Snap
SNAP · NYSEServices-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31
Snap reported revenue of $5.9B in the fiscal year ended Dec 2025, up 10.6% from the year before. Operating income was −$532M, an operating margin of −9.0%, and net income was −$460M. Operating cash flow of $656M less capital expenditure of $219M left free cash flow of $437M. Net debt was $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.1B | $4.6B | $4.6B | $5.4B | $5.9B |
| Cost of revenue | $1.8B | $1.8B | $2.1B | $2.5B | $2.7B |
| Gross profit | $2.4B | $2.8B | $2.5B | $2.9B | $3.3B |
| Research & development | $1.6B | $2.1B | $1.9B | $1.7B | $1.8B |
| Operating income | −$702M | −$1.4B | −$1.4B | −$787M | −$532M |
| Interest expense | $18M | $21M | $22M | $22M | $122M |
| Pre-tax income | −$474M | −$1.4B | −$1.3B | −$672M | −$451M |
| Income tax | $14M | $29M | $28M | $26M | $9M |
| Net income | −$488M | −$1.4B | −$1.3B | −$698M | −$460M |
| Diluted EPS | −0.31 | −0.89 | −0.82 | −0.42 | −0.27 |
| Diluted shares | 1,559M | 1,608M | 1,613M | 1,659M | 1,695M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2B | $1.4B | $1.8B | $1B | $1B |
| Receivables | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| Current assets | $4.9B | $5.3B | $5B | $4.9B | $4.6B |
| Net PP&E | $203M | $272M | $410M | $489M | $578M |
| Goodwill | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
| Total assets | $7.5B | $8B | $8B | $7.9B | $7.7B |
| Payables | $125M | $182M | $279M | $173M | $220M |
| Deferred revenue | $44M | $51M | $94M | $113M | $145M |
| Current liabilities | $852M | $1.2B | $1.1B | $1.2B | $1.3B |
| Short-term debt | – | – | – | $36M | $47M |
| Long-term debt | $2.3B | $3.7B | $3.7B | $3.6B | $3.5B |
| Total liabilities | $3.7B | $5.4B | $5.6B | $5.5B | $5.4B |
| Shareholders' equity | $3.8B | $2.6B | $2.4B | $2.5B | $2.3B |
| Backlog (remaining obligations) | – | – | – | – | $388M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $293M | $185M | $247M | $413M | $656M |
| Capital expenditure | $70M | $129M | $212M | $195M | $219M |
| Free cash flow | $223M | $55M | $35M | $219M | $437M |
| Depreciation & amortisation | $119M | $202M | $168M | $158M | $164M |
| Stock-based compensation | $1.1B | $1.4B | $1.3B | $1B | $1B |
| Acquisitions | $311M | $67M | $50M | $0 | $35M |
| Share buybacks | $0 | $1B | $189M | $311M | $751M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.8% | 0.1% | 16.4% | 10.6% |
| Gross margin | 57.5% | 60.6% | 54.1% | 53.9% | 55.0% |
| Operating margin | −17.1% | −30.3% | −30.4% | −14.7% | −9.0% |
| Net margin | −11.9% | −31.1% | −28.7% | −13.0% | −7.8% |
| Return on equityBlank when equity is negative | −12.9% | −55.4% | −54.8% | −28.5% | −20.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −10.5% | −20.5% | −20.5% | −11.8% | −8.3% |
| Free cash flow margin | 5.4% | 1.2% | 0.8% | 4.1% | 7.4% |
| Cash conversion (CFO ÷ net income) | −0.60x | −0.13x | −0.19x | −0.59x | −1.42x |
| Receivable days | 95 | 94 | 101 | 92 | 84 |
| Payable days | 26 | 37 | 48 | 26 | 30 |
| Interest cover | −39.7x | −65.0x | −63.5x | −36.5x | −4.36x |
| Debt ÷ equity | 0.59x | 1.45x | 1.55x | 1.49x | 1.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $259M | $2.3B | $2B | $2.6B | $2.5B |
| Current ratio | 5.70x | 4.32x | 4.39x | 3.95x | 3.56x |
Recent filings
More in Services-Computer Programming, Data Processing, Etc.
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.