Q4 2025 revenue grew 10% year-over-year to $1.72 billion, with net income rising to $45 million from $9 million a year ago and full-year revenue up 11% to $5.93 billion.
Monthly active users reached 946 million, up 6% year-over-year, and daily active users increased by 5% year-over-year.
Strategic focus on monetizable markets, AI-driven ad platform, and subscription growth underpinned results, with engagement deepened by new AR and AI-powered features.
Adjusted EBITDA for Q4 was $358 million, up 30% year-over-year, with margin expanding to 21%.
Board authorized a $500 million stock repurchase program to offset dilution from employee stock awards.
Q4 gross margin expanded to 59%, up from 57% in Q4 2024.
Q4 operating income was $50 million, reversing a loss of $27 million in Q4 2024.
Q4 free cash flow was $206 million, up from $182 million a year ago; cash and marketable securities ended at $2.9 billion.
Q4 average revenue per user was $3.62, up from $3.44 in the prior year.
Full-year net loss narrowed to $460 million from $698 million; full-year adjusted EBITDA was $689 million (12% margin), up from $509 million (9% margin) in 2024.
Q1 2026 revenue guidance is $1.5–$1.53 billion, excluding Perplexity integration.
Adjusted EBITDA for Q1 2026 expected between $170–$190 million.
Full-year 2026 infrastructure costs guided at $1.6–$1.65 billion; adjusted operating expenses estimated at $3 billion.
Management highlighted ongoing macroeconomic and geopolitical uncertainties that may impact future results.
Focus remains on accelerating top-line growth, diversifying revenue, and expanding gross margins.
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