SNAP — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• (2)North America includes Mexico, the Caribbean, and Central America.

• We recorded revenue of $1,528.8 million for the three months ended March 31, 2026, compared to revenue of $1,363.2 million for the same period in 2025, an increase of 12% year-over-year. We monetize our business primarily through advertising and to a lesser extent through other revenue.

• We measure our business using ARPU because it helps us understand the rate at which we are monetizing our daily user base. ARPU was $3.17 in the first quarter of 2026, compared to $2.96 in the first quarter of 2025. For purposes of calculating ARPU, we attribute revenue to regions based on our estim…

• (2)Europe includes Turkey. Europe also includes Russia and Belarus; however, we maintain a policy prohibiting sales to entities in these countries.

• We generate the substantial majority of our revenue through the sale of our advertising products on Snapchat, which include Snap Ads and AR Ads, referred to as advertising revenue. Snap Ads may be subject to revenue sharing arrangements between us and the content partner. Additionally, we generate r…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• (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 me…

• (3)North America includes Mexico, the Caribbean, and Central America.

• We recorded revenue of $1,506.8 million for the three months ended September 30, 2025, compared to revenue of $1,372.6 million for the same period in 2024, an increase of 10% year-over-year. We monetize our business primarily through advertising. Our advertising products include Snap Ads and AR Ads.

• We measure our business using ARPU because it helps us understand the rate at which we are monetizing our daily user base. ARPU was $3.16 in the third quarter of 2025, compared to $3.10 in the third quarter of 2024. For purposes of calculating ARPU, revenue by user geography is apportioned to each r…

• (2)Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities.

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our strategic investments in privately held companies primarily consist of equity securities without readily determinable fair values. We adjust the carrying value of these securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairmen…

• Our investments in publicly traded equity securities are recorded at fair value using quoted market prices. Uncertainties in the global economic climate and financial markets could adversely impact the valuation of these investments and result in a material impairment or downward adjustment of their…

• publicly traded equity securities had carrying values of $8.2 million and $9.5 million as of March 31, 2026 and December 31, 2025, respectively.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Our strategic investments in privately held companies primarily consist of equity securities without readily determinable fair values. We adjust the carrying value of these equity securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon im…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and …

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired

• control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Text added vs the prior filing · source: 10-Q · 2026-05-07

• On July 24, 2025, a lawsuit was filed against Roblox and Snap alleging that a minor had met a stranger on Roblox and became an alleged victim of sexual exploitation occurring on both Roblox and Snapchat. Similar lawsuits have been filed by additional families, including against other platforms. In D…

• We are also subject to government investigations, inquiries, and notifications of potential litigation from multiple regulators in various jurisdictions globally concerning the use of our products and features, and the alleged mental and physical health and safety impacts on users, in particular you…

• On September 15, 2025, Snap filed a complaint against its insurance carriers in San Francisco Superior Court seeking declaratory relief regarding Snap’s entitlement to insurance coverage for claims alleging that use of Snapchat has caused bodily injury or property damage. On March 26, 2026, the insu…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• On January 16, 2025, the U.S. Federal Trade Commission referred a complaint against us to the Department of Justice that pertains to our deployment of our My AI feature and the allegedly resulting risks of harm to young users. The DOJ did not act on the referred complaint within the time defined by …

• We are also subject to government investigations and inquiries from multiple regulators in various jurisdictions globally concerning the use of our products and features, and the alleged mental and physical health and safety impacts on users, in particular younger users. We plan to continue to engag…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Moreover, we rely heavily on our ability to collect, process, and disclose data and metrics to our customers so we can attract new customers and retain existing customers. Any restriction, whether by law, regulation, policy, or other reason, on our ability to collect, process, and disclose data and …

• Our use of artificial intelligence, including generative AI, in our advertising products may also introduce risks, including where AI-enabled features produce inaccurate, misleading, or otherwise undesirable outputs that reduce user trust or advertiser confidence, which could adversely affect demand…

• Because Snapchat is used primarily on mobile devices, the application must remain interoperable with popular mobile operating systems, primarily Android and iOS, application stores, and related hardware, including mobile-device

• cameras. The owners and operators of such mobile operating systems and application stores, primarily Google and Apple, each have approval authority over whether to feature our core products on their application stores and make available to consumers third-party products that compete with ours. Furth…

• value of our brand and other intangible assets may be diminished, and competitors may be able to more effectively mimic our service and methods of operations. Any of these events could seriously harm our business.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Moreover, we rely heavily on our ability to collect, process, and disclose data and metrics to our customers so we can attract new customers and retain existing customers. Any restriction, whether by law, regulation, policy, or other reason, on our ability to collect, process, and disclose data and …

• Because Snapchat is used primarily on mobile devices, the application must remain interoperable with popular mobile operating systems, primarily Android and iOS, application stores, and related hardware, including mobile-device cameras. The owners and operators of such mobile operating systems and a…

• friends, potentially reducing engagement on our platform. Because these changes do not apply to Apple’s iMessage app, it may put us at a competitive disadvantage. Actions by government authorities may also impact our access to these systems or hardware and could seriously harm Snapchat usage. Our co…

• Our two co-founders, Evan Spiegel and Robert Murphy, control over 99% of the voting power of our outstanding capital stock as of September 30, 2025, and Mr. Spiegel alone can exercise voting control over a majority of our

• outstanding capital stock. As a result, Mr. Spiegel and Mr. Murphy, or in many instances Mr. Spiegel acting alone, have the ability to control the outcome of all matters submitted to our stockholders for approval, including the election, removal, and replacement of our directors and any merger, cons…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• (1)Represents the modification of a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted on November 11, 2025.

• (2)Trading arrangement provides for the sale of up to 13,000,000 shares of Class A Common Stock by a revocable trust over which Mr. Murphy serves as trustee, plus the gift by such trust of the number of shares necessary to attain a value equal to 30% of such gross sale proceeds, and for the sale of …

• (4)Trading arrangement provides for the sale of (i) up to 50% of shares of Class A Common Stock held by Mr. Mohan in his account as of the applicable calculation date, and (ii) up to 50% of the net issued shares of Class A Common Stock subject to restricted stock unit grants upon satisfaction of the…

• On May 6, 2026, Snap Group Limited Singapore Branch (“Snap Singapore”), one of our subsidiaries, entered into an employment agreement (the “Employment Agreement”) with Ajit Mohan, our Chief Business Officer, effective May 1, 2026, in connection with Mr. Mohan’s voluntary relocation to Singapore. The…

• Pursuant to the Employment Agreement, Mr. Mohan will continue serving as our Chief Business Officer and will receive a base salary of SGD 112,500 per month (which is SGD 1,350,000 per year, or approximately $1,051,000 USD per year). Mr. Mohan may also be eligible to receive an annual discretionary b…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• (1)Trading arrangement provides for the sale of a number of shares of Class A Common Stock with a value equal to $30,000,000, individually and as a trustee of a revocable trust, plus such amount as necessary to attain a value equal to $10,000,000 of the gross sale proceeds for additional gifting tra…

• (2)Trading arrangement provides for the sale of (1) up to 7,000 shares of Class A Common Stock held by Ms. Morrow, (2) up to 100% of the net issued shares of Class A Common Stock subject to a Restricted Stock Unit Award granted on May 11, 2022, a portion of which will vest on December 15, 2025 on sa…

• (4)Represents the termination of a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted on August 21, 2025. Mr. Young ceased to serve as an employee and a Section 16 officer on August 15, 2025.

• (5)Trading arrangement provided for the sale of up to 550,000 shares of Class A common stock held by Mr. Young.