Snap (SNAP) Q2 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year to $1.345 billion in Q2 2025, with monthly active users up 7% to 932 million and daily active users up 9% to 469 million, driven by strong AR and content engagement.

• Net loss widened to $263 million from $249 million year-over-year, while adjusted EBITDA declined to $41 million from $55 million.

• Operating cash flow improved to $88 million from negative $21 million, and free cash flow turned positive at $24 million from negative $73 million.

• Significant investments in AR, AI, and new creator tools, including the launch of a Snapchat app for Apple Watch and new AR Lenses.

• Spotlight engagement deepened, reaching over 550 million MAU and time spent up 23% year-over-year.

Financial highlights

• Q2 2025 revenue: $1.345 billion, up 9% year-over-year; six-month revenue: $2.708 billion, up 11%.

• Net loss: $263 million in Q2 2025 vs. $249 million in Q2 2024; diluted net loss per share of $(0.16).

• Adjusted EBITDA: $41 million, down from $55 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $2.9 billion as of June 30, 2025.

• Free cash flow was $24 million in Q2 and $392 million over the trailing 12 months.

Outlook and guidance

• Q3 daily active users expected to reach approximately 476 million.

• Q3 revenue guidance is $1.475 billion–$1.505 billion.

• Full-year infrastructure cost per daily active user guidance maintained at $0.82–$0.87, with Q3 expected in the top half.

• Adjusted operating expenses guidance maintained at $2.65–$2.7 billion for the year.

• Management highlighted ongoing macroeconomic and geopolitical uncertainties impacting future results.