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Friday 6 November 2026
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Reddit Inc.
RDDT Communication Services Internet Content & Information
Reddit Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 69.4% from fiscal 2024.
- Revenue
- +53.0%
- EPS
- +69.1%
- Free cash flow
- +98.0%
Quarter to September 2026, against a year earlier
94.36
7.53
−7.39%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 667 | 804 | 1,300 | 2,203 | 3,089 | +48.9% | 3,380 | 4,393 | 5,580 | +36.3% | |
| Gross margin, % | — | — | — | — | — | — | 84.28 | 86.19 | 90.49 | 91.18 | 91.55 | +6.9 pt | ||||||
| EBT | — | — | — | — | — | — | (158) | (87) | (485) | 529 | 1,006 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | (23.69) | (10.82) | (37.32) | 24.00 | 32.58 | +47.7 pt | ||||||
| Net income | — | — | — | — | — | — | (159) | (91) | (484) | 530 | 992 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 11.65 | 13.60 | 8.94 | 11.82 | 16.04 | +0.5% | |||||
| Earnings | — | — | — | — | — | — | (2.77) | (1.54) | (3.33) | 2.84 | 5.17 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | (1.64) | (1.27) | 1.53 | 3.71 | 6.26 | n/m | ||||||
| Capex | — | — | — | — | — | — | (0.11) | (0.16) | (0.04) | (0.04) | (0.03) | (30.9%) | ||||||
| Free cash flow | — | — | — | — | — | — | (1.75) | (1.43) | 1.48 | 3.67 | 6.22 | n/m | ||||||
| Book value | — | — | — | — | — | — | 25.75 | 24.36 | 14.65 | 15.72 | 18.60 | (15.2%) | ||||||
| Shares, m | — | — | — | — | — | — | 57 | 59 | 145 | 186 | 191 | +48.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 81.80 | 18.25 | 20.5 | |||||
| P/S | — | — | — | — | — | — | 3.71 | 3.71 | 18.29 | 19.45 | 5.88 | 11.3 | ||||||
| P/B | — | — | — | — | — | — | 0.00 | 0.00 | 11.16 | 14.63 | 5.07 | 6.4 | ||||||
| EV/Sales | — | — | — | — | — | — | 2.20 | 2.20 | 16.87 | 18.33 | 4.90 | 9.9 | ||||||
| EV/FCF | — | — | — | — | — | — | (20.86) | (20.86) | 101.64 | 59.00 | 12.64 | 29.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (94) | (75) | 222 | 691 | 1,205 | n/m | |||||
| Capex | — | — | — | — | — | — | (6) | (10) | (6) | (7) | (7) | +2.5% | ||||||
| Free cash flow | — | — | — | — | — | — | (100) | (85) | 216 | 684 | 1,198 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 1,377 | 1,346 | 2,047 | 2,865 | 3,499 | +27.6% | |||||
| Net debt | — | — | — | — | — | — | (1,267) | (1,213) | (1,841) | (2,477) | (3,033) | +25.1% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 1,474 | 1,441 | 2,131 | 2,929 | 3,582 | +25.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (5.68) | (24.63) | 19.00 | 29.00 | +19.0 pt | |||||
| ROIC | — | — | — | — | — | — | (51.76) | (38.51) | (120.84) | 61.08 | 103.51 | +112.8 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 22.94 | (56.38) | 20.94 | 32.03 | +20.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 2,013 | 2,233 | 2,555 | — | +12.7% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.40 | 0.58 | 0.86 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 2,203 | 100.00% |
|---|---|---|
| Gross margin | 91.18% | |
| Operating margin | 20.07% | |
| Pre-tax margin | 24.00% |
Reddit Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BIDU Baidu, Inc. | $22.0B | — (loss-making) | 15.7× | +1.09% (above 0%: growing) | −69.18% (below 0%: shrinking) | −128.87% (below 0%: shrinking) | 39.03% | 9.66% | Compare |
| RDDT Reddit Inc. | $18.1B | 18.2× | 16.6× | +53.01% (above 0%: growing) | +69.06% (above 0%: growing) | +98.02% (above 0%: growing) | 91.53% | 29.23% | |
| PINS Pinterest, Inc. | $11.4B | 79.5× | 49.6× | +11.89% (above 0%: growing) | −72.93% (below 0%: shrinking) | −5.70% (below 0%: shrinking) | 77.72% | 2.58% | Compare |
| MTCH Match Group Inc. | $8.9B | 12.7× | 14.8× | −2.52% (below 0%: shrinking) | +13.45% (above 0%: growing) | −0.54% (below 0%: shrinking) | 76.83% | 30.13% | Compare |
| SNAP Snap Inc. | $8.6B | — (loss-making) | — (loss-making) | +14.31% (above 0%: growing) | n/m | +75.99% (above 0%: growing) | 62.30% | 4.45% | Compare |
| BZ KANZHUN LIMITED Sponsored ADR | $7.1B | 12.2× | 10.9× | +20.45% (above 0%: growing) | +186.36% (above 0%: growing) | −2.73% (below 0%: shrinking) | 86.97% | 35.99% | Compare |
| ZG Zillow Group, Inc. | $6.9B | — (loss-making) | 61.2× | +7.10% (above 0%: growing) | n/m | +83.08% (above 0%: growing) | 71.27% | (22.24%) | Compare |
| Z Zillow Group, Inc. | $6.8B | — (loss-making) | 139× | +7.10% (above 0%: growing) | n/m | +83.08% (above 0%: growing) | 71.27% | (22.24%) | Compare |
| TME Tencent Music Entertainment Group Sponsored ADR | $6.0B | 11.4× | 9.8× | +11.80% (above 0%: growing) | +4.55% (above 0%: growing) | +83.69% (above 0%: growing) | 44.19% | 29.69% | Compare |
| Median of peers | $7.8B | 12.5× | 15.7× | +9.45% | +4.55% | +37.73% | 71.27% | 7.06% |
From the latest earnings call
- Steve Huffman said Reddit is focused on converting weekly users into daily users through product improvements, stronger new-user experiences and greater direct app traffic.
- Drew Vollero said Reddit’s third-quarter outlook incorporates current investment plans while forecasting revenue of $860 million to $870 million and adjusted EBITDA of $385 million to $395 million.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
65.59%
Held by the ten largest
28.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 14.21m | 7.39% | +417.71k |
| BlackRock | 8.00m | 4.16% | +341.56k |
| Baillie Gifford | 7.19m | 3.74% | −117.81k |
| Capital Group | 4.43m | 2.30% | +10.20k |
| AllianceBernstein | 4.17m | 2.17% | −703.10k |
| T. Rowe Price | 3.47m | 1.80% | +377.04k |
| Jericho Capital Asset Management L.P. | 3.34m | 1.73% | +3.34m |
| Goldman Sachs | 3.24m | 1.68% | −43.09k |
| State Street | 2.98m | 1.55% | +237.52k |
| Fidelity (FMR) | 2.83m | 1.47% | −86.23k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.10m | 307.43m | 455.73 |
| 2024 | 2.61m | 861.75m | 324.03 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Reddit Inc. (RDDT) Latest News
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3 Nov
2 Nov
1 Nov
31 Oct
30 Oct
RDDT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Shares outstanding
- Book value per share
- Revenue growth
- Beneish M-score
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