Snap drew 10 news stories in the 24 hours to 5 November, against a usual 0.9 a day. The filings show a company whose free-cash-flow margin is at a record high while its revenue growth is higher than only 37% of its past readings.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 16.4% | -14.7% | 4.1% |
| FY25 Q1 | 14.9% | -11.7% | 5.3% |
| FY25 Q2 | 13.2% | -11.6% | 7.0% |
| FY25 Q3 | 11.7% | -10.5% | 7.2% |
| FY25 Q4 | 10.6% | -9.0% | 7.4% |
| FY26 Q1 | 10.3% | -6.8% | 10.0% |
| FY26 Q2 | 12.6% | -5.1% | 11.1% |
| FY26 Q3 | 13.8% | -1.8% | 11.8% |
The free-cash-flow margin of 11.8% is above every past reading in the company's own record, which ran from −167.5% to 11.1%
Free cash flow is outpacing revenue growth. Over the twelve months to Q3 2026, free cash flow rose 87.6% to $776.6 million, while revenue grew 13.8% to $6.6 billion. Operating cash flow was $983.1 million, up 59.3%, and capital spending was $206.5 million, or 3.1% of revenue.
The free-cash-flow margin of 11.8% is above every past quarterly reading in the company's record, which ran from −167.5% to 11.1%. It is up 4.7 percentage points from a year earlier.
The operating margin of −1.8% is also above every past reading, which ranged from −510.4% to −5.1%, and is up 8.7 percentage points from a year earlier. The company posted a net loss of $151.2 million over the twelve months, with a net margin of −2.3%.
Revenue growth of 13.8% was up 1.1 percentage points on the rate a quarter earlier.
Where Snap's figures sit in its own record
The margin readings sit at the top of the company's own history; growth does not. The free-cash-flow margin of 11.8% and the operating margin of −1.8% are both the best the company has ever posted. The twelve-month revenue growth rate of 13.8% is higher than only 37% of past readings, which have ranged from −1.2% to 104.0%. The business is converting sales to cash more efficiently than at any point in its history,