Snap (SNAP) financial statements
Snap reported revenue of $5.9B in fiscal 2025, up 34.8% a year over 9 years.
Net income was -$460M and the operating margin -9.0%, against -128.7% in 2016.
Free cash flow was $437M, and the company returned $751M in net buybacks.
The diluted share count rose 110% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Snap's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $404M | $825M | $1.2B | $1.7B | $2.5B | $4.1B | $4.6B | $4.6B | $5.4B | $5.9B |
| Cost of revenue | $452M | $717M | $799M | $896M | $1.2B | $1.8B | $1.8B | $2.1B | $2.5B | $2.7B |
| Gross profit | -$47M | $107M | $382M | $820M | $1.3B | $2.4B | $2.8B | $2.5B | $2.9B | $3.3B |
| Research and development | $184M | $1.5B | $772M | $884M | $1.1B | $1.6B | $2.1B | $1.9B | $1.7B | $1.8B |
| Selling, general and admin | $290M | $2.1B | $878M | $1.0B | $1.1B | $1.5B | $2.1B | $2.0B | $2.0B | $2.0B |
| Operating income | -$520M | -$3.5B | -$1.3B | -$1.1B | -$862M | -$702M | -$1.4B | -$1.4B | -$787M | -$532M |
| Interest expense | $1M | $3M | $4M | $25M | $97M | $18M | $21M | $22M | $22M | $122M |
| Pre-tax income | -$522M | -$3.5B | -$1.3B | -$1.0B | -$926M | -$474M | -$1.4B | -$1.3B | -$672M | -$451M |
| Income tax | -$7M | -$18M | $3M | $393,000 | $19M | $14M | $29M | $28M | $26M | $9M |
| Net income | -$515M | -$3.4B | -$1.3B | -$1.0B | -$945M | -$488M | -$1.4B | -$1.3B | -$698M | -$460M |
| EPS (diluted) | -$0.64 | -$2.95 | -$0.97 | -$0.75 | -$0.65 | -$0.31 | -$0.89 | -$0.82 | -$0.42 | -$0.27 |
| Diluted shares | 808M | 1.17B | 1.30B | 1.38B | 1.46B | 1.56B | 1.61B | 1.61B | 1.66B | 1.69B |
| Gross margin | -11.7% | 13.0% | 32.3% | 47.8% | 52.8% | 57.5% | 60.6% | 54.1% | 53.9% | 55.0% |
| Operating margin | -128.7% | -422.5% | -107.5% | -64.3% | -34.4% | -17.1% | -30.3% | -30.4% | -14.7% | -9.0% |
| Net margin | -127.2% | -417.6% | -106.4% | -60.3% | -37.7% | -11.9% | -31.1% | -28.7% | -13.0% | -7.8% |
Balance sheet
Fiscal years, from Snap's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $987M | $2.0B | $1.3B | $2.1B | $2.5B | $3.7B | $3.9B | $3.5B | $3.4B | $2.9B |
| Receivables | $163M | $279M | $355M | $492M | $744M | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| Total current assets | $1.2B | $2.4B | $1.7B | $2.6B | $3.3B | $4.9B | $5.3B | $5.0B | $4.9B | $4.6B |
| Property, plant and equipment | $101M | $167M | $213M | $174M | $179M | $203M | $272M | $410M | $489M | $578M |
| Goodwill | $319M | $640M | $632M | $761M | $939M | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
| Total assets | $1.7B | $3.4B | $2.7B | $4.0B | $5.0B | $7.5B | $8.0B | $8.0B | $7.9B | $7.7B |
| Total current liabilities | $157M | $346M | $293M | $500M | $667M | $852M | $1.2B | $1.1B | $1.2B | $1.3B |
| Long-term debt | — | — | — | — | — | — | — | — | $3.6B | $3.5B |
| Total liabilities | $204M | $429M | $403M | $1.8B | $2.7B | $3.7B | $5.4B | $5.6B | $5.5B | $5.4B |
| Shareholders' equity | $1.5B | $3.0B | $2.3B | $2.3B | $2.3B | $3.8B | $2.6B | $2.4B | $2.5B | $2.3B |
| Net debt | -$150M | -$334M | -$387M | -$520M | -$546M | -$2.0B | -$1.4B | -$1.8B | $2.6B | $2.5B |
Cash flow
Fiscal years, from Snap's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$611M | -$735M | -$690M | -$305M | -$168M | $293M | $185M | $247M | $413M | $656M |
| Capital spending | $66M | $85M | $120M | $36M | $58M | $70M | $129M | $212M | $195M | $219M |
| Free cash flow | -$678M | -$819M | -$810M | -$341M | -$225M | $223M | $55M | $35M | $219M | $437M |
| Stock-based compensation | $32M | $2.6B | $538M | $686M | $770M | $1.1B | $1.4B | $1.3B | $1.0B | $1.0B |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$1.0B | -$189M | -$311M | -$751M |
| Free cash flow margin | -167.5% | -99.3% | -68.6% | -19.9% | -9.0% | 5.4% | 1.2% | 0.8% | 4.1% | 7.4% |
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Open SNAP in InvestinglyQuestions
What was Snap's revenue in 2025?
$5.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Snap generate?
$437M in fiscal 2025 (operating cash flow minus capital spending).
From Snap's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.