Snap Inc reports results on Wednesday 4 November, after the market closes. Analysts expect EPS of $0.16 on revenue of $1.7 billion for the quarter. The report will test whether the company's cash generation keeps outpacing its reported losses: trailing-twelve-month free cash flow reached $705.5 million while the same period produced a net loss of $311.2 million.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | −$0.06 | −$0.12 |
| Dec '25 | $0.03 | −$0.03 |
| Mar '26 | −$0.05 | −$0.07 |
| Jun '26 | −$0.10 | −$0.12 |
What analysts expect from Snap
The analysts' average EPS estimate for the quarter is $0.16, in a range from $0.13 to $0.19. The average revenue estimate is $1.7 billion. For the full year, the analysts' average EPS estimate is −$0.07, which would be up 75.9% on last year, based on 35 analysts. Of the analysts' recommendations, 10 are positive, 29 neutral and 3 negative.
Earnings surprise model
Our model estimates EPS could land above the analysts' average estimate by 19.0%, with an estimated chance of an EPS beat of 75.0%. The model shrinks the median recent surprise toward zero and uses a neutral prior for beat frequency. The estimate rests on the last 4 quarters; this small sample is a reference estimate, not company guidance.
Snap's record against estimates
The company reported EPS above the analysts' average estimate in 4 of the last 4 quarters. Last quarter, EPS of −$0.10 compared with an estimate of −$0.12, above it by 18.3%. The model's estimate draws on this same four-quarter window, which is why the small-sample caveat applies.
The free-cash-flow margin of 11.1% is above every past reading in the company's own record, which ran from −167.5% to 10.0%
Revenue growth is accelerating. The trailing-twelve-month revenue of $6.4 billion rose 12.6% on the year before, a rate 2.4 percentage points higher than a quarter earlier.
The company remains unprofitable on the income statement. Trailing operating margin was −5.1%, up 6.5 percentage points from a year earlier, and trailing net margin was −4.9%. Gross margin stood at 57.3%. The net loss over the twelve months was $311.2 million.
The cash flow position contrasts with the reported loss. Operating cash flow over the twelve months was $919.1 million, up 56.7% on the year before. After capital spending of $213.5 million, 3.4% of revenue, free cash flow reached $705.5 million, up 79.8% on the year before. The free-cash-flow margin of 11.1% was up 4.1 percentage points from a year earlier. The average diluted share count rose 0.6% over the year.
Relative to its own history, two of the three key metrics sit at the top of the company's range. The 11.1% free-cash-flow margin is above every one of the company's past quarterly readings, which have ranged from −167.5% to 10.0%. The −5.1% operating margin is above every past reading, which have ranged from −510.4% to −6.8%. The 12.6% revenue growth rate is higher than 29% of past readings, which have ranged from −1.2% to 104.0%.
Questions this report will answer
The report will show whether the pick-up in revenue growth continues, whether results land above or below the analysts' expectations set out above, and whether margins hold at the trailing levels described in this preview.
The value hinges on margins more than growth
In our model, growth 5 percentage points lower would lower the value by 25.5%, and growth 5 percentage points higher would raise it by 33.0%. A free-cash-flow margin 1 percentage point lower would lower it by 8.1%.
