Reddit, Inc.

Previous wording

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

Current wording

•Daily Active Uniques (“DAUq”) were 130.3 million for the three months ended September 30, 2026, an increase of 12% year-over-year

Previous wording

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

Current wording

•Average revenue per unique (“ARPU”) was $6.87 for the three months ended September 30, 2026, an increase of 36% year-over-year

Previous wording

•Cash, cash equivalents, and marketable securities were $2.8 billion as of June 30, 2026

Current wording

•Cash, cash equivalents, and marketable securities were $3.0 billion as of September 30, 2026

Previous wording

Historically we monitored logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measured logged-in DAUq because these users tend to have higher engagement and spend more time on our platform compared to users who are not logged in to a registered account. However, as our business has scaled and our product strategy has evolved, our focus has shifted to delivering immediate value for all users and enabling them to engage with content on Reddit, regardless of whether they are logged in or logged out. As a result, management primarily uses total DAUq and DAUq by geography for managing the business and for evaluating our core operating performance. Therefore, beginning in the quarter ended September 30, 2026, we will no longer report logged-in and logged-out DAUq.

Current wording

In addition, we monitor logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measure logged-in DAUq because these users tend to have higher engagement and spend more time on our platform compared to users who are not logged in to a registered account.

Previous 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.

Current wording

In the three months ended September 30, 2026, global DAUq grew 12% compared to the prior year period, driven by 24% growth in DAUq in the rest of world, partially offset by a 2% decline in DAUq in the United States. Global DAUq remained flat compared to the prior quarter period, as a result of 3% growth in DAUq in the rest of world, offset by a 5% decline in DAUq in the United States. The change in global DAUq in the three months ended September 30, 2026, compared to the prior year period, was driven by our marketing investments and, to a lesser extent, other growth initiatives, including product improvements, partially offset by third-party search engine changes. Global DAUq remained flat in the three months ended September 30, 2026, compared to the prior quarter period, as the gains from our marketing investments and, to a lesser extent, other growth initiatives, including product improvements, were offset predominantly by third-party search engine changes.

Previous 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%.

Current wording

In the three months ended September 30, 2026, global WAUq grew 16% compared to the prior year period, driven by 28% growth in WAUq in the rest of world. For the three months ended September 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 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.

Current wording

We monetize our business primarily through advertising on our mobile applications and website. In the nine months ended September 30, 2026, we recorded revenue of $2.4 billion, as compared to revenue of $1.5 billion for the nine months ended September 30, 2025, representing an increase of 60% compared to the prior year period.

Previous 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.

Current wording

During the three months ended September 30, 2026, ARPU was $6.87, an increase of 36% compared to $5.04 for the prior year period, United States ARPU was $13.82, compared to $9.04 for the prior year period, and rest of world ARPU was $2.43, compared to $1.84 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, to a lesser extent, an increase in ad impressions delivered. During the three months ended September 30, 2026, the price of ads increased by approximately 34% 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 September 30, 2026, ad impressions delivered increased by approximately 15% compared to the prior year period driven in part by ad load optimization and improvements, including new ad placements.

Previous 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.”

Current wording

Revenue for the three and nine months ended September 30, 2026 increased by $310.0 million and $886.4 million, or 53% and 60%, respectively, compared to the prior year periods. The growth in revenue during the three and nine month periods was due primarily to an increase in advertising revenue of $297.7 million and $860.5 million, or 54% and 63%, respectively, as compared to the prior year periods driven by an increase in pricing and, to a lesser extent, an increase in impressions delivered. During the three and nine months ended September 30, 2026, the price of ads increased by approximately 34% 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 nine months ended September 30, 2026, ad impressions delivered increased by approximately 15% and 21%, respectively, compared to the prior year periods driven in part by ad load optimization and improvements, including new ad placements. In the nine months ended September 30, 2026, the increase in ad impressions delivered was also due to an increase in the number of users. For more information regarding users trends, see “—Key Financial and Operating Metrics—Trends in User Metrics.”

Previous 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.

Current wording

Revenue in the United States for the three and nine months ended September 30, 2026 increased by $239.3 million and $680.3 million, or 50% and 57%, respectively, compared to the prior year periods. Revenue in the rest of world for the three and nine months ended September 30, 2026 increased by $70.7 million and $206.0 million, or 67% and 75%, 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 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.

Current wording

Cost of revenue for the three and nine months ended September 30, 2026 increased by $23.3 million and $66.9 million, or 44% and 49%, respectively, compared to the prior year periods. The increase in cost of revenue was primarily attributable to increased hosting usage to support product enhancements and, to a lesser extent, user growth and activity on our platform, partially offset by lower hosting prices and hosting cost efficiencies.

Previous 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.

Current wording

Research and development expenses for the three and nine months ended September 30, 2026 increased by $67.2 million and $117.8 million, or 34% and 20%, respectively, compared to the prior year periods. The increase was driven primarily by an increase in employee-related costs and an increase in hosting costs associated with internal research and development activities.

Previous 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.

Current wording

Sales and marketing expenses for the three and nine months ended September 30, 2026 increased by $80.7 million and $216.7 million, or 63% 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 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.

Current wording

Other income (expense), net for the three and nine months ended September 30, 2026 increased by $5.4 million and $11.7 million, or 25% and 18%, 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 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.

Current wording

Income tax expense (benefit) for the three and nine months ended September 30, 2026 increased by $7.9 million and $15.8 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

As of June 30, 2026, we had $2.8 billion in cash, cash equivalents, and marketable securities. Our cash and cash equivalents consist of cash in bank accounts, money market accounts, time deposits, and other highly liquid investments with original maturities of 90 days or less from the date of purchase. Marketable securities consist of U.S. government securities, investment-grade corporate and government agency securities, time deposits, and commercial paper. As of June 30, 2026, approximately 2% of our cash, cash equivalents, and marketable securities was held outside of the United States.

Current wording

As of September 30, 2026, we had $3.0 billion in cash, cash equivalents, and marketable securities. Our cash and cash equivalents consist of cash in bank accounts, money market accounts, time deposits, and other highly liquid investments with original maturities of 90 days or less from the date of purchase. Marketable securities consist of U.S. government securities, investment-grade corporate and government agency securities, time deposits, and commercial paper. As of September 30, 2026, approximately 3% of our cash, cash equivalents, and marketable securities was held outside of the United States.

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 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.

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 September 30, 2026, we have issued four letters of credit, three of which are denominated in a foreign currency, for an aggregate of $5.7 million, which reduced the letter of credit borrowings available under the Revolving Credit Facility to $94.3 million. The aggregate available balance under the Revolving Credit Facility was $494.3 million as of September 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 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.

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 nine months ended September 30, 2026, we repurchased 2,193,461 shares of our Class A common stock for $340.0 million. As of September 30, 2026, $660.0 million remained available for repurchases.

Previous 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.

Current wording

Net cash provided by operating activities was $937.9 million in the nine months ended September 30, 2026, resulting primarily from net income of $740.1 million in the nine months ended September 30, 2026, adjustments for non-cash items, primarily related to stock-based compensation expense of $300.6 million, and an increase in accounts payable and accrued expenses and other current liabilities of $59.6 million due to the timing of payments. These amounts were partially offset by an increase in accounts receivable of $139.3 million due to the timing of cash collections and an increase in prepaid expenses and other assets of $26.0 million. Net cash provided by operating activities was $424.1 million in the nine months ended September 30, 2025, resulting primarily from net income of $278.1 million in the nine months ended September 30, 2025, adjustments for non-cash items, primarily related to stock-based compensation expense of $258.0 million, and an increase in accounts payable and accrued expenses and other current liabilities of $60.9 million due to the timing of payments. These amounts were partially offset by an increase in accounts receivable of $138.8 million due to the timing of cash collections and an increase in prepaid expenses and other assets of $23.4 million.

Previous 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.

Current wording

Net cash used in investing activities was $(164.3) million in the nine months ended September 30, 2026, primarily due to additional purchases of marketable securities of $1.3 billion, partially offset by maturities and proceeds from the sale of marketable securities of $1.1 billion. Net cash used in investing activities was $(13.1) million in the nine months ended September 30, 2025, primarily due to additional purchases of marketable securities of $1.6 billion, partially offset by maturities and proceeds from the sale of marketable securities of $1.6 billion.

Previous 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.

Current wording

Net cash used in financing activities was $(369.6) million in the nine months ended September 30, 2026 and consisted primarily of repurchases of Class A common stock of $340.0 million and cash payments for taxes related to net share settlement of restricted stock units of $45.0 million. Net cash used in financing activities was $(61.5) million in the nine months ended September 30, 2025 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $80.5 million, partially offset by proceeds from exercises of employee stock options of $20.5 million.

Previous 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.

Current wording

Free Cash Flow was $934.5 million and $420.5 million for the nine months ended September 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 $3.5 million for each of the nine months ended September 30, 2026 and 2025. For the nine months ended September 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 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.

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 nine months ended September 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 Amazon Web Services through 2029. We committed under this agreement to spend an aggregate of $880.0 million between July 2026 and June 2029. In August 2026, we signed an addendum to extend our cloud services agreement with Google through 2029. We committed under this agreement to spend an aggregate of $580.0 million between September 2026 and August 2029.