Reddit, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Advertising revenue was 94% and Other revenue was 6% of revenue; Other revenue rose from 2% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 81% and Outside the United States was 19% of revenue.

Quarters: Reddit, Inc.'s SEC filings, named by the month they end. Fiscal years: Reddit, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $24.1 ends up as net income. Net margin rose from −23.8% to 24.1% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Reddit, Inc.'s annual reports to the SEC; quarters: SEC filings.

How much does it spend on building?

Reddit spent $6.6M on property and equipment in the four quarters to Sep 2026, 0.2% of its revenue, against 0.2% a year earlier. That is 1% of the cash its operations brought in.

A line beyond the scale runs off it; the legend gives its latest value.

From Reddit, Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

How much goes into research?

Reddit spent $901M on research and development in the four quarters to Sep 2026, 29.2% of its revenue, against 40.6% a year earlier. Over the year its research spending rose 16.6% and its revenue rose 62.2%.

From Reddit, Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report Reddit buys from DV, LastPass, Amazon and 1 more.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 6

Suppliers

Alphabet GOOGL

Amazon AMZN

DV

LastPass

 

RDDTReddit

Only the companies Reddit names in its 10-K filed Feb 6, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 20.4x, in line with the peer median of 21.3x, with earnings still growing.

In line with the peer median of 21.3x.

At 20.4× trailing earnings RDDT is below most of its range since Apr 2025; the median is 63.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $150, 51% above the current price; 50% of 32 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 16 analysts (50%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $241.05 to $173.19 (−28%), while RDDT went from $189.42 to $99.55 (−47%). In the past three months targets were cut 13 times and never raised. No upgrades and 4 downgrades over the year; the latest: Evercore ISI Group moved it to In-Line from Outperform on Nov 2, 2026.

The day after each of these reports the stock moved −8.4% (Dec 2025, beat); +12.7% (Mar 2026, beat); −21.0% (Jun 2026, beat); −31.9% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.83 a share, 48% more than the $1.24 of a year earlier, and revenue of $1.0B, up 41% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $6.86 a share, and revenue of $4.4B, up 29% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $1.2B in free cash flow over the year, of which $340M went back to shareholders (dividends plus buybacks), leaving $860M in the company.

Reddit had 202M diluted shares in the quarter ended Sep 2026, 0.4% fewer than a year earlier. It spent $340M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 11.6, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

1 portfolio Hunch tracks holds RDDT. It is 9.4% of Light Street Capital Management's portfolio (3.7% as filed).

• FundLight Street Capital ManagementTech-stock hedge fundRDDT is 9% of this portfolio4% as filed+117.6%2-year backtest

RDDT's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 18 held RDDT at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 8 cut, 3 bought new and 1 held the same. The largest of them is Baillie Gifford &, 7.09M shares worth $1.0B at Sep 30, 2026, 1.4% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of RDDT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $8.9M and sold $243M of RDDT on the open market in the 12 months to Nov 12, 2026. 96% of the sales were made under 10b5-1 plans, set up in advance. The largest was Jennifer L. Wong (Chief Operating Officer), who sold $109M in 131 sales.

From the Form 4s filed with the SEC about Reddit, Inc. (108 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 120 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).