Camera-first social: Snapchat DAUs (474M Q4’25) and MAUs (946M) create Gen-Z attention; advertising (~$5.2B / ~87% of FY’25 revenue) is the primary take; Snapchat+ / Lens+ / Platinum and related direct revenue passed a $1B annualized run rate with >25M subscribers (Feb’26); AR Lenses (~8B uses/day) plus Specs (Snap OS) are the long-horizon hardware/platform bet — FY’25 revenue $5.93B, Adj. EBITDA $689M, FCF $437M.
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Snap Inc. — and how it connects to the others.
Static handout preview — use Downloads in the top bar for PDF, PNG, poster HTML, or the research brief. The interactive canvas above is the primary experience.
