Snap Inc key statistics and ratios

In fiscal 2025, Snap Inc had return on equity of -19.5%, an operating margin of -9.0%, debt equal to 157.1% of equity and a current ratio of 3.56. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Snap Inc: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	−11.7%	13.0%	32.3%	47.8%	52.8%	57.5%	60.6%	54.1%	53.9%	55.0%	57.3%
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%
Return on equity	−48.8%	−45.1%	−152.7%	−47.4%	−45.2%	−41.2%	−15.9%	−44.9%	−53.0%	−28.7%	−19.5%	−14.8%
Return on assets	—	−29.9%	−133.9%	−40.9%	−30.7%	−20.9%	−7.8%	−18.4%	−16.5%	−8.8%	−5.9%	−4.1%
Asset turnover	—	0.23	0.32	0.38	0.51	0.55	0.66	0.59	0.58	0.67	0.76	0.84
Current ratio	—	7.53	6.84	5.73	5.29	5.00	5.70	4.32	4.39	3.95	3.56	2.94
Debt to equity	0.0%	0.0%	0.0%	0.0%	39.5%	71.9%	59.4%	145.0%	155.3%	150.2%	157.1%	191.4%
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	140.2%	45.4%	186.1%	65.4%	51.5%	43.9%	38.0%	45.8%	41.5%	31.6%	30.2%	30.6%
Capital spending as % of revenue	32.7%	16.4%	10.2%	10.2%	2.1%	2.3%	1.7%	2.8%	4.6%	3.6%	3.7%	3.4%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	0.0%	>999%	544.3%	142.3%	171.7%	120.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Snap Inc: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	53.5%	56.9%	53.1%	51.4%	55.3%	59.1%	56.5%	58.2%
Operating margin	−12.6%	−1.7%	−14.2%	−19.3%	−8.5%	2.9%	−4.9%	−10.7%
Net margin	−11.2%	0.6%	−10.2%	−19.5%	−6.9%	2.6%	−5.8%	−10.3%
Free-cash-flow margin	5.2%	11.7%	8.4%	1.8%	6.2%	12.0%	18.7%	7.5%
Current ratio	4.04	3.95	4.30	3.88	3.67	3.56	3.53	2.94
Debt to equity	164.8%	148.7%	156.3%	172.8%	158.8%	155.0%	169.6%	183.4%
R&D as % of revenue	30.1%	27.2%	31.1%	33.0%	30.1%	27.5%	31.3%	33.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Snap Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Snap Inc.