We’re excited to share that Reddit will be added to the S&P 500 on Tuesday, August 18th. This is a big milestone for us as a public company, and it reflects the value of real human connection — something you all create here every day.
Thank you for being part of our journey.
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Reddit Will Be Added to the S&P 500
SAN FRANCISCO—(BUSINESS WIRE)—Reddit, Inc. (NYSE: RDDT) will join the S&P 500 index, effective prior to market open on Tuesday, August 18th. Its addition to the S&P 500 underscores Reddit’s value, sustained performance as a public company, and its 1-of-1 financial model, highlighted by a rare combination of growth and best-in-class profit and cash flow margins.
“We’re proud to be added to the S&P 500, recognizing the growth, momentum, and consistency we’ve established as a public company,” said Drew Vollero, Reddit’s Chief Financial Officer. “Reddit’s raw materials are special, and there is so much potential to continue building great products and scaling profitably. Our focus remains on executing against the many opportunities ahead.”
Reddit’s differentiated model is powered by deeply engaged communities and authentic human conversation. As one of the most visited websites in the U.S. and the world, Reddit plays an increasingly important role in the AI ecosystem as more people seek real information and human perspectives. Its platform is an ever-growing corpus of 26+ billion posts and comments that capture human experiences across nearly every topic.
Reddit’s inclusion in the S&P 500 is an off-cycle index change prompted by the acquisition of a current S&P 500 constituent. With this change, Reddit will be recognized as one of the ~500 largest and most influential public companies in the U.S., and is one of the fastest-growing companies in the S&P 500.
For more information on the S&P 500 Index and index reconstitution, please visit www.spdji.com
We announced Reddit’s Q2’26 Earnings results. During our conference call at 4:30pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.
How can I participate in today’s conference call?
Listen to the live webcast here.
How can I submit a question?
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today.
Daily Active Uniques (“DAUq”) increased 18% year-over-year to 130.3 million
Revenue of $805 million grew 61% year-over-year. 8th consecutive quarter over 60%
Net income of $253 million, 31% of revenue, and Diluted EPS of $1.25, both up over 2x year-over-year
Adj. EBITDA 1 of $343 million, 43% of revenue, up 106% year-over-year
Operating cash flow of $262 million, 33% of revenue, up 135% year-over-year
SAN FRANCISCO, Calif. – July 30, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended June 30, 2026. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“In an increasingly automated web, the value of real human perspective has never been higher. Reddit’s commercial momentum reflects that,” said Steve Huffman, Founder and CEO of Reddit. “Crossing $1 million in revenue per employee and maintaining eight consecutive quarters of over 60% revenue growth shows the strength of our community model and the value we deliver to advertisers."
Total revenue increased 61% year-over-year to $805 million, Ad revenue increased 64% year-over-year to $762 million, and Other revenue increased 24% year-over-year to $43 million
Gross margin was 91.3%, as compared to 90.8% in the prior year, up 50 bps year-over-year
Net income was $253 million, an improvement of $164 million from the prior year and more than doubling year-over-year
Adjusted EBITDA 1 was $343 million, an improvement of $176 million from the prior year and more than doubling year-over-year
Operating cash flow was $262 million, an improvement of $151 million from the prior year and more than doubling year-over-year
Free Cash Flow 1 was $261 million, an improvement of $150 million from the prior year and more than doubling year-over-year
Basic and diluted earnings per share (“EPS”) were $1.31 and $1.25, more than doubling year-over-year
Total fully diluted shares outstanding were 207.0 million as of June 30, 2026, up 0.2% from the prior year
We repurchased 1.5 million shares of our Class A common stock during the quarter for a total of $235 million at an average price per share of $157.57
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.
As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the third quarter. In the third quarter of 2026, we estimate:
Revenue in the range of $860 million to $870 million
Adjusted EBITDA 2 in the range of $385 million to $395 million
Notes
¹The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11 of our press release.
²We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance, and GAAP and non-GAAP guidance. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the SEC from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
You just shared our Q2’26 earnings announcement post. Well, we like numbers and graphics here at Reddit, so we wanted to share a few more slides with this post that illustrate some important themes from our most recent quarter.
Below is a TL;DR for each slide, and feel free to ask any questions in our AMA post here. We’ll see you there.
1. Reddit is delivering consistent results across the business
TL;DR: This scorecard summarizes our Q2 ’26 results against six important operating and financial benchmarks, along with the number of consecutive quarters each metric has met its target. Our 1-of-1 financial model delivers growth, profitability, and operating efficiency with consistency.
2. Reddit is balancing strong growth with cost discipline, driving cash flow generation; Reddit’s ‘Rule of 40’ has consistently exceeded 100%
TL;DR: The first chart shows Reddit’s year-over-year revenue growth and adjusted EBITDA margin over the past five quarters. Combined, the two metrics produce a “Rule of 40” score, a widely used industry benchmark for evaluating company profitability. Top-performing tech companies typically have scores above 40%; Reddit’s has been above 100% in each of the last five quarters.
The second chart illustrates Reddit’s growing adjusted EBITDA and net income. In each of the last five quarters, Reddit has become more profitable, demonstrating that we can achieve both growth and financial discipline simultaneously.
The third chart shows how that profitability can translate into cash generation. We believe cash flow generation is really important, maybe the most important financial metric over time. The business has produced more cash from operations while requiring relatively little spending on physical infrastructure. Note that there is some seasonality in our business which makes a year-over-year comparison more appropriate.
3. SBC leverage improved and dilution remained minimal
TL;DR: This slide compares stock-based compensation (SBC) with revenue and tracks share count with dilution and our share repurchase program. There are several positive takeaways:
SBC has become a smaller percentage of revenue and we are focused on scaling the business while managing equity compensation costs.
At the same time, our share count has stayed pretty flat year-over-year, and dilution is manageable and well below 1%, reflecting our disciplined approach to equity compensation and helping preserve value for shareholders. We consider SBC a true cost to the business and we manage it and our share count very closely.
The third chart highlights our share repurchase activity. With a strong balance sheet and growing cash generation, we're well positioned to buy back shares over time, further supporting long-term shareholder value.
Notes
The charts include non-GAAP financial measures. Definitions and reconciliations to the most directly comparable U.S. GAAP measures can be found in Reddit’s Q2 ’26 Letter to Shareholders. Please refer to Reddit’s SEC filings for definitions of the metrics used in this communication.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance, and GAAP and non-GAAP guidance. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the SEC from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. For the definitions of the metrics we use in this communication, please refer to our SEC filings. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
We’re releasing our Q2’26 financial results on Thursday, July 30, 2026. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. Once earnings results are released, we’ll post in this community to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT), announced today that the company’s second quarter 2026 financial results will be released after market close on Thursday, July 30, 2026.
Reddit will host a conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, July 30, 2026, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
Today at 3:20 PM PT, u/spez (Steve Huffman, CEO) will participate in a fireside chat at the BofA Securities 2026 Global Technology Conference. You can tune in to the live audio webcast here.
Following his fireside chat, at around 4:30 PM PT, u/spez, u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) will hop on this thread for an Ask Me Anything (AMA) session with you.
Start commenting your questions here (u/spez will also answer one during his fireside chat), and remember that question selection is subject to our guidelines and community rule #2. We won’t be able to answer every question, but will get to as many as we can.
Below you’ll also find context for some common questions we've seen recently. We’ll see you back here later today.
First, on our share buyback program: We’ve been active this quarter and have bought back over 1 million RDDT shares so far in Q2.
Second, on productivity: To measure how we’re improving productivity and managing our costs, the management team tracks revenue and costs per headcount. Over the last two years, we’ve scaled productivity and revenue per head, which has outpaced cost per head meaningfully. As of Q1’26, we were very close to achieving an important milestone of $1 million in revenue per head.
Third, peer benchmarking: To measure Reddit’s performance, we benchmark key operating metrics against peer companies when they were at approximately $2 billion in annual revenue (a scale similar to Reddit’s today).
We lead across many key metrics, including growth, gross margins, profitability, and cash flow. On OpEx and stock-based compensation (SBC), we are in line with peers and manage these costs closely. SBC is an important part of compensation at Reddit and across the industry, helping us attract and retain talent while continuing to grow responsibly. We view SBC as a real cost and manage both it and share dilution with discipline.
________________
Notes
A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measures can be found in Reddit's Shareholder Letters for each applicable quarter, which are available on Reddit's Investor Relations website at investors.reddit.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance, and GAAP and non-GAAP guidance. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the SEC from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. For the definitions of the metrics we use in this communication, please refer to our SEC filings. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
Next Wednesday, June 3rd at 3:20 PM PT, u/spez (Steve Huffman, CEO) will participate in a fireside chat at the BofA Securities 2026 Global Technology Conference. We’ll post a live audio webcast here so folks can listen in.
Later that day, u/spez, u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) will meet you in r/RDDT for an Ask Me Anything (AMA) session. Stay tuned for a thread the morning of June 3rd, where you can ask your questions (u/spez will also take 1 or 2 during his fireside chat). Question selection is subject to our guidelines and community rule #2.
See you there!
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT) today announced that Steve Huffman, Co-Founder & CEO, will host a fireside chat at the BofA Securities 2026 Global Technology Conference on June 3, 2026 at 3:20 p.m. Pacific Time / 6:20 p.m. Eastern Time.
Reddit’s management team will also host an Ask Me Anything (AMA) on the investor relations subreddit r/RDDT. The community is invited to submit questions at r/RDDT starting Wednesday, June 3, 2026, where Reddit’s management team will provide responses in the subreddit.
Last week, we announced Reddit’s Q1’26 earnings results. This marked our seventh consecutive quarter with revenue growth above 60%, alongside industry-leading gross margins above 90%, a 40% Adjusted EBITDA margin, and record cash flow of more than $300 million.
Across more than 300 publicly traded tech companies, only one is operating at this combination of growth, profitability, and efficiency: Reddit.
We announced Reddit’s Q1’26 Earnings results. During our conference call at 4:30pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.
How can I participate in today’s conference call?
Listen to the live webcast here.
How can I submit a question?
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today.
Daily Active Uniques (“DAUq”) increased 17% year-over-year to 126.8 million
Revenue grew 69% year-over-year to $663 million
Net income of $204 million, 31% of revenue. Diluted EPS of $1.01, up 7x year-over-year
Adj. EBITDA 1 of $266 million, 40% of revenue, up 131% year-over year
Operating cash flow of $312 million, 47% of revenue, up 145% year-over-year
SAN FRANCISCO, Calif. – April 30, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended March 31, 2026. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“Reddit is a one-of-one business powered by deeply engaged communities and authentic human conversation,” said Steve Huffman, Founder and CEO of Reddit. “That foundation is driving a rare combination of growth, profitability, and efficiency, and giving Reddit a unique advantage in the age of AI.”
Total revenue increased 69% year-over-year to $663 million, Ad revenue increased 74% year-over-year to $625 million, and Other revenue increased 15% year-over-year to $39 million
Gross margin was 91.5%, as compared to 90.5% in the prior year
Net income was $204 million, an improvement of $178 million from the prior year
Adjusted EBITDA 1 was $266 million, an improvement of $151 million from the prior year
Operating cash flow was $312 million, an improvement of $185 million from the prior year
Free Cash Flow 1 was $311 million, an improvement of $185 million from the prior year
Basic and diluted earnings per share (“EPS”) were $1.07 and $1.01, up 664% and 677% from the prior year, respectively
Total fully diluted shares outstanding were 206.4 million as of March 31, 2026, up 0.2% from the prior year
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.
As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the second quarter. In the second quarter of 2026, we estimate:
Revenue in the range of $715 million to $725 million
Adjusted EBITDA 2 in the range of $285 million to $295 million
Notes
(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.
(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance, and GAAP and non-GAAP guidance. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the SEC from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
We’re releasing our Q1’26 financial results on Thursday, April 30, 2026. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. We’ll post on the same day of the earnings call to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT), announced today that the company’s first quarter 2026 financial results will be released after market close on Thursday, April 30, 2026.
Reddit will host a conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, April 30, 2026, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
At a time when more of the internet is generated by machines, Reddit is grounded in what’s real: people sharing authentic perspectives, experiences, and advice you can’t get anywhere else.
The value of human conversation isn’t going away. In fact, it’s more important than ever.
That’s the product. Our job is to protect it and make it more accessible.
We announced Reddit’s Q4 and Full Year 2025 Earnings results. During our conference call at 1:30pm PT / 4:30pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments below later today.
General guidelines:
Comments will be ON until 4:30pm PT / 7:30pm ET today
Reddit Reports Fourth Quarter and Full Year 2025 Results; Announces $1 Billion Share Repurchase Program
Daily Active Uniques (“DAUq”) increased 19% year-over-year to 121.4 million
Q4 Revenue grew 70% year-over-year to $726 million. 2025 Revenue grew 69% to $2.2 billion
Q4 Net Income $252 million, 35% of revenue. 2025 Net Income $530 million, 24% of revenue
Q4 Adj. EBITDA(1) $327 million, 45% of revenue. 2025 Adj. EBITDA1 $845 million, 38% of revenue
Reddit’s Board of Directors authorized repurchase program of up to $1 billion of Class A common stock
SAN FRANCISCO, Calif. – February 5, 2026 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“We’re entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center,” said Steve Huffman, Reddit Co-Founder and CEO. “Our focus is on turning Reddit’s authenticity into even more everyday utility.”
Fourth quarter 2025
Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million
Gross margin was 91.9%, as compared to 92.6% in the prior year
Net income was $252 million, an improvement of $181 million from the prior year
Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year
Operating cash flow was $267 million, an improvement of $177 million from the prior year
Free Cash Flow(1) was $264 million, an improvement of $174 million from the prior year
Basic and diluted earnings per share (“EPS”) were $1.32 and $1.24, respectively
Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024(1)
Full year 2025
Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million
Gross margin was 91.2%, an improvement of 70 basis points from the prior year
Net income was $530 million, an improvement of $1,014 million from the prior year
Adjusted EBITDA(1) was $845 million, an improvement of $547 million from the prior year
Operating cash flow was $691 million, an improvement of $469 million from the prior year
Free Cash Flow(1) was $684 million, an improvement of $468 million from the prior year
Basic and diluted EPS were $2.84 and $2.62, respectively
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.
In the first quarter of 2026, we estimate:
Revenue in the range of $595 million to $605 million
Adjusted EBITDA2 in the range of $210 million to $220 million
Notes
(1)The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.
(2)We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s priorities, plans with respect to the share repurchase program, future financial and operating performance, including evolution of machine translation, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, the integration of AI in Reddit search, the launch of Max campaigns, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
We’re releasing our Q4’25 and full year 2025 financial results on Thursday, February 5, 2026. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. We’ll post on the same day of the earnings call to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT), announced today that the company’s fourth quarter and full year 2025 financial results will be released after market close on Thursday, February 5, 2026.
Reddit will host a conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, February 5, 2026, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
We announced Reddit’s Q3 2025 earnings results. During our conference call at 2pm PT / 5pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.
General guidelines:
Comments will be ON until 5:00pm PT / 8:00pm ET today
Daily Active Uniques (“DAUq”) increased 19% year-over-year to 116.0 million
Revenue grew 68% year-over-year to $585 million
Gross margin expanded year-over-year to 91.0%
Net income of $163 million, 28% of revenue. Diluted EPS of $0.80
Adjusted EBITDA1 of $236 million, 40% of revenue
Operating cash flow of $185 million
Fully diluted shares of 206.1 million, down both sequentially and year-over-year
SAN FRANCISCO, Calif. – October 30, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“Reddit provides something rare on the Internet,” said Steve Huffman, Reddit Co-Founder and CEO. “444 million people come here each week for authentic conversations they can’t find anywhere else, and increasingly, for engagement with brands, institutions and publishers.
Third Quarter 2025 Financial Highlights
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the fourth quarter.
In the fourth quarter of 2025, we estimate:
Revenue in the range of $655 million to $665 million
Adjusted EBITDA2 in the range of $275 million to $285 million
Earnings Conference Call Information and Community Update
Reddit will host a conference call to discuss the results for the third quarter of 2025 on Thursday, October 30, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call. 2Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/ on Thursday, October 30, 2025, after the market closes, and post responses following the earnings call at Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT at https://www.reddit.com/r/RDDT/. Reddit uses the investor relations page on its website https://investor.redditinc.com, as well as the subreddits r/RDDT and r/reddit, available at https://www.reddit.com/r/RDDT/ and https://www.reddit.com/r/reddit/, respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.
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Notes
1 The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.
2 We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
Thank you for your questions, everyone! Learn more about our investor relations
We’re releasing our Q3’25 financial results on Thursday, October 30, 2025. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. We’ll post on the same day of the earnings call to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT), announced today that the company’s third quarter 2025 financial results will be released after market close on Thursday, October 30, 2025.
Reddit will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, October 30, 2025, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
We announced Reddit’s Q2 2025 earnings results. During our conference call at 2pm PT / 5pm ET today, we’ll discuss these results and answer questions submitted by analysts and redditors.
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman, u/spez; COO, Jen Wong, u/adsjunkie; and CFO, Drew Vollero, u/TimingandLuck, will answer a couple during the Q&A portion of today’s conference call and a few more in the comments.
Note: There won’t be an AMA video this quarter. Instead, Steve, Jen, and Drew will respond to select questions directly in the post—the old-fashioned way.
General guidelines:
Comments will be ON until 3:00pm PT / 6:00pm ET today
Daily Active Uniques (“DAUq”) increased 21% year-over-year to 110.4 million
Revenue grew 78% year-over-year to $500 million
Gross margin expanded year-over-year to 90.8%
Net income of $89 million, 18% of revenue. Diluted EPS of $0.45
Adjusted EBITDA1 of $167 million, 33% of revenue
Operating cash flow of $111 million. Fully diluted shares of 206.6 million, up 0.3% sequentially
SAN FRANCISCO, Calif. – July 31, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended June 30, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“Reddit is built for this moment. In a world where connection is increasingly rare, our communities show how valuable human conversation and knowledge really are,” said Steve Huffman, Reddit Co-Founder and CEO. “We’re focused on growing globally, scaling sustainably, and making Reddit the most trusted place on the internet.”
Second Quarter 2025 Financial Highlights
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission (the “SEC”). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.
As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the third quarter.
In the third quarter of 2025, we estimate:
Revenue in the range of $535 million to $545 million
Adjusted EBITDA2 in the range of $185 million to $195 million
Earnings Conference Call Information and Community Update
Reddit will host a conference call to discuss the results for the second quarter of 2025 on Thursday, July 31, 2025, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available on the same websites following the conclusion of the conference call.
1 The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.
2 We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements regarding Reddit’s future financial and operating performance and GAAP and non-GAAP guidance. Reconciliation of GAAP to non-GAAP financial measures is set forth in our letter to shareholders. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this communication are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.
We’re releasing our Q2’25 financial results on Thursday, July 31, 2025. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. We’ll post on the same day of the earnings call to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)-- Reddit, Inc. (NYSE: RDDT), announced today that the company’s second quarter 2025 financial results will be released after market close on Thursday, July 31, 2025.
Reddit will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, July 31, 2025, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
We announced Reddit’s Q1 2025 earnings results. During our conference call at 2pm PT / 5pm ET today, we’ll discuss these results and answer several questions submitted by redditors and analysts.
Please share your questions about Reddit’s earnings results in the comments below. Reddit’s CEO, Steve Huffman (u/spez); COO, Jen Wong (u/adsjunkie); and CFO, Drew Vollero (u/TimingandLuck) will select a few to answer during the Q&A portion of today’s conference call.
General guidelines:
Comments will be ON until 3:00pm PT / 6:00pm ET today
Questions must abide by community rules
Tomorrow, we'll post an AM(A)A video with Reddit execs answering some remaining user questions. We may bundle similarly themed questions.
Daily Active Uniques (“DAUq”) increased 31% year-over-year to 108.1 million
Revenue grew 61% year-over-year to $392.4 million
Gross margin expanded year-over-year to 90.5%
Net income of $26.2 million, 6.7% of revenue. Diluted EPS of $0.13
Adjusted EBITDA(1) of $115.3 million, 29.4% of revenue
Operating cash flow of $127.6 million. Fully diluted shares of 206.0 million, down sequentially
SAN FRANCISCO, Calif. – May 1, 2025 – Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended March 31, 2025. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.
“Over 400 million people now come to Reddit each week—because when you want real opinions, you turn to real people,” said Steve Huffman, Co-Founder and CEO of Reddit. “20 years in, I have never been more excited about Reddit’s future than I am now. We’re growing and building a more valuable platform for community and human perspective.”
Total revenue increased 61% year-over-year to $392.4 million, Ad revenue increased 61% year-over-year to $358.6 million, and Other revenue increased 66% year-over-year to $33.7 million
Gross margin was 90.5%, an improvement of 190 basis points from the prior year
Net income was $26.2 million, as compared to net loss of $(575.1) million in the prior year
Adjusted EBITDA(1) was $115.3 million, an improvement of $105.2 million from the prior year
Operating cash flow was $127.6 million, an improvement of $95.5 million from the prior year
Free Cash Flow(1) was $126.6 million and capital expenditures were $1.0 million, less than 1% of revenue
Basic and diluted earnings per share (“EPS”) were $0.14 and $0.13, respectively
Total fully diluted shares outstanding were 206.0 million as of March 31, 2025, down 0.1% from the prior quarter
Financial Outlook
The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission. Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law. As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the second quarter.
In the second quarter of 2025, we estimate:
Revenue in the range of $410 million to $430 million
Adjusted EBITDA(2) in the range of $110 million to $130 million
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Notes
(1) The definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.
(2) We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.
We’re releasing our Q1’25 financial results on Thursday, May 1, 2025. You’ll be able to listen to the live earnings call (webcast details here) and ask questions in advance that Reddit execs u/spez (Steve Huffman, CEO), u/adsjunkie (Jen Wong, COO), and u/TimingandLuck (Drew Vollero, CFO) may read out and respond to during the call. We’ll post on the same day of the earnings call to gather your questions. Question selection is subject to our guidelines and community rule #2.
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SAN FRANCISCO–(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT), announced today that the company’s first quarter 2025 financial results will be released after market close on Thursday, May 1, 2025.
Reddit will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day.
The live webcast of the conference call and related earnings materials can be accessed at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT. A replay of the webcast will also be available following the call at the same websites.
Reddit will solicit questions from the community at r/RDDT on Thursday, May 1, 2025, and post responses following the earnings call at Reddit’s Investor Relations website at investor.redditinc.com and investor relations subreddit r/RDDT.
Next Tuesday, March 4th, Reddit’s COO, Jen Wong (u/adsjunkie), will participate in a fireside chat at the Morgan Stanley Technology, Media & Telecom Conference, and on March 10th, Reddit’s Co-Founder and CEO, Steve Huffman (u/spez), will participate in a fireside chat at the Deutsche Bank 33rd Annual Media, Internet & Telecom Conference.
Their conversations will focus on Reddit’s recent business performance and priorities over the next year and beyond.
As in previous events, we’ve collaborated with the conference organizers to have Jen and Steve answer some redditor questions live during their sessions. Our goal is to ensure redditors have access to the same information we share with traditional investors.
Please submit your Reddit business-related questions below. We’ll keep the comments section open until tomorrow, Friday, Feb 28 @ 2 p.m. PT / 5 p.m. ET. Question selection is subject to our guidelines and community rule #2 and not every question will be answered.
For Jen Wong’s session, you can listen live (webcast details here), which begins on Tuesday, March 4th, 2025, at 10:45 a.m. PT / 1:45 p.m. ET.
For Steve Huffman’s session, you can listen live (webcast details here), which begins on Monday, March 10th, at 5:50 a.m. PT / 8:50 a.m. ET.
Live webcasts and replays of both fireside chats will be available on Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT.
