New York, Feb 19, 2026, 07:55 ET — Premarket
- Snap climbed 3.2% by Wednesday’s close and was ticking 0.2% higher before the bell.
- Snap’s direct-revenue business has now hit an annualized run rate of over $1 billion, with the number of subscribers climbing past 25 million.
- All eyes on Feb. 23, when the creator-subscriptions test kicks off—investors want to see if it leads to more reliable, recurring revenue.
Snap Inc (SNAP.N) ticked 0.2% higher to $4.89 in Thursday’s premarket, following word that its direct-revenue stream now tops a $1 billion annualized pace and subscriptions have climbed beyond 25 million users. On Wednesday, shares settled 3.2% stronger at $4.88, sticking close to a 52-week low. 1
This update is significant for Snap, which is ramping up its push into user-paid products to help offset the volatility in its core advertising business. Ads remain the company’s main source of revenue, but Snap has been feeling the squeeze from heavyweights like TikTok and Meta Platforms’ (META.O) Instagram—especially as some bigger advertisers cut their budgets for smaller platforms. CEO Evan Spiegel described Snap as being in a “crucible moment” last year, following a slowdown in growth. 2
Wall Street has its eye on Snap as the company tests whether creators and their core audiences will spend money within Snapchat itself instead of turning to competitors. The platform will roll out creator subscriptions in alpha to a group of U.S. creators starting Feb. 23, with launches in Canada, Britain, and France coming in the following weeks. 3
The $1 billion number reflects an annualized run rate, not actual 12-month revenue — it’s how Snap is projecting its present momentum forward. According to TechCrunch, Snapchat+ leads the charge here as Snap keeps tacking on paid tiers and extras, all part of a strategy to grow revenue beyond advertising. 4
Snap’s subscription drive comes on the heels of a fourth-quarter update earlier this month, where the company reported $1.716 billion in revenue. “Other Revenue” jumped 62% to $232 million, while subscriptions climbed 71% to 24 million. “Our Q4 results began to reflect the impact of our strategic pivot toward profitable growth,” Spiegel said. 5
Wednesday’s climb did little to erase the damage—shares remain stuck more than 55% under their 52-week peak of $10.97 from Feb. 19 last year, a sign investor skepticism over the turnaround lingers. Snap managed to outpace the market in a session where the Nasdaq Composite added 0.8%. 6
Still, there’s no clear path forward. Subscriptions have a habit of fluctuating, and if ad demand dips again, Snap could take a bigger hit—especially as it pushes for more user-paid revenue, a move that risks denting engagement.
Next up: the Feb. 23 creator-subscriptions rollout—traders are watching to see if Snap can ramp up recurring sales beyond Snapchat+ at any meaningful pace. The company says iOS users in select markets get first access, with expansion planned. 7
