RDDT NYSE Interactive Media & Services Financials FY2022–FY2025
Reddit's revenue rose 69.4% to $2.2 billion in fiscal 2025. Its operating margin was 20.1%, up from −43.1% a year earlier. Free cash flow was $684 million, up 217.0%. The diluted share count rose 38.9%.
About these figures. Reddit reports no borrowings, so debt is counted as zero.
What Reddit does
Reddit runs a website and app made up of more than 100,000 active communities, called subreddits, each built around one topic. Users post text, links, images and videos, comment, and vote posts up or down, which decides what rises to the top. Most communities are run by volunteer moderators under their own rules as well as site-wide ones. Users do not have to reveal who they are. In the last three months of 2025 Reddit averaged 121.4 million daily active uniques, its count of distinct daily visitors, and about 57% of visitors came from outside the United States.
Most of its revenue comes from advertising. Businesses pay to show ads to people based on the communities they visit and the conversations they are reading. The rest, which Reddit calls other revenue, comes from licensing its content, for example to companies that train AI models, and from products sold directly to users. Reddit says it competes for users with Google, YouTube, Meta, TikTok, Wikipedia, X and AI chatbots such as ChatGPT, and for ad budgets with Google, Meta, Snapchat, TikTok, Pinterest and X.
Reddit had 2,555 full-time employees at the end of 2025. It runs its service on Amazon Web Services and Google Cloud, and relies in part on search engines such as Google to bring visitors to its site.
- Legal name
- Reddit, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 6, 2026
- Accession · CIK
- 0001713445-26-000022
0001713445
Revenue and margins
Reddit had $2.2B of revenue in fiscal 2025, up 69.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $684M in fiscal 2025, 31.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Reddit returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 38.9%.
Value Reddit yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $2.5B and divides by 202.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.5x · peers 12.9x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Reddit can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $436M | $1.2B | $1.8B | $2.5B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | — | — | −5.4x |
| Debt / equity | — | — | 0.0x | 0.0x |
| Current ratio | — | 11.1x | 12.6x | 11.6x |
| Quick ratio | — | 11.1x | 12.6x | 11.6x |
| Total assets | — | $1.6B | $2.3B | $3.2B |
| Total liabilities | — | $156M | $206M | $310M |
| Shareholders' equity | −$379M | −$413M | $2.1B | $2.9B |
| Net debt (− = net cash) | −$436M | −$1.2B | −$1.8B | −$2.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$61.1M
3 insiders
Of sales under plans
99%
$60.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 14, 2026 | Jennifer L. WongChief Operating Officer | Sold plan | 60,000 | $150.55 | $9.0M | Form 4 |
| Oct 13, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 17,308 | $158.57 | $2.7M | Form 4 |
| Sep 29, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 17,308 | $144.87 | $2.5M | Form 4 |
| Sep 15, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 17,308 | $160.11 | $2.8M | Form 4 |
| Sep 14, 2026 | Jennifer L. WongChief Operating Officer | Sold plan | 60,000 | $162.33 | $9.7M | Form 4 |
| Aug 31, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 18,000 | $148.02 | $2.7M | Form 4 |
| Aug 25, 2026 | Robert A. SauerbergDirector | Sold | 5,128 | $159.92 | $0.8M | Form 4 |
| Aug 14, 2026 | Jennifer L. WongChief Operating Officer | Sold plan | 75,000 | $178.55 | $13.4M | Form 4 |
| Aug 14, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 18,000 | $178.16 | $3.2M | Form 4 |
| Aug 4, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 18,000 | $159.78 | $2.9M | Form 4 |
| Jul 15, 2026 | Jennifer L. WongChief Operating Officer | Sold plan | 39,167 | $197.88 | $7.8M | Form 4 |
| Jul 15, 2026 | Steve Ladd HuffmanCEO & President, Director, 10% owner | Sold plan | 18,000 | $197.86 | $3.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | — | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | — | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 9 | — / 9 | 6 / 9 |
| Accruals ratio | — | −35.9% | −5.8% |
| Altman Z'' | 0.70 | 13.33 | 15.96 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Reddit RDDT | $29.1B | 69.4% | 20.1% | 31.1% | 119.1% | 33.5x | 6 | |
| People Inc. PPLI | $2.9B | −8.7% | −4.1% | 1.9% | −1.3% | 8.5x | 6 | Compare → |
| Tripadvisor TRIP | $1.1B | 3.1% | 4.2% | 8.6% | 8.9% | 156.8x | 6 | Compare → |
| Yelp YELP | $1.1B | 3.8% | 12.6% | 22.1% | — | 9.6x | — | Compare → |
| Match Group MTCH | $11.3B | 0.2% | 25.0% | 29.4% | 28.3% | 16.2x | 8 | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $667M | $804M | $1.3B | $2.2B |
| Gross profit | $562M | $693M | $1.2B | $2.0B |
| Research and development | $365M | $438M | $935M | $783M |
| Operating income | −$172M | −$140M | −$561M | $442M |
| Pretax income | −$158M | −$87.0M | −$485M | $529M |
| Income tax | $0.6M | $3.8M | −$0.9M | −$1.0M |
| Net income | −$159M | −$90.8M | −$484M | $530M |
| Diluted EPS | −$2.77 | −$1.54 | −$3.33 | $2.62 |
| Diluted shares | 0.06B | 0.06B | 0.15B | 0.20B |
| Cash flow | ||||
| Cash from operations | −$94.0M | −$75.1M | $222M | $691M |
| Capital expenditure | $6.2M | $9.7M | $6.2M | $6.7M |
| Free cash flow | −$100M | −$84.8M | $216M | $684M |
| Depreciation and amortization | $8.0M | $13.7M | $15.6M | $15.9M |
| Stock-based compensation | $55.3M | $47.6M | $802M | $343M |
| Acquisitions | $42.2M | $0.0M | $17.1M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||
| Cash and short-term investments | $436M | $1.2B | $1.8B | $2.5B |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.5B | $2.2B | $3.1B |
| Current liabilities | — | $134M | $176M | $271M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $14.9M | $12.7M | $12.7M |
| Total assets | — | $1.6B | $2.3B | $3.2B |
| Total liabilities | — | $156M | $206M | $310M |
| Shareholders' equity | −$379M | −$413M | $2.1B | $2.9B |
| Margins | ||||
| Gross margin | 84.3% | 86.2% | 90.5% | 91.2% |
| Operating margin | −25.8% | −17.4% | −43.1% | 20.1% |
| EBITDA margin | −24.6% | −15.7% | −41.9% | 20.8% |
| Net margin | −23.8% | −11.3% | −37.3% | 24.1% |
| FCF margin | −15.0% | −10.6% | 16.6% | 31.1% |
| Returns | ||||
| Return on capital | — | — | — | 119.1% |
| Return on capital employed | — | — | −30.9% | 17.2% |
| Return on equity | — | — | −56.4% | 20.9% |
| Return on assets | — | — | −24.6% | 19.0% |
| Growth | ||||
| Revenue growth | — | 20.6% | 61.7% | 69.4% |
| FCF growth | — | — | — | 217.0% |
| Share count change | — | 3.3% | 146.0% | 38.9% |
| Financial health | ||||
| Net debt / EBITDA | — | — | — | −5.4x |
| Debt / equity | — | — | 0.0x | 0.0x |
| Current ratio | — | 11.1x | 12.6x | 11.6x |
| Quick ratio | — | 11.1x | 12.6x | 11.6x |
| Capital allocation | ||||
| Capex / revenue | 0.9% | 1.2% | 0.5% | 0.3% |
| Stock comp / revenue | 8.3% | 5.9% | 61.7% | 15.6% |
| Payouts / FCF | — | — | 0.0% | 0.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 6.0 |
| Altman Z'' | — | 0.7 | 13.3 | 16.0 |
| Accruals ratio | — | — | −35.9% | −5.8% |
Source: SEC EDGAR XBRL filings (CIK 0001713445). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.