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Snap

SNAP NYSE Interactive Media & Services Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$6.34

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$5.9B
10.6% vs prior year
Operating margin Operating income as a share of revenue.
−9.0%
5.7 pts
Net income Profit after all expenses, interest and tax.
−$461M
Free cash flow Cash from operations minus capital spending.
$437M
99.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−14.8%
8.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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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.

Legal name
SNAP INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 5, 2026
Accession · CIK
0001564408-26-000013
0001564408

Revenue and margins

Snap had $5.9B of revenue in fiscal 2025, up 10.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $437M in fiscal 2025, 7.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Snap returned $751M to shareholders in fiscal 2025, 172% of free cash flow. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Snap yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$643M and divides by 1,694.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Snap can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.7B$3.9B$3.5B$3.4B$2.9B
Debt incl. finance leases $2.3B$3.7B$3.7B$3.7B$3.6B
Debt / equity 0.6x1.5x1.6x1.5x1.6x
Interest coverage −39.7x−65.0x−63.5x−36.5x−4.4x
Current ratio 5.7x4.3x4.4x4.0x3.6x
Quick ratio 5.7x4.3x4.4x4.0x3.6x
Total assets $7.5B$8.0B$8.0B$7.9B$7.7B
Total liabilities $3.7B$5.4B$5.6B$5.5B$5.4B
Shareholders' equity $3.8B$2.6B$2.4B$2.5B$2.3B
Net debt (− = net cash) −$1.4B−$197M$205M$304M$643M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.3M

6 insiders

Of sales under plans

94%

$22.8M

DateInsiderTradeSharesPriceValueFiling
Oct 16, 2026 Ronan HarrisChief Commercial Officer Sold 42,741 $6.23 $0.3M Form 4
Sep 16, 2026 Ajit MohanChief Business Officer Sold 6,797 $5.82 $0.0M Form 4
Sep 9, 2026 Rebecca MorrowChief Accounting Officer Sold plan 20,000 $5.35 $0.1M Form 4
Sep 3, 2026 Zachary M BriersGeneral Counsel Sold plan 11,257 $6.00 $0.1M Form 4
Aug 19, 2026 Zachary M BriersGeneral Counsel Sold plan 67,540 $5.08 $0.3M Form 4
Aug 17, 2026 Ajit MohanChief Business Officer Sold 54,608 $5.20 $0.3M Form 4
Aug 17, 2026 Douglas HottChief Financial Officer Sold 131,884 $5.20 $0.7M Form 4
Aug 17, 2026 Rebecca MorrowChief Accounting Officer Sold 17,336 $5.20 $0.1M Form 4
Aug 17, 2026 Zachary M BriersGeneral Counsel Sold plan 136,504 $5.20 $0.7M Form 4
Aug 6, 2026 Robert C. MurphyChief Technology Officer, Director, 10% owner Sold plan 2,000,000 $5.25 $10.5M Form 4
Aug 5, 2026 Robert C. MurphyChief Technology Officer, Director, 10% owner Sold plan 2,000,000 $5.56 $11.1M Form 4
Jul 16, 2026 Ajit MohanChief Business Officer Sold 24,263 $4.72 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 95 / 96 / 9
Accruals ratio −19.6%−14.0%−14.3%
Altman Z'' −2.36−2.40−3.13

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Snap SNAP $10.5B 10.6% −9.0% 7.4% −14.8% — 6
Match Group MTCH $11.3B 0.2% 25.0% 29.4% 28.3% 16.2x 8 Compare →
People Inc. PPLI $2.9B −8.7% −4.1% 1.9% −1.3% 8.5x 6 Compare →
Reddit RDDT $29.1B 69.4% 20.1% 31.1% 119.1% 33.5x 6 Compare →
Tripadvisor TRIP $1.1B 3.1% 4.2% 8.6% 8.9% 156.8x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $405M $825M $1.2B $1.7B $2.5B $4.1B $4.6B $4.6B $5.4B $5.9B
Gross profit −$47.2M $108M $382M $820M $1.3B $2.4B $2.8B $2.5B $2.9B $3.3B
Research and development $184M $1.5B $772M $884M $1.1B $1.6B $2.1B $1.9B $1.7B $1.8B
Operating income −$520M −$3.5B −$1.3B −$1.1B −$862M −$702M −$1.4B −$1.4B −$787M −$532M
Interest expense $1.4M $3.5M $3.9M $25.0M $97.2M $17.7M $21.5M $22.0M $21.6M $122M
Pretax income −$522M −$3.5B −$1.3B −$1.0B −$926M −$474M −$1.4B −$1.3B −$672M −$451M
Income tax −$7.1M −$18.3M $2.5M $0.4M $18.7M $13.6M $29.0M $28.1M $25.6M $9.4M
Net income −$515M −$3.4B −$1.3B −$1.0B −$945M −$488M −$1.4B −$1.3B −$698M −$461M
Diluted EPS −$0.64 −$2.95 −$0.97 −$0.75 −$0.65 −$0.31 −$0.89 −$0.82 −$0.42 −$0.27
Diluted shares 0.81B 1.17B 1.30B 1.38B 1.46B 1.56B 1.61B 1.61B 1.66B 1.69B
Cash flow
Cash from operations −$611M −$735M −$690M −$305M −$168M $293M $185M $247M $414M $656M
Capital expenditure $66.4M $84.5M $120M $36.5M $57.8M $69.9M $129M $212M $195M $219M
Free cash flow −$678M −$819M −$810M −$341M −$225M $223M $55.3M $34.8M $219M $437M
Depreciation and amortization $29.1M $61.3M $91.6M $87.2M $86.7M $119M $202M $168M $158M $164M
Stock-based compensation $31.8M $2.6B $538M $686M $770M $1.1B $1.4B $1.3B $1.0B $1.0B
Acquisitions $104M $386M $0.8M $77.1M $169M $311M $67.1M $50.3M $0.0M $35.5M
Share buybacks $10.6M $0.0M $0.0M $0.0M $0.0M $0.0M $1.0B $189M $311M $751M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $10.6M $0.0M $0.0M $0.0M $0.0M $0.0M $1.0B $189M $311M $751M
Balance sheet
Cash and short-term investments $987M $2.0B $1.3B $2.1B $2.5B $3.7B $3.9B $3.5B $3.4B $2.9B
Total debt — — — $892M $1.7B $2.3B $3.7B $3.7B $3.7B $3.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.2B $2.4B $1.7B $2.6B $3.3B $4.9B $5.3B $5.0B $4.9B $4.6B
Current liabilities $157M $346M $293M $500M $667M $852M $1.2B $1.1B $1.2B $1.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $101M $167M $213M $174M $179M $203M $272M $410M $489M $578M
Total assets $1.7B $3.4B $2.7B $4.0B $5.0B $7.5B $8.0B $8.0B $7.9B $7.7B
Total liabilities $204M $429M $403M $1.8B $2.7B $3.7B $5.4B $5.6B $5.5B $5.4B
Shareholders' equity $1.5B $3.0B $2.3B $2.3B $2.3B $3.8B $2.6B $2.4B $2.5B $2.3B
Margins
Gross margin −11.7% 13.0% 32.3% 47.8% 52.8% 57.5% 60.6% 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%
EBITDA margin −121.5% −415.1% −99.7% −59.2% −30.9% −14.2% −25.9% −26.7% −11.7% −6.2%
Net margin −127.2% −417.6% −106.4% −60.3% −37.7% −11.9% −31.1% −28.7% −13.0% −7.8%
FCF margin −167.5% −99.3% −68.6% −19.9% −9.0% 5.4% 1.2% 0.8% 4.1% 7.4%
Returns
Return on capital — — — — −54.3% −29.1% −46.6% −44.2% −23.2% −14.8%
Return on capital employed — −150.2% −46.2% −37.2% −21.9% −12.7% −20.7% −20.5% −11.6% −8.1%
Return on equity — −152.7% −47.4% −45.2% −41.2% −16.0% −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%
Growth
Revenue growth 589.5% 104.0% 43.1% 45.3% 46.1% 64.3% 11.8% 0.1% 16.4% 10.6%
FCF growth — — — — — — −75.2% −37.1% 528.4% 100.0%
Share count change — 44.3% 11.5% 5.8% 5.8% 7.1% 3.2% 0.3% 2.9% 2.1%
Financial health
Debt / equity — — — 0.4x 0.7x 0.6x 1.5x 1.6x 1.5x 1.6x
Interest coverage −365.4x −1,008.6x −325.7x −44.1x −8.9x −39.7x −65.0x −63.5x −36.5x −4.4x
Current ratio 7.5x 6.8x 5.7x 5.3x 5.0x 5.7x 4.3x 4.4x 4.0x 3.6x
Quick ratio 7.5x 6.8x 5.7x 5.3x 5.0x 5.7x 4.3x 4.4x 4.0x 3.6x
Capital allocation
Capex / revenue 16.4% 10.3% 10.2% 2.1% 2.3% 1.7% 2.8% 4.6% 3.6% 3.7%
Stock comp / revenue 7.9% 320.0% 45.6% 40.0% 30.7% 26.5% 30.2% 28.7% 19.4% 17.1%
Payouts / FCF — — — — — 0.0% 1,810.0% 544.3% 142.3% 171.8%
Quality scores
Piotroski F-score — — — — 3.0 7.0 3.0 5.0 5.0 6.0
Altman Z'' 7.4 −0.1 −0.9 −2.6 −1.9 0.3 −1.5 −2.4 −2.4 −3.1
Accruals ratio — −105.4% −18.5% −21.7% −17.2% −12.4% −20.7% −19.6% −14.0% −14.3%

Source: SEC EDGAR XBRL filings (CIK 0001564408). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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