Snap has again pinned its next phase of growth on SPECS, the $2,195 augmented reality glasses launching September 16. Co-founder and chief executive Evan Spiegel restated that commitment alongside second-quarter results, and what underwrites it is less the revenue growth rate than the cash. Revenue rose 19% to $1,598.99 million from $1,344.93 million a year earlier, while adjusted EBITDA climbed from $41.27 million to $249.62 million and free cash flow from $23.79 million to $120.54 million over the same period. A cost base lowered by April’s layoffs and the shift to an AI-enabled operating model met recovering spend from larger North American advertisers and growth in subscription-led direct revenue.
Jung Han
In the earnings release Spiegel said the quarter reflects progress in strengthening the core business and building a more durable financial foundation. The company grew revenue 19%, expanded margins and generated positive free cash flow while improving advertising performance and rapidly growing its direct revenue business. He added that Snap remains focused on serving its 971 million monthly active users, delivering measurable value for advertisers, and investing with discipline to increase free cash flow per share over time.
Snap co-founder and CEO Evan Spiegel unveiling SPECS during the AWE 2026 keynote “Making Computing More Human” on June 16, 2026. / Screen capture from Snap’s YouTube video “Introducing SPECS at AWE”
Q2 financial results
US dollars, three months ended June 30, 2026, versus the prior year
For the first six months, revenue reached $3,127.78 million, up 15%, and the net loss narrowed to $252.91 million from $402.16 million. Adjusted EBITDA rose 223% to $482.95 million and free cash flow rose 194% to $406.55 million. Shares outstanding held at 1,682 million, unchanged from a year earlier — which lines up with the free cash flow per share goal Spiegel set out.
Adjusted EBITDA is a non-GAAP measure. The company said restructuring charges of $128.5 million, included in the consolidated statement of operations for both the three and six months ended June 30, 2026, were excluded from it. The accounting cost of April’s layoffs does not sit inside that figure.