Slide 1: Q1 2026 Earnings Slides
Q1 2026 Earnings Slides May 6, 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: First Quarter 2026 Financial Summary
First Quarter 2026 Financial Summary • Revenue was $1,529 million, compared to $1,363 million in the prior year, an increase of 12%1 year-over-year. Revenue • Average revenue per user was $3.17, compared to $2.96 in the prior year. • GAAP gross margin was 56%, compared to 53% in the prior year. • Ad
Slide 4: Business Highlights
Business Highlights We deepened engagement with our community: • The Snapchat community continues to grow, reaching 956 million global monthly active users (MAU) in Q1, an increase of 43 million or 5% year-over-year and Global Daily Active Users (DAU) grew to 483 million or 5% year-over-year. • Our
Slide 5: Business Highlights (Continued)
Business Highlights (Continued) We are making computers more human with Specs: • We expanded our strategic collaboration with Qualcomm Technologies, Inc. to bring their industry-leading Snapdragon system-on-a-chip (SoC) to future generations of Specs, strengthening the platform for developers and pa
Slide 6: Average Daily Active Users (DAU)
Average Daily Active Users (DAU) (in millions, unaudited) GLOBAL NORTH AMERICA1 460 469 477 474 483 100 99 98 98 453 94 92 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EUROPE2 REST OF WORLD 99 99 100 100 98 97 280 282 294 254 262 271 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'
Slide 7: Average Monthly Active Users (MAU)
Average Monthly Active Users (MAU) (in millions, unaudited) GLOBAL MAU 943 946 956 932 895 913 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 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 8: Revenue by Geography
Revenue by Geography (in millions, unaudited) GLOBAL NORTH AMERICA1 + 12% + 2% $1,716 $1,025 $1,557 $1,507 $1,529 $969 $1,363 $898 $851 $1,345 $832 $821 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EUROPE2 REST OF WORLD + 45% + 15% $341 $350 $354 $324 $308 $311 $287 $298 $
Slide 9: Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) (unaudited) GLOBAL NORTH AMERICA1 + 7% + 10% $3.62 $10.88 $3.44 $3.16 $3.17 $9.73 $2.96 $2.87 $9.20 $9.23 $8.41 $8.33 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EUROPE2 REST OF WORLD + 48% + 3% $3.47 $3.34 $1.24 $1.19 $1.17 $1.20 $2.89 $2.
Slide 10: 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 + 3 PPT + 4% $699 $669 $671 $662 $637 $650 59% $154 57% 57% $180
Slide 11: 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 + 4 PPT + 2% $654 $654 $660 62% $618 $633 61% $612 57% 59%
Slide 12: 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 $9 1% (7)% (6)% $276 (10)% $233 $(89) (20)% $(104) $182 $(140) 21% 15% 18% $108 8% 12% $41 $(263) 3% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'
Slide 13: 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 14: 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 $231 $206 $182 $152 $146 $114 $93 $88 $24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Capex $(48) $(37) $(65) $(53) $(64) $(41) YoY Change 65% 202% 132% 30%
Slide 15: 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 $3,207 $2,993 $2,941 $1,500 $2,893 $2,823 $750 $514 $550 $106 $47 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 2026 2027 2028 2029 2030 2031 203
Slide 16: Appendix
Appendix
Slide 17: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Adjusted Cost of Revenue reconciliation GAAP Cost of Revenue $ 671,660 $ 639,579 $ 653,333 $ 674,220
Slide 18: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Adjusted Research and Development Expenses reconciliation GAAP Research and Development Expenses $ 42
Slide 19: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Adjusted EBITDA reconciliation Net income (loss) $ 9,101 $ (139,587) $ (262,570) $ (103,541) $ 45,209
Slide 20: 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 21: 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 22: 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