RDDT · Reddit
28 filings
RDDT SEC Filings
Reddit - 28 total filings
RDDT filed 2 annual reports (10-K), 9 quarterly reports (10-Q) and 17 current reports (8-K) between 2024 and 2026.
- 8-K · Mar 25, 2024
- 8-K/A · Mar 26, 2024
- 8-K · May 7, 2024
- 10-Q · May 8, 2024
- 8-K · Aug 6, 2024
- 10-Q · Aug 7, 2024
- 8-K · Oct 29, 2024
- 10-Q · Oct 30, 2024
- 8-K · Feb 12, 2025
- 10-K · Feb 13, 2025
- 8-K · May 1, 2025
- 10-Q · May 2, 2025
- 8-K · Jun 10, 2025
- 8-K · Jul 2, 2025
- 8-K · Jul 31, 2025
- 10-Q · Aug 1, 2025
- 8-K · Oct 30, 2025
- 10-Q · Oct 31, 2025
- 8-K · Feb 5, 2026
- 10-K · Feb 6, 2026
- 8-K · Apr 30, 2026
- 10-Q · May 1, 2026
- 8-K · Jun 10, 2026
- 8-K · Jul 30, 2026
- 10-Q · Jul 31, 2026
- 8-K · Aug 12, 2026
- 8-K · Oct 29, 2026
- 10-Q · Oct 30, 2026
Reddit Quarterly Report for Q3 Ended Sep 30, 2026
Reddit, Inc. reported third-quarter 2026 revenue of $894.96 million, up 53% year-over-year from $584.91 million, and net income of $283.26 million versus $162.66 million a year earlier. For the nine months ended September 30, 2026, revenue was $2.36 billion (up 60%) and net income was $740.09 million. Advertising revenue was $846.996 million in the quarter, up from $549.342 million, driven mainly by a roughly 34% increase in ad prices and a roughly 15% increase in ad impressions delivered. Adjusted EBITDA was $402.3 million in the quarter, compared with $236.0 million a year earlier. Free Cash Flow was $362.6 million in the quarter and $934.5 million for the nine months. User metrics were mixed. Average DAUq was 130.3 million, up 12% year-over-year, but the filing states that U.S. DAUq declined 2% year-over-year and 5% quarter-over-quarter, while rest-of-world DAUq grew 24% year-over-year. Management attributes the referral-traffic softness to third-party search engine changes, including AI-generated summaries. ARPU rose 36% to $6.87, with U.S. ARPU at $13.82. The company also disclosed that it intends to begin experiments requiring logged-in access in one or more international markets in the quarter ending December 31, 2026, with possible global implementation afterward. The balance sheet held $3.0 billion in cash, cash equivalents, and marketable securities as of September 30, 2026. The company repurchased 2,193,461 Class A shares for $340.0 million during the nine months under a $1.0 billion program, with $660.0 million remaining. The filing notes a reasonable possibility of a significant release of the U.S. deferred tax valuation allowance within the next 12 months, which would produce a significant income tax benefit. Key legal exposures include a securities class action tied to Google Search and AI Overviews, derivative complaints, and a UK ICO fine of GBP 14.5 million that the company is appealing.
Reddit 8-K Report, Financial Results (Oct 29, 2026)
Reddit, Inc. reported third-quarter 2026 results for the quarter ended September 30, 2026. Revenue was $895 million, up 53% year-over-year, with advertising revenue of $847 million (up 54%) and other revenue of $48 million (up 35%). U.S. revenue was $719 million (up 50%) and international revenue was $176 million (up 67%). Net income was $283 million, up 74%, with a 31.7% net margin. Diluted EPS was $1.40, up 75%. Adjusted EBITDA was $402 million, up 70%, at a 44.9% margin. Operating cash flow was $364 million, up 96%, and free cash flow was $363 million. The company repurchased about 670 thousand Class A shares for $100 million at an average price of $149.81. Reddit was also added to the S&P 500 index during the quarter. User metrics were mixed. Global daily active uniques (DAUq) rose 12% to 130.3 million and weekly active uniques (WAUq) rose 16% to 515.2 million, but U.S. DAUq fell 2% to 50.7 million while international DAUq grew 24%. The letter to shareholders says search referral traffic declined meaningfully in Q3, with the decline accelerating late in the quarter. In October, search traffic fell by more than 1 million referrals per week on average. If that rate of decline continues, the letter says total DAUq could fall by a low-double-digit percentage in Q4 from the current base of 130 million. Management is shifting Reddit toward a primarily logged-in experience and plans to begin testing it in select markets outside the U.S. in Q4. For Q4 2026, Reddit estimates revenue of $1,000 million to $1,030 million and Adjusted EBITDA of $480 million to $510 million. Management also said logged-in and app DAUq make up the vast majority of engagement and over 80% of monetization. Investors will likely focus on whether the search-referral decline affects user growth and on the durability of the margin expansion.
Reddit 8-K Report, Executive Changes (Aug 12, 2026)
Reddit, Inc. (RDDT) filed this Form 8-K under Item 5.02 to disclose a leadership transition in its legal function. On August 12, 2026, Benjamin Lee notified Reddit of his intention to step down as Chief Legal Officer and Corporate Secretary, effective September 14, 2026. Mr. Lee will remain an employee through September 25, 2026 to assist in transitioning his responsibilities. Reddit expects to appoint Paul Cappuccio as its Chief Legal Officer and Corporate Secretary in connection with Mr. Lee's resignation. The filing describes Mr. Cappuccio as bringing deep leadership experience as a public company general counsel, executive, and board director. The filing contains no financial results or other financial figures. Its only exhibit is the cover page Interactive Data File embedded within the inline XBRL document. For investors, the main takeaway is a planned senior legal leadership change with a defined transition period.
Reddit Quarterly Report for Q2 Ended Jun 30, 2026
Reddit, Inc. reported second-quarter 2026 revenue of $804.9 million, up 61% year-over-year from $499.6 million, with advertising revenue of $761.6 million and other revenue of $43.3 million. Income from operations was $231.7 million versus $67.7 million a year earlier, and net income was $252.8 million compared with $89.3 million. Diluted net income per share was $1.25 versus $0.45. Adjusted EBITDA was $342.8 million compared with $166.7 million, and Free Cash Flow was $260.7 million compared with $110.8 million. Growth was driven primarily by higher pricing and increased ad impressions; the price of ads rose approximately 40% and ad impressions rose approximately 17% year-over-year. User metrics showed Daily Active Uniques (DAUq) of 130.3 million, up 18% year-over-year, with U.S. DAUq up 6% and rest-of-world DAUq up 28%. ARPU was $6.18, up 36%, with U.S. ARPU at $11.85 and rest-of-world ARPU at $2.26. Beginning with the quarter ending September 30, 2026, the company will stop reporting logged-in and logged-out DAUq, and management will primarily use total DAUq and DAUq by geography. Balance sheet and capital return activity strengthened during the period. Cash, cash equivalents, and marketable securities totaled $2.8 billion at June 30, 2026, and the company repurchased 1,523,502 Class A shares for $239.6 million in the six months ended June 30, 2026 under a $1.0 billion program authorized in February 2026, with $760.4 million remaining. The filing also discloses a securities class action and derivative complaints relating to Google Search and AI Overviews, and a £14.5 million fine from the UK Information Commissioner's Office that the company is appealing.
Reddit 8-K Report, Financial Results (Jul 30, 2026)
Reddit, Inc. reported second-quarter 2026 results for the quarter ended June 30, 2026, with revenue of $805 million, up 61% year-over-year, marking its eighth consecutive quarter of over 60% revenue growth. Advertising revenue was $762 million, up 64%, and Other revenue was $43 million, up 24%. Net income was $253 million, or 31% of revenue, and diluted EPS was $1.25, both more than doubling year-over-year. Adjusted EBITDA was $343 million with a 43% margin, and operating cash flow was $262 million, up 135%. Gross margin was 91.3%, up 50 bps. User metrics showed mixed trends. Global daily active uniques (DAUq) averaged 130.3 million, up 18%, while weekly active uniques (WAUq) averaged 514.6 million, up 24%. U.S. DAUq grew 6% and international DAUq grew 28%. Logged-in DAUq grew 7% and logged-out DAUq grew 27%. Management said search referrals were choppy during the quarter and that referral visibility remains low, and it emphasized converting weekly users into daily users as its top priority. For the third quarter of 2026, Reddit estimates revenue of $860 million to $870 million and Adjusted EBITDA of $385 million to $395 million. During the quarter, the company repurchased 1.5 million Class A shares for $235 million at an average price of $157.57. Cash, cash equivalents, and marketable securities totaled $2.8 billion as of June 30, 2026, and fully diluted shares outstanding were 207.0 million.
Reddit 8-K Report, Shareholder Vote Results (Jun 10, 2026)
On June 8, 2026, Reddit, Inc. held its 2026 annual meeting of stockholders, where holders of Class A common stock (one vote per share) and Class B common stock (ten votes per share) voted as a single class on three proposals. Stockholders elected all eight director nominees (Steven Huffman, Sarah Farrell, Patricia Fili-Krushel, Porter Gale, David Habiger, Steven O. Newhouse, Robert A. Sauerberg Jr., and Michael Seibel) to serve until the 2027 annual meeting. Each nominee received more votes for than withheld, with Steven O. Newhouse receiving the most withheld votes at 55,261,715 and Sarah Farrell the fewest at 811,747. Stockholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2026, with 586,179,407 votes for, 367,200 against, and 201,974 abstentions. In addition, stockholders approved, on a non-binding advisory basis, the compensation of the company's named executive officers, with 548,116,258 votes for, 10,731,180 against, and 87,007 abstentions. The filing references the company's definitive proxy statement filed April 23, 2026, which describes these proposals in full. The filing is a routine Item 5.07 disclosure of meeting results, with no new financial results or corporate actions reported. The only exhibit listed is the Cover Page Interactive Data File embedded in the inline XBRL document.
Reddit Quarterly Report for Q1 Ended Mar 31, 2026
Reddit, Inc. reported first-quarter 2026 revenue of $663.4 million, up 69% year-over-year from $392.4 million, with advertising revenue of $624.7 million (up 74%) and other revenue of $38.7 million. Income from operations was $182.9 million versus $3.9 million a year earlier, and net income was $204.0 million, or $1.01 per diluted share, compared with $26.2 million ($0.13 per diluted share) in the prior-year quarter. Adjusted EBITDA was $266.0 million versus $115.3 million, and gross margin was 91.5% versus 90.5%. User metrics grew as well. Daily Active Uniques (DAUq) were 126.8 million, up 17% year-over-year, and ARPU was $5.23, up 44%. U.S. ARPU was $9.63 and rest-of-world ARPU was $2.02. Management attributed the DAUq growth to third-party search engine algorithm changes and growth initiatives such as machine translation, marketing, and product improvements. Ad impressions delivered rose approximately 32% and ad pricing rose approximately 32%. The company will stop reporting logged-in and logged-out DAUq beginning with the quarter ending September 30, 2026. Liquidity remained strong, with $2.8 billion in cash, cash equivalents, and marketable securities at March 31, 2026, and operating cash flow of $312.3 million, producing Free Cash Flow of $311.2 million. On February 4, 2026, the board authorized a $1.0 billion Class A share repurchase program, under which 34,690 shares were bought for $5.0 million in the quarter, leaving $995.0 million available. The filing also discloses a securities class action tied to Google Search and AI Overviews, and a UK ICO penalty of GBP £14.5 million that Reddit is appealing. The company states it has a full valuation allowance against U.S. deferred tax assets and that a release within 12 months could produce a significant income tax benefit.
Reddit 8-K Report, Financial Results (Apr 30, 2026)
Reddit, Inc. (NYSE: RDDT) reported first quarter 2026 results for the quarter ended March 31, 2026, in a press release (Exhibit 99.1) and shareholder letter (Exhibit 99.2) furnished with this Form 8-K. Total revenue rose 69% year-over-year to $663 million, with advertising revenue up 74% to $625 million and Other revenue up 15% to $39 million. U.S. revenue grew 67% and International revenue grew 76%. Gross margin was 91.5%, compared with 90.5% a year earlier. Profitability and cash generation improved sharply. Net income was $204 million, up $178 million from the prior year, and diluted EPS was $1.01 versus $0.13. Adjusted EBITDA was $266 million, a 40.1% margin, and operating cash flow was $312 million. Free cash flow was $311 million, and capital expenditures were only $1 million. Cash, cash equivalents, and marketable securities totaled $2.77 billion at March 31, 2026. Daily active uniques (DAUq) rose 17% to 126.8 million, with logged-out users growing 26% and logged-in users 7%. For the second quarter of 2026, Reddit estimates revenue of $715 million to $725 million and Adjusted EBITDA of $285 million to $295 million. The company also noted that it will host an earnings call on April 30, 2026, at 1:30 p.m. PT, and will use its investor relations subreddit and related channels for Regulation FD disclosure.
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.
Reddit 8-K Report, Financial Results (Feb 5, 2026)
Reddit, Inc. (NYSE: RDDT) reported fourth quarter and full year 2025 results on February 5, 2026, with Q4 total revenue of $726 million, up 70% year-over-year, and full-year 2025 revenue of $2.2 billion, up 69%. Q4 net income was $252 million (35% of revenue) and full-year net income was $530 million (24% of revenue). Q4 Adjusted EBITDA was $327 million (45% of revenue), and full-year Adjusted EBITDA was $845 million (38% of revenue). Q4 operating cash flow was $267 million and Free Cash Flow was $264 million. Daily Active Uniques (DAUq) averaged 121.4 million in Q4, up 19% year-over-year, while cash, cash equivalents, and marketable securities totaled $2.48 billion at December 31, 2025. The Board of Directors authorized a share repurchase program of up to $1 billion of Class A common stock. The filing states that repurchases may be made on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions. The program has no expiration date, does not obligate Reddit to buy any particular amount, and may be suspended or discontinued at any time. For the first quarter of 2026, Reddit estimates revenue of $595 million to $605 million and Adjusted EBITDA of $210 million to $220 million. The letter to shareholders also states that Reddit plans to phase out reporting of logged-in and logged-out user metrics later in 2026, and it highlights the launch of verified profiles and Reddit Max campaigns.
Reddit Quarterly Report for Q3 Ended Sep 30, 2025
Reddit, Inc. reported third-quarter 2025 revenue of $584.9 million, up 68% year over year from $348.4 million, with advertising revenue of $549.3 million and other revenue of $35.6 million. Income from operations was $138.5 million, compared with $6.9 million a year earlier, and net income was $162.7 million, compared with $29.9 million. Gross margin was 91.0%, and Adjusted EBITDA was $236.0 million, compared with $94.1 million. Net cash provided by operating activities was $185.2 million, and Free Cash Flow was $183.1 million. For the nine months ended September 30, 2025, revenue was $1.48 billion, up 69%, and net income was $278.1 million, compared with a net loss of $555.3 million in the prior-year period. User growth and monetization both increased. Daily Active Uniques (DAUq) were 116.0 million, up 19% year over year, with United States DAUq up 7% and rest-of-world DAUq up 31%. ARPU was $5.04, up 41%, with United States ARPU of $9.04 and rest-of-world ARPU of $1.84. The filing states that logged-out DAUq comprised 57% of global DAUq in the quarter and that growth was driven in part by third-party search engine and algorithm changes. Cash, cash equivalents, and marketable securities totaled $2.2 billion as of September 30, 2025. The company amended its revolving credit facility to $500.0 million, maturing in 2030, and was in compliance with its covenants. The filing also flags material risks. In June 2025, Reddit and certain officers and directors were named in a securities class action alleging misleading statements about the impact of Google Search and its AI Overviews feature on the business, and shareholder derivative complaints followed. The filing notes that substantially all contract value in content licensing relates to two partners, and that the company has filed litigation against companies that used Reddit content without a license. Advance Magazine Publishers Inc. held approximately 22% of outstanding Class A and Class B common stock, and Mr. Huffman was entitled to vote approximately 76% of the voting power of the Class A and Class B common stock under voting agreements.
Reddit 8-K Report, Financial Results (Oct 30, 2025)
Reddit, Inc. (NYSE: RDDT) reported third-quarter 2025 results for the quarter ended September 30, 2025, in a press release and shareholder letter furnished under Item 2.02 of this Form 8-K. Total revenue rose 68% year-over-year to $585 million, with advertising revenue of $549 million (up 74%) and other revenue of $36 million (up 7%). U.S. revenue grew 67% to $480 million and international revenue grew 74% to $105 million. Gross margin was 91.0%, and the company reported net income of $163 million (a 28% net margin), diluted EPS of $0.80, and adjusted EBITDA of $236 million (a 40.3% margin). User metrics showed continued growth, with global daily active uniques (DAUq) of 116.0 million, up 19% year-over-year, and international DAUq up 31%, versus U.S. DAUq up 7%. Weekly active uniques (WAUq) reached 443.8 million, up 21%. Operating cash flow was $185 million and free cash flow was $183 million. Cash, cash equivalents, and marketable securities totaled $2.23 billion as of September 30, 2025, and fully diluted shares were 206.1 million, down 0.2% sequentially. For the fourth quarter of 2025, Reddit estimates revenue of $655 million to $665 million and adjusted EBITDA of $275 million to $285 million. Management also said it will hold a conference call on October 30, 2025 at 2:00 p.m. PT, and will solicit community questions on r/RDDT.
Reddit Quarterly Report for Q2 Ended Jun 30, 2025
Reddit, Inc. reported a strong second quarter of 2025, with revenue of $499.6 million for the three months ended June 30, 2025, up 78% year over year from $281.2 million, and net income of $89.3 million compared with a net loss of $10.1 million a year earlier. Advertising revenue was $464.8 million and other revenue was $34.8 million. Income from operations was $67.7 million versus a loss of $31.0 million in the prior-year quarter. Adjusted EBITDA was $166.7 million, and Free Cash Flow was $110.8 million for the quarter. For the six months ended June 30, 2025, revenue was $892.0 million, up 70%, and net income was $115.5 million. User metrics grew over the period: Daily Active Uniques (DAUq) were 110.4 million, up 21% year over year, and ARPU was $4.53, up 47%. The filing notes that logged-out users comprised 55% of global DAUq and that DAUq growth is expected to slow as the base grows. The company held $2.1 billion in cash, cash equivalents, and marketable securities at June 30, 2025, and it signed a renewal of its revolving credit facility on July 1, 2025 that provides a five-year, $500.0 million facility. The filing also discloses a securities class action filed in June 2025 alleging false or misleading statements about the impact of Google Search and its AI Overviews feature on the business, along with related shareholder derivative complaints. The company states that the outcome remains uncertain given the preliminary stage of the proceedings. Remaining performance obligations on long-term contracts were $194.9 million, primarily from long-term content licensing contracts, with $57.0 million expected to be recognized in the remainder of 2025.
Reddit 8-K Report, Financial Results (Jul 31, 2025)
Reddit, Inc. (NYSE: RDDT) reported results for the quarter ended June 30, 2025 in a press release furnished as Exhibit 99.1 and a shareholder letter furnished as Exhibit 99.2. Revenue was $500 million, up 78% year-over-year, with advertising revenue of $465 million (up 84%) and other revenue of $35 million (up 24%). Gross margin was 90.8%, net income was $89 million (diluted EPS of $0.45), and Adjusted EBITDA was $167 million, a 33% margin. Operating cash flow was $111 million and Free Cash Flow was $111 million. Daily Active Uniques (DAUq) averaged 110.4 million, up 21% year-over-year, and fully diluted shares were 206.6 million, up 0.3% from the prior quarter. For the third quarter of 2025, Reddit estimates revenue of $535 million to $545 million and Adjusted EBITDA of $185 million to $195 million. The shareholder letter states that management is deprioritizing some initiatives, including work on the user economy, to concentrate resources on the core product, search (Reddit Answers reached 6 million weekly active uniques), and international expansion, where machine translation is now live in 23 languages. The filing also notes that the company will hold a conference call on July 31, 2025 at 2:00 p.m. Pacific Time, and will solicit questions from the community on its investor relations subreddit, r/RDDT. Reddit states that it uses its investor relations website and subreddits r/RDDT and r/reddit to disclose material information under Regulation FD.
Reddit 8-K Report, Material Agreement (Jul 2, 2025)
Reddit, Inc. (RDDT) entered into an Amended and Restated Credit and Guarantee Agreement on July 1, 2025 with JPMorgan Chase Bank, N.A. as administrative agent, which amended and restated its existing credit agreement dated October 8, 2021 (as amended May 23, 2023). The filing reports that the revolving credit facility's maturity was extended to July 1, 2030, and total commitments were decreased to $500.0 million. The existing $100.0 million letter of credit sublimit was maintained, and credit spread adjustments were removed while pricing is otherwise described as substantially similar to the prior agreement. The amended facility modifies financial covenants to transition to a maximum total leverage ratio beginning after July 1, 2025. The agreement continues to restrict the company and its restricted subsidiaries from incurring additional debt, granting liens, engaging in affiliate transactions, selling assets, making investments, and paying dividends or certain other restricted payments. It remains primarily secured by liens on substantially all company assets, including intellectual property, but guarantees and collateral will permanently fall away upon achieving certain investment grade ratings from two rating agencies. The filing is primarily a financing-terms update: it extends the revolver's tenor and reduces its size, with the full agreement filed as Exhibit 10.1 (portions omitted under Item 601(a)(5) of Regulation S-K).
Reddit 8-K Report, Shareholder Vote Results (Jun 10, 2025)
Reddit, Inc. held its 2025 annual meeting of stockholders on June 9, 2025, where stockholders voted on four proposals. Holders of Class A common stock had one vote per share and Class B holders had ten votes per share, both voting as a single class, as of the April 14, 2025 record date. All eight director nominees were elected to serve until the 2026 annual meeting: Steven Huffman, Sarah Farrell, Patricia Fili-Krushel, Porter Gale, David Habiger, Steven O. Newhouse, Robert A. Sauerberg, and Michael Seibel. Steven O. Newhouse and Robert A. Sauerberg received the most withheld votes, at 60,890,032 and 58,992,121 respectively, while Sarah Farrell received the most support with 597,271,983 votes for and 396,235 withheld. Stockholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2025, with 621,571,300 votes for, 437,563 against, and 219,743 abstentions. On a non-binding advisory basis, stockholders approved the compensation paid to the company's named executive officers, with 595,173,870 votes for and 2,368,616 against. On the frequency of future say-on-pay votes, stockholders favored an annual vote, with 597,013,216 votes for one year, 92,175 for two years, and 484,648 for three years. The board determined that the company will hold advisory votes on named executive officer compensation every one year, a policy that remains in effect until the next required stockholder vote on frequency.
Reddit Quarterly Report for Q1 Ended Mar 31, 2025
Reddit, Inc. (RDDT) reported first-quarter 2025 revenue of $392.4 million, up 61% year over year from $243.0 million, with advertising revenue of $358.6 million and other revenue of $33.7 million. The company swung to net income of $26.2 million, compared with a net loss of $575.1 million in the prior-year quarter, which was heavily affected by stock-based compensation recognized upon the IPO. Income from operations was $3.9 million, and Adjusted EBITDA was $115.3 million versus $10.0 million a year earlier. Gross margin was 90.5%, compared with 88.6% in the prior-year period. User metrics grew strongly: average DAUq was 108.1 million, up 31% year over year, and ARPU was $3.63, up 23%. U.S. ARPU was $6.27 and rest-of-world ARPU was $1.34. The filing attributes growth to third-party search engine and algorithm changes, machine translation, and product enhancements, and notes that logged-out DAUq comprised 55% of global DAUq in the quarter. Logged-out users monetize at lower rates than logged-in users. Liquidity remained strong, with $2.0 billion in cash, cash equivalents and marketable securities and operating cash flow of $127.6 million, producing Free Cash Flow of $126.6 million. Remaining performance obligations on contracts longer than one year totaled $224.5 million, mostly long-term content licensing contracts, with $85.9 million expected to be recognized in the rest of 2025. The filing notes that substantially all content licensing contract value is derived from two partners.
Reddit 8-K Report, Financial Results (May 1, 2025)
Reddit, Inc. (NYSE: RDDT) reported first quarter 2025 results on May 1, 2025, furnished under Item 2.02 in Exhibits 99.1 (press release) and 99.2 (shareholder letter). Revenue was $392.4 million, up 61% year-over-year, with advertising revenue of $358.6 million (up 61%) and other revenue of $33.7 million (up 66%). U.S. revenue was $313.9 million (up 57%) and international revenue was $78.5 million (up 82%). Gross margin was 90.5%, up 190 basis points from the prior year. The company reported net income of $26.2 million, a 6.7% net margin, compared with a net loss of $(575.1) million in the prior-year quarter, and diluted EPS of $0.13. On profitability and cash flow, Adjusted EBITDA was $115.3 million, a 29.4% margin, versus $10.0 million a year earlier. Operating cash flow was $127.6 million and Free Cash Flow was $126.6 million, with capital expenditures of $1.0 million. Cash, cash equivalents, and marketable securities totaled $1.95 billion at March 31, 2025. Fully diluted shares were 206.0 million, down 0.1% from the prior quarter. For the second quarter of 2025, the company estimated revenue of $410 million to $430 million and Adjusted EBITDA of $110 million to $130 million. Daily active uniques (DAUq) averaged 108.1 million, up 31% year-over-year, and weekly active uniques (WAUq) averaged 401.3 million, also up 31%. The shareholder letter attributes international growth to machine translation and the international playbook, and notes that some external search traffic is variable.
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.
Reddit 8-K Report, Financial Results (Feb 12, 2025)
Reddit, Inc. (NYSE: RDDT) reported fourth quarter 2024 revenue of $427.7 million, up 71% year-over-year, with advertising revenue of $394.5 million (up 60%) and Other revenue of $33.2 million. Net income was $71.0 million (16.6% net margin) versus $18.5 million a year earlier, diluted EPS was $0.36, and Adjusted EBITDA was $154.3 million, or 36.1% of revenue. Operating cash flow was $90.0 million and Free Cash Flow was $89.2 million. Gross margin reached 92.6%, up 420 basis points year-over-year. For the full year 2024, revenue was $1.3 billion, up 62%, with a net loss of $484.3 million compared with a net loss of $90.8 million in 2023. The filing attributes the full-year loss primarily to IPO-related expenses. Full-year Adjusted EBITDA was $298.0 million (22.9% margin), operating cash flow was $222.1 million, and cash, cash equivalents and marketable securities totaled $1.84 billion at December 31, 2024. Daily active uniques (DAUq) reached 101.7 million in the fourth quarter, up 39%, with international DAUq growing 46%. For the first quarter of 2025, Reddit estimates revenue of $360 million to $370 million and Adjusted EBITDA of $80 million to $90 million. The shareholder letter notes that Google Search traffic volatility in late Q4 2024 has recovered so far in Q1 2025, and highlights the launch of Reddit Answers, an AI-powered search product in beta in the U.S.
Reddit Quarterly Report for Q3 Ended Sep 30, 2024
Reddit, Inc. reported third-quarter 2024 revenue of $348.4 million, up 68% year over year from $207.5 million, with advertising revenue of $315.1 million and other revenue of $33.2 million. The company swung to net income of $29.9 million for the quarter, compared with a net loss of $7.4 million a year earlier. Results were helped by a sharp rise in revenue and a 90.1% gross margin, though nine-month results remained a net loss of $555.3 million, largely reflecting stock-based compensation of $716.5 million tied to the March 2024 IPO, including a cumulative catch-up for RSUs with liquidity-event vesting conditions. Adjusted EBITDA was $94.1 million for the quarter versus a $6.9 million loss a year earlier. User growth and monetization both moved higher. Global DAUq was 97.2 million, up 47% year over year, and ARPU was $3.58, up 14%. Management attributed the revenue increase mainly to higher impressions delivered, with pricing flat versus the prior-year period, and noted that data licensing agreements executed in 2024 contributed to other revenue. The filing also notes that DAUq growth quarter over quarter was 7%, and that logged-out users made up 75% of incremental users added since July 2023 as of December 2023. Liquidity is strong: cash, cash equivalents, and marketable securities totaled $1.7 billion at September 30, 2024, and free cash flow was $70.3 million for the quarter ($126.7 million for nine months). The company received $600.0 million in net IPO proceeds in March 2024 and has a $750.0 million revolving credit facility with $745.0 million available. Risk disclosures highlight dependence on a small number of data licensing partners, a concentrated voting structure controlled largely by Steven Huffman and Advance Magazine Publishers, an FTC inquiry into AI training data licensing, and reliance on search engine traffic.
Reddit 8-K Report, Financial Results (Oct 29, 2024)
Reddit, Inc. (NYSE: RDDT) reported third quarter 2024 results on October 29, 2024, furnishing a press release (Exhibit 99.1) and a shareholder letter (Exhibit 99.2) under Item 2.02. Revenue rose 68% year-over-year to $348.4 million, with advertising revenue of $315.1 million (up 56%) and other revenue of $33.2 million (up over 547%, driven by data licensing agreements). The company achieved GAAP profitability with net income of $29.9 million, a net margin of 8.6%, compared with a net loss of $(7.4) million in the prior-year quarter. Adjusted EBITDA was $94.1 million, a 27.0% margin, versus $(6.9) million a year earlier. User growth was a central theme. Average daily active uniques (DAUq) reached 97.2 million, up 47% year-over-year, with U.S. DAUq at 48.2 million and international DAUq at 49.0 million. Management credited machine translation with driving 4x incremental DAUq versus the prior quarter and said it plans to expand machine translation to over 30 countries through 2025. Operating cash flow was $71.6 million and free cash flow was $70.3 million, with capital expenditures of $1.4 million. Cash, cash equivalents, and marketable securities totaled $1.74 billion at September 30, 2024. For the fourth quarter of 2024, the company estimates revenue of $385 million to $400 million and Adjusted EBITDA of $110 million to $125 million. The filing notes that GAAP-equivalent reconciliations for these non-GAAP guidance figures were not provided due to uncertainty and variability of reconciling items. Management also disclosed $66 million invested to net settle 1.2 million employee shares in the quarter, and stock-based compensation and related taxes of $83.3 million, which weighed on GAAP operating expenses.
Reddit Quarterly Report for Q2 Ended Jun 30, 2024
Reddit, Inc. reported second-quarter 2024 revenue of $281.2 million, up 54% year over year from $183.0 million, with advertising revenue of $253.1 million and other revenue of $28.1 million. Net loss narrowed to $10.1 million from $41.1 million a year earlier. Adjusted EBITDA was $39.5 million, compared with $(35.4) million in the prior-year quarter, and Free Cash Flow was $27.2 million versus $(54.9) million. For the six months, net loss was $585.2 million, driven largely by stock-based compensation expense of $641.8 million, including a cumulative catch-up recognized upon the IPO for RSUs with a liquidity event vesting condition. User engagement grew strongly: global DAUq was 91.2 million, up 51% year over year, with United States DAUq up 59% and rest-of-world DAUq up 44%. ARPU was $3.08, up 2% year over year, although United States ARPU declined to $4.94 from $5.21. The filing attributes the global ARPU increase mainly to higher impressions, partially offset by lower pricing, and notes that data licensing agreements executed in 2024 contributed to revenue and ARPU. The balance sheet strengthened following the March 2024 IPO, which provided net proceeds of $600.0 million. Cash, cash equivalents, and marketable securities totaled $1.7 billion as of June 30, 2024, and the company stated these resources, together with its $745.1 million of available revolving credit capacity, are sufficient for at least the next 12 months. The filing also highlights risks including user-growth concentration in logged-out traffic, reliance on third-party search engines, dual-class control held by Advance Magazine Publishers Inc. and CEO Steve Huffman, and an FTC inquiry related to AI training data licensing.
Reddit 8-K Report, Financial Results (Aug 6, 2024)
Reddit, Inc. (NYSE: RDDT) reported second-quarter 2024 results in an 8-K furnished under Item 2.02, with the full press release (Exhibit 99.1) and shareholder letter (Exhibit 99.2) attached. Revenue was $281.2 million, up 54% year-over-year, with advertising revenue of $253.1 million (up 41%) and other revenue of $28.1 million (up over 690%, driven by data licensing agreements). Daily active uniques averaged 91.2 million, up 51% year-over-year, and weekly active uniques reached 342.3 million, up 57%. Profitability improved sharply from the prior year. Net loss narrowed to $10.1 million from $41.1 million, Adjusted EBITDA was $39.5 million versus $(35.4) million, and gross margin rose to 89.5% from 84.2%. Operating cash flow was $28.4 million and Free Cash Flow was $27.2 million, compared with negative figures in the second quarter of 2023. Cash, cash equivalents and marketable securities totaled $1.70 billion at June 30, 2024. For the third quarter of 2024, Reddit estimated revenue of $290 million to $310 million and Adjusted EBITDA of $40 million to $60 million. The company will hold a conference call on August 6, 2024 at 2:00 p.m. PT, and it noted that the six-month net loss of $585.2 million includes large stock-based compensation expense tied to its IPO period.
Reddit Quarterly Report for Q1 Ended Mar 31, 2024
Reddit, Inc. (RDDT) reported its first quarter 2024 results in this Form 10-Q, covering the three months ended March 31, 2024, shortly after its March 2024 initial public offering. Revenue was $242.96 million, up 48% from $163.74 million a year earlier, driven primarily by higher advertising revenue from more impressions delivered, partially offset by lower pricing, and by data licensing agreements executed in 2024. Advertising revenue was $222.68 million and other revenue was $20.28 million. Daily Active Uniques (DAUq) reached 82.7 million, up 37% year over year, and ARPU was $2.94, up 8%. The company posted a net loss of $575.07 million, compared with a net loss of $60.87 million in the prior-year quarter. The loss was driven primarily by stock-based compensation of $577.5 million, largely tied to RSUs with a liquidity event vesting condition that was satisfied upon the IPO's effectiveness. Research and development, sales and marketing, and general and administrative expenses rose sharply as a result. Adjusted EBITDA, a non-GAAP measure, was $10.03 million, compared with a negative $50.18 million a year earlier. Net cash provided by operating activities was $32.06 million, and Free Cash Flow was $29.21 million. The IPO closed on March 25, 2024, at $34.00 per share, with 18,576,527 Class A shares sold by the company and net proceeds of $600.0 million after $31.6 million of underwriting discounts and commissions. As of March 31, 2024, cash, cash equivalents, and marketable securities totaled $1.7 billion, and the company had $745.1 million available under its $750.0 million revolving credit facility. Management stated that existing cash and credit facility availability are sufficient for working capital and capital expenditure needs for at least the next 12 months. The filing also discloses a multi-class share structure in which Advance Magazine Publishers Inc. held approximately 25% of Class A and Class B shares and approximately 34% of voting power, and a Governance Agreement granting Advance significant approval rights.
Reddit 8-K Report, Financial Results (May 7, 2024)
Reddit, Inc. (NYSE: RDDT) reported first quarter 2024 results on May 7, 2024, with revenue of $243.0 million, up 48% year-over-year, and Advertising revenue of $222.7 million, up 39%. Daily Active Uniques (DAUq) averaged 82.7 million, up 37% year-over-year, and Weekly Active Uniques (WAUq) reached 306.2 million, up 40%. Gross margin was 88.6%, an improvement of 500 basis points from the prior year. The company reported a net loss of $575.1 million, compared with $60.9 million a year earlier, driven by stock-based compensation expense and related taxes of $595.5 million tied to IPO charges. Adjusted EBITDA was $10.0 million, versus $(50.2) million in the prior-year quarter, and operating cash flow was $32.1 million with free cash flow of $29.2 million. The balance sheet showed cash, cash equivalents, and marketable securities of $1.67 billion as of March 31, 2024. The filing states that data licensing other revenue was $20.3 million, up over 450% year-over-year, primarily from new data licensing agreements signed in the quarter. For the second quarter of 2024, the company estimated revenue of $240 million to $255 million and Adjusted EBITDA of $0 to $15 million. The filing also discloses the May 2, 2024 appointment of Sarah Farrell, Managing Partner of Waygrove Partnership, to the Board of Directors, which expanded the Board from seven to eight directors. She joins the Audit Committee and will receive a $60,000 annual Board retainer, a $12,500 annual Audit Committee retainer, and a $250,000 target-value RSU award granted May 30, 2024.
Reddit 8-K/A Report, Corporate Update (Mar 26, 2024)
Reddit, Inc. filed this Amendment No. 1 to its Current Report on Form 8-K to correct an inadvertent error in the gross proceeds disclosed in Item 8.01 of the original report. The amendment restates Item 8.01 only, and no other parts of the original report are changed. The corrected gross proceeds from the initial public offering are $631,601,918.00, replacing the previously disclosed $600,021,822.10, before underwriting discounts, commissions, and estimated offering expenses payable by the Company. According to the filing, on March 25, 2024, the Company completed its initial public offering of 25,300,000 shares of Class A Common Stock at a price to the public of $34.00 per share. Of these shares, 18,576,527 were sold by the Company and 6,723,473 were sold by certain selling stockholders. The total includes 3,300,000 shares covered by the underwriters' option, which was exercised in full to purchase shares from the Company. For investors, the key points are the corrected primary proceeds figure and the split between Company and selling stockholder shares. The filing states that the Company did not receive any proceeds from the shares sold by the selling stockholders.
Reddit 8-K Report, Bylaw Amendment (Mar 25, 2024)
On March 25, 2024, Reddit, Inc. completed its initial public offering of 25,300,000 shares of Class A common stock at $34.00 per share. Of these, 18,576,527 shares were sold by the company and 6,723,473 by certain selling stockholders. The total includes 3,300,000 shares that the underwriters bought in full after exercising their option to purchase additional shares from the company. The filing states gross proceeds to the company of $600,021,822.10, before underwriting discounts, commissions, and estimated offering expenses. The company received no proceeds from the shares sold by selling stockholders. In connection with the closing, the company filed its amended and restated certificate of incorporation with the Delaware Secretary of State on March 25, 2024, and its amended and restated bylaws became effective. The board and stockholders had previously approved both documents to take effect immediately before the IPO closed. The filing refers investors to the "Description of Capital Stock" section of the final prospectus, dated March 20, 2024, for a summary of their provisions. The filing is limited to these governance changes and the offering results. It files the amended certificate of incorporation as Exhibit 3.1 and the amended bylaws as Exhibit 3.2.