Slide 1: Q2 2026 Earnings Slides
Q2 2026 Earnings Slides August 3, 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: Second Quarter 2026 Financial Summary
Second Quarter 2026 Financial Summary • Revenue was $1,599 million, compared to $1,345 million in the prior year, an increase of 19%1 year-over-year. Revenue • Average revenue per user was $3.25, compared to $2.87 in the prior year. • GAAP gross margin was 58%, compared to 51% in the prior year. • A
Slide 4: Average Monthly Active Users (MAU)
Average Monthly Active Users (MAU) (in millions, unaudited) GLOBAL MAU 956 971 932 943 946 913 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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
Slide 5: Average Daily Active Users (DAU)
Average Daily Active Users (DAU) (in millions, unaudited) GLOBAL NORTH AMERICA1 469 477 474 483 493 99 98 98 460 94 92 92 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EUROPE2 REST OF WORLD 99 100 100 98 97 98 303 280 282 294 262 271 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1'2
Slide 6: Revenue by Geography
Revenue by Geography (in millions, unaudited) GLOBAL NORTH AMERICA1 + 19% + 15% $1,716 $1,025 $1,529 $1,599 $1,507 $898 $943 $1,363 $1,345 $832 $821 $851 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EUROPE2 REST OF WORLD + 33% + 17% $341 $354 $350 $354 $324 $308 $311 $298
Slide 7: Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) (unaudited) GLOBAL NORTH AMERICA1 + 13% + 23% $3.62 $10.88 $3.16 $3.17 $3.25 $10.26 $2.96 $2.87 $9.20 $9.23 $8.41 $8.33 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EUROPE2 REST OF WORLD + 36% + 4% $3.47 $3.62 $3.34 $1.24 $1.20 $2.99 $1.17 $
Slide 8: 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 + 7 PPT + 1% $699 $650 $671 $662 $656 $637 59% 59% $154 57% $154
Slide 9: 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 + 6 PPT + 6% $693 $654 $654 $660 62% $618 $633 57% 59% 57%
Slide 10: 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 3% $358 (7)% (6)% (10)% (10)% $250 $233 $(89) (20)% $(104) $182 $(140) 21% 16% $(164) $108 15% 12% 8% $41 $(263) 3% Q1'25 Q2'25 Q3'25 Q4'25 Q1
Slide 11: 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 Shares Un
Slide 12: Operating Cash Flow and Free Cash Flow
Operating Cash Flow and Free Cash Flow1 (in millions, unaudited) OPERATING CASH FLOW FREE CASH FLOW1 $327 $286 $270 $206 $176 $152 $146 $114 $121 $93 $88 $24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Capex $(37) $(65) $(53) $(64) $(41) $(56) Common shares 1,687 1,682 1,
Slide 13: Capital Resources and Liquidity
Capital Resources and Liquidity (in millions, unaudited) CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES OUTSTANDING DEBT1 Maturity of Outstanding Principal $3,207 $2,993 $2,941 $1,500 $2,893 $2,823 $2,660 $750 $514 $550 $106 $0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026 2027 2028 2029 2030 2031 203
Slide 14: Appendix
Appendix
Slide 15: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Adjusted Cost of Revenue reconciliation GAAP Cost of Revenue $ 639,579 $ 653,333 $ 674,220 $ 702,443 $ 66
Slide 16: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Adjusted Research and Development Expenses reconciliation GAAP Research and Development Expenses $ 424,16
Slide 17: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Adjusted EBITDA reconciliation Net income (loss) $ (139,587) $ (262,570) $ (103,541) $ 45,209 $ (88,951)
Slide 18: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Constant Currency Revenue reconciliation GAAP revenue $ 1,363,217 $ 1,344,930 $ 1,506,839 $ 1,716,461 $ 1
Slide 19: 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 20: 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 21: 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