Q4 2025 Reports

AMAZON

Finishing the year off, Amazon concluded 2025 with an averaged 17.5% revenue growth rate and a revenue between $206 billion and $213 billion. A major driver of this performance was the continued improvement in Amazon Web Services’s (AWS), which benefited from an immense $100 billion capital expenditure plan focused on AI infrastructure. Additionally, Amazon benefited greatly from the holiday season as expected, with the platform reaching record-breaking performance for Kindle devices seeing a 30% increase in sales. However, despite these gains, Amazon made large purchases on new equipment and faced energy shortages at their data centers. This raised concerns for analysts as they were worried about the limitations for data centers, and the long-term profitability of the money that was made during the holiday season. Additionally, while Amazon’s advertising revenue remained high, the company faced intensifying competition from third-party AI agents and traditional rivals like Microsoft and Google. Furthermore, Amazon reported their CPM and ROAS to have come out to an average of $8.50 and $2.93 this quarter, respectively. Overall, despite facing some spending and competition challenges, Amazon delivered a strong performance in their advertising and sales departments due to the holiday season’s high demands. 

ROKU

Roku ended 2025 with a record breaking revenue milestone of $1.35 billion marking an averaged 12.75% revenue growth rate increase. The quarter was defined by the company's successful pivot toward platform monetization, with Platform revenue (comprising advertising and subscriptions) growing 15% to approximately $1.19 billion. A standout development was the achievement of positive operating income and an estimated $145 million in Adjusted EBITDA, signaling a major shift toward sustainable profitability. Engagement also remained high with the user base surpassing 90 million streaming households, however Roku also faced some challenges. The Devices segment continued to operate negatively, with decreasing gross margins in the high 20% range due to hardware subsidies and seasonal promotions. Additionally, while the company benefited from the inclusion of third-party ad platforms like The Trade Desk, it faced a high-base comparison from the previous year’s political ad spend, and Average Revenue Per User (ARPU) remained generally flat. Alongside this, Roku reported their CPM to have decreased by $1.07 to $24.18, but on the positive side Roku did experience an increase in their ROAS with an average of $3.85 this quarter.

SNAPCHAT

Snapchat concluded the fourth quarter of 2025 with a strategic focus on shifting toward sustainable profitability, aiming for revenue between $1.68 billion and $1.71 billion which represents an averaged revenue growth of 9%. A major development with Snapchat this quarter was the company’s deepening of AI integration which is highlighted by Snapchat’s $400 million partnership with Perplexity AI to launch the "Imagine Lens”: the platform’s first open-prompt generative AI experience. Additionally, Snapchat saw improvement in other aspects as well with their Snapchat+ subscriptions reaching over $750 million and more than 17 million paying members. However, Snapchat also experienced some negatives with their daily active users declining for the first time in several quarters due to new age-verification mandates in areas such as Australia. Along with these decreasing numbers in user base, Snapchat also experienced a decrease in their CPM by 13% to $7.53 this quarter due to a massive expansion of ad inventory from new formats like Sponsored Snaps and Spotlight. 

PINTEREST

Pinterest concluded the fourth quarter of 2025 with a focus on operational efficiency and advanced AI integration, leading to a revenue between $1.31 billion and $1.34 billion, which reflects an averaged growth of 15%. A major development during the quarter was the company’s turn to a "year of efficiency," marked by a significant 15% workforce reduction in late 2025 aimed at right-sizing the business for long-term margin expansion. On the positive side, Pinterest achieved an immense user milestone, reaching 600 million monthly active users (MAUs), driven largely by Gen Z engagement and rising international growth in Europe and other international segments. Furthermore, Pinterest Performance+ suite, which utilizes AI for automated ad targeting and creative cropping, helped increase advertiser rates by over 90% compared to the previous year. However, these gains were offset by a decrease of activity in the U.S. and Canada retail ad markets, causing the company to issue a revenue forecast that reported slightly below some analyst expectations. Additionally, while the company remains debt-free with over $2.5 billion in cash, the immediate market reaction to the massive layoffs and the decreased guidance led to a sharp dip in stock price. Despite this, Pinterest reported an increase in their CPM and ROAS (return on advertising spend) as $8.00 and $3.00, respectfully.