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.
Decisions on record
2 verified Decision Records on Snap, and the casebook each one belongs to.
| Fork date | Decision type | What Snap chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2013 | The Counterfactual | Hold out for more | Snap's market cap had fallen back to roughly $18 billion, below its IPO-day level (2024) | Read the story → | The Counterfactual Casebook → |
| 2017 | Bet-the-Company | Re-architect toward developers | Snap introduced Specs as the first AR glasses it would sell to the public at $2,195, with pre-orders open and fall delivery (2026-06) | Read the story → | Bet-the-Company Casebook → |
Run one of these yourself
The decisions Snap faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →
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 · Growth & Portfolio
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 · Growth & Portfolio
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