Snap Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

SANTA MONICA, Calif.--( BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter and full year ended December 31, 2025.

“Our Q4 results began to reflect the impact of our strategic pivot toward profitable growth, translating into revenue diversification and meaningful margin expansion,” said Evan Spiegel, CEO. “This progress reflects our commitment to building a more financially efficient and profitable business while continuing to invest in the future of augmented reality and the consumer launch of Specs.”

Snap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.

The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.

Repurchases under this program will be funded from existing cash and cash equivalents. As of December 31, 2025, Snap had $2.9 billion in cash, cash equivalents, and marketable securities.

Annual Financial Summary

Q4 2025 Financial Summary

Three Months Ended

December 31,

Percent

Change

Year Ended

December 31,

Percent

Change

2025

2024

2025

2024

(Unaudited)

(dollars in thousands, except per share amounts)

Revenue

1,716,461

1,557,283

5,931,447

5,361,398

Operating income (loss)

49,717

(26,877

)

285

(532,167

)

(787,294

)

Net income (loss)

45,209

9,101

397

(460,489

)

(697,856

)

Adjusted EBITDA (1)

357,746

276,007

689,479

508,605

Net cash provided by (used in) operating activities

269,578

230,633

656,170

413,480

Free Cash Flow (2)

205,556

182,358

437,189

218,654

100

Diluted net income (loss) per share attributable to common stockholders

0.03

0.01

200

(0.27

)

(0.42

)

(1)

See page 11 for a reconciliation of net income (loss) to Adjusted EBITDA. Total restructuring charges for the year ended December 31, 2024, and excluded from Adjusted EBITDA, was $72.0 million. No restructuring charges were incurred during the year ended December 31, 2025 and the three months ended December 31, 2024.

(2)

See page 11 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.

Q4 2025 Summary & Key Highlights

We deepened engagement with our community:

We are focused on accelerating and diversifying our revenue growth:

We invested in our augmented reality platform:

We are making computers more human with Specs:

Q1 2026 and Full Year 2026 Outlook

Snap Inc. will discuss its Q1 2026 and full year 2026 outlook during its Q4 2025 Earnings Call (details below) and in its investor letter available at investor.snap.com.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Cash flows from operating activities

Net income (loss)

45,209

9,101

(460,489

)

(697,856

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

43,381

39,581

163,633

158,074

Stock-based compensation

257,238

257,731

1,016,825

1,041,023

Amortization of debt issuance costs and debt discount (premium)

(898

)

2,721

6,880

9,388

Losses (gains) on debt and equity securities, net

1,166

(3,706

)

16,940

8,460

(Gain) loss on extinguishment of debt

—

(96,734

)

6,672

Other

11,577

(10,324

)

26,119

(20,825

)

Change in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable, net of allowance

(133,859

)

(167,355

)

(31,827

)

(94,005

)

Prepaid expenses and other current assets

(20,545

)

(303

)

(66,744

)

(36,544

)

Operating lease right-of-use assets

14,385

12,892

57,214

54,127

Other assets

651

(6,945

)

7,705

(9,952

)

Accounts payable

67,736

11,559

45,918

(100,728

)

Accrued expenses and other current liabilities

3,761

103,620

12,814

150,391

Operating lease liabilities

(10,269

)

(18,409

)

(34,429

)

(62,663

)

Other liabilities

(9,955

)

470

(7,655

)

7,918

Net cash provided by (used in) operating activities

269,578

230,633

656,170

413,480

Cash flows from investing activities

Purchases of property and equipment

(64,022

)

(48,275

)

(218,981

)

(194,826

)

Purchases of strategic investments

(2,500

)

—

(22,500

)

(2,000

)

Sales of strategic investments

—

183

11,050

1,755

Cash paid for acquisitions, net of cash acquired

—

(35,499

)

—

Purchases of marketable securities

(260,479

)

(342,078

)

(1,275,796

)

(2,287,668

)

Sales of marketable securities

201,578

—

741,266

354,311

Maturities of marketable securities

191,842

241,378

977,159

1,411,444

Other

(3,581

)

—

(3,581

)

(100

)

Net cash provided by (used in) investing activities

62,838

(148,792

)

173,118

(717,084

)

Cash flows from financing activities

Proceeds from issuance of notes, net of issuance costs

—

2,014,193

740,350

Purchase of capped calls

—

(68,850

)

Proceeds from termination of capped calls

—

62,683

Proceeds from the exercise of stock options

374

—

374

12,798

Repurchases of Class A non-voting common stock

(250,293

)

—

(750,866

)

(311,069

)

Deferred payments for acquisitions

(5,000

)

—

(72,539

)

(3,695

)

Repurchases of convertible notes

—

(1,994,550

)

(859,042

)

Repayment of convertible notes

—

(36,240

)

—

Other

(1,599

)

—

(8,497

)

(1,799

)

Net cash provided by (used in) financing activities

(256,518

)

—

(848,125

)

(428,624

)

Change in cash, cash equivalents, and restricted cash

75,898

81,841

(18,837

)

(732,228

)

Cash, cash equivalents, and restricted cash, beginning of period

955,499

968,393

1,050,234

1,782,462

Cash, cash equivalents, and restricted cash, end of period

1,031,397

1,050,234

1,031,397

1,050,234

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Revenue

1,716,461

1,557,283

5,931,447

5,361,398

Costs and expenses:

Cost of revenue

702,443

671,660

2,669,575

2,474,237

Research and development

472,693

422,937

1,793,601

1,691,683

Sales and marketing

249,280

248,214

1,021,305

1,063,675

General and administrative

242,328

241,349

979,133

919,097

Total costs and expenses

1,666,744

1,584,160

6,463,614

6,148,692

Operating income (loss)

49,717

(26,877

)

(532,167

)

(787,294

)

Interest income

31,687

38,573

134,159

153,466

Interest expense

(36,498

)

(5,813

)

(121,998

)

(21,552

)

Other income (expense), net

(6,946

)

8,382

68,870

(16,846

)

Income (loss) before income taxes

37,960

14,265

(451,136

)

(672,226

)

Income tax benefit (expense)

7,249

(5,164

)

(9,353

)

(25,630

)

Net income (loss)

45,209

9,101

(460,489

)

(697,856

)

Net income (loss) per share attributable to Class A, Class B, and Class C common stockholders:

Basic

0.03

0.01

(0.27

)

(0.42

)

Diluted

0.03

0.01

(0.27

)

(0.42

)

Weighted average shares used in computation of net income (loss) per share:

Basic

1,710,465

1,681,160

1,694,598

1,659,147

Diluted

1,720,347

1,717,119

1,694,598

1,659,147

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

December 31,

2025

December 31,

2024

(unaudited)

Assets

Current assets

Cash and cash equivalents

1,030,435

1,046,534

Marketable securities

1,910,137

2,329,745

Accounts receivable, net of allowance

1,372,237

1,348,472

Prepaid expenses and other current assets

272,065

182,006

Total current assets

4,584,874

4,906,757

Property and equipment, net

578,075

489,088

Operating lease right-of-use assets

506,216

530,441

Intangible assets, net

66,613

86,363

Goodwill

1,720,769

1,689,785

Other assets

221,255

233,914

Total assets

7,677,802

7,936,348

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

219,793

173,197

Operating lease liabilities

48,479

24,885

Accrued expenses and other current liabilities

971,627

1,009,254

Short-term debt, net

46,969

36,212

Total current liabilities

1,286,868

1,243,548

Long-term debt, net

3,489,860

3,607,717

Operating lease liabilities, noncurrent

557,823

575,082

Other liabilities

61,756

59,240

Total liabilities

5,396,307

5,485,587

Commitments and contingencies

Stockholders’ equity

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,502,073 shares issued, 1,457,403 shares outstanding as of December 31, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding as of December 31, 2024.

Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding as of December 31, 2025 and December 31, 2024.

—

Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding as of December 31, 2025 and December 31, 2024.

Treasury stock, at cost. 44,670 and 47,222 shares of Class A non-voting common stock as of December 31, 2025 and December 31, 2024, respectively.

(435,722

)

(460,620

)

Additional paid-in capital

16,637,324

15,644,132

Accumulated deficit

(13,946,816

)

(12,735,461

)

Accumulated other comprehensive income (loss)

26,692

2,694

Total stockholders’ equity

2,281,495

2,450,761

Total liabilities and stockholders’ equity

7,677,802

7,936,348

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Free Cash Flow reconciliation:

Net cash provided by (used in) operating activities

269,578

230,633

656,170

413,480

Less:

Purchases of property and equipment

(64,022

)

(48,275

)

(218,981

)

(194,826

)

Free Cash Flow

205,556

182,358

437,189

218,654

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Adjusted EBITDA reconciliation:

Net income (loss)

45,209

9,101

(460,489

)

(697,856

)

Add (deduct):

Interest income

(31,687

)

(38,573

)

(134,159

)

(153,466

)

Interest expense

36,498

5,813

121,998

21,552

Other (income) expense, net

6,946

(8,382

)

(68,870

)

16,846

Income tax (benefit) expense

(7,249

)

5,164

9,353

25,630

Depreciation and amortization

43,381

39,581

163,633

154,459

Stock-based compensation expense

257,238

257,731

1,016,825

1,031,621

Payroll and other tax expense related to stock-based compensation

7,410

5,572

41,188

37,768

Restructuring charges (1)

—

72,051

Adjusted EBITDA

357,746

276,007

689,479

508,605

(1)

Restructuring charges during 2024 primarily include $70.2 million of cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. These charges are not reflective of underlying trends in our business.

Total depreciation and amortization expense by function:

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Depreciation and amortization expense (1):

Cost of revenue

1,818

1,123

5,759

6,110

Research and development

26,568

24,351

101,531

99,656

Sales and marketing

5,945

5,333

21,363

19,947

General and administrative

9,050

8,774

34,980

32,361

Total

43,381

39,581

163,633

158,074

(1)

Depreciation and amortization expense for the year ended December 31, 2024 includes restructuring charges.

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(in thousands, except per share amounts, unaudited)

Total stock-based compensation expense by function:

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Stock-based compensation expense (1):

Cost of revenue

2,009

1,626

7,426

6,034

Research and development

185,456

165,330

680,602

683,830

Sales and marketing

43,627

56,463

198,013

216,672

General and administrative

26,146

34,312

130,784

134,487

Total

257,238

257,731

1,016,825

1,041,023

(1)

Stock-based compensation expense for the year ended December 31, 2024 includes restructuring charges.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

(dollars and shares in thousands, except per user amounts, unaudited)

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

(NM = Not Meaningful)

Cash Flows and Shares

Net cash provided by (used in) operating activities

115,872

230,633

151,610

88,494

146,488

269,578

Net cash provided by (used in) operating activities - YoY (year-over-year)

514

Net cash provided by (used in) operating activities - TTM (trailing twelve months)

347,421

413,480

476,738

586,609

617,225

656,170

Purchases of property and equipment

(44,041

)

(48,275

)

(37,214

)

(64,701

)

(53,044

)

(64,022

)

Purchases of property and equipment - YoY

(40

(10

(26

Purchases of property and equipment - TTM

(200,270

)

(194,826

)

(181,592

)

(194,231

)

(203,234

)

(218,981

)

Free Cash Flow

71,831

182,358

114,396

23,793

93,444

205,556

Free Cash Flow - YoY

218

202

132

Free Cash Flow - TTM

147,151

218,654

295,146

392,378

413,991

437,189

Common shares outstanding

1,672,212

1,690,645

1,686,678

1,682,350

1,710,909

1,711,554

Common shares outstanding - YoY

Shares underlying stock-based awards

132,783

135,036

136,044

144,011

150,460

168,060

Shares underlying stock-based awards - YoY

(14

(15

—

Total common shares outstanding plus shares underlying stock-based awards

1,804,995

1,825,681

1,822,722

1,826,361

1,861,369

1,879,614

Total common shares outstanding plus shares underlying stock-based awards - YoY

Results of Operations

Revenue

1,372,574

1,557,283

1,363,217

1,344,930

1,506,839

1,716,461

Revenue - YoY

Revenue - TTM

5,165,402

5,361,398

5,529,842

5,638,004

5,772,269

5,931,447

Revenue by region (1)

North America

857,621

968,943

831,691

820,600

897,814

1,025,498

North America - YoY

North America - TTM

3,267,854

3,337,255

3,425,815

3,478,855

3,519,048

3,575,603

Europe

248,902

287,031

224,015

265,343

297,950

341,134

Europe - YoY

Europe - TTM

912,834

961,612

989,783

1,025,291

1,074,339

1,128,442

Rest of World

266,051

301,309

307,511

258,987

311,075

349,829

Rest of World - YoY

Rest of World - TTM

984,714

1,062,531

1,114,244

1,133,858

1,178,882

1,227,402

Operating income (loss)

(173,210

)

(26,877

)

(193,846

)

(259,676

)

(128,362

)

49,717

Operating income (loss) - YoY

285

Operating income (loss) - Margin

(13

(14

(19

Operating income (loss) - TTM

(1,009,130

)

(787,294

)

(647,908

)

(653,609

)

(608,761

)

(532,167

)

Net income (loss)

(153,247

)

9,101

(139,587

)

(262,570

)

(103,541

)

45,209

Net income (loss) - YoY

104

397

Net income (loss) - Margin

(11

(10

(20

Net income (loss) - TTM

(955,204

)

(697,856

)

(532,353

)

(546,303

)

(496,597

)

(460,489

)

Adjusted EBITDA

131,962

276,007

108,425

41,270

182,038

357,746

Adjusted EBITDA - YoY

229

137

(25

Adjusted EBITDA - Margin (2)

Adjusted EBITDA - TTM

391,747

508,605

571,371

557,664

607,740

689,479

(1)

Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.

(2)

We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

(dollars and shares in thousands, except per user amounts, unaudited)

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Other

DAU (in millions) (1)

443

453

460

469

477

474

DAU - YoY (2)

DAU by region (in millions)

North America

100

North America - YoY

—

Europe

100

Europe - YoY

Rest of World

244

254

262

271

280

282

Rest of World - YoY

MAU (in millions)

883

895

913

932

943

946

MAU - YoY (2)

ARPU

3.10

3.44

2.96

2.87

3.16

3.62

ARPU - YoY

—

ARPU by region

North America

8.54

9.73

8.41

8.33

9.20

10.88

North America - YoY

Europe

2.52

2.89

2.26

2.65

2.99

3.47

Europe - YoY

Rest of World

1.09

1.19

1.17

0.96

1.11

1.24

Rest of World - YoY

Employees (full-time; excludes part-time, contractors, and temporary personnel)

4,800

4,911

5,061

5,206

5,194

5,261

Employees - YoY

(11

Depreciation and amortization expense

Cost of revenue

965

1,123

1,420

1,505

1,016

1,818

Research and development

24,798

24,351

22,987

24,849

27,127

26,568

Sales and marketing

4,953

5,333

4,823

5,108

5,487

5,945

General and administrative

8,134

8,774

8,485

8,561

8,884

9,050

Total

38,850

39,581

37,715

40,023

42,514

43,381

Depreciation and amortization expense - YoY

(24

(10

Stock-based compensation expense

Cost of revenue

1,333

1,626

1,434

1,656

2,327

2,009

Research and development

172,516

165,330

156,688

166,809

171,649

185,456

Sales and marketing

53,345

56,463

54,440

48,710

51,236

43,627

General and administrative

33,035

34,312

34,776

34,711

35,151

26,146

Total

260,229

257,731

247,338

251,886

260,363

257,238

Stock-based compensation expense - YoY

(27

(23

—

(1)

Numbers may not foot due to rounding.

(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 measurement period. For additional information concerning these refinements, see the “Note Regarding User Metrics and Other Data” in our Quarterly Report filed on Form 10-Q for the first quarter of 2025. As a result of such refinements, our DAUs and MAUs may not be directly comparable to those in prior periods.