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Snap Inc (SNAP) stock

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NYSE: SNAP NYSE Interactive Media & Services Next results ~November 4, 2026

C Fundamentals grade

Snap Inc is a technology company whose flagship product is Snapchat, a visual messaging app built around the smartphone camera. Snapchat opens directly to the camera and lets users send photo and video messages, known as Snaps, that are deleted by default. It is organised into five tabs — Camera, Visual Messaging, Snap Map, Stories and Spotlight — and offers augmented reality Lenses, the Bitmoji avatar tool and an AI chatbot called My AI. The company also makes Spectacles, wearable AR glasses running its own Snap OS, and provides Lens Studio for building AR experiences.

Most revenue comes from advertising: Snap sells brand and direct-response ad formats, including AR Lenses, Snap Ads, Story Ads and Commercials, through a self-serve platform. It also charges subscriptions through Snapchat+, Lens+ and Snapchat Platinum, and sells extra cloud storage for Memories.

Snap works with developers, creators, publishers and advertisers, and partners with telecoms firms and device makers in newer markets. It relies on third-party providers for infrastructure. As of 31 December 2025 it employed 5,261 full-time staff, around 54% in engineering roles.

Based on Snap Inc's 10-K filed February 5, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.0

Valuation models combined (4)

Base case. Range ~$1.3–$5.8. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Snap Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 54 sales by directors and officers, last 12 monthsInsider trades
  • Funds240 adding, 294 cuttingOf 50 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Snap files

Where Snap stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.35bn, up 12.6% on a year earlier, faster than 10.3% a quarter earlier. Free-cash-flow margin rose to 11.1% from 7.0% a year earlier. Operating margin widened to -5.1% from -11.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $5.95 a share, against a share price of $6.41.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Snap Inc's trailing-twelve-month revenue grew 12.6% year on year, with a free-cash-flow margin of 11.1%. Where it lags: long-term debt as % of assets of 45.3% ranks 28 of 32 interactive media & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 79.8% while net income grew 43.0%: a 37pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 6.5 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 35.4% over 90 days.

Things to watch

  • Loss-making. Operating margin is -5.1%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 16.2% of revenue, against a median of 3.9% for interactive media & services companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 58% and a beta of 2.2 against the S&P 500.
  • Insiders selling. 9 insiders sold $111M of stock over the past 365 days and none bought (95% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 45.3% ranks 28 of 32 interactive media & services companies we cover (median 16.9%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.10 against an average estimate of -$0.12: beat by 18.3%
Revenue
$1.60bn, up 18.9% on a year earlier
Share reaction
+23.5% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.16

Snap's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week-14.0%
  • 1 month-2.3%
  • This year-32.5%
  • 1 year-30.1%
  • 5 years-89.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.4B
Operating margin
-5.1%
Net margin
-4.9%
EPS (TTM, diluted)
$-0.18

Growth

Revenue growth
+12.6%
Change in growth rate
+2.4 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$706M
FCF margin
11.1%
Stock pay % of revenue
16.2%

Earnings

Last results
August 3, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Announcement
  4. Announcement
  5. Leadership
  6. Insider trade
  7. Insider trade
  8. Results
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Snap Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Snap Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.32 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.8 ~$1.6–$3.9 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.3 ~$1.1–$2.0 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.4 ~$2.9–$9.9 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$5.8 ~$4.4–$7.4 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.0 ~$1.3–$5.8 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Snap Inc with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$14.61$5.51$16.33$50.07$47.03$8.95$16.93$10.77$8.07$5.45
Market value$17.0bn$7.2bn$22.5bn$72.9bn$73.3bn$14.4bn$27.3bn$17.9bn$13.7bn$9.2bn
+ Net debt (− = net cash)−$334m−$387m$371m$1.1bn$259m$2.3bn$2.0bn$2.6bn$2.6bn$2.7bn
Enterprise value$16.7bn$6.8bn$22.8bn$74.0bn$73.6bn$16.7bn$29.3bn$20.5bn$16.2bn$11.9bn
Multiples
Price / sales 20.7x6.1x13.1x29.1x17.8x3.1x5.9x3.3x2.3x1.4x
Price / earnings ——————————
Price / free cash flow ————n/mn/mn/m81.7x31.3x13.1x
EV / EBITDA ——————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Snap's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.8% of total assets over 9 years.

  • Pricing power 10 / 20

    Gross margin has been a median 53.4%, moving by 17.6 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -28.8%; its worst year was -474.0%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -1.8% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 12.7% over five years; stock-based pay has been a median 29.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.7bn and EPS of $0.16 (range $0.13 to $0.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.06 +76% $6.8bn +15%
Next $0.13 +305% $7.5bn +11%

Next year's EPS estimate has moved +35.4% in 90 days, across 37 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −38.1% on 90 days ago. In the last 30 days, 1 analyst raised Snap Inc's forecast and 0 cut it.

Consensus EPS forecast Snap Inc, last 90 days
−$0.20 −$0.10 $0.00 $0.10 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.10 Current fiscal year, 60 days ago: −$0.07 Current fiscal year, 30 days ago: −$0.07 Current fiscal year, 7 days ago: −$0.07 Current fiscal year, Now: −$0.06 −$0.06 Next fiscal year, 90 days ago: $0.10 Next fiscal year, 60 days ago: $0.12 Next fiscal year, 30 days ago: $0.13 Next fiscal year, 7 days ago: $0.13 Next fiscal year, Now: $0.13 $0.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.10$0.10
60 days ago −$0.07$0.12
30 days ago −$0.07$0.13
7 days ago −$0.07$0.13
Now −$0.06$0.13

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.12 −$0.10 +18.3%
Mar 2026 −$0.07 −$0.05 +25.4%
Dec 2025 −$0.03 $0.03 +189.1%
Sept 2025 −$0.12 −$0.06 +50.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026

No numeric guidance in Snap Inc's latest earnings release (filed August 3, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

42 analysts, Nov 2026
Buy1024%
Hold2969%
Sell37%

Monthly trend

  1. Nov 202682942
  2. Oct 2026382842
  3. Sep 202682943

Counts of recommendations published by analysts covering Snap Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.5%
of tradable shares
Days to cover
2.27
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
46%
of shares
Held by insiders
22.8%
of shares
Employees
5,261
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −30.1%

$7.80 on October 31, 2025 to $5.45

ThenNowEffect
Revenue (last 12 months) $5.6bn $6.4bn +12.6%
P/S multiple 2.3x 1.4x −37.6%
Share count 1679m 1690m −0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −49.2%

$10.72 on November 3, 2023 to $5.45

ThenNowEffect
Revenue (last 12 months) $4.5bn $6.4bn +41.6%
P/S multiple 3.8x 1.4x −61.9%
Share count 1592m 1690m −5.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SNAP−6%−81%+89%−36%−25%−33%
Industry peers (median)−26%−54%−6%−19%−7%−22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SNAP58%33%58%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SNAP−47%−84%−38%−53%−44%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 2, 2017: 95% from September 24, 2021 to March 27, 2026. Getting back needed a 2015% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.93 – $9.09
From 52-week high
−40.0%
vs 50-day average
−5.4%
vs 200-day average
+0.4%
Volatility (1 year)
58%
Beta vs S&P 500
2.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±16.6%
After a week
5 up, 7 down
typical move ±18.8%
After a month
4 up, 8 down
typical move ±16.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +23.5% +3.3% +14.1% +14.1%
May 6, 2026 −2.1% +1.1% −8.2% −5.7%
April 15, 2026 +7.5% +1.0% +4.3% −4.3%
February 4, 2026 −16.1% −1.7% −18.2% −15.4%
November 5, 2025 +7.2% −0.7% +21.7% +5.9%
August 5, 2025 −17.8% +0.3% −23.2% −25.1%
April 29, 2025 −9.9% +0.7% −5.3% −6.2%
February 4, 2025 −4.8% +1.1% −2.7% −14.1%
October 29, 2024 +17.8% −0.1% +13.8% +8.4%
August 1, 2024 −29.7% −3.3% −32.9% −29.9%
April 25, 2024 +31.3% +0.6% +47.1% +37.4%
February 6, 2024 −31.9% +1.1% −33.5% −29.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Snap Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Snap Inc
$4.5B $5B $5.5B $6B $6.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.5B Revenue (TTM), FY23 Q4: $4.6B Revenue (TTM), FY24 Q1: $4.8B Revenue (TTM), FY24 Q2: $5B Revenue (TTM), FY24 Q3: $5.2B Revenue (TTM), FY24 Q4: $5.4B Revenue (TTM), FY25 Q1: $5.5B Revenue (TTM), FY25 Q2: $5.6B Revenue (TTM), FY25 Q3: $5.8B Revenue (TTM), FY25 Q4: $5.9B Revenue (TTM), FY26 Q1: $6.1B Revenue (TTM), FY26 Q2: $6.4B $6.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.5B
FY23 Q4 $4.6B
FY24 Q1 $4.8B
FY24 Q2 $5B
FY24 Q3 $5.2B
FY24 Q4 $5.4B
FY25 Q1 $5.5B
FY25 Q2 $5.6B
FY25 Q3 $5.8B
FY25 Q4 $5.9B
FY26 Q1 $6.1B
FY26 Q2 $6.4B
Revenue growth, TTM YoY Snap Inc
-5% 0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.2% Revenue growth, TTM YoY, FY23 Q4: 0.1% Revenue growth, TTM YoY, FY24 Q1: 6.3% Revenue growth, TTM YoY, FY24 Q2: 11.1% Revenue growth, TTM YoY, FY24 Q3: 13.7% Revenue growth, TTM YoY, FY24 Q4: 16.4% Revenue growth, TTM YoY, FY25 Q1: 14.9% Revenue growth, TTM YoY, FY25 Q2: 13.2% Revenue growth, TTM YoY, FY25 Q3: 11.7% Revenue growth, TTM YoY, FY25 Q4: 10.6% Revenue growth, TTM YoY, FY26 Q1: 10.3% Revenue growth, TTM YoY, FY26 Q2: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.2%
FY23 Q4 0.1%
FY24 Q1 6.3%
FY24 Q2 11.1%
FY24 Q3 13.7%
FY24 Q4 16.4%
FY25 Q1 14.9%
FY25 Q2 13.2%
FY25 Q3 11.7%
FY25 Q4 10.6%
FY26 Q1 10.3%
FY26 Q2 12.6%
Operating margin (TTM) Snap Inc
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -31.6% Operating margin (TTM), FY23 Q4: -30.4% Operating margin (TTM), FY24 Q1: -28.4% Operating margin (TTM), FY24 Q2: -24.4% Operating margin (TTM), FY24 Q3: -19.5% Operating margin (TTM), FY24 Q4: -14.7% Operating margin (TTM), FY25 Q1: -11.7% Operating margin (TTM), FY25 Q2: -11.6% Operating margin (TTM), FY25 Q3: -10.5% Operating margin (TTM), FY25 Q4: -9.0% Operating margin (TTM), FY26 Q1: -6.8% Operating margin (TTM), FY26 Q2: -5.1% -5.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -31.6%
FY23 Q4 -30.4%
FY24 Q1 -28.4%
FY24 Q2 -24.4%
FY24 Q3 -19.5%
FY24 Q4 -14.7%
FY25 Q1 -11.7%
FY25 Q2 -11.6%
FY25 Q3 -10.5%
FY25 Q4 -9.0%
FY26 Q1 -6.8%
FY26 Q2 -5.1%
FCF margin (TTM) Snap Inc
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.1% FCF margin (TTM), FY23 Q4: 0.8% FCF margin (TTM), FY24 Q1: -0.6% FCF margin (TTM), FY24 Q2: 0.3% FCF margin (TTM), FY24 Q3: 2.8% FCF margin (TTM), FY24 Q4: 4.1% FCF margin (TTM), FY25 Q1: 5.3% FCF margin (TTM), FY25 Q2: 7.0% FCF margin (TTM), FY25 Q3: 7.2% FCF margin (TTM), FY25 Q4: 7.4% FCF margin (TTM), FY26 Q1: 10.0% FCF margin (TTM), FY26 Q2: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.1%
FY23 Q4 0.8%
FY24 Q1 -0.6%
FY24 Q2 0.3%
FY24 Q3 2.8%
FY24 Q4 4.1%
FY25 Q1 5.3%
FY25 Q2 7.0%
FY25 Q3 7.2%
FY25 Q4 7.4%
FY26 Q1 10.0%
FY26 Q2 11.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 59 404 825 1,180 1,716 2,507 4,117 4,602 4,606 5,361 5,931 6,351
Gross profit −124 −47 107 382 820 1,324 2,367 2,787 2,492 2,887 3,262 3,641
EBITDA −366 −491 −3,424 −1,177 −1,016 −775 −583 −1,193 −1,230 −629 −369 −146
Operating income −382 −520 −3,486 −1,268 −1,103 −862 −702 −1,395 −1,398 −787 −532 −324
Net income −373 −515 −3,445 −1,256 −1,034 −945 −488 −1,430 −1,322 −698 −460 −311
Diluted EPS −$0.51 −$0.64 −$2.95 −$0.97 −$0.75 −$0.65 −$0.31 −$0.89 −$0.82 −$0.42 −$0.27 −$0.18
Growth (year on year)
Revenue — +589.5% +104.0% +43.1% +45.3% +46.1% +64.2% +11.8% +0.1% +16.4% +10.6% +12.6%
Margins
Gross margin −210.8% −11.7% 13.0% 32.3% 47.8% 52.8% 57.5% 60.6% 54.1% 53.9% 55.0% 57.3%
EBITDA margin −624.6% −121.5% −415.1% −99.7% −59.2% −30.9% −14.2% −25.9% −26.7% −11.7% −6.2% −2.3%
Operating margin −650.7% −128.7% −422.5% −107.5% −64.3% −34.4% −17.1% −30.3% −30.4% −14.7% −9.0% −5.1%
Net margin −635.7% −127.2% −417.6% −106.4% −60.3% −37.7% −11.9% −31.1% −28.7% −13.0% −7.8% −4.9%
Free-cash-flow margin −555.4% −167.5% −99.3% −68.6% −19.9% −9.0% 5.4% 1.2% 0.8% 4.1% 7.4% 11.1%
Cash flow
Cash from operations −307 −611 −735 −690 −305 −168 293 185 247 413 656 919
Capital spending 19 66 85 120 36 58 70 129 212 195 219 214
Free cash flow −326 −678 −819 −810 −341 −225 223 55 35 219 437 706
Stock-based pay 74 32 2,640 538 686 770 1,092 1,388 1,324 1,041 1,017 1,031
Free cash flow after stock pay −399 −710 −3,459 −1,348 −1,027 −996 −869 −1,332 −1,289 −822 −580 −325
Balance sheet
Cash 641 150 334 387 520 546 1,994 1,423 1,780 1,047 1,030 959
Total debt 0 0 0 0 892 1,675 2,253 3,743 3,749 3,680 3,584 3,688
Net debt (negative = net cash) −641 −150 −334 −387 371 1,130 259 2,319 1,969 2,634 2,553 2,729
Diluted shares — 808m 1,166m 1,301m 1,375m 1,456m 1,559m 1,608m 1,613m 1,659m 1,695m 1,690m
Returned to shareholders
Buybacks 1 11 0 0 — 0 0 1,001 189 311 751 851
Total returned 1 11 0 0 — 0 0 1,001 189 311 751 851

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $7.5bn
Short-term assets $4.2bnLonger-term assets $3.3bn
What it owes, and who funded it · $7.5bn
Short-term liabilities $1.4bnLonger-term liabilities $4.1bnShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $4.2bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.2bn short-term assets against $4.1bn of longer-dated liabilities.
  • More cash than debt $959m of cash against $3.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 183% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 183% over five years.
  • A year's operating cash flow covers at least 20% of debt $919m of operating cash flow against $3.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$324m against $145m of interest.

From Snap Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$851M
Returned to shareholders
121%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
+0.6%
year over year
Total shareholder yield
9.1%
dividends 0.0% + buybacks 9.1% of market value
R&D spending
30.6%
of revenue
Days sales outstanding
71 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated SNAP PINS TME BILI MTCH RDDT Median
Revenue, last 12 months $6.4bn $4.7bn $4.6bn $4.2bn $3.5bn $3.1bn $615m
Revenue growth, last 12 months 12.6% 15.4% 16.0% 13.2% 0.5% 62.2% 2.4%
Revenue growth, 3-year average 12.3% 16.6% — — 2.0% — 5.0%
Revenue growth, latest quarter 18.9% 11.9% — — −2.5% 53.0% 2.4%
Gross margin 57.3% 79.0% 44.2% 36.6% 75.8% 91.5% 60.4%
Operating margin −5.1% 4.2% 40.6% 3.7% 29.7% 29.4% 0.3%
Operating margin, 3-year average −13.7% 4.8% 22.4% −12.8% 25.9% −3.7% −0.4%
Net margin −4.9% 3.8% 33.6% 3.9% 20.7% 32.1% 3.8%
Cash from operations / revenue 14.5% 28.4% 31.1% 23.6% 34.7% 39.0% 11.4%
Free-cash-flow margin 11.1% 27.0% 30.2% 21.9% 32.7% 38.8% 7.5%
Free-cash-flow margin, 3-year average 6.1% 27.3% 22.8% 5.4% 28.7% 25.0% 7.2%
Stock pay / revenue 16.2% 23.0% 2.0% 3.9% 6.9% 12.5% 3.7%
Change in share count 0.6% −11.7% −0.7% 38.7% −6.9% 7.0% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 12.6% 2.4% 27 of 63
Change in growth rate Growth +2.4pp -0.2pp 21 of 63
Gross margin Profitability 57.3% 60.9% 30 of 54
Operating margin Profitability -5.1% 0.3% 40 of 63
Net margin Profitability -4.9% 3.8% 38 of 63
Free-cash-flow margin Cash generation 11.1% 8.9% 26 of 59
Stock pay as % of revenue Cash generation 16.2% 3.9% 52 of 61
Long-term debt as % of assets Balance sheet 45.3% 16.9% 28 of 32
Change in share count Balance sheet 0.6% 1.7% 24 of 55
Days sales outstanding Balance sheet 71 days 49 days 40 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Advertising Revenue $5.2B 87.4% ▲ 5.8%
Other Revenue $745M 12.6% ▲ 62.9%
Geography
Region Revenue YoY
North America $3.5B ▲ 7.3%
United States $3.4B ▲ 9.7%
Rest of World $1.4B ▲ 17.0%
Europe $1.1B ▲ 14.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Snap Inc's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.8B
Institutions reporting
528
Shares held vs prior quarter
▼ 1.8%
Positions opened / closed
99 / 114

Top buyers and sellers, Q2 2026: 240 institutions bought and 294 sold ; the biggest buyer was AQR Capital Management LLC (+17.9M shares) and the biggest seller Jpmorgan Chase & Co (−26.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $295M 66.5M 10.5% ▼ 25.0%
Vanguard Capital Management LLC $208M 46.9M 7.4% ▼ 1.6%
Vanguard Portfolio Management LLC $206M 46.4M 7.3% ▼ 0.5%
Blackrock, Inc. $195M 44.0M 7.0% ▼ 6.9%
Irenic Capital Management LP $133M 30.0M 4.7% 0.0%
AQR Capital Management LLC $129M 29.3M 4.6% ▲ 156.6%
Two Sigma Investments, LP $90.6M 20.4M 3.2% ▲ 56.9%
UBS Group AG $75.6M 17.0M 2.7% ▼ 11.8%
Invesco Ltd. $73.8M 16.6M 2.6% ▲ 1073.3%
Geode Capital Management, LLC $57.9M 13.0M 2.1% ▼ 5.4%
State Street Corp $57.1M 12.9M 2.0% ▼ 14.9%
Citadel Advisors LLC $47.8M 10.8M 1.7% ▲ 67.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Snap Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $111M 54 trades by 9 insiders · 95% under pre-set plans
Net ▼ $111M net selling
Insider Date Trade Shares Price Value
Harris Ronan Chief Commercial Officer October 16, 2026 Sell 42,741 $6.23 $266,259
Mohan Ajit Chief Business Officer September 16, 2026 Sell 6,797 $5.82 $39,576
Morrow Rebecca Chief Accounting Officer September 9, 2026 Sell pre-set plan 20,000 $5.35 $106,984
Briers Zachary M General Counsel September 3, 2026 Sell pre-set plan 11,257 $6.00 $67,542
Briers Zachary M General Counsel August 19, 2026 Sell pre-set plan 67,540 $5.08 $343,144
Hott Douglas Chief Financial Officer August 17, 2026 Sell 131,884 $5.20 $685,454
Briers Zachary M General Counsel August 17, 2026 Sell pre-set plan 136,504 $5.20 $709,452
Morrow Rebecca Chief Accounting Officer August 17, 2026 Sell 17,336 $5.20 $90,114
Mohan Ajit Chief Business Officer August 17, 2026 Sell 54,608 $5.20 $283,825
Murphy Robert C. Chief Technology Officer August 6, 2026 Sell pre-set plan 2,000,000 $5.25 $10.5M
Murphy Robert C. Chief Technology Officer August 5, 2026 Sell pre-set plan 2,000,000 $5.55 $11.1M
Mohan Ajit Chief Business Officer July 16, 2026 Sell 24,263 $4.72 $114,456

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 37 trades and filings

No trades in Snap Inc disclosed in the last 12 months; 37 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded February 4, 2025, filed September 12, 2025
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded April 26, 2023, filed May 19, 2023
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded January 31, 2023, filed February 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 1, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 6, 2026
  • April 15, 2026
  • February 4, 2026
  • November 5, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Snap Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Snap Inc in brief

What does Snap Inc do?
Snap Inc is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Snap Inc's stock ticker?
Snap Inc trades under the ticker SNAP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Snap Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Snap Inc reported revenue of $6.4B, 12.6% higher than a year earlier, according to its SEC filings.
What is Snap Inc's free cash flow?
Snap Inc's free-cash-flow margin is 11.1% of revenue over the trailing twelve months, ranking 26 of the 59 interactive media & services companies we cover.
Who are Snap Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Snap Inc buying back stock, and does it pay a dividend?
Snap Inc spent $851M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.6% over the year.
What is Snap Inc's market cap?
On November 2, 2026, Snap Inc's market capitalisation was about $9.2B and net debt of $2.7B. Market figures come from third-party market data and may be delayed.
How much debt does Snap Inc have?
Snap Inc's debt-to-equity ratio is 183.4%, from its latest balance sheet (59.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Snap Inc's competitors?
In our Interactive Media & Services peer group, the companies closest to Snap Inc are Pinterest, Inc., Tencent Music Entertainment Group, Bilibili Inc., Match Group, Inc. and Reddit, Inc. The side-by-side comparison below sets their revenue, margins and growth against Snap Inc's.
Are insiders buying or selling Snap Inc stock?
Over the last 12 months, Snap Inc's directors and officers reported 0 open-market purchases and 54 sales on Form 4. The insider trading page charts every trade.
When is Snap Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Snap Inc announces its own schedule.