Reddit, Inc.

Previous wording

•Daily Active Uniques (“DAUq”) were 126.8 million for the three months ended March 31, 2026, an increase of 17% year-over-year

Current wording

•Daily Active Uniques (“DAUq”) were 130.3 million for the three months ended June 30, 2026, an increase of 18% year-over-year

Previous wording

•Average revenue per unique (“ARPU”) was $5.23 for the three months ended March 31, 2026, an increase of 44% year-over-year

Current wording

•Average revenue per unique (“ARPU”) was $6.18 for the three months ended June 30, 2026, an increase of 36% year-over-year

Previous wording

In the three months ended March 31, 2026, global DAUq grew 17% compared to the prior year period, driven by 7% growth in DAUq in the United States and 26% growth in DAUq in the rest of world. Global DAUq grew 4% compared to the prior quarter period, driven by 2% growth in DAUq in the United States and 6% growth in DAUq in the rest of world. The growth in global DAUq in the three months ended March 31, 2026, compared to the prior year and prior quarter periods, was primarily driven by the combination of third-party search engine algorithm changes and continued traction from our growth initiatives, particularly in machine translation, marketing, and product improvements.

Current wording

In the three months ended June 30, 2026, global DAUq grew 18% compared to the prior year period, driven by 6% growth in DAUq in the United States and 28% growth in DAUq in the rest of world. Global DAUq grew 3% compared to the prior quarter period, driven by 5% growth in DAUq in the rest of world, while DAUq in the United States remained relatively flat. The change in global DAUq in the three months ended June 30, 2026, compared to the prior year period, was primarily driven by the combination of third-party search engine algorithm changes and our growth initiatives, particularly in machine translation, marketing, and product improvements. The change in global DAUq in the three months ended June 30, 2026, compared to the prior quarter period, was primarily driven by our growth initiatives, particularly in marketing and product improvements, partially offset by third-party search engine algorithm changes.

Previous wording

In the three months ended March 31, 2026, global WAUq grew 23% compared to the prior year period, driven by 10% growth in WAUq in the United States and 33% growth in WAUq in the rest of world. For the three months ended March 31, 2026, the proportion of DAUq to WAUq was 26%.

Current wording

In the three months ended June 30, 2026, global WAUq grew 24% compared to the prior year period, driven by 9% growth in WAUq in the United States and 35% growth in WAUq in the rest of world. For the three months ended June 30, 2026, the proportion of DAUq to WAUq was 25%.

Previous wording

We monetize our business primarily through advertising on our mobile applications and website. In the three months ended March 31, 2026, we recorded revenue of $663.4 million, as compared to revenue of $392.4 million for the three months ended March 31, 2025, representing an increase of 69% compared to the prior year period.

Current wording

We monetize our business primarily through advertising on our mobile applications and website. In the six months ended June 30, 2026, we recorded revenue of $1.5 billion, as compared to revenue of $0.9 billion for the six months ended June 30, 2025, representing an increase of 65% compared to the prior year period.

Previous wording

We present ARPU globally and also broken out on a United States and rest of world basis because we currently monetize users in the United States and the rest of the world at different rates. We measure ARPU because we believe that this metric helps our management and investors assess the extent to which we are monetizing our DAUq. Monetization of new users is generally at a lower rate than existing users and as such, ARPU tends to grow at a lower rate than revenue in periods of strong DAUq growth. Additionally, logged-out users typically have lower engagement and spend less time on our platform compared to users who are logged in to a registered account, and therefore, logged-in users generally contribute significantly more to ARPU than logged-out users due to the lower monetization opportunity of logged-out users. Our ARPU reflects the seasonality of our advertising revenue, with the fourth quarter typically being the strongest quarter of each year, especially in the United States, our most developed geography. United States ARPU is higher primarily due to the relative size and maturity of the U.S. digital advertising market, a dynamic we expect will continue for the foreseeable future.

Current wording

We present ARPU globally and also broken out on a United States and rest of world basis because we currently monetize users in the United States and the rest of the world at different rates. We measure ARPU because we believe that this metric helps our management and investors assess the extent to which we are monetizing our DAUq. Monetization of new users is generally at a lower rate than existing users and as such, ARPU tends to grow at a lower rate than revenue in periods of strong DAUq growth. Our ARPU reflects the seasonality of our advertising revenue, with the fourth quarter typically being the strongest quarter of each year, especially in the United States, our most developed geography. United States ARPU is higher primarily due to the relative size and maturity of the U.S. digital advertising market, a dynamic we expect will continue for the foreseeable future.

Previous wording

During the three months ended March 31, 2026, ARPU was $5.23, an increase of 44% compared to $3.63 for the prior year period, United States ARPU was $9.63, compared to $6.27 for the prior year period, and rest of world ARPU was $2.02, compared to $1.34 for the prior year period. The increase in global ARPU compared to the prior year period was due primarily to an increase in advertising revenue driven by an increase in ad impressions delivered and an increase in pricing. During the three months ended March 31, 2026, ad impressions delivered increased by approximately 32% compared to the prior year period driven in part by ad load optimization and improvements, including new ad placements, and by increases in the number of users and user engagement. During the three months ended March 31, 2026, the price of ads increased by approximately

Current wording

During the three months ended June 30, 2026, ARPU was $6.18, an increase of 36% compared to $4.53 for the prior year period, United States ARPU was $11.85, compared to $7.87 for the prior year period, and rest of world ARPU was $2.26, compared to $1.73 for the prior year period. The increase in global ARPU compared to the prior year period was due primarily to an increase in advertising revenue driven by an increase in pricing and an increase in ad impressions delivered. During the three months ended June 30, 2026, the price of ads increased by approximately 40% compared to the prior year period driven by improved performance across the full funnel of ad objectives and higher advertiser demand. During the three months ended June 30, 2026, ad impressions delivered increased by approximately 17% compared to the prior year period driven in part by ad load optimization and improvements, including new ad placements, and by increases in the number of users and user engagement.

Previous wording

Revenue for the three months ended March 31, 2026 increased by $271.1 million, or 69%, compared to the prior year period. The growth in revenue was due primarily to an increase in advertising revenue of $266.0 million, or 74%, as compared to the prior year period driven by an increase in impressions delivered and an increase in pricing. During the three months ended March 31, 2026, ad impressions delivered increased by approximately 32% compared to the prior year period driven in part by ad load optimization and improvements, including new ad placements, and by increases in the number of users and user engagement. For more information regarding increases in the number of users, see “—Key Financial and Operating Metrics—Trends in User Metrics.” During the three months ended March 31, 2026, the price of ads increased by approximately 32% compared to the prior year period driven by higher advertiser demand and performance across the full funnel of ad objectives.

Current wording

Revenue for the three and six months ended June 30, 2026 increased by $305.3 million and $576.3 million, or 61% and 65%, respectively, compared to the prior year periods. The growth in revenue during the three and six month periods was due primarily to an increase in advertising revenue of $296.8 million and $562.9 million, or 64% and 68%, respectively, as compared to the prior year periods driven by an increase in pricing and an increase in impressions delivered. During the three and six months ended June 30, 2026, the price of ads increased by approximately 40% and 35%, respectively, compared to the prior year periods driven by improved performance across the full funnel of ad objectives and higher advertiser demand. During the three and six months ended June 30, 2026, ad impressions delivered increased by approximately 17% and 24%, respectively, compared to the prior year periods driven in part by ad load optimization and improvements, including new ad placements, and by increases in the number of users and user engagement. For more information regarding increases in the number of users, see “—Key Financial and Operating Metrics—Trends in User Metrics.”

Previous wording

Revenue in the United States for the three months ended March 31, 2026 increased by $211.7 million, or 67%, compared to the prior year period. Revenue in the rest of world for the three months ended March 31, 2026 increased by $59.3 million, or 76%, compared to the prior year period. Revenue growth for both geographies was driven by the factors described above. The growth in revenue in the rest of world was also due to our focus on, among other factors, internationalization, including through machine translation and improving local content.

Current wording

Revenue in the United States for the three and six months ended June 30, 2026 increased by $229.3 million and $441.0 million, or 56% and 61%, respectively, compared to the prior year periods. Revenue in the rest of world for the three and six months ended June 30, 2026 increased by $76.0 million and $135.3 million, or 84% and 80%, respectively, compared to the prior year periods. Revenue growth for both geographies was driven by the factors described above.

Previous wording

Cost of revenue for the three months ended March 31, 2026 increased by $19.2 million, or 52%, compared to the prior year period. The increase in cost of revenue was primarily attributable to increased hosting usage to support product enhancements and user growth on our platform, partially offset by lower hosting prices.

Current wording

Cost of revenue for the three and six months ended June 30, 2026 increased by $24.4 million and $43.6 million, respectively, or 53% for each period, compared to the prior year periods. The increase in cost of revenue was primarily attributable to increased hosting usage to support product enhancements and user growth on our platform, partially offset by lower hosting prices and hosting cost efficiencies.

Previous wording

Research and development expenses for the three months ended March 31, 2026 increased by $16.0 million, or 8%, compared to the prior year period. The increase was driven primarily by an increase in hosting costs associated with internal research and development activities.

Current wording

Research and development expenses for the three and six months ended June 30, 2026 increased by $34.7 million and $50.6 million, or 18% and 13%, respectively, compared to the prior year periods. The increase was driven primarily by an increase in hosting costs associated with internal research and development activities and an increase in employee-related costs, driven in part by an increase in headcount.

Previous wording

Sales and marketing expenses for the three months ended March 31, 2026 increased by $60.8 million, or 67%, compared to the prior year period. The increase was driven primarily by an increase in user and brand marketing expenses and, to a lesser extent, an increase in employee-related costs, driven in part by an increase in headcount.

Current wording

Sales and marketing expenses for the three and six months ended June 30, 2026 increased by $75.3 million and $136.1 million, or 62% and 64%, respectively, compared to the prior year periods. The increase in sales and marketing expenses was driven primarily by an increase in user and brand marketing expenses and, to a lesser extent, an increase in employee-related costs, driven in part by an increase in headcount.

Previous wording

Other income (expense), net for the three months ended March 31, 2026 increased by $2.3 million, or 11%, compared to the prior year period. The increase was primarily due to higher interest earned on our cash and investments driven by a higher invested balance.

Current wording

Other income (expense), net for the three and six months ended June 30, 2026 increased by $4.0 million and $6.3 million, or 19% and 15%, respectively, compared to the prior year periods. The increase was primarily due to higher interest earned on our cash and investments driven by a higher invested balance.

Previous wording

Income tax expense (benefit) for the three months ended March 31, 2026 increased by $3.5 million, or (202)%, compared to the prior year period. The increase was primarily due to an increase in income before income taxes as compared to the prior year period.

Current wording

Income tax expense (benefit) for the three and six months ended June 30, 2026 increased by $4.4 million and $7.9 million compared to the prior year periods, respectively. The increase was primarily due to an increase in income before income taxes as compared to the prior year periods.

Previous wording

On July 1, 2025, we entered into an Amended and Restated Credit and Guarantee Agreement, which amended and restated our prior Credit and Guarantee Agreement dated October 8, 2021 (as amended on May 23, 2023), and provides for a five-year, $500.0 million, revolving loan and standby letter of credit facility (“Revolving Credit Facility”) of which $100.0 million can be issued as letters of credit and another $100.0 million of which can be borrowed in certain non-U.S. dollar currencies. As of March 31, 2026, we have issued three letters of credit, two of which are denominated in a foreign currency, for an aggregate of $5.4 million, which reduced the letter of credit borrowings available under the Revolving Credit Facility to $94.6 million. The aggregate available balance under the Revolving Credit Facility was $494.6 million as of March 31, 2026.

Current wording

On July 1, 2025, we entered into an Amended and Restated Credit and Guarantee Agreement, which amended and restated our prior Credit and Guarantee Agreement dated October 8, 2021 (as amended on May 23, 2023), and provides for a five-year, $500.0 million, revolving loan and standby letter of credit facility (“Revolving Credit Facility”) of which $100.0 million can be issued as letters of credit and another $100.0 million of which can be borrowed in certain non-U.S. dollar currencies. As of June 30, 2026, we have issued four letters of credit, three of which are denominated in a foreign currency, for an aggregate of $5.6 million, which reduced the letter of credit borrowings available under the Revolving Credit Facility to $94.4 million. The aggregate available balance under the Revolving Credit Facility was $494.4 million as of June 30, 2026.

Previous wording

On February 4, 2026, our Board of Directors authorized a share repurchase program to purchase up to $1.0 billion of our Class A common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase shares of our Class A common stock from time to time on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The Share Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, has no expiration date, and may be suspended or discontinued at any time at our discretion. During the three months ended March 31, 2026, we repurchased 34,690 shares of our Class A common stock for $5.0 million. As of March 31, 2026, $995.0 million remained available for repurchases.

Current wording

On February 4, 2026, our Board of Directors authorized a share repurchase program to purchase up to $1.0 billion of our Class A common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase shares of our Class A common stock from time to time on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The Share Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, has no expiration date, and may be suspended or discontinued at any time at our discretion. During the six months ended June 30, 2026, we repurchased 1,523,502 shares of our Class A common stock for $239.6 million. As of June 30, 2026, $760.4 million remained available for repurchases.

Previous wording

Net cash provided by operating activities was $312.3 million in the three months ended March 31, 2026, resulting primarily from net income of $204.0 million in the three months ended March 31, 2026, adjustments for non-cash items, primarily related to stock-based compensation expense of $68.3 million, and a decrease in accounts receivable of $68.0 million due to the timing of cash collections. These amounts were partially offset by an increase in prepaid expenses and other assets of $23.8 million. Net cash provided by operating activities was $127.6 million in the three months ended March 31, 2025, resulting primarily from net income of $26.2 million in the three months ended March 31, 2025 and adjustments for non-cash items, primarily related to stock-based compensation expense of $85.4 million, a decrease in accounts receivable of $23.4 million due to the timing of cash collections, and an increase in accrued expenses and other current liabilities of $16.1 million due to the timing of payments. These amounts were partially offset by an increase in prepaid expenses and other assets of $17.0 million.

Current wording

Net cash provided by operating activities was $574.1 million in the six months ended June 30, 2026, resulting primarily from net income of $456.8 million in the six months ended June 30, 2026, adjustments for non-cash items, primarily related to stock-based compensation expense of $169.3 million, and an increase in accounts payable and accrued expenses and other current liabilities of $42.7 million. These amounts were partially offset by an increase in accounts receivable of $59.3 million due to the timing of cash collections and an increase in prepaid expenses and other assets of $36.2 million. Net cash provided by operating activities was $238.9 million in the six months ended June 30, 2025, resulting primarily from net income of $115.5 million in the six months ended June 30, 2025, adjustments for non-cash items, primarily related to stock-based compensation expense of $174.5 million, and an increase in accounts payable and accrued expenses and other current liabilities of $41.2 million due to the timing of payments. These amounts were partially offset by an increase in accounts receivable of $57.8 million due to the timing of cash collections and an increase in prepaid expenses and other assets of $26.4 million.

Previous wording

Net cash provided by investing activities was $124.8 million in the three months ended March 31, 2026, primarily due to maturities and proceeds from the sale of marketable securities of $492.5 million, partially offset by additional purchases of marketable securities of $364.9 million. Net cash used in investing activities was $(27.5) million in the three months ended March 31, 2025, primarily due to additional purchases of marketable securities of $504.8 million, partially offset by maturities and proceeds from the sale of marketable securities of $477.4 million.

Current wording

Net cash provided by investing activities was $219.5 million in the six months ended June 30, 2026, primarily due to maturities and proceeds from the sale of marketable securities of $901.7 million, partially offset by additional purchases of marketable securities of $676.9 million. Net cash used in investing activities was $(29.6) million in the six months ended June 30, 2025, primarily due to additional purchases of marketable securities of $1.1 billion, partially offset by maturities and proceeds from the sale of marketable securities of $1.0 billion.

Previous wording

Net cash used in financing activities was $(16.3) million in the three months ended March 31, 2026 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $16.2 million. Net cash used in financing activities was $(26.5) million in the three months ended March 31, 2025 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $36.7 million, partially offset by proceeds from exercises of employee stock options of $10.2 million.

Current wording

Net cash used in financing activities was $(260.4) million in the six months ended June 30, 2026 and consisted primarily of repurchases of Class A common stock of $239.6 million and cash payments for taxes related to net share settlement of restricted stock units of $30.7 million. Net cash used in financing activities was $(37.4) million in the six months ended June 30, 2025 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $51.9 million, partially offset by proceeds from exercises of employee stock options of $14.5 million.

Previous wording

Free Cash Flow was $311.2 million and $126.6 million for the three months ended March 31, 2026 and 2025, respectively, and was composed of net cash provided by operating activities, resulting primarily from net income, adjustments for non-cash items, and changes in working capital. Free Cash Flow also included purchases of property and equipment of $1.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the increase in Free Cash Flow as compared to the prior year period was driven primarily by the increase in net income.

Current wording

Free Cash Flow was $571.9 million and $237.4 million for the six months ended June 30, 2026 and 2025, respectively, and was composed of net cash provided by operating activities, resulting primarily from net income, adjustments for non-cash items, and changes in working capital. Free Cash Flow also included purchases of property and equipment of $2.2 million and $1.5 million for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the increase in Free Cash Flow as compared to the prior year period was driven primarily by the increase in net income.

Previous wording

We have non-cancellable contractual obligations and commitments primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services as well as operating lease agreements. During the three months ended March 31, 2026, there were no material changes outside the normal course of business to the purchase obligations as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Annual Report.

Current wording

We have non-cancellable contractual obligations and commitments primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services as well as operating lease agreements. During the six months ended June 30, 2026, there were no material changes outside the normal course of business to the purchase obligations as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Annual Report. In June 2026, we signed an addendum to extend our cloud services agreement with AWS through 2029. We committed under this agreement to spend an aggregate of $880.0 million between July 2026 and June 2029.