Reddit announced financial results for the quarter and full year ended December 31, 2025.

Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter and full year ended December 31, 2025. Reddit's complete financial results and management commentary can be found in its shareholder letter on Reddit's Investor Relations website at https://investor.redditinc.com.

"We're entering the next era of Reddit—defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center," said Steve Huffman, Reddit Co-Founder and CEO. "Our focus is on turning Reddit's authenticity into even more everyday utility."

Fourth quarter 2025

Total revenue increased 70% year-over-year to $726 million, Ad revenue increased 75% year-over-year to $690 million, and Other revenue increased 8% year-over-year to $36 million

Gross margin was 91.9%, as compared to 92.6% in the prior year

Net income was $252 million, an improvement of $181 million from the prior year

Adjusted EBITDA1 was $327 million, an improvement of $173 million from the prior year

Operating cash flow was $267 million, an improvement of $177 million from the prior year

Free Cash Flow1 was $264 million, an improvement of $174 million from the prior year

Basic and diluted earnings per share ("EPS") were $1.32 and $1.24, respectively

Total fully diluted shares outstanding were 206.1 million as of December 31, 2025, consistent with the prior quarter and down from 206.2 million as of December 31, 2024

Full year 2025

Total revenue increased 69% year-over-year to $2.2 billion, Ad revenue increased 74% year-over-year to $2.1 billion, and Other revenue increased 22% year-over-year to $140 million

Gross margin was 91.2%, an improvement of 70 basis points from the prior year

Net income was $530 million, an improvement of $1,014 million from the prior year

Adjusted EBITDA1 was $845 million, an improvement of $547 million from the prior year

Operating cash flow was $691 million, an improvement of $469 million from the prior year

Free Cash Flow1 was $684 million, an improvement of $468 million from the prior year

Basic and diluted EPS were $2.84 and $2.62, respectively

Financial Outlook

The guidance provided below is based on Reddit's current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit's reports on file with the Securities and Exchange Commission (the "SEC"). Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.

As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the first quarter.

In the first quarter of 2026, we estimate:

Revenue in the range of $595 million to $605 million

Adjusted EBITDA2 in the range of $210 million to $220 million

Earnings Conference Call Information and Community Update

Reddit will host a conference call to discuss the results for the fourth quarter and full year of 2025 on Thursday, February 5, 2026, at 1:30 p.m. PT / 4:30 p.m. ET.

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