What Snap promised, and what happened

Guidance Tracker · every commitment management made on a call, tracked from the quarter it was made

Guidance

What management said, and what became of it

26 of 26 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.

Target	Original wording	Said	Latest call	Verdict
Adjusted operating expenses (full-year guidance)	approximately $3 billion	Dec 2025	Jun 2026:We also continue to expect full year adjusted operating expenses of approximately $2.75 billion and stock-based compensation of approximately $1.05 billion. Call transcript, Jun 2026 · no direct link	Revised Up
Adjusted EBITDA	$170 million to $190 million	Dec 2025	No later analysed call mentions it.	Pending

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

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