Snap Q3 2026 earnings review

Revenue rose 14% to $1,722M but missed the LSEG consensus by 0.4%.

Snap · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

Snap Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Snap (SNAP) Q3 2026 earnings review

Revenue rose 14% to $1,722M but missed the LSEG consensus by 0.4%

  1. 1.Adjusted EBITDA of $383M beat the StreetAccount consensus by 14%
  2. 2.Net income was $56M, against a $104M loss a year ago
  3. 3.Daily active users of 495M missed the 499M consensus
  4. 4.Q4 revenue guide is $1,950M to $1,985M; EBITDA $490M to $525M
  5. 5.From Q1 2027, monthly active users replace daily users as the main audience metric
  6. 6.Shares fell 10.0% in pre-market on Nov 5 from the $5.91 Nov 4 close

Note: Pre-market price is not a close. LSEG and StreetAccount figures are as reported by CNBC.Source: Snap Form 8-K, Nov 4, 2026; Snap prepared remarks, Nov 4, 2026; CNBC (LSEG, StreetAccount), Nov 4, 2026; Yahoo Finance and Public.com prices

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2 · Executive summary

Q3 revenue missed consensus by 0.4%, while Adjusted EBITDA beat it by 14%

Q3 2026 results vs. consensus (LSEG; StreetAccount, via CNBC, Nov 4, 2026)

MetricActualConsensusVarianceResult
Revenue (LSEG)$1,722M$1,730M-$8M / -0.4%Miss
Adjusted EBITDA (StreetAccount)$383M$337M+$46M / +13.5%Beat
DAU, M (StreetAccount)495499-4 / -0.8%Miss
ARPU (StreetAccount)$3.48$3.48+$0.00 / +0.0%In line

Share price, Nov 3–5, 2026

Snap (NYSE)Nov 3 closeNov 4 closeNov 5 pre-marketPre-market move
SNAP$5.59$5.91$5.32-10.0%

Pre-market price at 8:29 AM ET / 8:29 PM ICT, Nov 5 (Yahoo Finance): pre-market, not a close. Move is versus the Nov 4 close.

Note: DAU is daily active users; ARPU is average revenue per user. LSEG revenue consensus is rounded to $1.73B as reported. GAAP diluted EPS was $0.03; CNBC called it not comparable.Source: Snap Form 8-K, Nov 4, 2026; CNBC (LSEG, StreetAccount), Nov 4, 2026; Yahoo Finance closes and Nov 5 pre-market

3

3 · Q3 results vs. consensus

Q4 revenue guide midpoint of $1,968M is 0.9% above consensus

Q4 2026 guidance vs. consensus (prepared remarks; CNBC and Investing.com, Nov 4, 2026)

MetricMidpointConsensusVarianceResult
Revenue (CNBC)$1,968M$1,950M+$18M / +0.9%Above
Revenue (Investing.com)$1,968M$1,960M+$8M / +0.4%In line
Adjusted EBITDA (CNBC)$508M$498M+$10M / +1.9%Above

Q4 2026 guidance range

MetricLowHighvs. Q4 2025
Revenue ($M)$1,950M$1,985M+14.6%
Adjusted EBITDA ($M)$490M$525M+41.9%
FY infrastructure costs ($M)$1,650M$1,660M

Note: Midpoint is the average of the range. vs. Q4 2025 compares the midpoint with the prior-year quarter.Source: Snap prepared remarks, Nov 4, 2026; CNBC (LSEG, StreetAccount), Nov 4, 2026; Investing.com, Nov 4, 2026

4

4 · Q4 guidance vs. consensus

Adjusted EBITDA rose 110% to $383M as total costs grew 0.6%

  1. Revenue grewRevenue rose 14%; Other Revenue rose 84%.
  2. Advertising laggedAdvertising revenue rose only 4%, per the CFO.
  3. GAAP profit turned positiveNet income was $56M, up $160M YoY.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$1,507M$1,722M14.3%
Total costs and expenses$1,635M$1,646M0.6%
Operating income (loss)($128M)$77M
Net income (loss)($104M)$56M
Adjusted EBITDA$182M$383M110.2%

Note: YoY is left blank where the prior-year value is a loss.Source: Snap Form 8-K, Nov 4, 2026; Snap prepared remarks, Nov 4, 2026; analysis of company data

5

5 · Q3 key financials

Europe revenue rose 22% and North America rose 13%

Revenue by region

$M unless noted, Q3 2025 vs. Q3 2026

RegionQ3 2025Q3 2026YoY
North America$898M$1,014M+13.0%
Europe$298M$363M+21.8%
Rest of World$311M$345M+11.0%
Total revenue$1,507M$1,722M+14.3%
Paid subscribers passed 30M across Snapchat+, Memories Storage and Lens+“In Q3, we generated positive net income as revenue grew 14% year-over-year,” said CEO Evan Spiegel.

Note: Regions follow Snap’s own geographic allocation of revenue.Source: Snap Form 8-K, Nov 4, 2026; Snap prepared remarks, Nov 4, 2026; analysis of company data

6

6 · Revenue by region

7 · Revenue bridge by region

Daily active users rose 4% to 495M, while North America users fell 6%

User and monetization metrics

Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Daily active users (M)477495+3.8%
North America DAU (M)9892-6.1%
Monthly active users (M)943977+3.6%
ARPU ($)$3.16$3.48+10.1%
North America ARPU ($)$9.20$11.07+20.3%
From Q1 2027, global MAU and MAU-based ARPU become the primary metrics; regional DAU and ARPU end

Note: ARPU is average revenue per user. DAU is daily active users; MAU is monthly active users; ARPU is quarterly revenue divided by average DAU.Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

8

8 · Users and ARPU

Stock-based pay of $255M is most of the gap from $56M net income to Adjusted EBITDA

Net income to Adjusted EBITDA

$M, Q3 2026

$M · Net income: $56M$M · Stock-based pay: $255M$M · D&A: $45M$M · Payroll tax: $6M$M · Other items: $20M$M · Adjusted EBITDA: $383MNet incomeStock-basedpayD&APayroll taxOther itemsAdjustedEBITDA$0.0M$100.0M$200.0M$300.0M$400.0M$450.0M$56M$255M$45M$6M$20M$383M
Net income rose by $160M from a year ago

Note: Other items are interest expense, less interest income and other income, plus income tax.Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

9

9 · Net income to Adjusted EBITDA

Adjusted EBITDA margin rose 1013 bps to 22.2%

Margins to revenue

%, Q3 2025 vs. Q3 2026

Gross margin · Q3 2025: 55.3%Gross margin · Q3 2026: 62.3%Adjusted EBITDA margin · Q3 2025: 12.1%Adjusted EBITDA margin · Q3 2026: 22.2%Net margin · Q3 2025: -6.9%Net margin · Q3 2026: 3.3%Q3 2025Q3 20260%25%50%80%55.3%62.3%12.1%22.2%3.3%
Gross margin rose 704 bps to 62.3%

Note: Gross margin is revenue less cost of revenue, divided by revenue. Margins use GAAP revenue.Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

11 · Free cash flow

G&A fell to 13% of revenue from 17%

Operating expense lines to revenue

%, Q3 2025 vs. Q3 2026

Research, development · Q3 2025: 30.1%Research, development · Q3 2026: 27.7%Sales and marketing · Q3 2025: 17.0%Sales and marketing · Q3 2026: 17.3%General, administrative · Q3 2025: 16.7%General, administrative · Q3 2026: 12.8%Q3 2025Q3 20260%10%20%30%40%30.1%27.7%17.0%17.3%16.7%12.8%
Full-time employees fell 13% to 4,540

Note: Each line is GAAP expense divided by revenue, including stock-based compensation.Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

12

12 · Operating expense ratios

13 · Balance sheet and debt

Q4 guidance implies a 26% EBITDA margin, up from 22% in Q3

Indicator
What to watch
Implication
Latest reading
Advertising demand
Revenue growth
Brand advertising fell YoY in Q3
Advertising +4.0% YoY
North America users
Ad reach
NA DAU -6.1% YoY
92M in Q3
Subscriptions
Other Revenue
Other Revenue +84.0% YoY
30M paid subscribers
Regulation
Users and costs
Youth-related scrutiny
Flagged in remarks

Note: DAU is daily active users. These are analytical watch points, not company targets. NA is North America.Source: Snap Form 8-K, Nov 4, 2026; Snap prepared remarks, Nov 4, 2026

14

14 · Key risks to guidance

Appendix: user and monetization detail

ClaimEvidenceCalculation
Daily active users495M, +3.8% YoYQuarterly average
Monthly active users977M, +3.6% YoYQuarterly average
ARPU$3.48, +10.1% YoYRevenue per DAU
North America ARPU$11.07, +20.3% YoYHighest-value region
North America DAU92M, -6.1% YoYDeclining base
North America share of revenue59%Q3 2026

ARPU is average revenue per user. Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

15

15 · Appendix: Users and ARPU

Appendix: profit and margin detail

ClaimEvidenceCalculation
Gross margin rose55.3% to 62.3%Revenue less cost of revenue
Operating margin rose(8.5%) to 4.5%Operating income to revenue
Net margin rose(6.9%) to 3.3%Net income to revenue
Adjusted EBITDA margin rose12.1% to 22.2%Adjusted EBITDA to revenue
EBITDA gain to revenue gain93%Change in each, YoY
Stock-based pay fell$260M to $255MEBITDA reconciliation basis

Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

16

16 · Appendix: Profit and margins

Appendix: guidance and cost detail

ClaimEvidenceCalculation
Q4 revenue midpoint growth+14.6% vs. Q4 2025Midpoint of guidance
Q4 EBITDA midpoint growth+41.9% vs. Q4 2025Midpoint of guidance
FY infrastructure costs$1.65B to $1.66BWas up to $1.70B
Total costs rose$1,635M to $1,646MGAAP costs and expenses
Full-time employees fell5,194 to 4,540End of quarter
Restructuring, nine months$129MExcluded from Adjusted EBITDA

Source: Snap Form 8-K, Nov 4, 2026; Snap prepared remarks, Nov 4, 2026; analysis of company data

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17 · Appendix: Guidance and costs

Appendix: cash flow and dilution detail

ClaimEvidenceCalculation
Operating cash flow rose$146M to $210MStatements of cash flows
Free cash flow rose$93M to $164MNon-GAAP reconciliation
FCF to Adjusted EBITDA43%Q3 2026
Shares plus stock awards1,932M, +3.8% YoYSep 30, 2026
Diluted weighted shares1,700MQ3 2026
Share repurchases, nine months$601MStatements of cash flows

Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

18

18 · Appendix: Cash and dilution

Appendix: operating expense and Adjusted EBITDA detail

Costs and expenses, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Cost of revenue$674M$649M(3.7%)
Research and development$453M$478M5.4%
Sales and marketing$256M$298M16.3%
General and administrative$251M$221M(12.2%)
Total$1,635M$1,646M0.6%

Net income (loss) to Adjusted EBITDA, $M

$MQ3 2025Q3 2026
Net income (loss)($104M)$56M
Stock-based compensation$260M$255M
Depreciation and amortization$43M$45M
Payroll tax on stock awards$8M$6M
Other items($25M)$20M
Adjusted EBITDA$182M$383M

Note: Other items are interest expense, less interest income and other income, plus income tax.Source: Snap Form 8-K, Nov 4, 2026; analysis of company data

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19 · Appendix: Opex and EBITDA

Appendix: sources

  • Filing: Snap Form 8-K, Nov 4, 2026 (accepted 4:11 PM ET) — https://www.sec.gov/Archives/edgar/data/1564408/000156440826000063/0001564408-26-000063-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1564408/000156440826000063/snap-20261104xexx991pressr.htm
  • Prepared remarks and Q4 outlook (Ex. 99.2) — https://www.sec.gov/Archives/edgar/data/1564408/000156440826000063/snapincq32026preparedrem.htm
  • Consensus: CNBC (LSEG revenue; StreetAccount EBITDA, DAU, ARPU; Q4 estimates), Nov 4, 2026 — https://www.cnbc.com/2026/11/04/snap-q3-earnings-report-2026.html
  • Q4 revenue consensus check: Investing.com, Nov 4, 2026, 4:48 PM ET — https://www.investing.com/news/stock-market-news/afterhours-movers-qcom-cohr-app-hubs-snap-fsly-fig-zg-bros-cde-432SI-5001535
  • Share price: Yahoo Finance SNAP, Nov 3–4 closes; Nov 5 pre-market at 8:29 AM ET / 8:29 PM ICT, Nov 5 — https://finance.yahoo.com/quote/SNAP/history/
  • Times are US Eastern / ICT. The pre-market price is not a close.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Snap Inc.'s Form 8-K of November 4, 2026 (Exhibits 99.1 and 99.2). Consensus estimates (LSEG, StreetAccount via CNBC; Investing.com) and share prices (Yahoo Finance, Public.com) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA and free cash flow follow Snap's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Snap Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, including Nov 5 pre-market trading.

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21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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