Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Reddit, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
667
804
1,300
2,203
Cost of revenue
105
111
124
194
Gross profit
562
693
1,177
2,008
Research and development
365
438
935
783
Selling and marketing
225
230
351
504
General and administrative
144
165
451
279
Operating income
-172
-140
-561
442
Other non-operating income
14.2
53.1
75.4
86.7
Pre-tax income
-158
-87
-485
529
Income tax
0.62
3.8
-0.93
-1.03
Net income
-159
-90.8
-484
530
EBITDA
-164
-126
-545
458
EPS, basic
-2.77
-1.54
-3.33
2.84
EPS, diluted
-2.77
-1.54
-3.33
2.62
Shares, basic (weighted)
57.3
59.1
145
186
Shares, diluted (weighted)
57.3
59.1
145
202
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
436
401
562
954
Short-term investments
812
1,279
1,523
Receivables
245
350
590
Other current assets
1.59
2.28
69
Total current assets
1,480
2,223
3,136
Property, plant and equipment
14.9
12.7
12.7
Lease right-of-use assets
24
23.2
20.8
Goodwill
26.3
42.2
42.2
Intangible assets
32.1
25.4
15.5
Other non-current assets
19.4
9.7
12
Total assets
1,596
2,337
3,239
Accounts payable
46.5
45.4
62.9
Accrued liabilities
83.3
124
201
Deferred revenue
7.25
14.8
18
Total current liabilities
134
176
271
Lease liabilities
22
20.6
16.2
Other non-current liabilities
0.29
9.26
22.7
Total liabilities
156
206
310
Paid-in capital
303
3,332
3,596
Retained earnings
-717
-1,201
-671
Other comprehensive income
0.81
0.02
4.36
Shareholders' equity
-379
-413
2,131
2,929
Total equity
-379
-413
2,131
2,929
Total liabilities and equity
1,596
2,337
3,239
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-159
-90.8
-484
530
Depreciation and amortization
8
13.7
15.6
15.9
Stock-based compensation
55.3
47.6
802
343
Deferred income tax
-2.08
-0.09
-2.12
-4.63
Change in receivables
-30.2
-53.3
-104
-241
Change in payables
10.9
12.5
-0.57
18.2
Cash from operations
-94
-75.1
222
691
Capital expenditures
-6.23
-9.72
-6.25
-6.71
Acquisitions
-42.2
0
-17.1
0
Purchases of investments
-1,431
-1,260
-1,997
-2,298
Sales and maturities of investments
674
1,273
1,574
2,066
Cash from investing
-804
41.3
-441
-219
Stock issued
7.03
8.43
89
25.1
Cash from financing
-3.78
-0.81
380
-80.6
Net change in cash
-902
-34.6
161
391
Free cash flow
-100
-84.8
216
684
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $149.84 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
91.4%
Gross profit / revenue.
Operating margin
28.2%
Operating income / revenue.
EBITDA margin
28.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
31.6%
Pre-tax income / revenue.
Net margin
31.3%
Net income / revenue.
FCF margin
36.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
36.9%
Cash from operations / revenue.
Effective tax rate
0.8%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
26.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
24.0%
Net income / average total assets.
Return on invested capital (ROIC)
43.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
30.0%
Research and development expense / revenue.
Stock-based pay / revenue
12.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
69.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
48.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
70.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
52.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
211.1%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
217.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
37.5%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
38.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
38.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
52.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.5x
Current assets / current liabilities.
Quick ratio
10.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
8.25x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.7%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$4.31
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$13.75
Revenue / diluted weighted shares.
FCF per share
$5.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
$5.08
Cash from operations / diluted weighted shares.
Book value per share
$16.26
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
33.1x
Market cap / net income. Only when net income is positive.
P/S
10.4x
Market cap / revenue.
P/B
8.77x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.92x
Market cap / tangible book value, when positive.
P/FCF
28.3x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
28.1x
Market cap / cash from operations, when positive.
EV/Sales
9.37x
Enterprise value / revenue.
EV/EBIT
33.2x
Enterprise value / operating income, when both are positive.
EV/EBITDA
32.5x
Enterprise value / EBITDA, when both are positive.
EV/FCF
25.6x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.5%
Free cash flow / market cap.
Earnings yield
3.0%
Net income / market cap (the inverse of P/E).
What was Reddit, Inc.'s revenue in fiscal 2025?
Reddit, Inc. reported revenue of $2.20B for fiscal 2025, 69.4% higher than the year before.
Was Reddit, Inc. profitable in fiscal 2025?
Yes. Net income was $529.7M, a net margin of 24.1%.
How much free cash flow did Reddit, Inc. generate in fiscal 2025?
Cash from operations of $690.9M minus capital expenditures of $6.7M left free cash flow of $684.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.