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RDDT · Reddit

2 filings

10-K

RDDT 10-K Annual Reports

Reddit - 2 annual reports

Filing record · 2024–202610-K210-Q98-K17

2025
Reddit Annual Report, Year Ended Dec 31, 2025
Reddit, Inc. (NYSE: RDDT) reported a sharp turnaround in 2025. Revenue was $2.2 billion for the year ended December 31, 2025, an increase of 69% year over year from $1.3 billion, with advertising revenue of $2,062,480 thousand and other revenue of $140,026 thousand. Net income was $529.7 million, compared with a net loss of $(484.3) million in 2024. Adjusted EBITDA was $845.1 million, up from $298.0 million, and Free Cash Flow was $684.2 million, up from $215.8 million. Stock-based compensation expense fell to $343.2 million from $801.6 million, largely because of the cumulative catch-up recognized in 2024 at IPO. User growth remained strong. Average DAUq was 121.4 million in the three months ended December 31, 2025, up 19% year over year, and ARPU was $5.98, up 42%. International DAUq grew 28% year over year, and about 57% of Redditors visited from outside the United States. Revenue concentration is a notable risk: the top ten advertisers accounted for approximately 21% of 2025 revenue, and substantially all content licensing contract value came from two partners. The company ended 2025 with $2.5 billion in cash, cash equivalents and marketable securities and a $500.0 million undrawn revolving credit facility (with $494.7 million available). In February 2026 the Board authorized a share repurchase program of up to $1 billion of Class A common stock, with no expiration date and no obligation to repurchase. Governance remains concentrated: Class B shares carry ten votes each, and CEO Steven Huffman was entitled to vote approximately 75% of the voting power of Class A and Class B common stock under voting agreements.
Feb 6, 2026
2024
Reddit Annual Report, Year Ended Dec 31, 2024
Reddit, Inc. (RDDT) reported full-year 2024 revenue of $1.30 billion, up 62% from $804.0 million in 2023, with advertising revenue of $1,185.5 million and other revenue of $114.7 million. The company swung to an operating loss of $560.6 million and a net loss of $484.3 million, compared with a net loss of $90.8 million in 2023, driven largely by stock-based compensation of $801.6 million, including a cumulative catch-up recognized upon the March 2024 IPO. Adjusted EBITDA was $298.0 million versus $(69.3) million in 2023, and free cash flow was $215.8 million versus $(84.8) million. User growth was strong in the three months ended December 31, 2024: average daily active uniques (DAUq) reached 101.7 million, up 39% year over year, with 53.7 million international DAUq, and ARPU rose 23% to $4.21. The filing notes that logged-out users made up 55% of global DAUq, that such users monetize at lower rates, and that DAUq growth may slow as the base grows. Management also highlights growth drivers including search engine traffic changes, machine translation, and product enhancements, while acknowledging that the company is in the early stages of monetizing content licensing and its user economy. The filing highlights concentration and structural risks. Approximately 91% of 2024 revenue came from third-party advertising, and the top ten customers accounted for about 25% of revenue. Content licensing revenue is substantially derived from two partners. Class B shares carry ten votes each, and Advance Magazine Publishers Inc. holds approximately 23% of outstanding Class A and Class B shares, with Steven Huffman entitled to vote shares representing approximately 74% of voting power under voting agreements. The company held $1.8 billion in cash, cash equivalents, and marketable securities at year-end and had a $750.0 million revolving credit facility, with $745.1 million available.
Feb 13, 2025