Reddit (RDDT) financial statements
Reddit reported revenue of $2.2B in fiscal 2025, up 48.9% a year over 3 years.
Net income was $530M and the operating margin 20.1%, against -25.8% in 2022.
Free cash flow was $684M.
The diluted share count rose 253% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Reddit's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $667M | $804M | $1.3B | $2.2B |
| Cost of revenue | $105M | $111M | $124M | $194M |
| Gross profit | $562M | $693M | $1.2B | $2.0B |
| Research and development | $365M | $438M | $935M | $783M |
| Selling, general and admin | $369M | $395M | $802M | $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 |
| EPS (diluted) | -$2.77 | -$1.54 | -$3.33 | $2.62 |
| Diluted shares | 57M | 59M | 145M | 202M |
| 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% |
Balance sheet
Fiscal years, from Reddit's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $436M | $1.2B | $1.8B | $2.5B |
| Receivables | — | $245M | $350M | $590M |
| Total current assets | — | $1.5B | $2.2B | $3.1B |
| Property, plant and equipment | — | $15M | $13M | $13M |
| Goodwill | — | $26M | $42M | $42M |
| Total assets | — | $1.6B | $2.3B | $3.2B |
| Total current liabilities | — | $134M | $176M | $271M |
| Total liabilities | — | $156M | $206M | $310M |
| Shareholders' equity | -$379M | -$413M | $2.1B | $2.9B |
| Net debt | -$436M | -$401M | -$562M | -$954M |
Cash flow
Fiscal years, from Reddit's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$94M | -$75M | $222M | $691M |
| Capital spending | $6M | $10M | $6M | $7M |
| Free cash flow | -$100M | -$85M | $216M | $684M |
| Stock-based compensation | $55M | $48M | $802M | $343M |
| Free cash flow margin | -15.0% | -10.6% | 16.6% | 31.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RDDT.
Open RDDT in InvestinglyQuestions
What was Reddit's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Reddit generate?
$684M in fiscal 2025 (operating cash flow minus capital spending).
From Reddit's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.