Communication Services · NYSE: SNAP
Snap: how the business works
Snap runs Snapchat, a camera and messaging app used by 495 million people a day, and sells ads and subscriptions there. FY2025 revenue was $5.93 billion.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
Follow Snap
Email me when Snap's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
Snap Inc. · Santa Monica, California · Founded 2011
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $5.93B
- Net loss, FY2025
- −$460.5M
- Daily active users, Q3 FY2026 (Snap's own measure)
- 495 million
- Full-time employees, Sep 30, 2026
- 4,540
- Votes held by the two co-founders, Dec 31, 2025
- 99.5%
The short version
Snap in 5 points
1 · What it sells
Snap runs Snapchat, a camera and messaging app used by 495 million people a day in Q3 FY2026, and sells ads and subscriptions there, earning $5,931.4 million of revenue in FY2025.
2 · Who pays it
In FY2025 advertisers paid 87.4% of Snap's revenue, and subscribers and partners paid the other 12.6%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Snap lost $7.5 after other income that included a $96.7 million gain on repurchased notes; its operating loss was $532.2 million, or $8.97 per $100 of revenue.
4 · Where the operating profit comes from
Snap reports one segment and no profit by region, but in Q3 FY2026 North American users brought in $11.07 each against $1.13 elsewhere, and Snap made $76.7 million of operating income.
5 · The one thing to watch
Snap had net income of $56.5 million in Q3 FY2026 after a $164.0 million net loss in Q2 FY2026, and said on Aug 3, 2026 that it aims for sustained positive net income beginning in 2027.
Sources: From Snap's FY2025 10-K, Q3 FY2026 earnings release and Q2 FY2026 prepared remarks · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Snap's money go?
Snap · FY2025
Receipt for every $100
| Infrastructure (cloud hosting) | $25.8 |
|---|---|
| Content, developer and advertising partners | $17.5 |
| Staff, facilities, marketing and other costs | $42.2 |
| Stock-based pay and its payroll tax | $17.2 |
| Depreciation and amortization | $2.7 |
| Interest and income tax | $2.1 |
| Net loss (costs above money in) | −$7.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K, using its segment expense table. Of every $100 that came in during FY2025 (revenue $5,931.4 million + interest and other income $203.0 million = $6,134.5 million, added before rounding). Each line = line ÷ total money in × 100. Costs came to $107.5, so the last line is a loss of $7.5. Other income included a $96.7 million gain on repurchased convertible notes. Measured on revenue alone, the operating loss was $8.97 per $100 and the net loss $7.76.
Save this receipt as an image:
1080 × 1350 PNG for Instagram, LinkedIn1200 × 675 PNG for X
Embed this receipt
Paste this code into a blog or website to show the receipt, with a link back to this page:
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does Snap do?
Advertisers and subscribers pay Snap to reach and serve Snapchat's users; most of the money goes on staff, cloud hosting and stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, and Snap lost $7.5 of every $100 that came in during FY2025.
- Ads brought in 87.4% of Snap's FY2025 revenue of $5,931.4 million, down from about 96% in FY2023, while other revenue from subscriptions and partnerships grew.
- Snap made a net loss every year from FY2021 to FY2025, $460.5 million in FY2025. It had net income of $56.5 million in Q3 FY2026.
03Who pays it
Who pays Snap?
Advertisers
87%
of revenue
Businesses from small firms to well-known brands, including advertising resellers. Advertising revenue was $5,186.1 million in FY2025, up from $4,408.3 million in FY2023.
Subscribers and partners
13%
of revenue
People paying for Snapchat+, Lens+, Platinum or storage plans, and partners paying fixed fees. This other revenue was $745.4 million in FY2025, up from $197.8 million in FY2023.
- Advertisers87%
- Subscribers and partners13%
How spread out the customers are
Shares are a Cityfort calculation from the FY2025 10-K (revenue by type ÷ $5,931.4 million). The FY2025 10-K gives no revenue share for Snap's largest advertisers. By billing address, North America gave 58.6% of FY2025 revenue, Europe 18.4% and the rest of the world 23.0%.
04Why it makes money
Why does Snap make money?
Snap earns far more per user in North America than elsewhere, while hosting costs grow with every user, so profit depends on raising revenue per user faster than costs
In Q3 FY2026 North American users brought in $11.07 each and rest-of-world users $1.13, by Snap's own measures. Most user growth came from the rest of the world. Gross margin reached 62.3% that quarter, and Snap made $76.7 million of operating income.
Operating income per $100 of revenue
−$17.1−$9.0
FY2021 to FY2025
- People open Snapchat daily to message friends and watch Stories and videos
- Their time in the app creates space for ads
- Advertisers buy ads, priced per view or as a fixed fee
- Some users also pay for subscriptions such as Snapchat+
- Revenue pays for cloud hosting, partners, engineers and stock-based pay
- New features such as Lenses and Specs aim to keep users coming back
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Snap?
Advertising
87%Snap reports one operating segment; this is revenue by type, with no separate profit. Ads were about 96% of revenue in FY2023.
Revenue $5.2B
Other revenue (subscriptions and partnerships)
13%Snapchat+, Lens+, Platinum and storage plans, plus fixed-fee partnerships. Hardware sales were not material in FY2025.
Revenue $745M
How the mix changed
- Advertising
- Other revenue (subscriptions and partnerships)
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Snap done?
Revenue
$5.9BFY2025
Revenue grew from $4,117.0 million in FY2021 to $5,931.4 million in FY2025, flat only in FY2023, and Q3 FY2026 revenue of $1,722.5 million was up 14% from a year earlier.
US$
See the numbers
Net profit
−$461MFY2025
Snap made a net loss every year from FY2021 to FY2025, narrowing to $460.5 million in FY2025, and had net income in Q4 FY2024, Q4 FY2025 and Q3 FY2026.
US$
See the numbers
Profit kept per $100 of revenue
−$7.8FY2025
Snap lost $7.76 per $100 of revenue in FY2025; stock-based pay was $1,016.8 million, 17.1% of revenue and 2.2 times the net loss.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$437MFY2025
Free cash flow was positive every year from FY2021 to FY2025 and reached $437.2 million in FY2025, because stock-based pay is a cost paid in shares, not cash.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (Snap's fiscal year is the calendar year)). Net profit is the share belonging to the company's owners.
Download Snap's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (10)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2025
- Q4 2024 earnings release (8-K Exhibit 99.1)
- Q1 2025 earnings release (8-K Exhibit 99.1)
- Q2 2025 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Q3 2025 earnings release (8-K Exhibit 99.1)
- Q4 2025 earnings release (8-K Exhibit 99.1)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q2 2026 earnings release (8-K Exhibit 99.1)
07Who runs it
Who runs Snap, and did they deliver?
Evan Spiegel
Co-founder and chief executive officer
Held 53.1% of votes on Dec 31, 2025. His salary is $1; 2025 total pay was $4.25 million, all of it other pay, mainly security and aviation.
Robert Murphy
Co-founder and chief technology officer
Held 46.4% of votes on Dec 31, 2025.
Douglas Hott
Chief financial officer · since 2026
CFO from May 9, 2026. He replaced Derek Andersen, whose last day was expected to be May 8, 2026.
Michael Lynton
Chair of the board
The board had 13 members after Matthew McRae (December 2025) and Luke Wood (May 2026) joined.
Ajit Mohan
Chief business officer
Expected to leave Snap on Dec 31, 2026, per an 8-K filed Sep 8, 2026.
What they said, and what happened
4 delivered · 4 too early to tell
Said on Feb 4, 2026
Q1 FY2026 revenue of $1,500–1,530 million and Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. of $170–190 million.
DeliveredWhat happened
Revenue was $1,528.8 million, inside the range; Adjusted EBITDA was $233.3 million, above it.
Said on Feb 4, 2026
A near-term goal of 60% gross margins, with a "clear path to exceed this goal in 2026".
Too early to tellWhat happened
Gross margin was 62.3% in Q3 FY2026 and 59.1% for the first nine months of 2026 (Cityfort calculation from the Q3 FY2026 earnings release).
Said on Feb 4, 2026
Launch Specs AR glasses to the public in 2026.
DeliveredWhat happened
Specs launched in September 2026.
Said on Feb 4, 2026
A long-term goal of 1 billion monthly active users.
Too early to tellWhat happened
Monthly active users were 977 million in Q3 FY2026.
Said on Apr 15, 2026
Cut about 16% of full-time staff, with pre-tax charges of $95–130 million.
DeliveredWhat happened
Full-time employees fell from 5,381 on Mar 31, 2026 to 4,540 on Sep 30, 2026, 15.6% fewer (Cityfort calculation from the Q3 FY2026 earnings release). Restructuring charges were $128.5 million in the first nine months of 2026.
Said on Aug 3, 2026
Q3 FY2026 revenue of $1,700–1,740 million.
DeliveredWhat happened
Q3 FY2026 revenue was $1,722.5 million, inside the range.
Said on Aug 3, 2026
Sustained positive net income beginning in 2027.
Too early to tellWhat happened
Q3 FY2026 net income was $56.5 million; the four quarters to Sep 30, 2026 had a net loss of $151.2 million.
Said on Nov 4, 2026
Q4 FY2026 revenue of $1,950–1,985 million and Adjusted EBITDA of $490–525 million.
Too early to tellWhat happened
Q4 FY2026 results have not been reported.
Sources (13)
- Form 10-K for fiscal year 2025
- 8-K filed Apr 20, 2026: CFO Derek Andersen to leave
- 8-K/A filed May 7, 2026: Douglas Hott appointed CFO effective May 9, 2026
- 8-K filed May 20, 2026: Luke Wood joins the board
- 8-K filed Dec 8, 2025: Matthew McRae joins the board
- 8-K filed Sep 8, 2026: Chief Business Officer Ajit Mohan to leave
- Q4 2025 investor letter (8-K Exhibit 99.2)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- 8-K filed Apr 15, 2026: headcount reduction of about 16% (Item 2.05) and investor update
- Q2 2026 prepared remarks (8-K Exhibit 99.2)
- Q3 2026 prepared remarks (8-K Exhibit 99.2)
08What could go wrong
What could go wrong for Snap?
- Governance
Founders control the votes
Listed Class A shares have no vote. Co-founders Evan Spiegel and Robert Murphy held 53.1% and 46.4% of votes on Dec 31, 2025 through Class C shares, so they decide board elections and other votes.
Watch Any change to the share classes or to the founders' Class C holdings.
- Execution
Losses and large stock-based pay
Snap made a net loss every year from FY2021 to FY2025. Stock-based pay was $1,016.8 million in FY2025, 17.1% of revenue. Shares plus stock awards rose to 1,931.7 million on Sep 30, 2026 from 1,825.7 million on Dec 31, 2024.
Watch Quarterly net income and the share count, against Snap's stated aims for 2027.
- Legal
Lawsuits over harm to young users
Thousands of plaintiffs allege that the design of Snapchat and rival apps is addictive and harmful, mostly to users under 18. State attorneys general, families in fentanyl-death cases and alleged victims of sexual exploitation have also sued. Snap says it cannot reasonably estimate possible losses.
Watch School-district trials set for February 2027, individual trials for March 2027 and state attorney general trials for August 2027.
- Debt
Debt at 6.875%
Snap owed $3,420.5 million of note principal on Sep 30, 2026, including $2,050.0 million of 6.875% senior notes. Interest expense rose to $122.0 million in FY2025 from $21.6 million in FY2024.
Watch The $106.3 million of convertible notes due May 1, 2027 and the $514.2 million due Mar 1, 2028.
- Concentration
Fewer users where they pay most
North American users brought in $11.07 each in Q3 FY2026, against $1.13 in the rest of the world. North American daily users fell to 92 million from 100 million in Q4 FY2024. Ads were 87.4% of FY2025 revenue.
Watch Monthly active users and revenue, once Snap stops reporting regional daily users from Q1 FY2027.
- Competition
Competition for users and ad budgets
Snap's FY2025 10-K names Alphabet, Apple, ByteDance (TikTok), Meta, Pinterest, Reddit and X as competitors. Advertising revenue grew 4% in Q3 FY2026.
Watch Advertising revenue growth each quarter ($1,372.8 million in Q3 FY2026).
- Concentration
Reliance on Google Cloud and Amazon Web Services
The two cloud providers run the vast majority of Snap's computing. Infrastructure costs were $1,584.1 million in FY2025, 26.7% of revenue.
Watch FY2026 infrastructure costs against the $1,650–1,660 million Snap said on Nov 4, 2026 it expects.
Sources (6)
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue grew from $4,117.0 million in FY2021 to $5,931.4 million in FY2025.
- Other revenue (subscriptions and partnerships) rose to $745.4 million in FY2025 from $197.8 million in FY2023, and was up 84% in Q3 FY2026.
- Free cash flow was $437.2 million in FY2025, up from $34.8 million in FY2023.
- Gross margin was 62.3% in Q3 FY2026, up from 55.3% a year earlier.
- Q3 FY2026 revenue of $1,722.5 million was inside Snap's own range, and the quarter had net income of $56.5 million.
What critics point to
- Snap made a net loss every year from FY2021 to FY2025; the accumulated deficit was $13,946.8 million at Dec 31, 2025.
- Stock-based pay was $1,016.8 million in FY2025, 2.2 times the net loss.
- North American daily users fell to 92 million in Q3 FY2026 from 100 million in Q4 FY2024.
- Advertising revenue grew 4% in Q3 FY2026.
- Listed Class A shares have no vote, and the two co-founders held 99.5% of votes on Dec 31, 2025.
10What to watch next
What should you watch next at Snap?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 FY2026 revenue
Reported revenue against Snap's range of $1,950–1,985 million, given on Nov 4, 2026.
Net income in 2027
Quarterly net income, after Snap said on Aug 3, 2026 it aims for sustained positive net income beginning in 2027. Q3 FY2026 net income was $56.5 million, after a $164.0 million net loss in Q2 FY2026.
The new user count
From Q1 FY2027 Snap plans to report monthly users (977 million in Q3 FY2026) as its main count and stop reporting daily users.
Trials in early 2027
School-district trials in February 2027 and individual trials in March 2027, in cases alleging Snapchat's design is addictive and harmful.
11Key dates
What are the key dates for Snap?
| Event | Date | Source |
|---|---|---|
| Co-founders' employment agreements run toThey renew automatically for five years. | Form 10-K for fiscal year 2025 | |
| First quarter with monthly users as the main countQ1 FY2027, per the Q3 FY2026 earnings release. | Not yet stated | Q3 2026 earnings release (8-K Exhibit 99.1) |
| 2027 convertible notes mature$106.3 million principal, 0% interest. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) | |
| 2028 convertible notes mature$514.2 million principal, 0.125% interest. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) | |
| 2030 convertible notes mature$750.0 million principal, 0.50% interest. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) | |
| 2033 senior notes mature$1,500.0 million principal, 6.875% interest. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) | |
| 2034 senior notes mature$550.0 million principal, 6.875% interest. | Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) |
12Key facts
Key facts about Snap
- What does Snap do?
- Snap Inc. runs Snapchat, a phone app for sending photos, videos and messages, with Stories, short videos, a map and camera effects called Lenses. Snapchat had 495 million daily active users in Q3 FY2026 (the quarter to Sep 30, 2026), by Snap's own measure.
- How does Snap make money?
- Snap makes most of its money from ads shown on Snapchat, which brought in $5,186.1 million, or 87.4% of FY2025 revenue of $5,931.4 million. The other $745.4 million came from subscriptions such as Snapchat+ and from partnerships.
- What is Snap's business model?
- Snap's business model is a free app paid for by advertisers and, increasingly, by subscribers. In FY2025 Snap paid $1,584.1 million for cloud hosting, recorded $1,016.8 million of stock-based pay and made an operating loss of $532.2 million on $5,931.4 million of revenue.
- Is Snap profitable?
- Snap made a net loss every year from FY2021 to FY2025; the FY2025 net loss was $460.5 million, down from $1,429.7 million in FY2022. Snap had net income of $56.5 million in Q3 FY2026 and a net loss of $151.2 million over the four quarters to Sep 30, 2026.
- What is Snap's revenue by segment?
- Snap reports one operating segment, so it gives no segment profit. By type, Snap's FY2025 revenue was $5,186.1 million from advertising and $745.4 million of other revenue, mainly subscriptions and partnerships. Snap's other revenue was $197.8 million in FY2023.
- Who are Snap's customers?
- Snap's paying customers are advertisers, from small businesses to well-known brands and ad resellers, plus subscribers and partners. By customer billing address, North America gave $3,473.2 million of Snap's FY2025 revenue, Europe $1,092.1 million and the rest of the world $1,366.2 million.
- How much does Snap make from Snapchat+ and other subscriptions?
- Snap's other revenue, which covers subscriptions such as Snapchat+, Lens+ and Memories storage plans plus partnerships, was $349.7 million in Q3 FY2026, up 84% from a year earlier. Snap said its paid subscribers passed 30 million in Q3 FY2026.
- How much does Snap earn per user?
- Snap's average revenue per daily user was $3.48 in Q3 FY2026, by its own measure: $11.07 in North America, $3.69 in Europe and $1.13 in the rest of the world, where 305 million of Snap's 495 million daily users live.
- Who owns and controls Snap?
- Snap's listed Class A shares carry no votes. On Dec 31, 2025, Snap co-founders Evan Spiegel and Robert Murphy held 53.1% and 46.4% of the votes through Class B and Class C shares, per the FY2025 10-K. Tencent affiliates held about 16.0% of Snap's Class A shares, by Snap's own estimate.
- How big is Snap?
- Snap had revenue of $5,931.4 million and a net loss of $460.5 million in FY2025, and 4,540 full-time employees on Sep 30, 2026. Snap's revenue for the four quarters to Sep 30, 2026 was $6,566.7 million.
Terms on this page
- Average revenue per user (ARPU)
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Snap sell?
Ads on Snapchat
Snap Ads between Stories and videos, Sponsored Lenses (branded camera effects), Sponsored Snaps in the chat inbox, Promoted Places on the map and Spotlight ads. They are priced per view or as a fixed fee.
Subscriptions
Snapchat+ for extra features, Lens+, an ad-free Snapchat Platinum and Memories Storage Plans for saved photos and videos. Snap said its paid subscribers passed 30 million in Q3 FY2026.
Partnerships
Fixed-fee deals. The FY2025 10-K names an agreement with an AI platform partner and a partnership with Perplexity entered in December 2025. Snap's Feb 4, 2026 guidance left out Perplexity revenue because the two had not yet agreed on a broader rollout.
Specs AR glasses
Glasses that place digital images over what the wearer sees, made by Snap's wholly owned Specs Inc. Pre-orders opened in June 2026 and the glasses launched in September 2026.
Think of it like this
Like a free TV channel paid for by commercials, where some viewers also pay a monthly fee for extras.
What it does
- Does: Sells ads shown between friends' Stories, in short videos and in the chat inbox
- Does: Sells monthly subscriptions such as Snapchat+ and Lens+
- Does: Rents most of its computing from Google Cloud and Amazon Web Services
- Does: Sells Specs AR glasses, launched in September 2026
What it does not do
- Does not: Does not give its listed Class A shares any vote
- Does not: Does not report profit by product or region: it has one operating segment
- Does not: Does not run its own data centers for most of its computing
- Does not: Does not pay a dividend, and has never paid one
14How the money flows
14How the money flows · FY2025
How does money flow through Snap?
Money in
- Revenue (ads, subscriptions and partnerships)$5.9B
- Interest income $134.2M and other income $68.9M$203M
The company
Snap
$6.1B came in
Money out
- Infrastructure: cloud hosting, storage and bandwidth$1.6B
- Content, developer and advertising partners$1.1B
- Staff, facilities, marketing and other operating costs (excluding stock-based pay)$2.6B
- Stock-based pay and its payroll tax$1.1B
- Depreciation and amortization$164M
- Interest expense $122.0M and income tax $9.4M$131M
- Net loss−$461M
- Advertisers, subscribers and partners paid Snap $5,931.4 million in FY2025. Interest and other income added $203.0 million.
- Hosting the app on Google Cloud and Amazon Web Services cost $1,584.1 million.
- Content, developer and advertising partners took $1,072.0 million. Staff, offices, marketing and other running costs took $2,585.9 million.
- Stock-based pay and its payroll tax added $1,058.0 million, and depreciation and amortization $163.6 million.
- After $122.0 million of interest and $9.4 million of tax, the net loss was $460.5 million.
Sources (1)
15What it needs to run
15What it needs to run
What does Snap need to run?
Rented cloud computing
Google Cloud and Amazon Web Services run the vast majority of Snap's computing. Infrastructure costs were $1,584.1 million in FY2025, 26.7% of revenue.
Content and developer partners
Content and developer partner costs were $621.4 million in FY2025, or $10.48 per $100 of revenue.
Advertising partners
Advertising partner and other costs were $450.5 million in FY2025, or $7.60 per $100 of revenue.
Engineers and other staff
Snap had 5,261 full-time employees on Dec 31, 2025, about 54% in engineering, and 4,540 on Sep 30, 2026 after an April 2026 job cut.
16Where it sells
16Where it sells · FY2025
Where does Snap sell?
- North America, incl. Mexico, the Caribbean and Central America (by customer billing address)59%
- Europe, incl. Russia and Turkey (by customer billing address)18%
- Rest of world (by customer billing address)23%
Sources (1)
17Competitors and what protects it
17Competitors and what protects it
Who does Snap compete with?
Meta
NASDAQ: META
Named in Snap's FY2025 10-K as a competitor, through Facebook, Instagram, Threads and WhatsApp.
Alphabet
NASDAQ: GOOGL
Named in Snap's FY2025 10-K as a competitor, through Google and YouTube.
TikTok (ByteDance)
Named in Snap's FY2025 10-K as a competitor.
Apple
NASDAQ: AAPL
Named in Snap's FY2025 10-K as a competitor.
Pinterest
NYSE: PINS
Named in Snap's FY2025 10-K as a competitor.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Daily users who message friends3 of 5
495 million daily active users in Q3 FY2026, up from 453 million in Q4 FY2024, by Snap's own measure.
- Paid subscriptions2 of 5
Snap said paid subscribers passed 30 million in Q3 FY2026. Other revenue rose 84% from a year earlier to $349.7 million.
- Cash the business produces2 of 5
Free cash flowCash from operations minus spending on buildings and equipment. Learn more was $437.2 million in FY2025, though Snap made a net loss of $460.5 million.
Weak spot
Low revenue per user outside North America
In Q3 FY2026 Snap earned $11.07 per daily user in North America but $1.13 in the rest of the world, where 305 million of its 495 million daily users live. North American daily users fell to 92 million from 100 million in Q4 FY2024.
18Where growth could come from
18Where growth could come from
Where could Snap's growth come from?
In its Q3 FY2026 prepared remarks (Nov 4, 2026) Snap said it expects Q4 FY2026 revenue of $1,950–1,985 million, Adjusted EBITDA of $490–525 million and FY2026 infrastructure costs of $1,650–1,660 million. It said it aims for a "stable fully diluted share count in 2027". On Aug 3, 2026 Snap said it aims for "sustained positive net income beginning in 2027".
Subscriptions and other revenue
Working$349.7 million, Q3 FY2026
Up 84% from $189.7 million a year earlier. Snap said paid subscribers passed 30 million. Other revenue was 12.6% of FY2025 revenue.
Status: Working, on track against what the company said.
Advertising revenue
Mixed$1,372.8 million, Q3 FY2026
Up 4% from a year earlier, while total revenue grew 14% to $1,722.5 million.
Status: Mixed, partly on track.
North American users
Behind92 million daily users, Q3 FY2026
Down from 100 million in Q4 FY2024. Revenue per North American user rose to $11.07 from $9.20 a year earlier.
Status: Behind, behind the company's own plan.
Rest-of-world users
Mixed305 million daily users, Q3 FY2026
Up from 254 million in Q4 FY2024, but each brought in $1.13 of revenue in the quarter.
Status: Mixed, partly on track.
Gross margin
Working62.3%, Q3 FY2026
Up from 55.3% a year earlier (Cityfort calculation from the Q3 FY2026 earnings release). Snap's Feb 4, 2026 investor letter restated its near-term goal of 60%.
Status: Working, on track against what the company said.
Specs AR glasses
NewLaunched September 2026
Made by Snap's subsidiary Specs Inc. Snap reports no separate revenue for the glasses.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (8)
- Q3 2026 prepared remarks (8-K Exhibit 99.2)
- Q2 2026 prepared remarks (8-K Exhibit 99.2)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 10-Q for Q3 fiscal 2025 (quarter ended Sep 30, 2025)
- Form 10-K for fiscal year 2025
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Q1 2025 earnings release (8-K Exhibit 99.1)
- Q4 2025 investor letter (8-K Exhibit 99.2)
19The company's own measures (non-GAAP)
19The company's own measures · FY2025 and Q3 FY2026
What do Snap's own measures show?
Official (GAAP): Net loss, FY2025
−$461M
Company's own measure: Adjusted EBITDA, FY2025
$690M
Net income or loss before interest, other income, taxes, depreciation and amortization, stock-based pay and its payroll tax, and certain other items such as restructuring. It was $508.6 million in FY2024 and $161.6 million in FY2023.
Official (GAAP): Net income, Q3 FY2026
$56.5M
Company's own measure: Adjusted EBITDA, Q3 FY2026
$383M
Same definition. For the first nine months of 2026 it was $865.6 million, which leaves out $128.5 million of restructuring charges.
Official (GAAP): Net cash from operating activities, FY2025
$656M
Company's own measure: Free cash flow, FY2025
$437M
Operating cash flow less purchases of property and equipment. Snap's figure is the same as this page's. Snap reported $776.6 million for the four quarters to Sep 30, 2026.
Official (GAAP): Revenue, Q3 FY2026 (US$ million)
$1.7B
Company's own measure: Daily active users (DAUs), Q3 FY2026
495 million users
Snap's count of users who visit Snapchat on a given day: 92 million in North America, 98 million in Europe and 305 million elsewhere. Snap plans to stop reporting it from Q1 FY2027.
Official (GAAP): Revenue, Q3 FY2026 (US$ million)
$1.7B
Company's own measure: Monthly active users (MAUs), Q3 FY2026
977 million users
Snap's count of monthly users, which it plans to report as its main user count from Q1 FY2027. Snap's Feb 4, 2026 investor letter restated its long-term goal of more than 1 billion.
Official (GAAP): Revenue, Q3 FY2026 (US$ million)
$1.7B
Company's own measure: Average revenue per user (ARPU), Q3 FY2026
3.5 US$ per daily user
Revenue divided by daily active users, Snap's measure: $11.07 in North America, $3.69 in Europe and $1.13 elsewhere. Revenue is placed by where ads are shown, not by billing address.
Official (GAAP): Other revenue, Q3 FY2026 (US$ million)
$350M
Company's own measure: Paid subscribers, Q3 FY2026 (more than)
30 million subscribers
Snap said paid subscribers across Snapchat+, Memories Storage and Lens+ passed 30 million in Q3 FY2026, up from 24 million in Q4 FY2025.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
Sources (7)
- Q4 2025 earnings release (8-K Exhibit 99.1)
- Q4 2024 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025
- Q4 2025 investor letter (8-K Exhibit 99.2)
- Q3 2026 prepared remarks (8-K Exhibit 99.2)
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does Snap have?
- Total debt$3.5B
- Cash and investments$2.8B
- Net debt (debt minus cash)$716M
- Net worth (shareholders' money)$2.2B
- Debt to equity
- 1.56×
- $ of debt for every $1 of shareholders' money
- Net debt = notes at carrying amount $3,486.4 million − cash $1,019.2 million − marketable securities $1,751.4 million = $715.8 million (Cityfort calculation from the Q3 FY2026 10-Q). On the notes' principal of $3,420.5 million it is $649.9 million.
- Notes outstanding on Sep 30, 2026: $106.3 million 0% convertible due May 1, 2027; $514.2 million 0.125% convertible due Mar 1, 2028; $750.0 million 0.50% convertible due May 1, 2030; $1,500.0 million 6.875% senior notes due Mar 1, 2033; $550.0 million 6.875% senior notes due Mar 15, 2034.
- Interest expense rose to $122.0 million in FY2025 from $21.6 million in FY2024, after Snap used the 6.875% senior notes to repurchase lower-rate convertible notes.
- A $1.05 billion revolving credit facility had nothing drawn at Dec 31, 2025, with $82.2 million of standby letters of credit issued.
- Not counted as debt: operating lease liabilities of $641.5 million on Sep 30, 2026. The accumulated deficit was $13,946.8 million at Dec 31, 2025.
21Who owns it
21Who owns it · ownership as of Dec 31, 2025
Who owns Snap?
- Officers and directors (as a group), shares
- 19.9%
- Officers and directors (as a group), votes
- 99.5%
Shares vs votes by class
Snap has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes0.0%
- Class B common stock: share of all votes1.0%
- Class C common stock: share of all votes99.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Snap's insiders report trading?
Snap's insiders made 61 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 54 sales (18.1 million shares) in the open market or privately (codes P and S).
35 of the 54 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 36 other share transactions (A: 21, J: 8, G: 7).
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- G
- a bona fide gift
- J
- another acquisition or disposition, described in a footnote
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 90 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Snap's Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (5)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- EDGAR submissions record for Snap Inc. (CIK 0001564408): ticker, exchange, fiscal year end, filing list
- Form 10-K for fiscal year 2025
- Schedule 13G/A by FMR LLC filed Aug 6, 2026 (Class A, 4.8%, event date Jun 30, 2026)
- Schedule 13G/A by The Vanguard Group filed Mar 27, 2026 (0 shares reported, event date Mar 13, 2026)
22What it does with profit
22What it does with profit
What does Snap do with its profit?
Buyback · Dec 31, 2022
Class A shares repurchased in FY2022 (cash paid).
$1.0B
Buyback · Dec 31, 2023
Class A shares repurchased in FY2023 (cash paid).
$189M
Buyback · Dec 31, 2024
Class A shares repurchased in FY2024 (cash paid). A $500 million program was authorized in October 2024.
$311M
Buyback · Dec 31, 2025
Cash paid in FY2025. The October 2024 program was completed in May 2025 (57.3 million shares, $500.6 million); a $500 million November 2025 program was completed in January 2026 (59.4 million shares, $500.6 million).
$751M
Buyback · Sep 30, 2026
First nine months of 2026: 98.5 million Class A shares. Under the $500 million February 2026 program, 68.5 million shares cost $350.7 million, and $150.0 million remained on Sep 30, 2026.
$601M
Money raised · May 1, 2024
$750.0 million of 0.50% convertible notes due May 1, 2030, issued in May 2024.
$750M
Money raised · Feb 18, 2025
$1,500.0 million of 6.875% senior notes due Mar 1, 2033, used mainly to repurchase convertible notes.
$1.5B
Money raised · Aug 12, 2025
$550.0 million of 6.875% senior notes due Mar 15, 2034.
$550M
Sources (6)
23Governance signals
23Governance signals
What do Snap's governance filings show?
- Auditor
- Ernst & Young LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The law firm Munger, Tolles & Olson, where the CEO's father is a partner, provided about $52.3 million of legal services in 2025, and Gibson Dunn, where his stepmother is a partner, about $5.5 million. Snap leases aircraft from entities of the CEO and CTO for $0 and pays the operating costs. Tencent affiliates bought about $16.9 million of advertising.
- Credit rating
- S&P Global Ratings (as Snap reported it in its own release) BB-, upgraded from B+; Snap's Aug 7, 2025 release also cites Moody's B1 and Fitch BB (S&P positive; Moody's positive; Fitch stable), Jun 3, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · Dec 31, 2025
Listed shares have no vote
Class A shares carry no votes. The two co-founders held 99.5% of votes with the rest of the board and officers on Dec 31, 2025. Directors are elected by the founders' written consent, and Snap holds no say-on-pay vote.
related party · Dec 31, 2025
Legal fees to firms tied to the CEO's family
About $52.3 million to Munger, Tolles & Olson (CEO's father a partner) and $5.5 million to Gibson Dunn (CEO's stepmother a partner) in 2025.
disclosure
Large holders need not report
Holders of non-voting Class A shares are exempt from Schedule 13D and 13G filings. Tencent's 16.0% of Class A is Snap's own estimate from Tencent's 2021 interim report.
disclosure · Nov 4, 2026
User count changes from Q1 FY2027
Snap plans to report monthly active users as its main count and stop reporting daily users, regional daily users and regional revenue per user.
disclosure
Credit ratings as Snap states them
The ratings shown come from Snap's own investor-relations releases of Feb 11, 2025, Aug 7, 2025 and Jun 3, 2026. Snap's 10-K and 10-Q name no rating.
disclosure
Two ways of splitting revenue by region
Earnings releases place revenue by where ads are shown; the 10-K places it by customer billing address. FY2025 North America revenue was $3,473.2 million on the billing basis.
regulatory · Mar 26, 2026
EU Digital Services Act proceedings
The European Commission opened proceedings on Mar 26, 2026 to investigate Snap's compliance with obligations for very large online platforms, including protections for minors. Snap says it is cooperating and cannot estimate any loss.
other · Sep 8, 2026
Finance and business leaders changed in 2026
The last day of CFO Derek Andersen was expected to be May 8, 2026, and Douglas Hott became CFO on May 9, 2026. Chief business officer Ajit Mohan is expected to leave on Dec 31, 2026.
Sources (10)
- Form 10-K for fiscal year 2025
- Snap Inc. Receives Credit Rating Upgrade from S&P Global Ratings (BB- from B+, positive outlook)
- Snap Announces Pricing of Upsized Offering of $550 Million of Senior Notes Due 2034 (same three ratings named)
- Snap Announces Pricing of Upsized Offering of $1.5 Billion of Senior Notes Due 2033 (names Moody's B1 positive, Fitch BB stable, S&P B+ stable)
- 8-K filed Jul 9, 2026: 2026 annual meeting information statement (Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- 8-K filed Apr 20, 2026: CFO Derek Andersen to leave
- 8-K/A filed May 7, 2026: Douglas Hott appointed CFO effective May 9, 2026
- 8-K filed Sep 8, 2026: Chief Business Officer Ajit Mohan to leave
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for Snap on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Snap Class A shares closed at $5.09, from Nasdaq's historical table (the shares are listed on the NYSE). Market value = $5.09 × 1,726.6 million Class A, B and C shares (Oct 31, 2026) = about $8,788 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). Class B and C shares are not listed; this counts them at the Class A price. P/E (price ÷ earnings per share) is not shown because Snap had a net loss of $151.2 million over the four quarters to Sep 30, 2026.
- Share price
- $5.09
- Market value (market cap)
- $8.8B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
1.3×
$8.8B market value ÷ $6.6B revenue (four quarters to Sep 30, 2026) = 1.3×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: SNAP historical daily prices, Oct 20 to Nov 5, 2026 (close of Nov 5, 2026: $5.09); Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99.1) and 3 more
How price ratios workFree cash flow yield
5.0%
$437M free cash flow (FY2025) ÷ $8.8B market value = 5.0%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: SNAP historical daily prices, Oct 20 to Nov 5, 2026 (close of Nov 5, 2026: $5.09); Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99.1) and 1 more
What free cash flow means
Shares used for the market value: 1,726.58 million ($5.09 × 1,726.58 million shares ≈ $8.8B). Source: Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); EDGAR submissions record for Snap Inc. (CIK 0001564408): ticker, exchange, fiscal year end, filing list; Form 10-K for fiscal year 2025
Source: SNAP historical daily prices, Oct 20 to Nov 5, 2026 (close of Nov 5, 2026: $5.09); Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (8-K Exhibit 99.1)
Sources (8)
- SNAP historical daily prices, Oct 20 to Nov 5, 2026 (close of Nov 5, 2026: $5.09)
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Q4 2025 earnings release (8-K Exhibit 99.1)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q2 2026 earnings release (8-K Exhibit 99.1)
- Form 10-K for fiscal year 2025
- EDGAR submissions record for Snap Inc. (CIK 0001564408): ticker, exchange, fiscal year end, filing list
25How it got here
25How it got here
How did Snap get here?
2011
Milestone
Snapchat starts
Snap began commercial operations in 2011.
2015
Business-model change
Ads begin to pay
Snap began to earn meaningful revenue from Snapchat in 2015.
2017
Milestone
IPO at $17
Snap listed its Class A shares on the NYSE in March 2017 at $17 a share.
2022
Business-model change
Snapchat+ subscriptions launch
Snap launched Snapchat+ in 2022. Other revenue, mainly subscriptions and partnerships, reached $745.4 million in FY2025.
2023
Crisis
Revenue was flat
FY2023 revenue was $4,606.1 million, flat on FY2022, and the net loss was $1,322.5 million.
2025
Business-model change
Higher-rate debt replaces convertibles
Snap issued $1,500.0 million and $550.0 million of 6.875% senior notes in February and August 2025, and repurchased convertible notes. Interest expense rose to $122.0 million in FY2025.
2026
Crisis
About 16% of staff cut
On Apr 15, 2026 Snap announced a cut of about 16% of full-time staff. Restructuring charges reached $128.5 million by Sep 30, 2026.
2026
Business-model change
Specs AR glasses launch
Snap's subsidiary Specs Inc. launched its AR glasses in September 2026, after pre-orders in June.
Sources (8)
- Form 10-K for fiscal year 2025
- Form 10-K for fiscal year 2021
- Form 10-K for fiscal year 2023
- 8-K filed Feb 18, 2025: $1.5 billion 6.875% senior notes due 2033
- 8-K filed Aug 12, 2025: $550 million 6.875% senior notes due 2034
- 8-K filed Apr 15, 2026: headcount reduction of about 16% (Item 2.05) and investor update
- Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (8-K Exhibit 99.1)
26Sources and changes
Where every number on this page comes from
Sources (32 documents)
- S1Form 10-K for fiscal year 2025 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S3Form 10-K for fiscal year 2023 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
- S5Form 10-K for fiscal year 2021 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2022
- S6Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S9Form 10-Q for Q3 fiscal 2025 (quarter ended Sep 30, 2025) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S12Q3 2026 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S13Q2 2026 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
- S14Q1 2026 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S15Q4 2025 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S16Q3 2025 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
- S17Q2 2025 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
- S18Q1 2025 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S19Q4 2024 earnings release (8-K Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2025
- S20Q3 2026 prepared remarks (8-K Exhibit 99.2) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S21Q2 2026 prepared remarks (8-K Exhibit 99.2) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
- S22Q4 2025 investor letter (8-K Exhibit 99.2) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S238-K filed Apr 15, 2026: headcount reduction of about 16% (Item 2.05) and investor update · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
- S248-K filed Apr 20, 2026: CFO Derek Andersen to leave · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
- S258-K/A filed May 7, 2026: Douglas Hott appointed CFO effective May 9, 2026 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S268-K filed May 20, 2026: Luke Wood joins the board · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2026
- S278-K filed Sep 8, 2026: Chief Business Officer Ajit Mohan to leave · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2026
- S288-K filed Dec 8, 2025: Matthew McRae joins the board · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 8, 2025
- S298-K filed Jul 9, 2026: 2026 annual meeting information statement (Exhibit 99.1) · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 9, 2026
- S308-K filed Feb 18, 2025: $1.5 billion 6.875% senior notes due 2033 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2025
- S318-K filed Aug 12, 2025: $550 million 6.875% senior notes due 2034 · Snap Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2025
- S32Schedule 13G/A by FMR LLC filed Aug 6, 2026 (Class A, 4.8%, event date Jun 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S33Schedule 13G/A by The Vanguard Group filed Mar 27, 2026 (0 shares reported, event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S34SNAP historical daily prices, Oct 20 to Nov 5, 2026 (close of Nov 5, 2026: $5.09) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S35Snap Announces Pricing of Upsized Offering of $1.5 Billion of Senior Notes Due 2033 (names Moody's B1 positive, Fitch BB stable, S&P B+ stable) · Snap Inc. (investor.snap.com) · Tier 3: context only · Feb 11, 2025
- S36Snap Announces Pricing of Upsized Offering of $550 Million of Senior Notes Due 2034 (same three ratings named) · Snap Inc. (investor.snap.com) · Tier 3: context only · Aug 7, 2025
- S37Snap Inc. Receives Credit Rating Upgrade from S&P Global Ratings (BB- from B+, positive outlook) · Snap Inc. (investor.snap.com) · Tier 3: context only · Jun 3, 2026
- S38EDGAR submissions record for Snap Inc. (CIK 0001564408): ticker, exchange, fiscal year end, filing list · SEC EDGAR (data.sec.gov) · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version (US edition), from the FY2021 to FY2025 10-Ks, 10-Qs from Q1 FY2025 to Q3 FY2026, earnings releases from Q4 FY2024 to Q3 FY2026, prepared remarks, an investor letter, 8-Ks and two Schedule 13G/A filings. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.