Second quarter revenue increased 9% year-over-year to $1,345 million

Monthly Active Users increased 7% year-over-year to 932 million

Daily Active Users increased 9% year-over-year to 469 million

Operating cash flow was $88 million and Free Cash Flow was $24 million

Snap Inc. (NYSE:SNAP) today announced financial results for the quarter ended June 30, 2025.

"Our global community continued to grow in Q2, reaching 932 million Monthly Active Users as we continued to invest in AI and augmented reality," said Evan Spiegel, CEO. "With meaningful inventory and conversions growth this quarter, including the broader rollout of Sponsored Snaps, we're excited about the opportunity to translate improved advertiser performance into topline acceleration."

Q2 2025 Financial Summary

Revenue was $1,345 million, compared to $1,237 million in the prior year, an increase of 9% year-over-year.

Net loss was $263 million, compared to $249 million in the prior year.

Adjusted EBITDA was $41 million, compared to $55 million in the prior year.

Operating cash flow was $88 million, compared to $(21) million in the prior year.

Free Cash Flow was $24 million, compared to $(73) million in the prior year.

	Three Months Ended June 30,						Percent Change		Six Months Ended June 30,						Percent Change
		2025			2024		Percent Change			2025			2024		Percent Change

(Unaudited)	(dollars in thousands, except per share amounts)
Revenue	$	1,344,930		$	1,236,768		9	%	$	2,708,147		$	2,431,541		11	%
Operating loss	$	(259,676	)	$	(253,975	)	(2	)%	$	(453,522	)	$	(587,207	)	23	%
Net loss	$	(262,570	)	$	(248,620	)	(6	)%	$	(402,157	)	$	(553,710	)	27	%
Adjusted EBITDA ⁽¹⁾	$	41,270		$	54,977		(25	)%	$	149,695		$	100,636		49	%
Net cash provided by (used in) operating activities	$	88,494		$	(21,377	)	514	%	$	240,104		$	66,975		258	%
Free Cash Flow ⁽²⁾	$	23,793		$	(73,439	)	132	%	$	138,189		$	(35,535	)	489	%
Diluted net loss per share attributable to common stockholders	$	(0.16	)	$	(0.15	)	(7	)%	$	(0.24	)	$	(0.34	)	29	%

(1)	See page 10 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the three and six months ended June 30, 2024, and excluded from Adjusted EBITDA, were $1.9 million and $72.0 million, respectively. No restructuring charges were incurred during the three and six months ended June 30, 2025.
(2)	See page 10 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.

Q2 2025 Summary & Key Highlights

We deepened engagement with our community:

The Snapchat community continues to grow, reaching 932 million global monthly active users (MAU) in Q2, an increase of 64 million or 7% year-over-year.
Daily active users (DAU) were 469 million in Q2 2025, an increase of 37 million, or 9%, year-over-year.
Spotlight reached more than 550 million monthly active users on average in Q2.
Spotlight time spent grew 23% year-over-year, now contributes more than 40% of total content time spent.
We launched our new Snapchat app on Apple Watch, enabling Snapchatters to preview an incoming message and reply using the Keyboard, Scribble, Dictation, or an emoji.
Snap Map grew to more than 400 million MAU that utilize our service to find their friends, explore local hotspots, and stay informed about what's happening around them.
Our video chat feature continues to deepen connections, with Snapchatters spending 30% more time talking on Snapchat year-over-year.
We introduced a suite of new creator tools and features that makes it easier to create and share content, including the ability for creators to generate content from their saved Snapchat Memories using templates.
Creators can now view new insights from their Stories and Spotlight including returning viewers, top content, and total view time, which helps creators to optimize their content and monetize their engagement.
Over the past year, we onboarded thousands of creators to our Snap Star program, with the number of Spotlight posts by Snap Stars growing more than 145% year-over-year in North America in Q2.

We are focused on accelerating and diversifying our revenue growth:

Ad platform improvements and foundational AI advancements contributed to 7-0 Purchase volume increasing 39% year-over-year for commerce advertisers, and total purchase-related ad revenue growing more than 25% year-over-year in Q2.
Sponsored Snaps are proving highly effective in driving incremental conversions, delivering up to a 22% increase when included in an advertiser's broader Snap campaign mix.
Sponsored Snaps are now driving an 18% lift in unique converters across app installs and app purchases.
We introduced Sponsored Snaps from creators, enabling advertisers to send a Sponsored Snap directly from a creator's handle to Snapchatters in the chat feed.
We launched First Snap, which offers brand advertisers a single-day takeover that delivers the first Sponsored Snap in the chat feed.
To help Snapchat campaigns achieve better performance outcomes, we introduced Snapchat Smart Campaign Solutions, a new suite of offerings that deliver AI-powered performance and ease-of-use enhancements.
Other Revenue, the majority of which is Snapchat+ subscription revenue, increased 64% year-over-year in Q2.
We introduced Lens+, a new Snapchat+ subscription tier that offers access to exclusive new AI video Lenses, Bitmoji Game Lenses, and early access to new features.

We invested in our augmented reality platform:

Our community uses AR Lenses in our Snapchat camera 8 billion times per day, and over 400,000 developers have built more than 4 million Lenses with Snap's world-leading AR tools.
In Q2, more than 350 million Snapchatters engaged with AR every day on average.
Lens Games engagement has continued to grow, now reaching more than 175 million monthly active users, up over 40% year-over-year.
Our 90's School Photos AI Lens, Different Eras AI Lens, and Cartoon World AI Lens were collectively viewed over one billion times, highlighting strong engagement with our AR lenses powered by gen AI.
We introduced our new Lens Studio iOS app and web tool, empowering more people of all skill levels to quickly create fun AR Lenses using templates or AI-powered tools, even without prior coding experience.
In our latest Lens Studio release, we introduced new features that make it easier than ever for AR developers to build games, including the new Bitmoji Suite, which offers enhanced capabilities for personalizing and animating Bitmoji, and new games assets designed to simplify the creation of dynamic games for Snapchatters.

We are making computers more human with Specs:

We announced plans to launch our first consumer-ready Specs AR glasses in 2026, marking an important and exciting milestone for Snap and a critical step toward realizing our long-term vision for AR.
We announced Snap OS updates that enable developers to create and publish multimodal AI-powered Lenses, including location-based experiences, through new tools and AI-powered experiences with partners like OpenAI and Gemini on Google Cloud.
Our new Depth Module API translates 2D information from LLMs to anchor AR information accurately in three dimensions, unlocking a new paradigm for spatial intelligence.
Our Automated Speech Recognition API enables real-time transcription with support for over 40 languages, including non-native accents, with high accuracy.
Since our 5th generation of Spectacles released in 2024, developers have built compelling experiences to prepare for the consumer launch of Specs next year:
- Super Travel from Gowaaa helps global travelers translate signs, menus, and receipts and convert currencies.
- Drum Kit from Paradiddle teaches new drummers how to play by overlaying cues on a real drum set and listening to the notes.
- Pool Assist from Studio ANRK helps players make better shots playing pool.
- Cookmate from Headraft uses AI to recommend recipes based on available ingredients and provides step-by-step cooking guidance in the kitchen.
- ARcher Champ from Phil Walton and Hart Woolery brings competitors together for archery matches with friends through our Connected Lens technology.

Q3 2025 Outlook

Snap Inc. will discuss its Q3 2025 outlook during its Q2 2025 Earnings Call (details below) and in its investor letter available at investor.snap.com.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see "Non-GAAP Financial Measures," "Reconciliation of GAAP to Non-GAAP Financial Measures," and "Supplemental Financial Information and Business Metrics."

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "going to," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures."

Snap Inc., "Snapchat," and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Cash flows from operating activities
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		40,023			37,930			77,738			79,643
Stock-based compensation		251,886			259,311			499,224			523,063
Amortization of debt issuance costs and debt discount (premium)		(550	)		2,208			7,092			3,950
Losses (gains) on debt and equity securities, net		(1,208	)		2,662			14,592			11,630
Gain on extinguishment of debt		—			15,522			(66,939	)		6,672
Other		12,362			(4,939	)		11,557			(12,701	)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance		(3,088	)		(36,916	)		191,128			125,291
Prepaid expenses and other current assets		(7,058	)		(34,526	)		(29,886	)		(48,155	)
Operating lease right-of-use assets		13,797			14,929			27,920			28,504
Other assets		(2,117	)		(955	)		6,893			(6,097	)
Accounts payable		(94,203	)		(61,556	)		(59,943	)		(95,645	)
Accrued expenses and other current liabilities		147,695			45,821			(14,873	)		27,440
Operating lease liabilities		(8,492	)		(13,940	)		(25,485	)		(27,870	)
Other liabilities		2,017			1,692			3,243			4,960
Net cash provided by (used in) operating activities		88,494			(21,377	)		240,104			66,975
Cash flows from investing activities
Purchases of property and equipment		(64,701	)		(52,062	)		(101,915	)		(102,510	)
Purchases of strategic investments		(20,000	)		(2,000	)		(20,000	)		(2,000	)
Sales of strategic investments		—			1,006			—			1,015
Cash paid for acquisitions, net of cash acquired		(35,499	)		—			(35,499	)		—
Purchases of marketable securities		(390,866	)		(774,852	)		(626,665	)		(1,240,524	)
Sales of marketable securities		425,157			166,557			437,158			166,557
Maturities of marketable securities		301,348			447,153			565,114			832,081
Other		—			(100	)		—			(100	)
Net cash provided by (used in) investing activities		215,439			(214,298	)		218,193			(345,481	)
Cash flows from financing activities
Proceeds from issuance of notes, net of issuance costs		—			740,350			1,473,083			740,350
Purchase of capped calls		—			(68,850	)		—			(68,850	)
Proceeds from termination of capped calls		—			62,683			—			62,683
Proceeds from the exercise of stock options		—			2,425			—			2,494
Repurchases of Class A non-voting common stock		(243,473	)		(75,955	)		(500,573	)		(311,069	)
Deferred payments for acquisitions		(9,562	)		(3,695	)		(67,539	)		(3,695	)
Repurchases of convertible notes		—			(418,336	)		(1,444,626	)		(859,042	)
Repayment of convertible notes		(36,240	)		—			(36,240	)		—
Other		(1,800	)		(1,799	)		(3,699	)		(1,799	)
Net cash provided by (used in) financing activities		(291,075	)		236,823			(579,594	)		(438,928	)
Change in cash, cash equivalents, and restricted cash		12,858			1,148			(121,297	)		(717,434	)
Cash, cash equivalents, and restricted cash, beginning of period		916,079			1,063,880			1,050,234			1,782,462
Cash, cash equivalents, and restricted cash, end of period	$	928,937		$	1,065,028		$	928,937		$	1,065,028

SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	1,344,930		$	1,236,768		$	2,708,147		$	2,431,541
Costs and expenses:
Cost of revenue		653,333			588,921			1,292,912			1,163,670
Research and development		443,325			406,196			867,490			855,955
Sales and marketing		257,853			266,320			515,810			542,354
General and administrative		250,095			229,306			485,457			456,769
Total costs and expenses		1,604,606			1,490,743			3,161,669			3,018,748
Operating loss		(259,676	)		(253,975	)		(453,522	)		(587,207	)
Interest income		33,199			36,462			70,217			76,360
Interest expense		(27,607	)		(5,113	)		(51,006	)		(9,856	)
Other income (expense), net		(823	)		(20,792	)		48,246			(20,873	)
Loss before income taxes		(254,907	)		(243,418	)		(386,065	)		(541,576	)
Income tax benefit (expense)		(7,663	)		(5,202	)		(16,092	)		(12,134	)
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Net loss per share attributable to Class A, Class B, and Class C common stockholders:
Basic	$	(0.16	)	$	(0.15	)	$	(0.24	)	$	(0.34	)
Diluted	$	(0.16	)	$	(0.15	)	$	(0.24	)	$	(0.34	)
Weighted average shares used in computation of net loss per share:
Basic		1,674,854			1,644,736			1,685,544			1,646,064
Diluted		1,674,854			1,644,736			1,685,544			1,646,064

SNAP INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value)

	June 30, 2025			December 31, 2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	925,973		$	1,046,534
Marketable securities		1,967,072			2,329,745
Accounts receivable, net of allowance		1,164,874			1,348,472
Prepaid expenses and other current assets		226,255			182,006
Total current assets		4,284,174			4,906,757
Property and equipment, net		544,226			489,088
Operating lease right-of-use assets		534,084			530,441
Intangible assets, net		88,791			86,363
Goodwill		1,720,831			1,689,785
Other assets		226,881			233,914
Total assets	$	7,398,987		$	7,936,348
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	116,854		$	173,197
Operating lease liabilities		32,156			24,885
Accrued expenses and other current liabilities		954,010			1,009,254
Short-term debt, net		—			36,212
Total current liabilities		1,103,020			1,243,548
Long-term debt, net		3,575,972			3,607,717
Operating lease liabilities, noncurrent		583,867			575,082
Other liabilities		66,771			59,240
Total liabilities		5,329,630			5,485,587
Commitments and contingencies
Stockholders' equity
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,473,777 shares issued, 1,428,200 shares outstanding at June 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at December 31, 2024.		14			14
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at June 30, 2025 and December 31, 2024.		—			—
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at June 30, 2025 and December 31, 2024.		2			2
Treasury stock, at cost. 45,577 and 47,222 shares of Class A non-voting common stock at June 30, 2025 and December 31, 2024, respectively.		(444,573	)		(460,620	)
Additional paid-in capital		16,127,309			15,644,132
Accumulated deficit		(13,638,191	)		(12,735,461	)
Accumulated other comprehensive income (loss)		24,796			2,694
Total stockholders' equity		2,069,357			2,450,761
Total liabilities and stockholders' equity	$	7,398,987		$	7,936,348

SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Free Cash Flow reconciliation:
Net cash provided by (used in) operating activities	$	88,494		$	(21,377	)	$	240,104		$	66,975
Less:
Purchases of property and equipment		(64,701	)		(52,062	)		(101,915	)		(102,510	)
Free Cash Flow	$	23,793		$	(73,439	)	$	138,189		$	(35,535	)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Adjusted EBITDA reconciliation:
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Add (deduct):
Interest income		(33,199	)		(36,462	)		(70,217	)		(76,360	)
Interest expense		27,607			5,113			51,006			9,856
Other (income) expense, net		823			20,792			(48,246	)		20,873
Income tax (benefit) expense		7,663			5,202			16,092			12,134
Depreciation and amortization		40,023			37,930			77,738			76,028
Stock-based compensation expense		251,886			258,946			499,224			513,661
Payroll and other tax expense related to stock-based compensation		9,037			10,133			26,255			26,103
Restructuring charges ⁽¹⁾		—			1,943			—			72,051
Adjusted EBITDA	$	41,270		$	54,977		$	149,695		$	100,636

(1)	Restructuring charges during 2024 primarily include $70.2 million of cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. These charges are not reflective of underlying trends in our business.

Total depreciation and amortization expense by function:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Depreciation and amortization expense ⁽¹⁾:
Cost of revenue	$	1,505	$	1,872	$	2,925	$	4,022
Research and development		24,849		22,909		47,836		50,507
Sales and marketing		5,108		5,084		9,931		9,661
General and administrative		8,561		8,065		17,046		15,453
Total	$	40,023	$	37,930	$	77,738	$	79,643

(1)	Depreciation and amortization expense for the six months ended June 30, 2024 includes restructuring charges.

Total stock-based compensation expense by function:

SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except per share amounts, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Stock-based compensation expense ⁽¹⁾:
Cost of revenue	$	1,656	$	1,260	$	3,090	$	3,075
Research and development		166,809		171,465		323,497		345,984
Sales and marketing		48,710		52,208		103,150		106,864
General and administrative		34,711		34,378		69,487		67,140
Total	$	251,886	$	259,311	$	499,224	$	523,063

(1)	Stock-based compensation expense for the three and six months ended June 30, 2024 includes restructuring charges.

SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (dollars and shares in thousands, except per user amounts, unaudited)

	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025

	(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating activities	$	88,352		$	(21,377	)	$	115,872		$	230,633		$	151,610		$	88,494
Net cash provided by (used in) operating activities - YoY (year-over-year)		(42	)%		74	%		NM			40	%		72	%		514	%
Net cash provided by (used in) operating activities - TTM (trailing twelve months)	$	183,771		$	244,330		$	347,421		$	413,480		$	476,738		$	586,609
Purchases of property and equipment	$	(50,448	)	$	(52,062	)	$	(44,041	)	$	(48,275	)	$	(37,214	)	$	(64,701	)
Purchases of property and equipment - YoY		6	%		41	%		(40	)%		(10	)%		(26	)%		24	%
Purchases of property and equipment - TTM	$	(214,545	)	$	(229,664	)	$	(200,270	)	$	(194,826	)	$	(181,592	)	$	(194,231	)
Free Cash Flow	$	37,904		$	(73,439	)	$	71,831		$	182,358		$	114,396		$	23,793
Free Cash Flow - YoY		(63	)%		38	%		218	%		65	%		202	%		132	%
Free Cash Flow - TTM	$	(30,774	)	$	14,666		$	147,151		$	218,654		$	295,146		$	392,378
Common shares outstanding		1,643,120			1,653,820			1,672,212			1,690,645			1,686,678			1,682,350
Common shares outstanding - YoY		3	%		2	%		2	%		3	%		3	%		2	%
Shares underlying stock-based awards		146,240			144,315			132,783			135,036			136,044			144,011
Shares underlying stock-based awards - YoY		14	%		(3	)%		(14	)%		(15	)%		(7	)%		—	%
Total common shares outstanding plus shares underlying stock-based awards		1,789,360			1,798,135			1,804,995			1,825,681			1,822,722			1,826,361
Total common shares outstanding plus shares underlying stock-based awards - YoY		4	%		2	%		1	%		1	%		2	%		2	%

Results of Operations
Revenue	$	1,194,773		$	1,236,768		$	1,372,574		$	1,557,283		$	1,363,217		$	1,344,930
Revenue - YoY		21	%		16	%		15	%		14	%		14	%		9	%
Revenue - TTM	$	4,812,280		$	4,981,379		$	5,165,402		$	5,361,398		$	5,529,842		$	5,638,004
Revenue by region ⁽¹⁾
North America	$	743,131		$	767,560		$	857,621		$	968,943		$	831,691		$	820,600
North America - YoY		16	%		12	%		9	%		8	%		12	%		7	%
North America - TTM	$	3,115,656		$	3,196,387		$	3,267,854		$	3,337,255		$	3,425,815		$	3,478,855
Europe	$	195,844		$	229,835		$	248,902		$	287,031		$	224,015		$	265,343
Europe - YoY		24	%		26	%		24	%		20	%		14	%		15	%
Europe - TTM	$	816,478		$	864,204		$	912,834		$	961,612		$	989,783		$	1,025,291
Rest of World	$	255,798		$	239,373		$	266,051		$	301,309		$	307,511		$	258,987
Rest of World - YoY		34	%		20	%		32	%		35	%		20	%		8	%
Rest of World - TTM	$	880,146		$	920,788		$	984,714		$	1,062,531		$	1,114,244		$	1,133,858
Operating loss	$	(333,232	)	$	(253,975	)	$	(173,210	)	$	(26,877	)	$	(193,846	)	$	(259,676	)
Operating loss - YoY		9	%		37	%		54	%		89	%		42	%		(2	)%
Operating loss - Margin		(28	)%		(21	)%		(13	)%		(2	)%		(14	)%		(19	)%
Operating loss - TTM	$	(1,366,347	)	$	(1,215,983	)	$	(1,009,130	)	$	(787,294	)	$	(647,908	)	$	(653,609	)
Net income (loss)	$	(305,090	)	$	(248,620	)	$	(153,247	)	$	9,101		$	(139,587	)	$	(262,570	)
Net income (loss) - YoY		7	%		34	%		58	%		104	%		54	%		(6	)%
Net income (loss) - Margin		(26	)%		(20	)%		(11	)%		1	%		(10	)%		(20	)%
Net income (loss) - TTM	$	(1,298,901	)	$	(1,170,213	)	$	(955,204	)	$	(697,856	)	$	(532,353	)	$	(546,303	)
Adjusted EBITDA	$	45,659		$	54,977		$	131,962		$	276,007		$	108,425		$	41,270
Adjusted EBITDA - YoY		NM			243	%		229	%		73	%		137	%		(25	)%
Adjusted EBITDA - Margin ⁽²⁾		4	%		4	%		10	%		18	%		8	%		3	%
Adjusted EBITDA - TTM	$	206,423		$	299,879		$	391,747		$	508,605		$	571,371		$	557,664

(1)	Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.
(2)	We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued) (dollars and shares in thousands, except per user amounts, unaudited)

	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025
Other
DAU (in millions) ⁽¹⁾		422			432			443			453			460			469
DAU - YoY ⁽²⁾		10	%		9	%		9	%		9	%		9	%		9	%
DAU by region (in millions)
North America		100			100			100			100			99			98
North America - YoY		(1	)%		—	%		—	%		(1	)%		(1	)%		(2	)%
Europe		96			97			99			99			99			100
Europe - YoY		4	%		3	%		4	%		4	%		3	%		3	%
Rest of World		226			235			244			254			262			271
Rest of World - YoY		19	%		16	%		16	%		17	%		16	%		15	%
MAU (in millions)		853			868			883			895			913			932
MAU - YoY ⁽²⁾		8	%		7	%		7	%		7	%		7	%		7	%
ARPU	$	2.83		$	2.86		$	3.10		$	3.44		$	2.96		$	2.87
ARPU - YoY		10	%		6	%		6	%		5	%		5	%		—	%
ARPU by region
North America	$	7.44		$	7.67		$	8.54		$	9.73		$	8.41		$	8.33
North America - YoY		17	%		12	%		9	%		9	%		13	%		9	%
Europe	$	2.04		$	2.36		$	2.52		$	2.89		$	2.26		$	2.65
Europe - YoY		20	%		22	%		19	%		16	%		11	%		13	%
Rest of World	$	1.13		$	1.02		$	1.09		$	1.19		$	1.17		$	0.96
Rest of World - YoY		13	%		4	%		14	%		16	%		4	%		(6	)%
Employees (full-time; excludes part-time, contractors, and temporary personnel)		4,835			4,719			4,800			4,911			5,061			5,206
Employees - YoY		(7	)%		(11	)%		(11	)%		(7	)%		5	%		10	%

Depreciation and amortization expense
Cost of revenue	$	2,150		$	1,872		$	965		$	1,123		$	1,420		$	1,505
Research and development		27,598			22,909			24,798			24,351			22,987			24,849
Sales and marketing		4,577			5,084			4,953			5,333			4,823			5,108
General and administrative		7,388			8,065			8,134			8,774			8,485			8,561
Total	$	41,713		$	37,930		$	38,850		$	39,581		$	37,715		$	40,023
Depreciation and amortization expense - YoY		18	%		(4	)%		(6	)%		(24	)%		(10	)%		6	%

Stock-based compensation expense
Cost of revenue	$	1,815		$	1,260		$	1,333		$	1,626		$	1,434		$	1,656
Research and development		174,519			171,465			172,516			165,330			156,688			166,809
Sales and marketing		54,656			52,208			53,345			56,463			54,440			48,710
General and administrative		32,762			34,378			33,035			34,312			34,776			34,711
Total	$	263,752		$	259,311		$	260,229		$	257,731		$	247,338		$	251,886
Stock-based compensation expense - YoY		(16	)%		(18	)%		(27	)%		(23	)%		(6	)%		(3	)%

(1)

Numbers may not foot due to rounding.

(2)

In the first quarter of 2025, we refined our processes and controls to allow us to more accurately record user activity that would not otherwise be recorded during such period due to delays in receiving user metric information resulting from carrier or other user connectivity issues during the measurement period. For additional information concerning these refinements, see the "Note Regarding User Metrics and Other Data" in our Quarterly Report filed on Form 10-Q for the first quarter of 2025. As a result of such refinements, our DAUs and MAUs may not be directly comparable to those in prior periods.

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Snap Inc. Announces Second Quarter 2025 Financial Results