Screener / SEC EDGAR /CIK 0001564408 /10-K filed Feb 5, 2026, compared with Feb 5, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Technology · Internet & Software Services

Snap Inc SNAP

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New in the 10-K 22 paragraphs with nothing like them in the 10-K filed Feb 5, 2025 New in the 10-Q 38 paragraphs not in the 10-Q filed Aug 4, 2026 10-Q against the 10-K 111 risk factor paragraphs and sentences added or reworded

New risk paragraphs, branching off last year

Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 5, 2025. A box jumps to the paragraph as filed, below.

22 new

Paragraphs with nothing like them in last year's 10-K

Quoted exactly

22 paragraphs in Risk Factors of the 10-K filed Feb 5, 2026 with nothing like them in the 10-K filed Feb 5, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

continue to increase as our user base and user engagement grows and may seriously harm our business if we are unable to grow our revenues faster than the cost of utilizing the services of Google Cloud, AWS, or similar providers.

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We may not be successful in our strategy and investments for our physical products, which could seriously harm our business. We believe in computing that naturally integrates our digital experience with the physical world. We are investing in the future of augmented reality, and in 2025 we announced that we would release our next generation of Spectacles in 2026. We expect that our strategy for and investments in our physical products, including wearables and our firmware and operating system, will continue to be a complex, evolving, and a long-term initiative that will involve the development of new and emerging technologies, including reliance on and collaboration with developers and partners. However, this ecosystem may not develop at pace with our expectations, and market acceptance and adoption of features, products, and services we build, or expect to build, is uncertain. We also regularly evaluate our product roadmaps and make strategic shifts as our understanding of the technological challenges and market landscape evolve. In addition, we have limited experience with consumer hardware products, which may allow other companies to compete more effectively than us.

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We may be unsuccessful in our research and product development efforts, including if we are unable to develop relationships with key participants in the augmented reality ecosystem or to develop products that operate effectively with adjacent technologies, products, systems, networks, or standards. Our efforts in our physical products may also divert resources and management attention from other parts of our business. We expect to continue to make significant investments in augmented reality and other related technologies to support these efforts, and our ability to support these efforts is dependent on other parts of our business. In addition, as these initiatives evolve, we may be subject to a variety of current or new laws and regulations in the U.S. and internationally, including in the areas of privacy, security, safety, ecodesign, AI, competition, content regulation, tariffs, export controls, consumer protection, and e-commerce, which may delay or impede the development of our products and services, increase our operating costs, require significant management attention, or otherwise seriously harm our business. These may also include consumer finance regulation and other consumer protection laws that inhibit our ability to implement our preferred distribution models for our physical products in some countries. As a result of these and other factors, our strategy for and investments in our physical products, including wearables, may not be successful in the foreseeable future, or at all, which could seriously harm our business.

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Our ability to generate non-advertising revenue depends on retaining, expanding, and effectively monetizing our total user base, including by increasing the number of subscribers to Snapchat+ and finding ways to monetize our other products and services. We must convince prospective subscribers of the benefits of Snapchat+ and our existing subscribers of the continuing value of Snapchat+. Our ability to attract new subscribers, retain existing subscribers, and engage active subscribers depends in large part on our ability to continue to maintain, improve, and introduce new features available on Snapchat+. We may in the future adjust our subscription pricing and plans which may not be well-received by our community and could negatively impact our ability to attract and retain subscribers or generate revenue. If we fail to offer compelling product offerings with competitive pricing that users perceive to be of value, our ability to grow or sustain the reach of Snapchat+, attract and retain subscribers, and monetize our products and services may be adversely affected. In

addition, our efforts to create other non-advertising revenue products and services may not be successful and may seriously impact our business.

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network connections, computers, and devices outside our premises or network that may be compromised or subject to surveillance, including while in transit and in public locations. Further, individuals from sanctioned jurisdictions have illicitly and fraudulently sought employment at U.S. companies to fund their operations, including by gaining access to those companies’ sensitive information or anything else of monetary value. While we maintain various measures designed to prevent this from occurring, if we were found to have willfully or knowingly employed any such individuals, we could face criminal liability.

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automatically runs in the background of our Snapchat application when another phone function is used, and this activity can cause our system to miscount the user metrics associated with such account.

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We invest significant resources to proactive technologies and human review to detect and mitigate harms on our platform, including child safety risks, illegal activity, and harassment. However, while our systems may identify signals or detect potentially harmful content, we may not be able to take action with sufficient speed to prevent all harm. Any delay between detection and action could expose our users to risk and subject us to increased legal and regulatory scrutiny. Furthermore, in our attempt to rapidly mitigate harms, we may make mistakes, such as erroneously removing legitimate content or disabling the accounts of users who have not violated our policies. Such actions can frustrate our users and harm our reputation.

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We are also increasingly using third party AI platforms and tools, and open source AI to operate and accelerate our business. Because the development of AI tools for business, both internally and at our third party partners, is operating at an accelerated pace, and AI requires access and connections to large volumes of data (including sensitive information), we could experience misconfigurations, errors, bug, vulnerabilities, privacy incidents, security incidents, and AI-specific risks like prompt injection, all of which could result in litigation, regulatory investigations, or enforcements, and require us to expend significant resources, all of which could seriously harm our business. There is also no guarantee that these AI platforms and tools will provide the intended benefits to our business.

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•modifications or changes to our products and services by us, our partners, or other companies in our industry because of new and proposed laws and regulations, corporate strategy, or litigation;

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Providing our products to our users is costly, and we expect our expenses, including those related to people, research and development, and hosting, to grow in the future. This expense growth will continue as we broaden our user

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As discussed in these risk factors, substantially all of our network infrastructure is provided by third parties, including Google Cloud and AWS. We also rely on third parties for other technology related services, including certain AI functions. For example, in December 2025, we entered into a strategic partnership to integrate Perplexity’s conversational AI search engine into our platform. This and other third-party integrations subject us to several operational and financial risks, particularly as our partners’ ability to scale their infrastructure to meet the demands of our global community remains unproven. If Perplexity or other third-party AI providers experience service outages, significant latency, or otherwise fail to scale their systems to meet our traffic demands, users may experience a degraded version of our products and services, which could result in a negative user experience, decreased engagement, and a loss of trust. Furthermore, our ability to recognize revenue from such partnerships may be contingent on specific milestones and actions taken by us and our partners that may be outside of our direct control. These steps may not materialize as expected, on our projected timeline, or at all. In addition, if these partners do not meet their contractual obligations, alter or terminate arrangements, fail to pay, or if our relationships with such partners deteriorate, our business could be seriously harmed. Even if these milestones are reached and the revenue recognized, the integrated features may not deliver the experience we or our community expect. Any disruption or failure in the services we receive from these providers, including as a result of financial or other difficulties faced by these providers, could seriously harm our business.

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enforcement actions, which could require additional financial and management resources, any may result in costly sanctions against our company.

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Additionally, we may be subject to evolving regulations regarding advertising, particularly those concerning minors, which vary across jurisdictions. In the U.S., the FTC and other regulators enforce strict standards against deceptive or unfair commercial practices. The future evolution of our advertising products may increase our exposure to regulatory scrutiny. If we are unable to implement models that comply with the diverse regulations in every jurisdiction, and if users disagree with our advertising policies, our brand and reputation may be harmed.

Any violation of existing or future regulatory orders or consent decrees, or new regulatory investigations or proceedings, could subject us to substantial monetary fines and other penalties that could seriously harm our business.

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For example, we may be, and other companies currently are, the subject of litigation in the United States and elsewhere alleging copyright infringement in connection with the acquisition, distribution, and use of copyrighted materials for AI training as well as potential reproduction of copyrighted materials in AI outputs. There can be no assurances that favorable final outcomes (e.g., that such actions will be considered fair use) will be obtained in these cases. In addition, plaintiffs may seek, and we may become subject to, preliminary or provisional rulings in the course of any such litigation, including potential preliminary injunctions requiring us to change or cease related features, functionalities, products, or services. We may decide to settle such lawsuits and disputes on terms that are unfavorable to us. Similarly, if any litigation to which we are a party is resolved adversely, we may be subject to an unfavorable judgment that may not be reversed upon appeal. The terms of such a settlement or judgment may require us to change or cease some or all of our operations or pay substantial amounts to the other parties, including statutory damages to large numbers of copyright holders.

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We believe we have meritorious defenses to these lawsuits, and plan to defend them vigorously, but litigation is inherently uncertain and an unfavorable outcome, including substantial potential damages, penalties, fines and injunctive

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•make it difficult to obtain favorable terms for any necessary future financing for working capital, capital expenditures, debt service requirements, or other purposes;

•adversely affect our liquidity and result in a material adverse effect on our financial condition upon repayment of the indebtedness;

•require us to dedicate a substantial portion of our cash flow from operations to service and repay the indebtedness, reducing the amount of cash flow available for other purposes;

•increase our vulnerability to the impact of adverse economic conditions, including rising interest rates (which can make refinancing existing indebtedness more difficult or costly); and

•negatively impact our credit rating, which could limit our ability to obtain additional financing in the future and adversely affect our business.

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Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before

New in the latest 10-Q

38 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

10-Q

Beginning with our Quarterly Report on Form 10-Q to be filed for the first quarter of 2027, we plan to transition to global MAU as our primary audience metric. This change will include the replacement of global DAU with global MAU, as well as the discontinuation of regional DAU and regional ARPU. While DAU remains an important measure of engagement, we no longer believe it is the best primary measure of long-term value. MAU represents the scale of our community, while engagement and monetization metrics reflect the depth and value of our service. Daily engagement has historically been stable as a percentage of monthly engagement, but we do not intend to optimize Snapchat around daily use at the expense of long-term value for our community. A longer-term horizon better aligns our reported metrics with the product and safety decisions that strengthen relationships, create lasting utility, and support broader, more durable audience growth. Alongside global MAU, we are introducing global MAU-based ARPU as our primary monetization metric. The following describes these user metrics both prior to and after our planned transition.

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We define a Monthly Active User, or MAU, as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average MAUs for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter. Beginning in the first quarter of 2027, we plan to update the definition of MAU to include any registered and logged-in Snapchat user who visits at least one Snapchat-branded product through our applications or websites, which under the updated definition will include users who access our products through Apple Watch. Historically, MAU attributable to Apple Watch users has not been material. Additionally, beginning in the first quarter of 2027, MAU will be calculated using activity during the last 30 days of the quarter. Accordingly, reported quarterly MAU will represent the number of active users as of quarter end rather than an average of monthly active users during the quarter. We believe this measurement period provides a more current view of our trajectory and improves comparability with peers. The impact of these changes to our historical MAU definition would have resulted in a less than 1% change to our historical MAU in the third quarter of 2026 and would have resulted in similarly immaterial changes in our historical MAUs in each quarter from the first quarter of 2024 to the second quarter of 2026.

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Financial statements and notes

In August 2026, the 2026 Capped Call Transactions expired in connection with the maturity of the 2026 Notes. As of September 30, 2026, the remaining Capped Call Transactions were out-of-the-money.

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On June 9, 2026 and September 7, 2026, two Dutch claim foundations filed related collective actions against Snap in the Amsterdam District Court purportedly on behalf of Snapchat users in the Netherlands, with one foundation also asking the court to allow users across the European Union to opt into the proceedings. The lawsuits allege violations of European Union and Dutch privacy, digital services, artificial intelligence, consumer protection, product liability, tort, and other laws, including in connection with personalized advertising, allegedly addictive features, minor safety, allegedly illegal content, and our My AI chatbot. The lawsuits seek declaratory and injunctive relief and monetary damages.

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• Common shares outstanding was 1,718 million as of September 30, 2026, compared to 1,711 million as of September 30, 2025.

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• Total common shares outstanding plus shares underlying stock-based awards was 1,932 million as of September 30, 2026, compared to 1,861 million as of September 30, 2025.

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ecosystem, our customers and their budgets with us, user engagement, other user metrics, and our business, financial condition, and results of operations.

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In the first quarter of 2027, among other changes to our user metrics, we plan to transition to global MAU as our primary audience metric. For a description of these changes, see the “Note Regarding User Metrics and Other Data” included elsewhere in this Quarterly Report on Form 10-Q.

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underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

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(1) Stock-based compensation expense and depreciation and amortization expense may not agree to reported GAAP amounts due to restructuring charges.

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Risk Factors

As our business and the ways in which users engage with our platform evolve, we may change or supplement the user metrics we use to evaluate our performance. These changes may include changes to the definitions or calculation methods for DAUs or MAUs, the measurement period, the Snapchat-branded surfaces included in the metrics, or the methodology used to attribute users to geographic regions. In connection with our planned transition to global MAU as our primary audience metric beginning with the first quarter of 2027, these changes may cause our reported metrics, growth rates, and regional trends to differ from previously reported amounts and may make period-over-period comparisons more difficult.

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If we report both existing and revised user metrics during a transition period, investors, advertisers, and other stakeholders may interpret the metrics differently or reach different conclusions about our operating performance. If we modify or discontinue regional user metrics, analysts may also rely on third-party or other indirect estimates that may not be comparable to our reported metrics, which could make it more difficult to evaluate regional engagement and monetization.

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If MAU is measured based on user activity during only the final 30 days of a quarter, that measurement period may not capture user engagement throughout the full quarter. Service outages, connectivity issues, product launches, holidays, seasonality, or other unusual events during that period could cause reported MAU to be unrepresentative of underlying engagement and make period-over-period comparisons more difficult.

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future. Most advertisers do not have long-term advertising commitments with us, and our efforts to establish long-term commitments may not succeed.

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Furthermore, in April 2021, Apple issued an iOS update that imposed heightened restrictions on our access and use of user data by allowing users to more easily opt-out of tracking of activity across devices. Additionally, Google has in the past implemented privacy controls on its Android devices and may in the future make changes to those privacy controls

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• changes in the definitions, measurement periods, geographic attribution, or included surfaces used for our audience metrics that make historical, regional, or advertiser comparisons more difficult;

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products and features to function with the variety of existing mobile operating systems, hardware, and standards, impacting the popularity of such products, and we expect this trend to continue.

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interruption in the services provided to us, could lead to a decline in user engagement, which could seriously harm our business.

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sufficient revenue, operating margin, or other value to justify our investments, any of which may seriously harm our business in the short-term, long-term, or both.

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As we expand our physical-products strategy, including through SPECS physical stores and other retail spaces, we may face risks associated with constructing, operating and leasing physical retail locations, including customer, employee, or visitor injuries; property damage; security or safety incidents; lease and landlord obligations; inventory risks; and compliance with building, accessibility, health and safety, and other applicable requirements. These risks could result in liability, litigation, insurance claims, repair or remediation costs, and reputational harm.

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reputation may be seriously harmed. Our advertisers and partners may also be less willing to allocate their budgets or resources to Snapchat, which could seriously harm our business. In addition, we calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter, and we calculate average MAU for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter. These calculations may mask any individual days or months within the quarter that are significantly higher or lower than the quarterly average. Beginning in the first quarter of 2027, we will calculate MAU based on user activity during only the final 30 days of a quarter, and that measurement period may not capture user engagement throughout the full quarter.

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Under certain of these laws, we could face temporary or definitive bans on data processing and other corrective actions, substantial monetary fines, or private litigation related to processing of personal data brought by classes of data subjects or consumer protection organizations authorized to represent their interests. The transfer of personal data continues

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some instances, provide for civil penalties and a private right of action for violations, which may increase the likelihood and cost of regulatory actions and litigation under these laws, and could seriously harm our business.

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We have failed and in the future may fail, or be perceived to have failed, in our efforts to comply with our privacy, security, and data protection obligations. Moreover, despite our efforts, our personnel or third parties with whom we work have failed and may in the future fail to comply with such obligations, which could negatively impact our business operations. If we or the third parties on which we rely fail, or are perceived to have failed, to address or comply with

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engagement and our business may be seriously harmed. In addition, we may expend significant resources to launch new products that we are unable to monetize, which may seriously harm our business.

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Providing our products to our users is costly, and we expect our expenses, including those related to people, research and development, and hosting, to grow in the future. This expense growth will continue as we broaden our user

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service, we could incur liability or be required to make significant changes to our products, business practices, or operations, and our business could be seriously harmed.

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Some of our competitors are involved in similar lawsuits and have been subject to liability verdicts at the trial court level and entered into significant settlements.

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In August 2026, Meta entered into a settlement with a coalition of state attorneys general, as well as a parallel settlement with the Texas attorney general, involving minimum payments of over $12 billion (and potentially over $18 billion if certain industry contingencies are met) as well as significant restrictions on the design, features and operation of Facebook and Instagram, including requirements relating to age verification, time limits, notifications and other features intended to address alleged harms to minors. Certain terms of the settlement are intended to establish standards to be adopted more broadly across the social media industry, including through potential settlements with other companies.

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If Snap were subject to similar verdicts or settlements, we could be required to make substantial monetary payments and/or agree to significant changes to Snapchat, including requirements similar to those imposed on Meta. These requirements could limit our ability to develop, offer or monetize certain products and services, require significant changes to our existing products and services, increase our compliance and operating costs, reduce user engagement and adversely affect our ability to attract and retain users and advertisers. Our financial resources are substantially more limited than Meta’s, and unfavorable outcomes could seriously harm our business. Additionally, the actions of certain participants in our industry may encourage or affect legal proceedings against us or cause us to reconsider our litigation strategies.

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Restrictions may not apply uniformly across the industry or to all competing products and services, which could place us at a competitive disadvantage relative to companies or products or services not subject to comparable requirements. We cannot reliably predict whether or when we and/or others in our industry will become subject to such verdicts or settlements, or the nature or scope of any resulting obligations.

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U.S. dollar, these impacts may become material. In addition, as our international operations and sales continue to grow, we are subject to a variety of risks inherent in doing business internationally, including:

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if we are subject to enforcement actions such as fines, civil penalties, injunctions, mandatory product recalls, or failure to obtain regulatory clearances or approvals.

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The Convertible Notes are convertible at the option of the holder. In the event the conditions for optional conversion of the Convertible Notes due in 2027, 2028, or 2030 are met before the close of business on the business day

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These exclusive forum provisions may limit a stockholder’s ability to bring an action in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us

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Other information

On November 4, 2026, the Compensation Committee of our board of directors approved an amendment to our 2017 Equity Incentive Plan (the “2017 Plan”) to increase the number of shares of our Class A common stock available for award grants under the 2017 Plan by 45,000,000 shares (the “Share Reserve Increase”). A description of the material features of the 2017 Plan is set forth in Part III, Item 11 of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 5, 2026 under the heading “Employee Benefit Plans - 2017 Equity Incentive Plan,” which description is incorporated herein by reference.

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The Share Reserve Increase was also approved by written consent on November 4, 2026 by holders of an aggregate of 231,626,943 shares of our Class C common stock, representing an aggregate of over 99% of the voting power of our outstanding capital stock.

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Item 6

10.1+ Employment Agreement, by and between Snap Group Limited Singapore Branch and Ronan Harris, dated September 22, 2026.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 5, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted). Text on the page, not a score; each links to the filing at sec.gov.

Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Our business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what we believe are the principal risk factors but these risks are not the only ones we face, and you should carefully review and consider the full discussion of our risk factors in the section titled “Risk Factors,” together with the other information in this Quarterly Report on Form 10-Q.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We operate in a highly competitive and rapidly changing environment so we must continually innovate our products and evolve our business model for us to succeed.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We emphasize rapid innovation and prioritize long-term user engagement over short-term financial conditions or results if we believe that it will benefit the aggregate user experience and improve our financial performance over the long term. Although we have achieved profitability in certain periods, we have a history of operating losses and, as a result of our long-term focus, we may prioritize investments and expenses we believe are necessary for our long-term growth over achieving short-term profitability. Investments in our future, including through new products or acquisitions, are inherently risky and may not pay off, which would adversely affect our ability to settle the principal and interest payments on our outstanding senior notes and outstanding convertible senior notes, or collectively, the Notes, or other indebtedness when due, and further delay or hinder our ability to sustain profitability. This in turn would hinder our ability to secure additional financing to meet our current and future financial needs on favorable terms, or at all.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We generate the substantial majority of our revenue from advertising. Our advertising business is most effective when our advertisers succeed. Driving their success requires continual investment in our advertising products and may be hindered by competitive challenges and various legal, regulatory, and operating system changes that make it more difficult for us to achieve and demonstrate a meaningful return for our advertisers. For example, on-going changes to privacy and data protection laws and mobile operating systems continue to present issues for us in measuring the effectiveness of advertisements on our services. Additionally, individuals are becoming increasingly resistant to the processing of personal data to deliver behavioral, interest-based, or targeted advertisements, and regulators are likewise scrutinizing such data processing activities, which could reduce the demand for our products and services and threaten our primary revenue stream. Alternative methods, to the extent we can develop such methods in compliance with current or future privacy and data protection laws, mobile operating system requirements, and other requirements, may take time to develop and be adopted by our advertisers and users, and may not be as effective as prior methods.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We believe that this impact on our targeting, measurement, and optimization capabilities has negatively affected and may continue to negatively affect our operating results. In addition, our advertising business is seasonal, volatile, and cyclical, which could result in fluctuations in our quarterly revenues and operating results, including business prospect expectations.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We need to continually innovate and create new products, and enhance our existing products, to attract, retain, and grow our global community. Products that we create may fail to attract or retain users or partners, or to generate meaningful revenue, if any. While we believe that these decisions will benefit the aggregate user experience or improve our financial performance over the long term, these changes may cause friction by our users, advertisers, or partners, resulting in disruptions or declines in our key metrics, such as Daily Active Users, Monthly Active Users, user activity, or financial performance. In addition, we have in the past expanded and expect to continue to expand organically and through acquisitions, including in international markets, which we may not be able to effectively manage or scale. If our community does not see the value in our products or brand, or if competitors offer better alternatives, our community could easily switch to other services. Although we have experienced significant growth in our community over the last few years, we have also experienced declines and there can be no assurance that declines won’t happen again. Many of our competitors have significantly more resources and larger market shares than we do, which gives them advantages over us that can make it more difficult for us to succeed.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We primarily rely on Google, Apple, and Amazon to provide their mobile operating systems and other services for our applications and other core services, including our platform. If these partners do not provide their services as we expect, terminate their services, or change the terms, or their interpretation of the terms, of our agreements, or change the functionality of their mobile operating systems in ways that are adverse to us, our service may be interrupted and our product experience could be degraded, which may harm our reputation, increase our costs, or make it harder for us to attain and sustain profitability. Many other parts of our business depend on partners, including content partners and advertising partners, so our success depends on our ability to attract and retain these partners.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Our business is complex and success depends on our ability to rapidly innovate, the interoperability of our service on many different smartphones and mobile operating systems, and our ability to safeguard sensitive user data. Because our systems and our products are constantly changing, we are susceptible to data breaches, cyberattacks, security incidents, bugs, and other vulnerabilities and errors in how our products work and are measured. We may also fail to maintain effective processes that report our metrics or financial results. Given the complexity of the systems involved and the rapidly changing nature of mobile devices and operating systems, we expect to encounter issues, particularly if we continue to expand in parts of the world where mobile data systems and connections are less stable.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We are also subject to complex and evolving federal, state, local, and foreign laws and regulations regarding privacy, data protection, biometric processing, content regulation, artificial intelligence, or AI, protections for minors, taxes, and other matters, which are subject to change and have uncertain interpretations. Given the nature of our business, we are particularly susceptible to changes in such laws regarding privacy and data protection, which may require us to change our products and may impact our revenue stream. Any actual or perceived failure to comply with such legal and regulatory obligations, including in connection with our consent decree with the U.S. Federal Trade Commission, or FTC, may lead to costly litigation or otherwise adversely impact our business.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We also must actively protect our intellectual property. We are subject to various legal proceedings, claims, class actions, inquiries, and investigations related to our intellectual property, which may be costly or distract management. We also rely on a variety of statutory and common-law frameworks for the content we provide our users, including the Digital Millennium Copyright Act, the Communications Decency Act, and the fair-use doctrine, each of which has been subject to adverse judicial, political, and regulatory scrutiny in recent times.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We need to attract and retain a high caliber team to maintain our competitive position. We may incur significant costs and expenses in maintaining and growing our team, and may lose valuable members of our team as we compete globally, including with our competitors, for key talent. We have and will incur significant costs and expenses in connection with our headcount reduction and reorganization plans announced in April 2026, and such actions may negatively impact our ability to attract and retain a high caliber team. A substantial portion of our employment costs is paid in our common stock, the price of which has been volatile, and our ability to attract and retain talent may be adversely affected if our shares decline in value.

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Added10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Our two co-founders, who serve as our Chief Executive Officer and Chief Technology Officer, control over 99% of the voting power of our outstanding capital stock, which means they control substantially all outcomes submitted to stockholders. Class A common stockholders have no voting rights, unless required by Delaware law. This concentrated control may result in our co-founders voting their shares in their best interest, which might not always be in the interest of our stockholders generally.

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Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
These new laws may result in restrictions on the use of certain of our products or services by teens, result in the inability to offer certain products and services to teens, cause significant friction when teens try to access or use our products and services, decrease DAUs or user engagement in those jurisdictions, require changes to our products and services to achieve compliance, require us to use and incur the costs of certain implement age assurance and verified assurance, parental consent providers, decrease our advertising and subscription revenue, increase legal risk and compliance costs for us and our third-party partners, negatively impact our reputation, and distract management, any of which could seriously harm our business. consent, parental controls, age-rating, or other age-based access restrictions that may be costly, inaccurate, or unpopular.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
These new laws may result in restrictions on the use Any of certain of our products or services by teens, result in the inability to offer certain products and services to teens, cause significant friction when teens try to access or use our products and services, these developments could decrease DAUs DAUs, MAUs, or user engagement in those jurisdictions, require changes to our products and services to achieve compliance, require us to use and incur the costs of certain age assurance and verified parental consent providers, decrease our advertising and subscription revenue, increase legal risk and compliance costs for us and our third-party partners, negatively impact our reputation, and distract management, any of which could seriously harm our business.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We count a DAU when a registered and logged-in Snapchat user visits Snapchat through our applications or websites, websites at least once during a defined 24-hour period, and only once per user per day. day, and a MAU when a registered and logged-in Snapchat user visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Labor In addition, macroeconomic factors like labor shortages and disruptions, supply chain disruptions, banking instability, tariffs and retaliatory countermeasures, banking instability, inflation, and fluctuating interest and foreign currency exchange rates, and recession risks, have in the past and may continue to cause logistical challenges, increased input costs, and inventory constraints, and liquidity uncertainty constraints for our advertisers, which in turn may also halt or decrease advertising spending spending, and may make it difficult to forecast harm our advertising revenue. business.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
These laws laws, regulations, policies, court orders or judgments, settlements, enforcement action or remedies may grant users the right to opt-out of sharing of their personal data for certain advertising purposes, or require us to obtain affirmative, express, or opt-in consent before collecting, processing, combining, or using personal data for certain advertising purposes, or require parental consent to be obtained for the processing of personal data of users under a certain age and restrict tracking and use of teens’ data, including for advertising.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Individuals are also increasingly aware of and resistant to the use of their personal data in AI systems and for AI training, which could limit our and our partners’ ability to develop, deploy, train, and ensure the safety of our AI products and services, and if we fail to provide adequate transparency to users, we could lose the trust of our users, be subject to litigation or regulatory enforcement, or other harms to our business.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Any restriction, requirement, or other limitation whether by law, court order or judgment, settlement, enforcement action or remedy, regulation, policy, or other reason, on our ability to collect, process, and disclose data and metrics that our customers find useful or any decision by us to do so only after obtaining affirmative, express, or opt-in consent, would impede our ability to attract and retain advertisers.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
We plan to continue to introduce new products and features regularly, including some features that may only work on the latest systems and hardware, and have experienced that it takes significant time to optimize new products and features to function with the variety of existing mobile operating systems, hardware, and standards, impacting the popularity of such products, and we expect this trend to continue.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Product innovation is inherently volatile, and if new or enhanced products fail to engage our users, advertisers, or partners, or if we fail to give our users meaningful reasons to return to our application, applications and websites, we may fail to attract or retain users or to generate sufficient revenue, operating margin, or other value to justify our investments, any of which may seriously harm our business in the short-term, long-term, or both.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Under Sections 382 and 383 of the Code, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes, such as research tax credits, to offset its post-change income and taxes may be limited.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Moreover, our personnel is spread around the world and may work in hybrid or remote environments, which increases risks to our information technology systems and data, as they may utilize network connections, computers, and devices outside our premises or network that may be compromised or subject to surveillance, including while in transit and in public locations.

Read it in the 10-Q at sec.govThe 10-K sentence

Reworded10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
If the rules around these doctrines change, if international jurisdictions refuse to apply similar protections, or if a court were to disagree with our application of those rules to our service, we could incur liability or be required to make significant changes to our products, business practices, or operations, and our business could be seriously harmed.

Read it in the 10-Q at sec.govThe 10-K sentence

Quiet changes10-Q Nov 5, 2026 vs 10-K Feb 5, 2026
Declines or volatility in our trading price could make it more difficult to attract and retain talent, adversely impact employee retention and morale, and has required, and may continue to require, us to issue more equity to incentivize team members which is likely to dilute stockholders.

Read it in the 10-Q at sec.govThe 10-K sentence

The first 25 of 111 are shown (at most 12 of each type).

Phrases used for the first time

Two-word phrases in Risk Factors of the 10-K filed Feb 5, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 5, 2025

retaliatory countermeasures ×9senior notes ×9fluctuating interest ×8action lawsuits ×5securities class ×5inflation fluctuating ×4action litigation ×4notes due ×3snap map ×2countermeasures inflation ×2non-advertising revenue ×2retain subscribers ×2pinterest reddit ×2mitigate harms ×2take action ×2age assurance ×2
Where each one is used
  • retaliatory countermeasures: Our advertising customers range from small businesses to well-known brands, including advertising resellers. Many of our customers spend a relatively small portion of their overall advertising budget with us, but some customers have devoted meaningful budgets that contribute more significantly to our total revenue....
  • senior notes: Operating our business requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay the senior notes and convertible senior notes, and any other debt when due, which may seriously harm our business.
  • fluctuating interest: •the political, economic, and macroeconomic climate and the status of the advertising industry in general, including impacts related to labor shortages and disruptions, supply chain disruptions, banking instability, tariffs and retaliatory countermeasures implemented by the United States or other governments,...
  • action lawsuits: From time to time, we are involved in class action lawsuits and other litigation matters that are expensive and time-consuming and could seriously harm our business.
  • securities class: Similarly, because we have a large number of stockholders, class action lawsuits on securities theories typically claim enormous monetary damages in the aggregate even if the alleged loss per stockholder is small. For example, in November 2021, we, and certain of our officers, were named as defendants in a...
  • inflation fluctuating: •the political, economic, and macroeconomic climate and the status of the advertising industry in general, including impacts related to labor shortages and disruptions, supply chain disruptions, banking instability, tariffs and retaliatory countermeasures implemented by the United States or other governments,...
  • action litigation: Laws and regulations focused on privacy, security, and data protection, including data breach notification laws, personal data privacy laws, consumer protection laws, wiretapping laws, invasion of privacy laws, and other similar laws have imposed obligations on companies that collect personal data, including...
  • notes due: Our ability to make principal or interest payments on, or to refinance our senior notes due in 2033 and 2034, or collectively, the Senior Notes, and our convertible senior notes due in 2025, 2026, 2027, 2028, and 2030 (collectively, the Convertible Notes, and together with the Senior Notes, the Notes) and any other...

The 10-K at sec.gov

Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.

What was taken out

11 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.

Across all companies
Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat before June 2013 were not asked to supply their date of birth, we may exclude those users from age demographics or estimate their ages based on a sample of the self-reported ages we do have. If our users provide us with incorrect or incomplete information regarding their age or other attributes, then our estimates may prove inaccurate and fail to meet investor...
In the 10-K filed Feb 5, 2025
expect to be outside the scope of the Pillar One proposals, though we anticipate that we will be subject to Pillar One in the future if it is ultimately adopted and if our global revenue exceeds the Pillar One thresholds. A number of countries, including the United Kingdom, have enacted legislation to implement core elements of the Pillar Two proposal from the start of 2024, and further implementation is ongoing. While such legislation did not result in a material change to our income tax provision for the current year, such implementation could impact the amount of tax we have to pay and...
In the 10-K filed Feb 5, 2025
populations. If advertisers, partners, or investors do not perceive our user, geographic, other demographic metrics, or measurements of advertising effectiveness to be accurate, or if we discover material inaccuracies in our metrics, our reputation may be seriously harmed. Our advertisers and partners may also be less willing to allocate their budgets or resources to Snapchat, which could seriously harm our business. In addition, we calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that...
In the 10-K filed Feb 5, 2025
As discussed in these risk factors, substantially all of our network infrastructure is provided by third parties, including Google Cloud and AWS. We also rely on third parties for other technology related services, including certain AI functions. Any disruption or failure in the services we receive from these providers could harm our ability to handle existing or increased traffic and could seriously harm our business. Any financial or other difficulties these providers face may seriously harm our business. And because we exercise little control over these providers, we are vulnerable to...
In the 10-K filed Feb 5, 2025

Sources

Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.

Also

10-K change: what was reworded or cut, section by section.

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