Compare · Internet platforms and advertising
AppLovin vs Reddit
AppLovin vs Reddit: which one is bigger, grows faster and keeps more of each dollar of revenue?
AppLovin earns 2.5× Reddit’s revenue
Method and sources
- Revenue growth (1 year): AppLovin 70.0% (FY2025), Reddit 69.4% (FY2025)
- Operating margin: AppLovin 75.8% (FY2025), Reddit 20.1% (FY2025)
- Gross margin: AppLovin 87.9% (FY2025), Reddit 91.2% (FY2025)
- Net margin: AppLovin 60.8% (FY2025), Reddit 24.1% (FY2025)
Latest fiscal year per company: AppLovin FY2025, Reddit FY2025. Fiscal years end on different dates, so years are not calendar-aligned.
Both report in USD. Amounts are as filed, not converted.
Why this pair: same peer group, revenue within 4x in the same currency. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.
Side by side: all values with filing links
| Metric | AppLovin FY2025 | Reddit FY2025 |
|---|---|---|
| Revenue | $5.5B10-K · Feb 19, 2026 | $2.2B10-K · Feb 6, 2026 |
| Revenue growth (1 year) | 70.0% derived10-K · Feb 19, 2026 | 69.4% derived10-K · Feb 6, 2026 |
| Revenue growth (3-year CAGR) | n/a | 48.9% derived10-K · Feb 6, 2026 |
| Gross margin | 87.9% derived10-K · Feb 19, 2026 | 91.2% derived10-K · Feb 6, 2026 |
| Operating margin | 75.8% derived10-K · Feb 19, 2026 | 20.1% derived10-K · Feb 6, 2026 |
| Net margin | 60.8% derived10-K · Feb 19, 2026 | 24.1% derived10-K · Feb 6, 2026 |
| Free cash flow | n/a | $684M derived10-K · Feb 6, 2026 |
| FCF margin | n/a | 31.1% derived10-K · Feb 6, 2026 |
| R&D as % of revenue | 4.1% derived10-K · Feb 19, 2026 | 35.6% derived10-K · Feb 6, 2026 |
| Stock-based compensation as % of revenue | 3.8% derived10-K · Feb 19, 2026 | 15.6% derived10-K · Feb 6, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
AppLovin
More internet platforms and advertising comparisons: Amazon vs Alphabet · Amazon vs Meta · Alphabet vs Meta · Reddit vs Spotify