# Snap Inc. (SNAP) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SNAP/thesis · /stocks/SNAP/memo

## Financial Snapshot

---
ticker: SNAP
step: 04
generated: 2026-05-13
source: quick-research
---

### Snap Inc. (SNAP) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $4.60B | $4.61B | $5.36B | +16.3% |
| Adj. EBITDA | $0.23B | $0.16B | $0.51B | +216% |
| Net Income | -$1.43B | -$1.32B | -$0.70B | improving |
| EPS (diluted) | -$0.89 | -$0.82 | -$0.43 | improving |

*FY2025: Q4 2025 showed first positive GAAP EPS of $0.03, signaling approaching profitability. Q1 2026: Revenue $1.53B (+12% YoY). April 2026: 16% workforce reduction (~$500M annualized cost savings) targeting full-year GAAP profitability by 2027.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$0.4B |
| Free Cash Flow | $0.22B |
| Capital Expenditures | ~$0.2B |
| Cash & Equivalents | ~$3.4B |
| Total Debt | ~$3.7B |

*FCF turned positive in 2022 ($78M) and has grown: $35M (2023) → $219M (2024). Cash and equivalents ($3.4B) roughly equal total debt ($3.7B). Adj. EBITDA tripled in FY2024 to $509M.*

#### Key Ratios (approximate)
- P/E: NM (GAAP losses, approaching breakeven) | EV/EBITDA: ~30x (Adj.) | FCF Yield: ~1.5%
- Revenue Growth (TTM): ~12–16% | Adj. EBITDA Margin: ~9.5% (FY2024)

#### Growth Profile
Snap's revenue was essentially flat in 2022–2023 ($4.6B each year) as Meta/TikTok competition and the ATT privacy change crushed digital advertising. FY2024 showed a decisive recovery: +16% revenue growth, +216% adj. EBITDA growth, and FCF turning meaningfully positive ($219M). Q1 2026 grew 12%. The financial narrative is transitioning from "how long until Snap runs out of cash" to "what is Snap worth when it achieves sustainable profitability." Snapchat+ is the non-advertising diversification catalyst that reduces dependency on ad market cycles.

#### Forward Estimates
- FY2026/2027: First full-year GAAP profitability targeted (aided by $500M workforce cost reduction)
- Snapchat+: 25M subscribers × $3.99/month = $1.2B annualized; growing 71% YoY
- AR Spectacles: $3B investment; consumer launch 2026 — hardware revenue/platform strategic option
- Analyst range: $10 bear / $48 bull; stock at ~$9 near-lower-end of bear range

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SNAP/fundamental

## Navigation

- Overview: /stocks/SNAP
- Financials (this page): /stocks/SNAP/financials
- Thesis: /stocks/SNAP/thesis
- Investment Memo: /stocks/SNAP/memo
- Coverage universe: /stocks