Revenue grew 12% year-over-year to $1.53 billion in Q1 2026, with daily active users reaching 483 million and monthly active users at 956 million, both up 5% year-over-year.
Net loss narrowed to $89 million from $140 million a year ago, with diluted net loss per share improving to $(0.05) from $(0.08).
Adjusted EBITDA more than doubled to $233 million, and free cash flow rose to $286 million.
Strong engagement in AR Lenses and creator ecosystem, with over 400,000 Lenses submitted in Q1, up 150% year-over-year.
Strategic focus remains on growing the community, accelerating and diversifying revenue, and building a more profitable core business.
Advertising revenue grew 3% year-over-year to $1.24 billion, while other revenue surged 87% to $285 million, driven by subscriptions and new offerings.
Adjusted gross margin improved to 57%, and GAAP gross margin reached 56%.
Free cash flow was $286 million, and operating cash flow reached $327 million in Q1.
ARPU rose to $3.17 from $2.96 year-over-year.
Share repurchases totaled $350 million in Q1, with $2.8 billion in cash and marketable securities at quarter end.
Q2 2026 revenue guidance is $1.52–$1.55 billion, with adjusted EBITDA expected between $175 million and $200 million, and restructuring charges of $95–$130 million anticipated.
Annualized cost structure expected to be reduced by over $500 million in the second half of 2026.
Management expects continued macroeconomic, geopolitical, and competitive pressures to impact advertising demand and revenue growth.
Existing cash balance is considered sufficient to fund ongoing requirements for at least the next 12 months.
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