What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-05 compared with 2025-02-05 · 31 added, 30 removed, 178 unchanged (26% of the section changed)

32 unchanged sentences

Here we surface the most entertaining Snaps from our community all in one place, which becomes tailored to each Snapchatter over time based on their preferences and favorites.

The Trending page allows Snapchatters to discover and engage with popular topics and genres.

We are currently testing a new and simplified version of Snapchat referred to as Simple Snapchat, which organizes the tabs into three core experiences focused on communicating with friends, using the camera, and watching entertaining content.

In addition to our core Snapchat product, we offer Snapchat+, our subscription service that provides subscribers access to exclusive, experimental, and pre-release features.

In addition to our core Snapchat product, we offer Snapchat+, Lens+, and Snapchat Platinum, our subscription services that provide subscribers access to exclusive, experimental, and pre-release features.

Snapchat+ offers a variety of features from allowing Snapchatters to customize the look and feel of their app to giving special insights into their friendships.

We also offer Snapchat for Web, a browser-based product that brings Snapchat’s signature capabilities to the web.

Spectacles are our wearable AR glasses, which overlay computing over the world and extend the immersive AR Lenses experience beyond Snapchat.

Lens+ offers all the value of our Snapchat+ subscription in addition to access to hundreds of exclusive Lens and AR experiences, and Snapchat Platinum offers all the benefits of Snapchat+ and Lens+ in addition to an ad-free experience.

We also offer Memories Storage Plans, which provide subscribers with the ability to purchase cloud storage, and Snapchat for Web, a browser-based product that brings Snapchat’s signature capabilities to the web.

Snapchat has evolved into a premier ecosystem where leading companies can connect with our global community in creative and trusted environments.

Our AI platform allows partners to integrate with Snapchat, unlocking a powerful distribution channel that places AI directly in front of our large, engaged, and global community.

Spectacles, or Specs, are our wearable AR glasses, which overlay computing over the world and extend the immersive AR Lenses experience beyond Snapchat.

Spectacles are powered by Snap OS, a new purpose-built operating system with a natural interface that uses your hands and voice without the need for physical controllers.

Spectacles are available to professional and hobbyist developers through our Spectacle Developer Program to create AR experiences through Lens Studio, our free AR development and distribution tool.

Spectacles are available to professional and hobbyist developers through our Spectacles Developer Program to create AR experiences through Lens Studio, our free AR development and distribution tool.

Our Partner Ecosystem

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We seek to reward our partner ecosystem for their creativity, and continue to support them as they grow their audience and build their business on Snapchat.

Developers are able to integrate with Snapchat and its core technologies, like Snap ’ s AR Camera and Bitmoji, through a variety of tools.

Creative Kit gives developers and their communities a seamless sharing experience from their app directly to Snapchat.

Through Camera Kit, our partners can embed Snap’s AR platform directly into their application, extending the use of AR beyond self-expression and communication use cases.

We also provide developers a turnkey suite of tools and services that enable them to create AR Lenses and track the performance of those through analytics.

Finally, developers can bring an inclusive mode of identity and expression to their apps and games with our Bitmoji for Developers APIs.

Developers are able to integrate with Snapchat and its core technologies, like Snap ’ s Camera, AR technology, and Bitmoji, through a variety of tools.

Creative Kit gives developers a seamless visual sharing experience from their app directly to Snapchat.

Through Camera Kit, our partners can embed Snap’s AR technology directly into their application, extending the use of AR beyond Snapchat’s self-expression and communication use cases.

We also provide developers a turnkey suite of tools and services that enable them to create AR Lenses with Lens Studio creation suite.

Finally, developers can bring an inclusive mode of identity and expression to their apps and games by integrating Bitmojis through our Bitmoji for Developers APIs.

AR creators can use Lens Studio, our powerful desktop application designed for creators and developers, to build Lenses and AR experiences for Snapchatters.

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We provide monetizable opportunities through programs like the Snap Lens Network and Spectacles Lens Fund, which provide grants to support AR product development across many industries.

We recognize and reward top performing Lenses through our Lens Creator Rewards program.

We recognize and reward top performing Lenses on Snapchat through our Lens Creator Rewards program.

We also support our content creator community through a number of programs, including advertising revenue sharing on our mid-roll advertisements in Snap Stars ’ Stories and Spotlight.

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• Sponsored Snaps:

Sponsored Snaps allow advertisers to communicate visually with the Snapchat community through sponsored messages within the chat tab.

Sponsored Snaps allow advertisers to communicate visually with the Snapchat community through sponsored messages within the visual messaging tab.

• Promoted Places:

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We work relentlessly and invest deliberately to create and improve products for our community and our partners.

We develop a wide range of products related to visual messaging and storytelling that are powered by a variety of new technologies.

We develop a wide range of products related to augmented reality experiences, visual messaging, and storytelling that are designed to make computing more human and are powered by a variety of new technologies.

Advertising Technology :

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Underlying these values is our commitment to ethical conduct where we work to instill in our team that acting with integrity means being your whole self, being honest, and doing the right thing.

Diversity, Equity, and Inclusion :

Snap has long supported Diversity, Equity and Inclusion, or DEI, so that every team member uses their unique backgrounds, experiences, and abilities to build products that uplift the lived experiences of Snapchatters globally.

To aid in our mission, we publish a Diversity Annual Report that discusses our diversity, equity, and inclusion strategy.

This report outlines our beliefs around the idea that an inclusive workplace and inclusive products are central to achieving that purpose.

This report is excerpted in our broader CitizenSnap Report that details the work we’re doing to support our communities, our planet, and our team, and is available on our website at www.snap.com.

Inclusion and Belonging :

Snap has long supported inclusion and belonging, so that every team member uses their unique backgrounds, experiences, and abilities to build products that uplift the lived experiences of Snapchatters globally.

We publish an annual update that discusses how we inspire empathy, design inclusively, and cultivate belonging, which are central to achieving that purpose.

This update is excerpted in our broader Citizen Snap Report that details the work we’re doing to support our communities, our planet, and our team, and is available on our website at www.snap.com.

Human Capital :

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Our commitment to combating climate change remains unchanged.

In 2021, we adopted a set of science-based emissions reduction targets which were validated by the Science Based Targets Initiative.

Additionally, in 2021, we achieved carbon neutrality with the purchase of carbon offsets for our historical operations from our founding in 2011 through 2020.

Since then, we’ve maintained our carbon-neutral status each year through the purchase of carbon offsets for emissions attributable to us.

We continue to act on our science-based greenhouse gas emissions reduction targets, which were validated by the Science Based Targets initiative in 2021.

We maintain carbon neutrality for our operations through the purchase of verified carbon offsets and renewable energy certificates.

Our Commitment to Privacy

21 unchanged sentences

We compete with other companies in every aspect of our business, particularly with companies that focus on mobile engagement and advertising.

Many of these companies, such as Alphabet (including Google and YouTube), Apple, ByteDance (including TikTok), Meta (including Facebook, Instagram, Threads, and WhatsApp), Pinterest, and X (formerly Twitter), may have greater financial and human resources and, in some cases, larger user bases.

Given the breadth of our product offerings, we also compete with companies that develop products or otherwise operate in the mobile, camera, communication, content, and advertising industries that offer, or will offer, products and services that may compete with Snapchat features or offerings.

Many of these companies, such as Alphabet (including Google and YouTube), Apple, ByteDance (TikTok and affiliated joint ventures), Meta (including Facebook, Instagram, Threads, and WhatsApp), Pinterest, Reddit and X (formerly Twitter), may have greater financial and human resources and, in some cases, larger user bases.

Given the breadth of our product offerings, we also compete with companies that develop products or otherwise operate in the mobile, camera, consumer hardware, communication, content, and advertising industries that offer, or will offer, products and services that may compete with Snapchat features or offerings.

Our competitors span from internet technology companies and digital platforms, to traditional companies in print, radio, and television sectors to underlying technologies like default smartphone cameras and messaging.

10 unchanged sentences

Overall advertising spend tends to be strongest in the fourth quarter of the calendar year, and we have observed a similar pattern in our historical revenue.

We have also experienced seasonality in our user engagement, generally seeing lower engagement during summer months and higher engagement in December.

We have also experienced seasonality in our user engagement, and at times may see lower engagement during summer months and higher engagement in December.

Intellectual Property

Our success depends in part on our ability to protect our intellectual property and proprietary technologies.

To protect our proprietary rights, we rely on a combination of intellectual property rights in the United States and other jurisdictions, including patents, trademarks, copyrights, trade secret laws, license agreements, internal procedures, and contractual provisions.

We also enter into confidentiality and invention assignment agreements with our employees and

contractors and sign confidentiality agreements with third parties.

contractual provisions.

We also enter into confidentiality and invention assignment agreements with our employees and contractors and sign confidentiality agreements with third parties.

Our internal controls are designed to restrict access to proprietary technology.

As of December 31, 2024, we had approximately 4,169 issued patents and approximately 3,263 filed patent applications in the United States and foreign countries relating to our Snapchat, Lens Studio, Spectacles and Snap OS products, augmented reality, AI and machine learning, and other technologies.

As of December 31, 2025, we had approximately 5,927 issued patents and approximately 3,526 filed patent applications in the United States and foreign countries relating to our products and platforms—including Snapchat, Bitmoji, Lens Studio, Spectacles and Snap OS—and proprietary technologies spanning augmented reality, hardware, spatial computing, computer vision, generative AI, machine learning, and other technologies.

Our issued patents will expire between 2026 and 2050.

6 unchanged sentences

Government Regulation

We are subject to many federal, state, local, and foreign laws and regulations, including those related to advertising, algorithms, anti-money laundering, competition, consumer protection, content regulation, data protection, electronic funds transfers, employment, encryption, gift cards, health and safety, import and export restrictions, intellectual property, communication, money transmission, privacy, protection of minors, rights of publicity, and taxation.

We are subject to many federal, state, local, and foreign laws and regulations, including those related to advertising, algorithms, anti-money laundering, artificial intelligence, competition, consumer protection, content regulation, data protection, electronic funds transfers, employment, encryption, gift cards, health and safety, import and export restrictions, intellectual property, communication, money transmission, privacy, protection of minors, rights of publicity, and taxation.

These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that could harm our business.

6 unchanged sentences

The FTC has continued to review our practices and in January 2025, announced the referral of a complaint to the Department of Justice, or the DOJ, pertaining to our deployment of our My AI feature and the allegedly resulting risk of harm to young users.

The DOJ did not take action on the referred complaint within the statutory period, and the matter subsequently returned to the FTC.

To date, the FTC has not taken further action on the complaint, and we have no indication it will do so.

Any enforcement action related to this matter, or any violation of existing or future regulatory orders or consent decrees could subject us to substantial monetary fines and other penalties that could negatively affect our financial condition and results of operations.

14 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business