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Reddit
(RDDT ↗)
reddit.com ↗
The self-described "front page of the internet" — thousands of community forums run by volunteer moderators — that just turned its massive audience into its first real profit. Reddit IPO'd in 2024, and 2025 was the year the advertising business and a new AI-licensing twist tipped it into the black.
Updated · FY2025 · December 2025
6
Chapters
~16
Min read
$2.2B / yr revenue · ~2.4K employees · public since 2024
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0 of 6
1
Growth
~3 min
An Audience, Finally Earning
Reddit has had a giant audience for years. 2025 was the year it learned to make real money from it.
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2
Financial Health
~3 min
The First Profit
In 2024 Reddit lost nearly half a billion dollars. In 2025 it made more than half a billion. What changed that fast?
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3
Moat
~3 min
Twenty Years of Conversation
Anyone can build a forum. Nobody can build twenty years of Reddit's communities overnight — and now AI companies are paying for them.
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4
Management
~2 min
Founder-Led, Founder-Controlled
Reddit's co-founder came back to run it — and, like many tech founders, holds a class of stock that locks in his control.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
First profit, growing users, a new AI-data business — and a heavy reliance on two things Reddit doesn't control.
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6
Risk
~3 min
Two Things Reddit Doesn't Control
Reddit just turned profitable. But its traffic leans on search engines, and a majority of its revenue is advertising. Neither is fully in Reddit's hands.
↻ Next update · Jul 29
est. Jul 29, 2026 · Q2 FY26 · Reddit IR ↗
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You're reading the 6 opening chapters. After that, every time Reddit files a new report, the chapters get updated here.