Services-Computer Processing & Data Preparation · Fiscal year ends Dec 31
Reddit reported revenue of $2.2B in the fiscal year ended Dec 2025, up 69.4% from the year before. Operating income was $442M, an operating margin of 20.1%, and net income was $530M. Operating cash flow of $691M less capital expenditure of $7M left free cash flow of $684M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $667M | $804M | $1.3B | $2.2B |
| Cost of revenue | $105M | $111M | $124M | $194M |
| Gross profit | $562M | $693M | $1.2B | $2B |
| Research & development | $365M | $438M | $935M | $783M |
| Operating income | −$172M | −$140M | −$561M | $442M |
| Pre-tax income | −$158M | −$87M | −$485M | $529M |
| Income tax | $622,000 | $4M | −$931,000 | −$1M |
| Net income | −$159M | −$91M | −$484M | $530M |
| Diluted EPS | −2.77 | −1.54 | −3.33 | 2.62 |
| Diluted shares | 57M | 59M | 145M | 202M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $436M | $401M | $562M | $954M |
| Receivables | – | $245M | $350M | $590M |
| Current assets | – | $1.5B | $2.2B | $3.1B |
| Net PP&E | – | $15M | $13M | $13M |
| Goodwill | – | $26M | $42M | $42M |
| Total assets | – | $1.6B | $2.3B | $3.2B |
| Payables | – | $47M | $45M | $63M |
| Deferred revenue | – | $7M | $15M | $18M |
| Current liabilities | – | $134M | $176M | $271M |
| Total liabilities | – | $156M | $206M | $310M |
| Shareholders' equity | −$379M | −$413M | $2.1B | $2.9B |
| Backlog (remaining obligations) | – | – | $253M | $144M |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −$94M | −$75M | $222M | $691M |
| Capital expenditure | $6M | $10M | $6M | $7M |
| Free cash flow | −$100M | −$85M | $216M | $684M |
| Depreciation & amortisation | $8M | $14M | $16M | $16M |
| Stock-based compensation | $55M | $48M | $802M | $343M |
| Acquisitions | $42M | $0 | $17M | $0 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.6% | 61.7% | 69.4% |
| Gross margin | 84.3% | 86.2% | 90.5% | 91.2% |
| Operating margin | −25.8% | −17.4% | −43.1% | 20.1% |
| Net margin | −23.8% | −11.3% | −37.2% | 24.1% |
| Return on equityBlank when equity is negative | – | – | −22.7% | 18.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −9.6% | −25.9% | 14.9% |
| Free cash flow margin | −15.0% | −10.6% | 16.6% | 31.1% |
| Cash conversion (CFO ÷ net income) | 0.59x | 0.83x | −0.46x | 1.30x |
| Receivable days | – | 111 | 98 | 98 |
| Payable days | – | 153 | 134 | 118 |
| Current ratio | – | 11.1x | 12.6x | 11.6x |
Recent filings
More in Services-Computer Processing & Data Preparation
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.