Reddit is a global, digital city where anyone in the world can join a community to learn from one another, engage in authentic conversations, explore passions, research new hobbies, exchange goods and services, create new communities and experiences, share a few laughs, and find belonging.
10-K, Feb 6, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Business
How does Reddit make money?
Advertising is 93.6% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001713445-26-000022 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($2.2B).
- Advertising: $2.1B · 93.6%
- Other: $140M · 6.4%
What is left of every $100?
Of every $100 in revenue, $24 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $2.2B
- Gross profit: $2.0B
- Operating income: $442M
- Net income: $530M
- Free cash flow: $684M
Where do customers sit?
81.1% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001713445-26-000022 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“People are diverse and have multiple interests.”
“Just like in a city, where citizens are part of multiple sub-communities, on Reddit, users often belong to multiple communities.”
“At Reddit, users can dive into anything, and if a community does not already exist around a particular topic, they can create one.”
Item 1 · Business · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Where did the growth actually come from?
Advertising drove 92% of Reddit’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +69%
“Revenue for the year ended December 31, 2025 increased by $902.3 million, or 69%, compared to the prior year.”
Item 7 · MD&A · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Number check (revenue): stated $902M matches the stored change ($902M, ±10%)
Revenue: $2.2B FY2025 · +69.4% vs FY2024 · KPIs
Position (in the company’s words)
“Our differentiated community approach underlies the interactions on our platform: Reddit is centered around human creativity and belonging.”
Item 1 · Business · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
R&D investment
“Research and development expenses for the year ended December 31, 2025 decreased by $152.0 million, or 16%, compared to the prior year.”
Item 7 · MD&A · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Number check (R&D expense): stated $152M matches the stored change ($152M, ±10%)
R&D expense: $783M FY2025 · −16.3% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 69% to $2.2B.
Revenue grew 61% YoY to $805M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 19.8%.
Per share, revenue fell 6.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). This company's default range was moved for that reason. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
20.1% operating margin, up from −43.1%.
91.2% gross margin, up from 90.5%.
Operating income: $442M in FY2025.
Net income: $530M in FY2025.
R&D fell 16% to $783M.
SG&A fell 2.4% to $783M.
EPS diluted: $2.62 in FY2025.
28.8% operating margin, up from 13.6%.
91.3% gross margin, up from 90.8%.
Operating income grew 242% YoY to $232M.
Net income grew 183% YoY to $253M.
R&D grew 18% YoY to $231M.
SG&A grew 43% YoY to $272M.
EPS diluted grew 178% YoY to $1.25.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $31 of every $100 as free cash.
Operating cash flow grew 211% to $691M.
Capex grew 7.3% to $6.7M.
Stock-based compensation fell 57% to $343M.
Free cash flow grew 135% YoY to $261M.
Operating cash flow grew 135% YoY to $262M.
Capex grew 125% YoY to $1.1M.
Buybacks: $235M in FY2026 Q2.
Stock-based compensation grew 13% YoY to $101M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $954M; debt not reported.
Total assets grew 39% to $3.2B.
Equity grew 37% to $2.9B.
Cash grew 103% YoY to $1.5B.
Total assets grew 38% YoY to $3.6B.
Equity grew 38% YoY to $3.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Reddit depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Reddit annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Reddit
Reddit holds stakes in
No stake in a covered company found in SEC filings.
Others name Reddit
1 competitor mention (e.g. Roblox) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 52 risk factors, one per theme.
Competition
“We face intense competition, and if we fail to grow or retain our user base or maintain user engagement, our business, results of operations, financial condition, and prospects could be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Dependence on advertising
“If Redditors do not continue to contribute content or their contributions are not valuable or appealing to other Redditors, we may experience a decline in the number of Redditors accessing our products and services and in user engagement, which could result in the loss of advertisers and may harm our reputation, business, results of operations, financial condition, and prospects.”
Item 1A · Risk Factors · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Security, defects and outages
“Disruptions or other business interruptions that affect the availability of our platform could adversely impact our operations and overall business.”
Item 1A · Risk Factors · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Regulation and legal proceedings
“Reddit growth and engagement depends upon effective interoperation with external ecosystems, like operating systems, application stores, networks, devices, web browsers, regulations, and standards that we do not control.”
Item 1A · Risk Factors · 10-K · 0001713445-26-000022 · filed Feb 6, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Huffman Steve Ladd holds 24.8%.
Huffman Steve Ladd24.8%
13D/A · as of May 4, 2026 · filed May 6, 2026
Baillie Gifford & Co5.2%
13G · as of Mar 31, 2026 · filed May 7, 2026
Vanguard Capital Management LLC5.02%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.5.01%
13G · as of Sep 30, 2025 · filed Oct 17, 2025
Advance Publications, Inc26.1% (then)
13G · as of Sep 30, 2024 · filed Nov 14, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.6.3%
8.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Baillie Gifford & Co5.7%
7.2M shares · 13F filed Aug 6, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.5%
6.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.8%
6.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Capital World Investors3.5%
4.4M shares · 13F filed Aug 12, 2026 · share of 13F-reported
894 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
4 purchases · 487 sales · $251M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 28 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| SG&A calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | not reported | not reported | not reported | not reported | not reported | |||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | |||||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Cash flow 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values