Snap Inc. · NYSE:SNAP
Snap — Q4 2025 Earnings Presentation
32 slides from Snap's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Earnings Slides
Q4 2025 Earnings Slides February 4, 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements reg
Slide 3: Fourth Quarter 2025 Financial Summary
Fourth Quarter 2025 Financial Summary • Revenue was $1,716 million, compared to $1,557 million in the prior year, an increase of 10%1 year-over-year. Revenue • Average revenue per user was $3.62, compared to $3.44 in the prior year. • GAAP gross margin was 59%, compared to 57% in the prior year. • A
Slide 4: Business Highlights
Business Highlights We deepened engagement with our community: • The Snapchat community continues to grow, reaching 946 million global monthly active users (MAU) in Q4, an increase of 51 million or 6% year-over-year. • The number of US Snapchatters posting to Spotlight increased 47% year-over-year i
Slide 5: Business Highlights (Continued)
Business Highlights (Continued) We are focused on accelerating and diversifying our revenue growth: • Revenue from In-App Optimizations grew 89% year-over-year, supported by advances in foundational app models, broader adoption of the App Power Pack, and new immersive formats such as Playables. • Re
Slide 6: Business Highlights (Continued)
Business Highlights (Continued) We invested in our augmented reality platform: • Our community used AR Lenses in our Snapchat camera 8 billion times per day, and over 450,000 developers have built more than 5 million Lenses with Snap’s world-leading AR tools. • In Q4, more than 350 million Snapchatt
Slide 7: Business Highlights (Continued)
Business Highlights (Continued) We are making computers more human with Specs: • We began testing Snap Cloud, Powered by Supabase, a leading backend-as-a-service platform, to make advanced backend capabilities easy and accessible in Snap’s AR authoring tool, Lens Studio. • We announced that Lenses b
Slide 8: Average Daily Active Users (DAU)
Average Daily Active Users (DAU) (in millions, unaudited) GLOBAL NORTH AMERICA1 460 469 477 474 100 100 99 98 98 443 453 94 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EUROPE2 REST OF WORLD 271 280 282 254 262 99 99 99 100 100 98 244 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q3
Slide 9: Average Monthly Active Users (MAU)
Average Monthly Active Users (MAU) (in millions, unaudited) GLOBAL 932 943 946 913 883 895 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 We define a Monthly Active User, or MAU, as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day
Slide 10: Revenue by Geography
Revenue by Geography (in millions, unaudited) GLOBAL NORTH AMERICA1 + 10% + 6% $1,716 $1,025 $1,557 $1,507 $969 $1,373 $1,363 $858 $898 $1,345 $832 $821 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EUROPE2 REST OF WORLD + 19% + 16% $341 $350 $298 $301 $308 $311 $287 $265 $
Slide 11: Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) (unaudited) GLOBAL NORTH AMERICA1 + 5% + 12% $3.62 $10.88 $3.44 $3.10 $3.16 $9.73 $2.96 $2.87 $9.20 $8.54 $8.41 $8.33 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EUROPE2 REST OF WORLD + 20% + 5% $3.47 $1.24 $1.19 $1.17 $2.89 $2.99 $1.09 $1.
Slide 12: Adjusted Gross Margin and Adjusted Cost of Revenue
Adjusted Gross Margin and Adjusted Cost of Revenue1 (dollars in millions, unaudited) ADJUSTED GROSS MARGIN1 ADJUSTED COST OF REVENUE1 COMPOSITION Infrastructure Costs Advertising Partner & Other Costs Content & Developer Partner Costs + 2 PPT + 4% $699 $669 $671 $637 $637 $650 59% $154 57% 55% $180
Slide 13: Adjusted Operating Expense Margin and Adjusted Operating Expenses
Adjusted Operating Expense Margin and Adjusted Operating Expenses1 (dollars in millions, unaudited) ADJUSTED OPERATING EXPENSE MARGIN1 ADJUSTED OPERATING EXPENSES1 COMPOSITION Research & Development Sales & Marketing General & Administrative + 1 PPT + 8% $654 $654 $660 61% 62% $604 $612 $618 56% 57%
Slide 14: Net Income (Loss) & Adjusted EBITDA
Net Income (Loss) & Adjusted EBITDA1 (dollars in millions, unaudited) NET INCOME (LOSS) ADJUSTED EBITDA1 Net Income (Loss) Margin Adjusted EBITDA Margin2 $45 $9 3% 1% $358 (7)% (11)% (10)% $(104) $276 (20)% $(140) $(153) 21% 18% $182 $(263) $132 $108 8% 12% 10% $41 3% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q
Slide 15: Diluted Net Income (Loss) Per Share & Common Shares Outstanding
Diluted Net Income (Loss) Per Share & Common Shares Outstanding Plus Shares Underlying Stock-Based Awards (in millions, except per share data, unaudited) DILUTED NET INCOME (LOSS) PER SHARE1 COMMON SHARES OUTSTANDING PLUS SHARES UNDERLYING STOCK-BASED AWARDS $0.03 Common Shares Outstanding $0.01 Sha
Slide 16: Operating Cash Flow and Free Cash Flow
Operating Cash Flow and Free Cash Flow1 (in millions, unaudited) OPERATING CASH FLOW FREE CASH FLOW1 $270 $206 $182 $231 $152 $146 $114 $93 $116 $72 $88 $24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Capex $(44) $(48) $(37) $(65) $(53) $(64) YoY Change 218% 65% 202% 132%
Slide 17: Capital Resources and Liquidity
Capital Resources and Liquidity (in millions, unaudited) CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES OUTSTANDING DEBT Maturity of Outstanding Principal $3,376 $3,192 $3,207 $2,993 $2,941 $1,500 $2,893 $750 $514 $550 $106 $47 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2026 2027 2028 2029 2030 2031 203
Slide 18: Full Year Summary
Full Year Summary
Slide 19: Full Year Financial Summary
Full Year Financial Summary • Revenue was $5,931 million1 in 2025, compared to $5,361 million in the prior year. Revenue • Average revenue per user2 was $12.61 in 2025, compared to $12.23 in the prior year. • GAAP gross margin was 55% in 2025, compared to 54% in the prior year. • Adjusted Gross Marg
Slide 20: Revenue and Average Revenue Per User (ARPU)
Revenue and Average Revenue Per User (ARPU)1 (in millions, unaudited) REVENUE ARPU1 $5,931 $5,361 $4,602 $4,606 $13.65 $4,117 $12.98 $12.61 $12.23 $11.49 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 YoY Change 64% 12% —% 16% 11% YoY Change 35% (5)% (11)% 6% 3% 1ARPU is presented as an annual AR
Slide 21: Adjusted Gross Margin and Adjusted Gross Profit
Adjusted Gross Margin and Adjusted Gross Profit1 (dollars in millions, unaudited) ADJUSTED GROSS MARGIN1 ADJUSTED GROSS PROFIT1 $3,275 $2,837 $2,900 62% $2,515 58% $2,405 55% 54% 55% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 GAAP Gross GAAP Gross 57% 61% 54% 54% 55% $2,367 $2,787 $2,492 $2,8
Slide 22: Net Loss & Adjusted EBITDA
Net Loss & Adjusted EBITDA1 (in millions, unaudited) NET LOSS ADJUSTED EBITDA1 $689 $617 $(488) $(460) $509 $(698) $378 $162 $(1,322) $(1,430) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1Adjusted EBITDA is a non-GAAP measure, which we define as net income (loss), excluding interest income; in
Slide 23: Operating Cash Flow and Free Cash Flow
Operating Cash Flow and Free Cash Flow1 (in millions, unaudited) OPERATING CASH FLOW FREE CASH FLOW1 $656 $437 $413 $223 $219 $293 $247 $185 $55 $35 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Capex $(70) $(129) $(212) $(195) $(219) 1Free Cash Flow is a non-GAAP measure, which we define as net
Slide 24: Appendix
Appendix
Slide 25: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Adjusted Cost of Revenue reconciliation GAAP Cost of Revenue $ 638,907 $ 671,660 $ 639,579 $ 653,
Slide 26: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Adjusted Research and Development Expenses reconciliation GAAP Research and Development Expenses
Slide 27: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Adjusted EBITDA reconciliation Net income (loss) $ (153,247) $ 9,101 $ (139,587) $ (262,570) $ (1
Slide 28: Non-GAAP Financial Measures Reconciliation – Annual
Non-GAAP Financial Measures Reconciliation – Annual (in thousands, unaudited) Year Ended 2021 2022 2023 2024 2025 Adjusted EBITDA reconciliation Net income (loss) $ (487,955) $ (1,429,653) $ (1,322,485) $ (697,856) $ (460,489) Add (deduct): Interest income (5,199) (58,597) (168,394) (153,466) (134,1
Slide 29: Non-GAAP Financial Measures Reconciliation – Annual
Non-GAAP Financial Measures Reconciliation – Annual (in thousands, unaudited) Year Ended 2021 2022 2023 2024 2025 Revenue $ 4,117,048 $ 4,601,847 $ 4,606,115 $ 5,361,398 $ 5,931,447 Adjusted Cost of Revenue reconciliation GAAP Cost of Revenue $ 1,750,246 $ 1,815,342 $ 2,114,117 $ 2,474,237 $ 2,669,5
Slide 30: Non-GAAP Measures
Non-GAAP 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
Slide 31: Note Regarding User Metrics and Other Data
Note Regarding User Metrics and Other Data We define a Daily Active User, or DAU, 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 numbe
Slide 32: Note Regarding User Metrics and Other Data (Continued)
Note Regarding User Metrics and Other Data (Continued) Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat before June