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Reddit, Inc. (RDDT) stock

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NYSE: RDDT NYSE Interactive Media & Services Next results ~February 4, 2027

C+ Fundamentals grade

Reddit operates an online platform built around user-created communities known as subreddits, each devoted to a particular interest or topic. Registered users, who need not disclose their real identities, submit links, text, images and videos, reply in comment threads, and vote content up or down to decide what gains prominence. The platform hosts more than 100,000 active communities and offers features such as Ask Me Anything sessions, the AI-assisted search tool Reddit Answers, and Reddit Pro tools for businesses and publishers.

Most of its money comes from advertising: marketers pay to reach users through contextual and interest-based ads placed within relevant communities and conversations. Reddit also licenses its archive of posts and comments to firms building artificial-intelligence systems and to marketing-intelligence and financial-services providers.

Incorporated in Delaware in 2011 and tracing its origins to 2005, Reddit floated on the New York Stock Exchange in 2024. It had 2,555 employees at the end of 2025, and roughly 57% of its users visited from outside the United States.

Based on Reddit, Inc.'s 10-K filed February 6, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$63

Cash-flow model

Base case. Range ~$51–$78 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 34% below it.

Price used: $94.92, November 3, 2026

Reddit, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 7 selling4 purchases and 473 sales by directors and officers, last 12 monthsInsider trades
  • Funds542 adding, 337 cuttingOf 94 active managers that changed their stake, 50 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Reddit files

10-Q filed October 30: Reddit

Model value +44.1%

Reddit's revenue for the twelve months to September 2026 reached $3.09bn, up 62.2% on a year earlier, though this marked a deceleration from 66.6% growth a quarter earlier. Among the 34 interactive media & services companies we cover, that pace ranks third. Profitability improved further: free-cash-flow margin climbed to 38.8% from 26.8%, while operating margin widened to 29.4% from 13.8%. Diluted shares outstanding rose 7.0% year-on-year, diluting existing holders. Our model value has moved up from $24.06 to $34.67 a share, still well below the $128 share price. The rating remains Sell.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Reddit stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.78bn, up 66.6% on a year earlier, slower than 70.6% a quarter earlier. That growth ranks 1 of 23 among the internet and data companies we cover. Free-cash-flow margin rose to 36.7% from 23.8% a year earlier. Operating margin widened to 28.2% from 7.9%. The diluted share count is up 8.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $15.13 a share, against a share price of $157.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Reddit, Inc.'s trailing-twelve-month revenue grew 62.2% year on year, with a free-cash-flow margin of 38.8%. Where it stands out: revenue growth of 62.2% ranks 3 of 63 interactive media & services companies we cover. Where it lags: days sales outstanding of 86 days ranks 46 of 54 interactive media & services companies we cover.

Our discounted-cash-flow model values the business at ~$63 per share in the base case (~$51–$78 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 135.1% while net income grew 184.0%: a 49pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 62.2% over the last 12 months, against a median of 2.4% for interactive media & services companies we cover.
  • High operating margin. 29.4% of revenue is left as operating profit, against a median of 0.3% for interactive media & services companies we cover.
  • Margins widening. Operating margin is up 15.6 points on a year ago.
  • Strong cash generation. 38.8% of revenue turned into free cash flow, against a median of 8.9% for interactive media & services companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.4bn.

Things to watch

  • Priced above our value. The share price of $90.97 is 31% above our value per share of $63.
  • Share dilution. Diluted shares rose 7.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 2.2 against the S&P 500.
  • Growth easing. The growth rate is 4.4 points lower than a quarter earlier.
  • Below peers: days sales outstanding. Days sales outstanding of 86 days ranks 46 of 54 interactive media & services companies we cover (median 49 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 12.5% ranks 50 of 61 interactive media & services companies we cover (median 3.9%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.40 against an average estimate of $1.33: beat by 5.6%
Revenue
$895m, up 53.0% on a year earlier
Share reaction
-31.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $860m to $870m (third quarter of 2026); adjusted EBITDA $385m to $395m (third quarter of 2026)
Next report
October 29, 2026; average EPS estimate $2.42

Reddit's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week-30.4%
  • 1 month-35.8%
  • This year-60.4%
  • 1 year-53.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.1B
Operating margin
29.4%
Net margin
32.1%
EPS (TTM, diluted)
$4.89

Growth

Revenue growth
+62.2%
Change in growth rate
−4.4 pts
Share count change
+7.0%

Cash

Free cash flow (TTM)
$1.2B
FCF margin
38.8%
Stock pay % of revenue
12.5%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Results
  5. Insider trade
  6. Insider trade
  7. Announcement
  8. Announcement
  9. Leadership
  10. Results
  11. Guidance
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Reddit, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 33.4% a year of cash-flow growth for five years.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in33.4%
  • Last 12 months62.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($95.12, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$63
Price used
$95.12close November 3, 2026
Implied change
▼ 34%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Reddit, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($177M, FY2026 Q3 TTM), growing 29.4% and 20.1% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$51–~$77 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Reddit, Inc.'s free cash flow after stock-based pay ( $177M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Reddit, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$63 ~$51–$78 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$69–$130 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$57–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.8 ~$6.6–$15 Left out: out of range vs price (0.11x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$8.0 ~$7.2–$9.2 Left out: out of range vs price (0.09x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$73 ~$63–$100 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Reddit, Inc. with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +42%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $28$32$38$46$57$70
8.5% $25$28$32$38$45$55
10% $23$25$29$33$39$46

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025Now
Share price$163.44$229.87$90.97
Market value$23.8bn$46.5bn$18.5bn
+ Net debt (− = net cash)−$562m−$954m−$1.4bn
Enterprise value$23.2bn$45.5bn$17.1bn
Multiples
Price / sales 18.3x21.1x6.0x
Price / earnings —87.7x18.6x
Price / free cash flow 110.2x67.9x15.4x
EV / EBITDA —99.4x18.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.39 +106% $3.4bn +54%
Next $7.11 +32% $4.5bn +32%

Next year's EPS estimate has moved +8.6% in 90 days, across 29 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.3% on 90 days ago. In the last 30 days, 2 analysts raised Reddit, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Reddit, Inc., last 90 days
$4.00 $5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.98 Current fiscal year, 60 days ago: $5.38 Current fiscal year, 30 days ago: $5.38 Current fiscal year, 7 days ago: $5.39 Current fiscal year, Now: $5.39 $5.39 Next fiscal year, 90 days ago: $6.54 Next fiscal year, 60 days ago: $7.04 Next fiscal year, 30 days ago: $7.07 Next fiscal year, 7 days ago: $7.10 Next fiscal year, Now: $7.11 $7.11

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.98$6.54
60 days ago $5.38$7.04
30 days ago $5.38$7.07
7 days ago $5.39$7.10
Now $5.39$7.11

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.33 $1.40 +5.6%
Jun 2026 $0.96 $1.25 +29.6%
Mar 2026 $0.56 $1.01 +79.1%
Dec 2025 $0.93 $1.24 +33.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Revenue third quarter of 2026 $860m to $870m
    “Revenue in the range of $860 million to $870 million” source
  • Adjusted EBITDA third quarter of 2026 $385m to $395m Non-GAAP
    “Adjusted EBITDA 2 in the range of $385 million to $395 million” source

How earlier guidance turned out

  • Revenue, third quarter of 2026 guided $860m to $870m Above range: $895m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Reddit, Inc.'s revenue by +29.4% next year and +20.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+36.4%, weight 70%) and the company's own record (+13.0%, weight 30%) . How the weights are set.

Analyst recommendations

34 analysts, Oct 2026
Buy2265%
Hold1132%
Sell13%

Monthly trend

  1. Oct 20266161134
  2. Sep 20266161134
  3. Aug 20266161134
  4. Jul 20266171034

Counts of recommendations published by analysts covering Reddit, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.9%
of tradable shares
Days to cover
4.58
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.7%
of shares
Employees
2,555
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −56.5%

$208.95 on October 31, 2025 to $90.97

ThenNowEffect
Revenue (last 12 months) $1.7bn $2.8bn +66.6%
Net margin 13.0% 31.3% +141.7%
P/E multiple 180.6x 21.2x −88.3%
Share count 187m 203m −7.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20252026 to date
Return
RDDT+41%−60%
Industry peers (median)−16%−22%
S&P 500+18%+11%
Months that ended higher
RDDT67%27%
S&P 50075%46%
Largest fall from a high during the year
RDDT−61%−65%
S&P 500−19%−9%

Worst fall since March 21, 2024: 66% from September 18, 2025 to November 2, 2026. Getting back needed a 198% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$90.97 – $258.93
From 52-week high
−64.9%
vs 50-day average
−39.0%
vs 200-day average
−42.7%
Volatility (1 year)
75%
Beta vs S&P 500
2.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±15.5%
After a week
4 up, 6 down
typical move ±20.7%
After a month
6 up, 4 down
typical move ±25.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −31.9% −2.1% — —
July 30, 2026 −21.0% +2.4% −15.2% −14.0%
April 30, 2026 +12.7% +1.3% +11.0% +20.4%
February 5, 2026 −8.4% +0.6% −14.2% −9.1%
October 30, 2025 −0.9% −0.8% −12.9% +6.0%
July 31, 2025 +26.3% −2.0% +41.8% +50.7%
May 1, 2025 −2.4% +2.2% −7.5% −3.8%
February 12, 2025 −4.1% +0.7% −17.9% −40.0%
October 29, 2024 +45.6% −0.1% +53.8% +75.8%
August 6, 2024 −10.8% +0.2% −4.0% +3.3%
May 7, 2024 +6.5% +0.1% +29.1% +31.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Reddit, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.69× the last 60 days’ realised volatility , richer than 0% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

RDDT Reddit, Inc. Grade C+ $92.17

Own 100 shares, sell the $105 call expiring December 4, 2026 (32 days) for $2.18 a share — $218 per contract.

Previous session · Bid $2.18, ask $2.88, quoted Mon 2 Nov, 17:34 New York time with RDDT at $92.17. Option prices move with the shares: check the live chain at your broker before trading.

  • If RDDT ends below $105: you keep your shares and the $218 — 2.4% extra on the position, 27.0% a year at that pace.
  • If it ends above $105: your shares are sold at $105, a total return of 16.3% including the premium — at or above our value of ~$63.
$1.5k $0 −$1.8k Break-even $89.99 Price $92.17 ← Our value ~$63
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$218
Annualised
27.0%
Break-even
$89.99
Max gain
$1,501.5
Chance of selling
~28%

Collar

Own the shares, buy the $85.00 put and sell the $105 call, both expiring December 4, 2026 (32 days).

  • Net cost of $2.22 a share ($222 per contract of 100 shares).
  • Worst case at expiry: -10.2%, if the shares fall below $85.00 (-7.8% from today).
  • Best case at expiry: +11.5%, if the shares rise above $105 (+13.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $63.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Reddit, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Reddit, Inc.
$0 $1B $2B $3B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $804M Revenue (TTM), FY24 Q1: $883.3M Revenue (TTM), FY24 Q2: $981.4M Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.7B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $3.1B $3.1B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $804M
FY24 Q1 $883.3M
FY24 Q2 $981.4M
FY24 Q3 $1.1B
FY24 Q4 $1.3B
FY25 Q1 $1.4B
FY25 Q2 $1.7B
FY25 Q3 $1.9B
FY25 Q4 $2.2B
FY26 Q1 $2.5B
FY26 Q2 $2.8B
FY26 Q3 $3.1B
Revenue growth, TTM YoY Reddit, Inc.
60% 65% 70% 75% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q3 Revenue growth, TTM YoY, FY24 Q4: 61.7% Revenue growth, TTM YoY, FY25 Q1: 64.1% Revenue growth, TTM YoY, FY25 Q2: 70.0% Revenue growth, TTM YoY, FY25 Q3: 69.7% Revenue growth, TTM YoY, FY25 Q4: 69.4% Revenue growth, TTM YoY, FY26 Q1: 70.6% Revenue growth, TTM YoY, FY26 Q2: 66.6% Revenue growth, TTM YoY, FY26 Q3: 62.2% 62.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 61.7%
FY25 Q1 64.1%
FY25 Q2 70.0%
FY25 Q3 69.7%
FY25 Q4 69.4%
FY26 Q1 70.6%
FY26 Q2 66.6%
FY26 Q3 62.2%
Operating margin (TTM) Reddit, Inc.
-100% -50% 0% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -17.4% Operating margin (TTM), FY24 Q1: -74.6% Operating margin (TTM), FY24 Q2: -64.9% Operating margin (TTM), FY24 Q3: -54.4% Operating margin (TTM), FY24 Q4: -43.1% Operating margin (TTM), FY25 Q1: 2.2% Operating margin (TTM), FY25 Q2: 7.9% Operating margin (TTM), FY25 Q3: 13.8% Operating margin (TTM), FY25 Q4: 20.1% Operating margin (TTM), FY26 Q1: 25.1% Operating margin (TTM), FY26 Q2: 28.2% Operating margin (TTM), FY26 Q3: 29.4% 29.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -17.4%
FY24 Q1 -74.6%
FY24 Q2 -64.9%
FY24 Q3 -54.4%
FY24 Q4 -43.1%
FY25 Q1 2.2%
FY25 Q2 7.9%
FY25 Q3 13.8%
FY25 Q4 20.1%
FY26 Q1 25.1%
FY26 Q2 28.2%
FY26 Q3 29.4%
FCF margin (TTM) Reddit, Inc.
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -10.6% FCF margin (TTM), FY24 Q1: -6.7% FCF margin (TTM), FY24 Q2: 2.3% FCF margin (TTM), FY24 Q3: 9.3% FCF margin (TTM), FY24 Q4: 16.6% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 23.8% FCF margin (TTM), FY25 Q3: 26.8% FCF margin (TTM), FY25 Q4: 31.1% FCF margin (TTM), FY26 Q1: 35.1% FCF margin (TTM), FY26 Q2: 36.7% FCF margin (TTM), FY26 Q3: 38.8% 38.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -10.6%
FY24 Q1 -6.7%
FY24 Q2 2.3%
FY24 Q3 9.3%
FY24 Q4 16.6%
FY25 Q1 21.6%
FY25 Q2 23.8%
FY25 Q3 26.8%
FY25 Q4 31.1%
FY26 Q1 35.1%
FY26 Q2 36.7%
FY26 Q3 38.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Reddit took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.2B
  2. Other income $87.7M · 4.0%
  3. Cost of revenue $194M · 8.8%
  4. Gross profit $2B · 91.2%
  5. Research and development $783M · 35.6%
  6. Selling, general and admin $783M · 35.6%
  7. Operating income $442M · 20.1%
  8. Net income $530M · 24.1%

Shares of revenue. Source: Reddit's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 667 804 1,300 2,203 3,089
Gross profit 562 693 1,177 2,008 2,828
EBITDA −164 −126 −545 458 925
Operating income −172 −140 −561 442 908
Net income −159 −91 −484 530 992
Diluted EPS −$2.77 −$1.54 −$3.33 $2.62 $4.89
Growth (year on year)
Revenue — +20.6% +61.7% +69.4% +62.2%
EBITDA — — — — +231.5%
Operating income — — — — +245.2%
Net income — — — — +184.0%
Diluted EPS — — — — +165.5%
Margins
Gross margin 84.3% 86.2% 90.5% 91.2% 91.5%
EBITDA margin −24.6% −15.7% −41.9% 20.8% 29.9%
Operating margin −25.8% −17.4% −43.1% 20.1% 29.4%
Net margin −23.8% −11.3% −37.2% 24.1% 32.1%
Free-cash-flow margin −15.0% −10.6% 16.6% 31.1% 38.8%
Cash flow
Cash from operations −94 −75 222 691 1,205
Capital spending 6 10 6 7 7
Free cash flow −100 −85 216 684 1,198
Stock-based pay 55 48 802 343 386
Free cash flow after stock pay −156 −132 −586 341 812
Balance sheet
Cash 436 401 562 954 1,358
Total debt 0 0 0 0 0
Net debt (negative = net cash) −436 −401 −562 −954 −1,358
Diluted shares 57m 59m 145m 202m 203m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $4.0bn
Short-term assets $3.9bnLonger-term assets $106m
What it owes, and who funded it · $4.0bn
Short-term liabilities $357mLonger-term liabilities $23mShareholders' equity $3.6bn
  • Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $357m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.9bn short-term assets against $23m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Reddit, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+7.0%
year over year
R&D spending
29.2%
of revenue
Days sales outstanding
86 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated RDDT MTCH BILI JOYY TME PINS Median
Revenue, last 12 months $3.1bn $3.5bn $4.2bn $2.1bn $4.6bn $4.7bn $615m
Revenue growth, last 12 months 62.2% 0.5% 13.2% −5.1% 16.0% 15.4% 2.4%
Revenue growth, 3-year average — 2.0% — — — 16.6% 5.0%
Revenue growth, latest quarter 53.0% −2.5% — — — 11.9% 2.4%
Gross margin 91.5% 75.8% 36.6% 35.9% 44.2% 79.0% 60.4%
Operating margin 29.4% 29.7% 3.7% 2.6% 40.6% 4.2% 0.3%
Operating margin, 3-year average −3.7% 25.9% −12.8% 7.3% 22.4% 4.8% −0.4%
Net margin 32.1% 20.7% 3.9% 98.8% 33.6% 3.8% 3.8%
Cash from operations / revenue 39.0% 34.7% 23.6% 14.2% 31.1% 28.4% 11.4%
Free-cash-flow margin 38.8% 32.7% 21.9% 7.5% 30.2% 27.0% 7.5%
Free-cash-flow margin, 3-year average 25.0% 28.7% 5.4% 13.8% 22.8% 27.3% 7.2%
Stock pay / revenue 12.5% 6.9% 3.9% 1.2% 2.0% 23.0% 3.7%
Change in share count 7.0% −6.9% 38.7% −8.0% −0.7% −11.7% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 62.2% 2.4% 3 of 63
Change in growth rate Growth -4.4pp -0.2pp 51 of 63
Gross margin Profitability 91.5% 60.9% 6 of 54
Operating margin Profitability 29.4% 0.3% 8 of 63
Net margin Profitability 32.1% 3.8% 7 of 63
Free-cash-flow margin Cash generation 38.8% 8.9% 4 of 59
Stock pay as % of revenue Cash generation 12.5% 3.9% 50 of 61
Change in share count Balance sheet 7.0% 1.7% 38 of 55
Days sales outstanding Balance sheet 86 days 49 days 46 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Advertising $2.1B 93.6% ▲ 74.0%
Other Revenue $140M 6.4% ▲ 22.0%
Geography
Region Revenue Share YoY
United States $1.8B 81.1% ▲ 67.9%
Outside the US $417M 18.9% ▲ 76.2%

From Reddit, Inc.'s 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.8B
Institutions reporting
888
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
188 / 97

Top buyers and sellers, Q2 2026: 542 institutions bought and 337 sold ; the biggest buyer was Jericho Capital Asset Management L.P (+3.3M shares) and the biggest seller Jpmorgan Chase & Co (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 8.0M 6.4% ▲ 4.5%
Baillie Gifford & Co $1.2B 7.2M 5.7% ▼ 1.6%
Vanguard Portfolio Management LLC $1.2B 6.9M 5.5% ▲ 3.0%
Vanguard Capital Management LLC $1B 6.0M 4.8% ▲ 2.4%
Capital World Investors $769M 4.4M 3.5% ▲ 0.2%
Jericho Capital Asset Management L.P. $579M 3.3M 2.7% New
Goldman Sachs Group Inc $562M 3.2M 2.6% ▼ 1.3%
Alliancebernstein L.P. $561M 4.2M 2.6% ▼ 14.4%
State Street Corp $517M 3.0M 2.4% ▲ 8.7%
FMR LLC $491M 2.8M 2.3% ▼ 3.0%
Coatue Management LLC $484M 2.8M 2.2% 0.0%
T. Rowe Price Investment Management, Inc. $449M 2.6M 2.1% ▲ 17.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Reddit, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $8.9M 4 trades by 1 insider, last 12 months Insider sales History → $247M 473 trades by 7 insiders · 100% under pre-set plans
Net ▼ $239M net selling
Insider Date Trade Shares Price Value
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 1,361 $155.91 $212,194
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 1,639 $154.88 $253,848
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 2,100 $154.03 $323,463
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 5,701 $152.82 $871,227
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 5,495 $152.14 $836,009
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 11,200 $150.87 $1.7M
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 6,399 $150.08 $960,362
Wong Jennifer L. Chief Operating Officer October 14, 2026 Sell pre-set plan 26,105 $148.86 $3.9M
Huffman Steve Ladd CEO & President October 13, 2026 Sell pre-set plan 500 $163.72 $81,860
Huffman Steve Ladd CEO & President October 13, 2026 Sell pre-set plan 700 $162.80 $113,960
Huffman Steve Ladd CEO & President October 13, 2026 Sell pre-set plan 1,700 $161.98 $275,366
Huffman Steve Ladd CEO & President October 13, 2026 Sell pre-set plan 1,800 $160.95 $289,710

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Reddit, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 4, 2025, filed April 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Reddit, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Reddit, Inc. in brief

What does Reddit, Inc. do?
Reddit, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Reddit, Inc.'s stock ticker?
Reddit, Inc. trades under the ticker RDDT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Reddit, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Reddit, Inc. reported revenue of $3.1B, 62.2% higher than a year earlier, according to its SEC filings.
What is Reddit, Inc.'s free cash flow?
Reddit, Inc.'s free-cash-flow margin is 38.8% of revenue over the trailing twelve months, ranking 4 of the 59 interactive media & services companies we cover.
What is Reddit, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Reddit, Inc.'s free cash flow after stock-based pay gives ~$63 per share in the base case, and ~$51–$78 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Reddit, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Baillie Gifford & Co and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Reddit, Inc.'s market cap?
On November 2, 2026, Reddit, Inc.'s market capitalisation was about $18.5B, with a price-to-earnings ratio of 18.6 and net debt of -$1.4B. Market figures come from third-party market data and may be delayed.
Who are Reddit, Inc.'s competitors?
In our Interactive Media & Services peer group, the companies closest to Reddit, Inc. are Match Group, Inc., Bilibili Inc., Joyy Inc., Tencent Music Entertainment Group and Pinterest, Inc. The side-by-side comparison below sets their revenue, margins and growth against Reddit, Inc.'s.
Are insiders buying or selling Reddit, Inc. stock?
Over the last 12 months, Reddit, Inc.'s directors and officers reported 4 open-market purchases and 473 sales on Form 4. The insider trading page charts every trade.
When is Reddit, Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Reddit, Inc. announces its own schedule.