Snap Inc

Previous wording

•Daily Active Users, or DAUs, increased 5% year-over-year to 493 million.

Current wording

•Daily Active Users, or DAUs, increased 4% year-over-year to 495 million.

Previous wording

•Average revenue per user, or ARPU, was $3.25, compared to $2.87 in the prior year.

Current wording

•Average revenue per user, or ARPU, was $3.48, compared to $3.16 in the prior year.

Previous wording

•Revenue was $1,599.0 million, compared to $1,344.9 million in the prior year, an increase of 19% year-over-year.

Current wording

•Revenue was $1,722.5 million, compared to $1,506.8 million in the prior year, an increase of 14% year-over-year.

Previous wording

•Total costs and expenses were $1,769.7 million, compared to $1,604.6 million in the prior year.

Current wording

•Total costs and expenses were $1,645.8 million, compared to $1,635.2 million in the prior year.

Previous wording

•Dilutednet loss per share was$(0.10), compared to$(0.16) in the prior year.

Current wording

•Dilutednet income (loss) per share was$0.03, compared to$(0.06) in the prior year.

Previous wording

•Cash, cash equivalents, and marketable securities were $2.7 billion as of June 30, 2026.

Current wording

•Cash, cash equivalents, and marketable securities were $2.8 billion as of September 30, 2026.

Previous wording

We periodically make changes to our business and priorities. In recent years, our focus has been on three strategic priorities: growing our community and deepening their engagement with our products, accelerating and diversifying our revenue growth, and investing in the future of augmented reality, including our investments in SPECS. We believe that we can be successful in our current operating environment, with various macroeconomic factors and geo-political events and conflicts impacting our business, by rigorously prioritizing our investments and continuing to engage our community with our products while driving success for our advertising partners. In connection with these efforts, we have undertaken restructuring initiatives to further align our cost structure and investments with our strategic priorities, which may continue to affect our operations and financial results.

Current wording

We periodically make changes to our business and priorities. In recent years, our focus has been on three strategic priorities: growing our community and deepening their engagement with our products, accelerating and diversifying our revenue growth, and investing in the future of augmented reality, including our investments in SPECS AR glasses. We believe that we can be successful in our current operating environment, with various macroeconomic factors and geo-political events and conflicts impacting our business, by rigorously prioritizing our investments and continuing to engage our community with our products while driving success for our advertising partners. In connection with these efforts, we have undertaken restructuring initiatives to further align our cost structure and investments with our strategic priorities, which may continue to affect our operations and financial results.

Previous wording

We define a DAU as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We define ARPU as quarterly revenue divided by the average DAUs. We assess the health of our business by measuring DAUs and ARPU because we believe that these metrics are important ways for both management and investors to understand engagement and monitor the performance of our platform. We also measure ARPU because we believe that this metric helps our management and investors to assess the extent to which we are monetizing our service. However, as our business and the way users engage with our platform evolve, we periodically review the metrics we use to evaluate our performance, including metrics broken out by geography, and may refine, change, or remove these metrics in the future in connection with changes to our products, our business, or how management believes we can best monitor engagement with and performance of our platform.

Current wording

We assess the health of our business by measuring MAUs, DAUs, and ARPU because we believe that these metrics are important ways for both management and investors to understand engagement and monitor the performance of our platform. We also measure ARPU because we believe that this metric helps our management and investors to assess the extent to which we are monetizing our service. However, as our business and the way users engage with our platform evolve, we periodically review the metrics we use to evaluate our performance, including metrics broken out by geography, and may refine, change, or remove these metrics in the future in connection with changes to our products, our business, or how management believes we can best monitor engagement with and performance of our platform.

Previous wording

We recorded revenue of $1,599.0 million for the three months ended June 30, 2026, compared to revenue of $1,344.9 million for the same period in 2025, an increase of 19% year-over-year. We monetize our business primarily through advertising and to a lesser extent through other revenue.

Current wording

We recorded revenue of $1,722.5 million for the three months ended September 30, 2026, compared to revenue of $1,506.8 million for the same period in 2025, an increase of 14% year-over-year. We monetize our business primarily through advertising and to a lesser extent through other revenue.

Previous wording

We measure our business using ARPU because it helps us understand the rate at which we are monetizing our daily user base. ARPU was $3.25 in the second quarter of 2026, compared to $2.87 in the second quarter of 2025. For purposes of calculating ARPU, we attribute revenue to regions based on our estimate of where revenue-generating activities occur, which is generally determined by the billing address of the customer. For advertising revenue, we allocate revenue based on the geographic location where advertising impressions are delivered, as this approximates revenue based on user activity. This differs from the presentation of our revenue by geography in the notes to our consolidated financial statements, where all revenue is based on the billing address of the customer.

Current wording

We measure our business using ARPU because it helps us understand the rate at which we are monetizing our daily user base. ARPU was $3.48 in the third quarter of 2026, compared to $3.16 in the third quarter of 2025. For purposes of calculating ARPU, we attribute revenue to regions based on our estimate of where revenue-generating activities occur, which is generally determined by the billing address of the customer. For advertising revenue, we allocate revenue based on the geographic location where advertising impressions are delivered, as this approximates revenue based on user activity. This differs from the presentation of our revenue by geography in the notes to our consolidated financial statements, where all revenue is based on the billing address of the customer.

Previous wording

We define Adjusted EBITDA as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We consider the exclusion of these items in calculating Adjusted EBITDA to provide a useful measure for period-to-period comparisons of our business and for investors and others to evaluate our operating results in the same manner as does our management. See “Non-GAAP Financial Measures” for additional information and a reconciliation of net loss to Adjusted EBITDA.

Current wording

We define Adjusted EBITDA as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We consider the exclusion of these items in calculating Adjusted EBITDA to provide a useful measure for period-to-period comparisons of our business and for investors and others to evaluate our operating results in the same manner as does our management. See “Non-GAAP Financial Measures” for additional information and a reconciliation of net income (loss) to Adjusted EBITDA.

Previous wording

(3)See “Non-GAAP Financial Measures” for more information and for a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP.

Current wording

(3)See “Non-GAAP Financial Measures” for more information and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

Previous wording

Research and development expenses for the three and six months ended June 30, 2026 increased $98.8 million and $152.9 million, respectively, compared to the same periods in 2025. The increase in both periods was primarily due to investments in product development and restructuring charges of $48.5 million in the current period.

Current wording

Research and development expenses for the three and nine months ended September 30, 2026 increased $24.3 million and $177.2 million, respectively, compared to the same periods in 2025. The increase in both periods was primarily due to investments in product development. The increase for the nine months ended September 30, 2026 was also driven by restructuring charges of $48.5 million primarily recognized in the second quarter of 2026.

Previous wording

Sales and marketing expenses for the three and six months ended June 30, 2026 increased $40.5 million and $21.6 million, respectively, compared to the same periods in 2025. The increase in both periods was driven by higher advertising costs and restructuring charges of $29.4 million in the current period, partially offset by lower stock-based compensation expenses due to lower headcount compared to the prior period and lower spend on community growth marketing.

Current wording

Sales and marketing expenses for the three and nine months ended September 30, 2026 increased $41.8 million and $63.4 million, respectively, compared to the same periods in 2025. The increase in both periods was primarily driven by higher advertising and marketing event costs. The increase for the nine months ended September 30, 2026 was also driven by restructuring charges of $29.4 million primarily recognized in the second quarter of 2026.

Previous wording

General and administrative expenses for the three months ended June 30, 2026 increased $11.2 million compared to the same period in 2025. The increase was primarily driven by restructuring charges of $42.0 million in the current period, partially offset by lower employee compensation and stock-based compensation expenses due to lower headcount compared to the prior year. General and administrative expenses for the six months ended June 30, 2026 decreased $3.4 million compared to the same period in 2025. The decrease was primarily driven by lower employee compensation and stock-based compensation expenses due to lower headcount compared to the prior year as well as lower spend on external professional services, partially offset by restructuring charges of $42.0 million in the current period.

Current wording

General and administrative expenses for the three and nine months ended September 30, 2026 decreased $30.7 million and $34.1 million, respectively, compared to the same periods in 2025. The decrease in both periods was primarily driven by lower employee compensation and stock-based compensation expenses due to reduced headcount compared to the prior year. The decrease for the nine months ended September 30, 2026 was partially offset by restructuring charges of $42.0 million primarily recognized in the second quarter of 2026.

Previous wording

Interest income for the three and six months ended June 30, 2026 decreased $8.5 million and $19.1 million, respectively, compared to the same periods in 2025. The decrease in both periods was primarily driven by decreased investments in marketable debt securities and lower interest rates.

Current wording

Interest income for the three and nine months ended September 30, 2026 decreased $5.4 million and $24.5 million, respectively, compared to the same periods in 2025. The decrease in both periods was primarily driven by decreased investments in marketable debt securities and lower interest rates.

Previous wording

Interest expense for the three and six months ended June 30, 2026 increased $9.3 million and $22.7 million, respectively, compared to the same periods in 2025. The increase in both periods was primarily driven by additional interest expense on our 2034 Notes which were issued in August 2025 and which are discussed within Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report.

Current wording

Interest expense for the three and nine months ended September 30, 2026 increased $2.8 million and $25.5 million, respectively, compared to the same periods in 2025. The increase in both periods was primarily driven by additional interest expense on our 2034 Notes which were issued in August 2025 and which are discussed within Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report.

Previous wording

Other income, net for the three and six months ended June 30, 2026 consist of non-operating income as well as foreign currency remeasurement gains and losses.

Current wording

Other income (expense), net for the three and nine months ended September 30, 2026 consists of non-operating income as well as foreign currency remeasurement gains and losses.

Previous wording

Other expense, net for the three months ended June 30, 2025 was not material. Other income, net for the six months ended June 30, 2025 was primarily driven by a $66.9 million gain on extinguishment associated with the February 2025 Note Repurchases, which is discussed within Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report, partially offset by $12.8 million in net losses on strategic investments.

Current wording

Other income, net for the three months ended September 30, 2025 was primarily driven by a $29.8 million gain on extinguishment associated with the August 2025 Note Repurchases, which is discussed within Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report. Other income, net for the nine months ended September 30, 2025 was primarily driven by a $96.7 million gain on extinguishment associated with the 2025 Note Repurchases, which is discussed within Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report, partially offset by $12.2 million in net losses on strategic investments.

Previous wording

Income tax expense for the three and six months ended June 30, 2026 was $2.5 million and $5.7 million, respectively, compared to an income tax expense of $7.7 million and $16.1 million, respectively, for the same periods in 2025. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized.

Current wording

Income tax expense for the three and nine months ended September 30, 2026 was $9.8 million and $15.4 million, respectively, compared to an income tax expense of $0.5 million and $16.6 million, respectively, for the same periods in 2025. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized.

Previous wording

Net Loss and Adjusted EBITDA

Current wording

Net Income (Loss) and Adjusted EBITDA

Previous wording

Net loss for the three and six months ended June 30, 2026 was $164.0 million and $252.9 million, respectively, compared to $262.6 million and $402.2 million, respectively, for the same periods in 2025. The fluctuation in net loss was primarily the result of the changes in revenues and expenses discussed above.

Current wording

Net income for the three months ended September 30, 2026 was $56.5 million, compared to a net loss of $103.5 million for the same period in 2025. Net loss for the nine months ended September 30, 2026 was $196.4 million, compared to $505.7 million for the same period in 2025. The fluctuation in net income (loss) was primarily the result of the changes in revenues and expenses discussed above.

Previous wording

Adjusted EBITDA for the three and six months ended June 30, 2026 was $249.6 million and $482.9 million, respectively, compared to $41.3 million and $149.7 million, respectively, for the same periods in 2025. The increase for both periods was primarily attributable to increased revenue offset by higher cost of revenue, higher research and development expenses, and higher sales and marketing expenses.

Current wording

Adjusted EBITDA for the three and nine months ended September 30, 2026 was $382.6 million and $865.6 million, respectively, compared to $182.0 million and $331.7 million, respectively, for the same periods in 2025. The increase for both periods was primarily attributable to increased revenue and lower general and administrative expenses, partially offset by higher research and development expenses and higher sales and marketing expenses.

Previous wording

For a discussion of the limitations associated with using Adjusted EBITDA rather than GAAP measures and a reconciliation of this measure to net loss, see “Non-GAAP Financial Measures.”

Current wording

For a discussion of the limitations associated with using Adjusted EBITDA rather than GAAP measures and a reconciliation of this measure to net income (loss), see “Non-GAAP Financial Measures.”

Previous wording

Cash, cash equivalents, and marketable securities were $2.7 billion as of June 30, 2026, primarily consisting of cash on deposit with banks and highly liquid investments in U.S. government securities, money market funds, corporate debt securities, and publicly traded equity securities. Our primary source of liquidity is cash generated through operating cash flows as well as financing activities. Our primary uses of cash include operating costs such as personnel-related costs and the infrastructure costs of the Snapchat application, facility-related capital spending, and acquisitions and investments. There are no known material subsequent events that could have a material impact on our cash or liquidity, except as disclosed herein. We may contemplate and engage in merger and acquisition activity that could materially impact our liquidity and capital resource position.

Current wording

Cash, cash equivalents, and marketable securities were $2.8 billion as of September 30, 2026, primarily consisting of cash on deposit with banks and highly liquid investments in U.S. government securities, money market funds, corporate debt securities, and publicly traded equity securities. Our primary source of liquidity is cash generated through operating cash flows as well as financing activities. Our primary uses of cash include operating costs such as personnel-related costs, the infrastructure costs of the Snapchat application, facility-related capital spending, and acquisitions and investments. There are no known material subsequent events that could have a material impact on our cash or liquidity, except as disclosed herein. We may contemplate and engage in merger and acquisition activity that could materially impact our liquidity and capital resource position.

Previous wording

As of June 30, 2026, approximately 9% of our cash, cash equivalents, and marketable securities was held by our foreign subsidiaries, primarily in the United Kingdom. Cash held by our foreign subsidiaries is utilized to fund our foreign operations and may be repatriated, subject to certain limitations. Upon repatriation, these funds would be available to fund our domestic operations, but repatriation may result in additional tax liabilities. We maintain substantially all of our cash, cash equivalents, and marketable securities in accounts with major United States and multi-national financial institutions. We believe our existing cash balance in the United States is sufficient to fund our working capital needs.

Current wording

As of September 30, 2026, approximately 11% of our cash, cash equivalents, and marketable securities was held by our foreign subsidiaries, primarily in the United Kingdom. Cash held by our foreign subsidiaries is utilized to fund our foreign operations and may be repatriated, subject to certain limitations. Upon repatriation, these funds would be available to fund our domestic operations, but repatriation may result in additional tax liabilities. We maintain substantially all of our cash, cash equivalents, and marketable securities in accounts with major United States and multi-national financial institutions. We believe our existing cash balance in the United States is sufficient to fund our working capital needs.

Previous wording

As of June 30, 2026, we had $1.05 billion under our revolving credit facility (the “Credit Facility”), of which $250.0 million expires in May 2027 and $800.0 million expires in February 2030. The interest rates for the Credit Facility are determined based on a formula using certain market rates, as described in Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report. The Credit Facility also contains an annual commitment fee of 0.10%on the daily undrawn balance of the facility. As of June 30, 2026, we had $97.1 million in the form of outstanding standby letters of credit, with no amounts outstanding under the Credit Facility.

Current wording

As of September 30, 2026, we had $1.05 billion under our revolving credit facility (the “Credit Facility”), of which $250.0 million expires in May 2027 and $800.0 million expires in February 2030. The interest rates for the Credit Facility are determined based on a formula using certain market rates, as described in Note 7 to our consolidated financial statements included elsewhere in this Quarterly Report. The Credit Facility also contains an annual commitment fee of 0.10%on the daily undrawn balance of the facility. As of September 30, 2026, we had $111.4 million in the form of outstanding standby letters of credit, with no amounts outstanding under the Credit Facility.

Previous wording

As of June 30, 2026, we had outstanding debt in the form of Senior Notes and Convertible Notes for an aggregate principal amount of $3.5 billion, which mature between 2026 and 2034. Short-term and long-term future interest payment obligations as of June 30, 2026 were $145.5 million and $895.2 million, respectively.

Current wording

As of September 30, 2026, we had outstanding debt in the form of Senior Notes and Convertible Notes for an aggregate principal amount of $3.4 billion, which mature between 2027 and 2034. Short-term and long-term future interest payment obligations as of September 30, 2026 were $145.3 million and $824.5 million, respectively.

Previous wording

Under certain circumstances, holders of the outstanding Convertible Notes may convert all or a portion of their notes prior to the applicable maturity date. Upon conversion, the notes may be settled in cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election. As of June 30, 2026 the Convertible Notes will not be eligible for optional conversion during the third quarter of 2026. The outstanding balance of the 2026 Notes was repaid in accordance with its contractual terms.

Current wording

Under certain circumstances, holders of the outstanding Convertible Notes may convert all or a portion of their notes prior to the applicable maturity date. Upon conversion, the notes may be settled in cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election. As of September 30, 2026 the Convertible Notes will not be eligible for optional conversion during the fourth quarter of 2026. The outstanding balance of the 2026 Notes was repaid in accordance with its contractual terms.

Previous wording

We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, and other computing services, as well as lease, content and developer partner, and other commitments. We had $2.6 billion in commitments as of June 30, 2026, primarily due within two years. For additional discussion on our leases, see Note 9 to our consolidated financial statements included elsewhere in this Quarterly Report.

Current wording

We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, and other computing services, as well as lease, content and developer partner, and other commitments. We had $2.6 billion in commitments as of September 30, 2026, largely due within three years. For additional discussion on our leases, see Note 9 to our consolidated financial statements included elsewhere in this Quarterly Report.

Previous wording

In November 2025 and February 2026, our board of directors authorized two stock repurchase programs for the repurchase of up to $500.0 million of our Class A common stock under each program. During the six months ended June 30, 2026, we repurchased and retired a total of 98.5 million shares of our Class A common stock for $601.0 million, including costs associated with the repurchases. We completed the November 2025 program in January 2026, and the remaining availability under the February 2026 program as of June 30, 2026 was $150.0 million. Repurchases of Class A common stock from the remaining availability may be made from time to time and will be funded from existing cash and cash equivalents. Repurchases have been authorized through February 2027 but the program may be modified, suspended, or terminated at any time during the program.

Current wording

In November 2025 and February 2026, our board of directors authorized two stock repurchase programs for the repurchase of up to $500.0 million of our Class A common stock under each program. During the nine months ended September 30, 2026, we repurchased and retired a total of 98.5 million shares of our Class A common stock for $601.0 million, including costs associated with the repurchases. We completed the November 2025 program in January 2026, and the remaining availability under the February 2026 program as of September 30, 2026 was $150.0 million. Repurchases of Class A common stock from the remaining availability may be made from time to time and will be funded from existing cash and cash equivalents. Repurchases have been authorized through February 2027 but the program may be modified, suspended, or terminated at any time during the program.

Previous wording

We are involved in claims, lawsuits, tax matters, government investigations, and proceedings arising in the ordinary course of our business. We record a provision for a liability when we believe that it is both probable that a liability has been incurred and the amount can be reasonably estimated. We also disclose material contingencies when we believe that a loss is not probable but reasonably possible. Significant judgment is required to determine both probability and the estimated amount. Such claims, suits, and proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Many of these legal and tax contingencies can take years to resolve. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows.

Current wording

We are involved in claims, lawsuits, tax matters, government investigations, and proceedings arising in the ordinary course of our business. We record a provision for a liability when we believe that it is both probable that a liability has been incurred and the amount can be reasonably estimated. We also disclose material contingencies when we believe that a loss is not probable but reasonably possible. Significant judgment is required to determine both probability and the estimated amount. Such claims, suits, and proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Many of these legal and tax contingencies can take years to resolve. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows. For additional discussion on our pending legal proceedings, see Note 8 to our consolidated financial statements included elsewhere in this Quarterly Report.

Previous wording

The following table sets forth the major components of our consolidated statements of cash flows for the six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth the major components of our consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025:

Previous wording

(1)For information on how we define and calculate Free Cash Flow and a reconciliation to net cash provided by (used in) operating activities to Free Cash Flow, see “Non-GAAP Financial Measures.”

Current wording

(1)For information on how we define and calculate Free Cash Flow and a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow, see “Non-GAAP Financial Measures.”

Previous wording

Net cash provided by operating activities was $503.0 million for the six months ended June 30, 2026, compared to $240.1 million for the same period in 2025, resulting primarily from our net loss, adjusted for non-cash items, including stock-based compensation expense of $513.2 million, and depreciation and amortization expense of $91.6 million. Net cash provided by operating activities was also driven by a $107.0 million decrease in accounts receivable, primarily due to the timing of collections.

Current wording

Net cash provided by operating activities was $713.5 million for the nine months ended September 30, 2026, compared to $386.6 million for the same period in 2025, resulting primarily from our net income (loss), adjusted for non-cash items, including stock-based compensation expense of $768.0 million, and depreciation and amortization expense of $136.3 million. Net cash provided by operating activities was also driven by a $92.7 million decrease in accounts receivable, primarily due to the timing of collections.

Previous wording

Net cash provided by investing activities was $33.1 million for the six months ended June 30, 2026, compared to net cash provided by investing activities of $218.2 million for the same period in 2025. Our investing activities for the six months ended June 30, 2026 primarily consisted of maturities of marketable securities of $429.7 million and sales of marketable securities of $287.5 million, partially offset by purchases of marketable securities of $516.2 million and purchases of property and equipment of $96.4 million. Our investing activities for the six months ended June 30, 2025 primarily consisted of maturities of marketable securities of $565.1 million and sales of marketable securities of $437.2 million, partially offset by purchases of marketable securities of $626.7 million and purchases of property and equipment of $101.9 million.

Current wording

Net cash used in investing activities was $(68.8) million for the nine months ended September 30, 2026, compared to net cash provided by investing activities of $110.3 million for the same period in 2025. Our investing activities for the nine months ended September 30, 2026 primarily consisted of purchases of marketable securities of $796.0 million and purchases of property and equipment of $142.5 million, partially offset by maturities of marketable securities of $638.3 million and sales of marketable securities of $303.8 million. Our investing activities for the nine months ended September 30, 2025 primarily consisted of maturities of marketable securities of $785.3 million and sales of marketable securities of $539.7 million, partially offset by purchases of marketable securities of $1,015.3 million and purchases of property and equipment of $155.0 million.

Previous wording

Net cash used in financing activities was $607.0 million for the six months ended June 30, 2026, compared to net cash used in financing activities of $579.6 million for the same period in 2025. Our financing activities for the sixmonths ended June 30, 2026 primarily consisted of repurchases of our Class A common stock for $601.0 million. Our financing activities for the six months ended June 30, 2025 primarily consisted of the 2025 Note Repurchases for $1.4 billion, repurchases of our Class A common stock for $500.6 million, deferred payments for acquisitions of $67.5 million, and the repayment of the 2025 Notes for $36.2 million, partially offset by the issuance of the 2033 Notes for net proceeds of $1.5 billion.

Current wording

Net cash used in financing activities was $655.3 million for the nine months ended September 30, 2026, compared to net cash used in financing activities of $591.6 million for the same period in 2025. Our financing activities for the nine months ended September 30, 2026 primarily consisted of repurchases of our Class A common stock for $601.0 million and the repayment of the 2026 Notes for $47.0 million. Our financing activities for the nine months ended September 30, 2025 primarily consisted of the 2025 Note Repurchases for $2.0 billion, repurchases of our Class A common stock for $500.6 million, deferred payments for acquisitions of $67.5 million, and the repayment of the 2025 Notes for $36.2 million, partially offset by the issuance of the 2033 Notes and 2034 Notes for net proceeds of $2.0 billion.

Previous wording

Free Cash Flow was $406.5 million for the six months ended June 30, 2026, compared to $138.2 million for the same period in 2025. Free Cash Flow in all periods was composed of net cash provided by operating activities, resulting primarily from net loss, adjusted for non-cash items and changes in working capital. Free Cash Flow also included purchases of property and equipment of $96.4 million for the six months ended June 30, 2026, compared to $101.9 million for the same period in 2025. Purchases of property and equipment in all periods are primarily related to improvements to our leased facilities to support our team workspaces. See “Non-GAAP Financial Measures.”

Current wording

Free Cash Flow was $571.0 million for the nine months ended September 30, 2026, compared to $231.6 million for the same period in 2025. Free Cash Flow in all periods was composed of net cash provided by operating activities, resulting primarily from net income (loss), adjusted for non-cash items and changes in working capital. Free Cash Flow also included purchases of property and equipment of $142.5 million for the nine months ended September 30, 2026, compared to $155.0 million for the same period in 2025. Purchases of property and equipment in all periods are primarily related to improvements to our leased facilities to support our team workspaces. See “Non-GAAP Financial Measures.”

Previous wording

The following table presents a reconciliation of Adjusted EBITDA to net loss, the most comparable GAAP financial measure, for each of the periods presented:

Current wording

The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure, for each of the periods presented:

Previous wording

(1)Restructuring charges primarily include cash severance, stock-based compensation expense, and other charges associated with the restructuring. These charges are not reflective of underlying trends in our business. Refer to Note 14 in our consolidated financial statements.

Current wording

(2)Restructuring charges primarily include cash severance, stock-based compensation expense, depreciation expense and other charges associated with the restructuring. These charges are not reflective of underlying trends in our business. Refer to Note 14 in our consolidated financial statements.