SNAP Snap Inc

Overview and Growth

Snap Inc generated $5.93B of revenue in fiscal 2025, with net loss of $460.49M and an operating cash inflow of $656.17M. At $5.93B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 10.6% from $5.36B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$0.27, translating the period’s attributable earnings into the amount reported for each diluted share. Asset turnover was 0.77x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $3.26B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 55.0% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $532.17M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 9.0%, showing the shortfall after operating costs. The company ended the period with a net loss of $460.49M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 7.8% after all recognized items. The pretax result was a loss of $451.14M, establishing the deficit before tax effects. The pretax loss equaled 7.6% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $9.35M, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 20.2%, placing the bottom-line deficit against shareholder capital. The net loss equaled 6.0% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

The company held $7.68B of assets against $5.40B of liabilities and $2.28B of equity, revealing how the asset base was financed. The near-term balance sheet paired $4.58B of current assets with $1.29B of current liabilities at the reporting date. Current assets covered current liabilities by 3.56x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.03B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 80.1% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $3.54B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.55x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 46.1%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 70.3%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 13.4% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $7.94B in fiscal 2024, the current asset base moved 3.3% and finished lower. Reported equity changed 6.9% from $2.45B in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

The company reported $656.17M of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $218.98M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 33.4% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $437.19M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 7.4%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 5.7%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.