Research · Sep 3, 2026
[RDDT] Reddit Thesis 2026: Advertising Revenue Accelerates as Platform Scales Internationally
Reddit FY25 revenue $2.20B (+69%); op income $442M (vs -$561M FY24); NI $530M; EPS $2.62. Q4 revenue $726M (+70%); advertising $690M (+75%); lower-funnel revenue doubled. DAU 121M (+19%); WAU 471M (+24%). ARPU $5.98 (+42%). 11 of top 15 verticals +50%+. US +68%; international +78%. Reddit Max launched (AI ad platform); Reddit Answers integrated in core search; verified profiles for brands. FY26 Q1 guide: revenue $595-$605M (+52-54%); EBITDA $110-$220M; SBC high-teens % of revenue; net dilution low end of 1-3% medium-term guide.