Meta vs Snap: Revenue, Profit and Business Model
Meta reported $201B of revenue in FY2025 and $60.5B of net income. Snap reported $5.9B of revenue in FY2025 and a net loss of $460.5M.
Latest financial snapshot
Financial summary
Meta
Meta's revenue grew from $116.609B in 2022 to $200.966B in 2025, and net income rose from $23.2B to $60.458B. FY2025 income from operations was $83.276B. In 2026 the story is spending: Q2 2026 costs rose 55% to $42.03B, the operating margin fell to 31% from 43%, and quarterly capex of $31.08B left free cash flow at $784M. Meta had $90.26B of cash and marketable securities and $83.66B of long-term debt at June 30, 2026. It expects 2026 total expenses of $165-169B and still expects 2026 operating income to exceed 2025.
Snap
Snap's revenue grew from $404 million in 2016 to $5.93 billion in 2025. Growth stalled in 2022 and 2023, at $4.60 billion in each year, after Apple's privacy changes and a weak ad market, then picked up to $5.36 billion in 2024 and $5.93 billion in 2025. Net losses shrank from $1.43 billion in 2022 to $697.9 million in 2024 and $460.5 million in 2025. In the first half of 2026, revenue was $3.13 billion, up 15%. The net loss was $252.9 million, compared with $402.2 million a year earlier, and free cash flow was $406.5 million. Q2 2026 included $128.5 million of restructuring charges from the April layoffs.
Revenue and profit by year
Meta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201B | $60.5B | 30.1% | +22.2% | Source |
| FY2024 | $164.5B | $62.4B | 37.9% | +21.9% | Source |
| FY2023 | $134.9B | $39.1B | 29.0% | +15.7% | Source |
| FY2022 | $116.6B | $23.2B | 19.9% | -1.1% | Source |
| FY2021 | $117.9B | $39.4B | 33.4% | +37.2% | Source |
| FY2020 | $86B | $29.1B | 33.9% | +21.6% | Source |
| FY2019 | $70.7B | $18.5B | 26.1% | +26.6% | Source |
| FY2018 | $55.8B | $22.1B | 39.6% | +37.4% | Source |
| FY2017 | $40.7B | $15.9B | 39.2% | +47.1% | Source |
| FY2016 | $27.6B | $10.2B | 37.0% | — | Source |
Snap
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.9B | -$460.5M | -7.8% | +10.6% | Source |
| FY2024 | $5.4B | -$697.9M | -13.0% | +16.4% | Source |
| FY2023 | $4.6B | -$1.3B | -28.7% | +0.1% | Source |
| FY2022 | $4.6B | -$1.4B | -31.1% | +11.8% | Source |
| FY2021 | $4.1B | -$488M | -11.9% | +64.2% | Source |
| FY2020 | $2.5B | -$944.8M | -37.7% | +46.1% | Source |
| FY2019 | $1.7B | -$1B | -60.3% | +45.3% | Source |
| FY2018 | $1.2B | -$1.3B | -106.4% | +43.1% | Source |
| FY2017 | $824.9M | -$3.4B | -417.6% | +104.0% | Source |
| FY2016 | $404.5M | -$514.6M | -127.2% | — | Source |
Where the revenue comes from
Meta
- Advertising
~97.6% (FY2025)
Ads across Facebook, Instagram, Messenger, Threads and WhatsApp; $196.175B in FY2025.
- Other revenue and Reality Labs
~2.4% (FY2025)
WhatsApp Business messaging, Meta Verified subscriptions, Quest headsets and Ray-Ban Meta glasses.
Snap
- Advertising
Majority of revenue
Snap Ads, Sponsored Lenses, Sponsored Snaps, Story and Spotlight ads, and shopping and app-install formats, sold through a self-serve auction and direct sales. Advertising revenue grew about 9% year over year in Q2 2026.
- Other revenue (Snapchat+ and subscriptions)
Fastest-growing line
Mostly Snapchat+ subscriptions, plus higher tiers such as Snapchat Platinum and Lens+. Subscription-related revenue grew about 85% year over year in Q2 2026, according to Snap's earnings call.
- HardwareMinor
Sales of Spectacles camera glasses since 2016. Consumer SPECS AR glasses, priced at $2,195, are scheduled to ship in fall 2026 in the US, UK and France.
Business model and strategy
Meta
How it makes money
Meta makes money by selling ads. Facebook, Instagram, Messenger, WhatsApp and Threads are free to use, and advertisers pay to reach people in feeds, Stories, Reels and click-to-message formats. Advertising produced $196.175B of Meta's $200.966B FY2025 revenue, about 97.6%. Q2 2026 growth came from 14% more ad impressions and a 12% higher average price per ad.
Growth strategy
Meta's growth plan runs through AI. Better ranking and ad-delivery models raise engagement on Reels and feeds and lift ad prices, which drove the 28% revenue growth in Q2 2026. Meta Superintelligence Labs, led by former Scale AI CEO Alexandr Wang, released the first Muse Spark model in April 2026, followed by a paid API and the Muse consumer AI agent in September 2026.
Competitive advantage
Meta's moat is distribution plus data. Its apps reach 3.60 billion people every day, so new products such as Threads, Meta AI and Muse can launch to a huge audience at once. Advertisers stay because Meta's AI ad tools such as Advantage+ convert across that audience at a scale only Google matches. Meta also owns its compute, custom MTIA chips and frontier models, which reduces its dependence on outside AI suppliers.
Snap
How it makes money
Snap makes most of its money by selling ads inside Snapchat: full-screen vertical video Snap Ads, ads placed between friends' Stories and in Spotlight and Discover, Sponsored Lenses, and shopping and app-install formats sold through a self-serve auction. The second line is what Snap calls Other revenue. This is mostly Snapchat+ subscriptions, plus Snapchat Platinum and Lens+ tiers.
Growth strategy
Snap's strategy has three parts. The first is to make ads perform better: machine-learning ranking, Sponsored Snaps in the chat inbox, and tools for small and medium businesses. The second is to grow direct revenue from Snapchat+ and higher tiers. The third is to build AR computing through Specs Inc., formed as a separate subsidiary.
Competitive advantage
Snapchat's edge is close-friend messaging. People open it to talk to people they know, not just to watch content, which drives habits like Streaks and daily camera use among 13-to-34-year-olds. Snap also has one of the largest consumer AR platforms. Lens Studio, Bitmoji and years of camera and computer-vision work, including the WaveOptics waveguide display purchase, give it technology that few social apps own.
Questions about Meta vs Snap
Which company has higher revenue — Meta Platforms, Inc. or Snap Inc?
Meta Platforms, Inc. reported $201.0B (FY2025), while Snap Inc reported $5.9B (FY2025). By last reported revenue, Meta Platforms, Inc. is the larger business, with Snap Inc reporting a smaller revenue base.
What is the market cap of Meta Platforms, Inc. vs Snap Inc?
Meta Platforms, Inc. has a market capitalisation of $1.90T. A public market cap figure for Snap Inc was not available (it may be privately held).
Which is more financially efficient — Meta Platforms, Inc. or Snap Inc?
Meta Platforms, Inc. generates $2.66M / employee in revenue per employee, while Snap Inc generates $1.10M / employee. Meta Platforms, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Meta Platforms, Inc. and Snap Inc make money?
Meta Platforms, Inc. and Snap Inc generate revenue in fundamentally different ways. Meta Platforms, Inc.: Meta makes money by selling ads. Snap Inc: Snap makes most of its money by selling ads inside Snapchat: full-screen vertical video Snap Ads, ads placed between friends' Stories and in Spotlight and Discover, Sponsored Lenses, and shopping and app-install formats sold through a self-serve auction.
Is Meta Platforms, Inc. bigger than Snap Inc?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to Snap Inc ($5.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Meta vs Snap overview