Snap Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Advertising Revenue was 87% and Other Revenue was 13% of revenue; Other Revenue rose from 4% in the fiscal year to Dec 2023.

Quarters: Snap Inc.'s SEC filings, named by the month they end. Fiscal years: Snap Inc.'s annual reports to the SEC.

How it makes money

The company loses $7.8 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Snap Inc.'s annual reports to the SEC; quarters: SEC filings.

How much does it spend on building?

Snap spent $207M on property and equipment in the four quarters to Sep 2026, 3.1% of its revenue, against 3.5% a year earlier. That is 21% of the cash its operations brought in.

A line beyond the scale runs off it; the legend gives its latest value.

From Snap Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

How much goes into research?

Snap spent $2.0B on research and development in the four quarters to Sep 2026, 30.0% of its revenue, against 30.2% a year earlier. Over the year its research spending rose 13.0% and its revenue rose 13.8%.

From Snap Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report Snap buys from Alphabet, Amazon, Munger and 2 more; sells to Tencent. It sells through the platforms of Apple.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 6

Suppliers

Alphabet GOOGL

Amazon AMZN

A

Affiliates of FMR

Gibson

Munger

 

SNAPSnap

Customers

Tencent 0700.HK

Platforms

Apple AAPLSnap sells through it

Only the companies Snap names in its 10-K filed Feb 5, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Platforms: an app store, a console maker or a marketplace one company sells through and pays a share or a fee; not supply, so not on the chain. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 1.4x, below the peer median of 6.4x. Revenue is up 14% from a year ago.

Below the peer median of 6.4x. The market pays less per $1 of revenue than for peers.

Snap Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $6.96, 33% above the current price; 24% of 41 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 10 analysts (24%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $9.75 to $6.27 (−36%), while SNAP went from $8.58 to $5.22 (−39%). In the past three months targets were raised once and cut 5 times. 2 upgrades and 1 downgrade over the year; the latest: Freedom Broker moved it to Hold from Buy on May 12, 2026.

The day after each of these reports the stock moved −16.1% (Dec 2025, beat); −2.1% (Mar 2026, beat); +23.5% (Jun 2026, beat); −8.9% (Sep 2026, beat).

For the quarter ending Dec 2026 (Snap reports on Feb 3, 2027), analysts expect revenue of $2.0B, up 15% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $0.16 a share, and revenue of $7.5B, up 10% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $777M in free cash flow over the year and returned more than it generated: $851M went back to shareholders (dividends plus buybacks), so $74M came from cash on hand or borrowing.

Snap had 1.70B diluted shares in the quarter ended Sep 2026, 0.2% more than a year earlier, and 2.6% more each year on average since Jun 2020. It spent $851M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 3.6, no pressure to repay short-term debt; debt-to-equity 1.6, debt is high, which adds pressure if the economy weakens.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held SNAP at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 3 cut, 1 bought new and 1 sold all. The largest of them is Renaissance Technologies, 12.26M shares worth $66.2M at Sep 30, 2026, 15.1% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SNAP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $113M of SNAP on the open market in the 12 months to Nov 12, 2026; none bought. 91% of the sales were made under 10b5-1 plans, set up in advance. The largest was Robert C. Murphy (Chief Technology Officer; director), who sold $75.7M in 9 sales.

From the Form 4s filed with the SEC about Snap Inc. (61 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 63 other transactions (grants, shares sold to pay tax, gifts and other transfers).