $3,478,855 $3,519,048 
Europe$229,835 $248,902 $287,031 $224,015 $265,343 $297,950 
Europe - YoY26 %24 %20 %14 %15 %20 %
Europe - TTM$864,204 $912,834 $961,612 $989,783 $1,025,291 $1,074,339 
Rest of World$239,373 $266,051 $301,309 $307,511 $258,987 $311,075 
Rest of World - YoY20 %32 %35 %20 %8 %17 %
Rest of World - TTM$920,788 $984,714 $1,062,531 $1,114,244 $1,133,858 $1,178,882 
Operating loss$(253,975)$(173,210)$(26,877)$(193,846)$(259,676)$(128,362)
Operating loss - YoY37 %54 %89 %42 %(2)%26 %
Operating loss - Margin(21)%(13)%(2)%(14)%(19)%(9)%
Operating loss - TTM$(1,215,983)$(1,009,130)$(787,294)$(647,908)$(653,609)$(608,761)
Net income (loss)$(248,620)$(153,247)$9,101 $(139,587)$(262,570)$(103,541)
Net income (loss) - YoY34 %58 %104 %54 %(6)%32 %
Net income (loss) - Margin(20)%(11)%1 %(10)%(20)%(7)%
Net income (loss) - TTM$(1,170,213)$(955,204)$(697,856)$(532,353)$(546,303)$(496,597)
Adjusted EBITDA$54,977 $131,962 $276,007 $108,425 $41,270 $182,038 
Adjusted EBITDA - YoY243 %229 %73 %137 %(25)%38 %
Adjusted EBITDA - Margin (2)
4 %10 %18 %8 %3 %12 %
Adjusted EBITDA - TTM$299,879 $391,747 $508,605 $571,371 $557,664 $607,740 
(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.
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SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)
(dollars and shares in thousands, except per user amounts, unaudited)
Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Other
DAU (in millions) (1)
432 443 453 460 469 477 
DAU - YoY (2)
9 %9 %9 %9 %9 %8 %
DAU by region (in millions)
North America100 100 100 99 98 98 
North America - YoY— %— %(1)%(1)%(2)%(3)%
Europe97 99 99 99 100 100 
Europe - YoY3 %4 %4 %3 %3 %1 %
Rest of World235 244 254 262 271 280 
Rest of World - YoY16 %16 %17 %16 %15 %15 %
MAU (in millions)
868 883 895 913 932 943 
MAU - YoY (2)
7 %7 %7 %7 %7 %7 %
ARPU$2.86 $3.10 $3.44 $2.96 $2.87 $3.16 
ARPU - YoY6 %6 %5 %5 %— %2 %
ARPU by region
North America$7.67 $8.54 $9.73 $8.41 $8.33 $9.20 
North America - YoY12 %9 %9 %13 %9 %8 %
Europe$2.36 $2.52 $2.89 $2.26 $2.65 $2.99 
Europe - YoY22 %19 %16 %11 %13 %19 %
Rest of World$1.02 $1.09 $1.19 $1.17 $0.96 $1.11 
Rest of World - YoY4 %14 %16 %4 %(6)%2 %
Employees (full-time; excludes part-time, contractors, and temporary personnel)4,7194,8004,9115,0615,2065,194
Employees - YoY(11)%(11)%(7)%5 %10 %8 %
Depreciation and amortization expense
Cost of revenue$1,872 $965 $1,123 $1,420 $1,505 $1,016 
Research and development22,909 24,798 24,351 22,987 24,849 27,127 
Sales and marketing5,084 4,953 5,333 4,823 5,108 5,487 
General and administrative8,065 8,134 8,774 8,485 8,561 8,884 
Total$37,930 $38,850 $39,581 $37,715 $40,023 $42,514 
Depreciation and amortization expense - YoY(4)%(6)%(24)%(10)%6 %9 %
Stock-based compensation expense
Cost of revenue$1,260 $1,333 $1,626 $1,434 $1,656 $2,327 
Research and development171,465 172,516 165,330 156,688 166,809 171,649 
Sales and marketing52,208 53,345 56,463 54,440 48,710 51,236 
General and administrative34,378 33,035 34,312 34,776 34,711 35,151 
Total$259,311 $260,229 $257,731 $247,338 $251,886 $260,363 
Stock-based compensation expense - YoY(18)%(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.
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