Snap Inc.
SNAP Communication Services Internet Content & Information
Snap Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 10.6% from fiscal 2024. In the quarter to June 2026, revenue grew 18.9%, EPS grew 37.5%, free cash flow grew 406.6% and total debt fell 1.16%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Snap Inc. (SNAP) Beneish M-score
Snap Inc.'s Beneish M-score for fiscal 2025 is −3.12; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.12 | (0.09) |
| FY2024 | −3.03 | 0.15 |
| FY2023 | −3.19 | 0.40 |
| FY2022 | −3.59 | (1.18) |
| FY2021 | −2.41 | 0.48 |
| FY2020 | −2.90 | 0.91 |
| FY2019 | −3.81 | (0.47) |
| FY2018 | −3.34 | 3.53 |
| FY2017 | −6.87 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.15) | — | −0.68 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.12 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PINS Pinterest, Inc. compare | −3.5× |
| BILI Bilibili Inc. Sponsored ADR compare | −3.2× |
| SNAP Snap Inc. | −3.1× |
| MTCH Match Group Inc. compare | −3.0× |
| BZ KANZHUN LIMITED Sponsored ADR compare | −2.9× |
| Z Zillow Group, Inc. compare | −2.3× |
| ZG Zillow Group, Inc. compare | −2.3× |
| TME Tencent Music Entertainment Group Sponsored ADR compare | −2.2× |
| BIDU Baidu, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI