Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- NYSE: SNAP
- Incorporated
- DE
- Headquarters
- Santa Monica, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $5.93B
- Net income
- −$460.5M
- Total assets
- $7.68B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $5.93B | −$460.5M | $7.68B |
| FY2024 | $5.36B | −$697.9M | $7.94B |
| FY2023 | $4.61B | −$1.32B | $7.97B |
| FY2022 | $4.60B | −$1.43B | $8.03B |
| FY2021 | $4.12B | −$488.0M | $7.54B |
| FY2020 | $2.51B | −$944.8M | $5.02B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
Snap's Ad Drag Sits in the Wrong Half of the Funnel and the Wrong Half of the World
Everyone says Snap can't make money off teenagers. But its North American user earns ~3x the global average, and the real drag is a Rest-of-World user mix plus an ad engine built for the wrong half of the funnel. Snap closed the Meta gap from ~10x to roughly 4x.
8 min
The Cannibalization Choice · Decision Forks
Snapchat Kept Growing Past 178M Users — What Instagram Took Was the Slope
Instagram copied Snapchat's Stories format to the pixel and launched in August 2016. Snap's own filings show its users never fell - they kept rising past 178M. What Instagram stole wasn't the users. It was the slope.
7 min
The Cannibalization Choice · Decision Forks
Snap's Pivot Was Forced: A Copied Feature, a Bruising 2018 Redesign, and $5.36B Still Riding on Ads
Snap is told as a company that boldly disrupted itself. The record says otherwise: a rival copied its best feature, a 2018 redesign triggered Snap's first-ever drop in daily users, and even now advertising is 'substantially all' of $5.36B in revenue.
8 min
The Counterfactual · Decision Forks
Snap's Refusal of Facebook's $3 Billion Was a Hold, Cushioned by $10M Each in the Bank
In 2013 a 23-year-old turned down Facebook's $3B-or-more cash offer for a company with zero revenue. The legend says vision. The record says a negotiating hold, de-risked by $10M each already in the founders' pockets.
7 min
The Bet · Decision Forks
Snap Lost $40 Million on Sunglasses in a Vending Machine. It Was Tuition.
Snap calls itself a camera company, and most people think it's joking. A decade and a $39.9M write-down later, the 2026 launch of $2,195 Specs is the bill coming due on the most patient hardware bet in consumer tech.
8 min