14 Years at Snap Inc.

The Crucible Moment Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that! — Lewis Carroll, Through the Looking-Glass Dear Team, After starting the year with considerable momentum, we stumbled in Q2, with ad revenue growth slowing to just 4% year-over-year. Fortunately, the year isn’t over yet. We have an enormous opportunity to re-establish momentum and enter 2026 prepared for the most consequential year yet in the life of Snap Inc. We’re poised to reach one billion Snapchatters, introduce Specs to the world, and generate record revenues diversified across direct revenue (meaning in-app purchase and subscriptions) as well as advertising. The cutoff for inclusion in the Fortune 500 was $7.4 billion in revenue in 2025, and with analyst estimates suggesting Snap could reach nearly $6 billion in revenue in 2025, we’re not far from achieving Fortune 500 status. In short, there’s a lot for us to look forward to. Snap operates in one of the most competitive industries in the world. Our largest competitors are worth trillions, invest hundreds of billions in capital each year
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