$SNAP from 2018-2026 would never drop below $7. Fourteen days ago that changed and now it’s $4.82.

Here’s a little info from when they reported earnings a few days ago: Monthly Active Users (MAU) increased to 946 million, up 6% year-over-year. Snapchat+ (their subscription service) is booming. It reached 24 million subscribers in Q4 2025, a massive 71% increase from the previous year. Total revenue for 2025 was up 11% year-over-year, and the company reported its first GAAP profit in Q4, signaling that the business is becoming more efficient. The company is successfully pivoting from "growth at any cost" to a "profitable growth" model. For only the second time in its history as a public company, Snap reported a positive Net Income on a GAAP basis. Snap posted a net income of $45 million, a massive 400 % jump from the $9 million reported in the same quarter last year. They reported an Earnings Per Share (EPS) of $0.03, significantly beating analyst expectations of a $0.03 loss. "Other Revenue" (largely driven by Snapchat+) soared 62% to $232 million for the quarter. They generated $206 million in free cash flow, a 13% increase from the prior year. The board authorized a new $500 million share repurchase program, signaling confidence that the stock may be undervalued. The company ended the year with $2.9 billion in cash and marketable securities. CEO Evan Spiegel noted that 40% of new code at Snap is now AI-generated, highlighting internal operational efficiencies. They reached 59% gross margin, nearing their long-term goal of 60%. They expect to exceed 60% in 2026 as they better align infrastructure costs with the monetization potential of specific regions. Total revenue up 10 % YoY from $1.56 billion to $1.72 billion. Achieving a GAAP profit and 60% gross margins before that $400 million Perplexity check starts clearing is a huge signal of health. The revenue from it isn't expected to hit the books until early 2026 when the global rollout begins. Snap’s AR glasses - Specs - is scheduled for 2026.