Reddit (RDDT) 10-K risk factor changes: FY2025 vs FY2024

- If we fail to increase or retain our user base, and in particular, our [removed: DAUq,] [added: daily active uniques (“DAUq”),] or if user engagement declines, our business, results of operations, financial condition, and prospects will be harmed.

Our financial performance has been, and will continue to be, significantly determined by our success in growing [added: and retaining] our user base so that we add Redditors, and those Redditors become [removed: more active] [added: daily] users—more specifically, [removed: daily active uniques (“DAUq”).][added: DAUq.]

We may not be successful in our [removed: strategies] [added: user growth and retention strategies, which in part aim] to convert monthly users or WAUq into more DAUq.

DAUq has also declined in the past in periods following usage peaks surrounding certain worldwide events, such as the onset of the conflict between Russia and Ukraine in the three months ended March 31, [removed: 2022, and cultural trends, including video game releases, such as Elden Ring in the three months ended March 31, 2022, and traffic related to r/ wallstreetbets in the three months ended March 31, 2021.][added: 2022.]

To the extent our DAUq growth rate slows or becomes negative, our success will increasingly depend on our ability to increase levels of [removed: engagement] [added: engagement, retention,] and monetization on our platform, including the level at which users visiting us from search traffic [removed: become more frequent users of our platform.]

- we are unable to convert [removed: DAUq] [added: casual users] who come to our platform through internet search engines [removed: to sign-up and log in;][added: or our marketing efforts into daily users;]

- Redditors [removed: are unable to locate content that is interesting, useful, relevant, reliable, high-quality, or trustworthy to them, or otherwise] find content available on our platform offensive, inappropriate, hostile, or otherwise objectionable;

- there are Redditor concerns related to privacy and communication, safety, security, or other factors or changes to our platform or policies [added: that] are not well received by Redditors;

- there are adverse changes in our products or services that are mandated by, or that we elect to make to address, [removed: legislation,] [added: new or existing laws,] regulatory [removed: authorities,] [added: scrutiny,] or litigation, including settlements;

We compete against many companies that provide content and communications services to online users, including [removed: Google,] [added: Google (including YouTube, Search, Maps, and Shopping),] Meta (including Facebook, Instagram, Threads, and WhatsApp), [removed: YouTube,] Wikipedia, Snap, X, Pinterest, TikTok, Roblox, Discord, and Twitch, and which offer a variety of internet- and mobile device-based products, services, and content.

[removed: As a result, our] [added: Our] competitors may draw users towards their products or services and away from ours.

This could decrease the [removed: growth] [added: growth, engagement,] or [removed: engagement] [added: retention] of Redditors, which, in turn, would negatively affect our business.

[removed: In addition, we face competition from large language models (“LLMs”), such as those built by] Google, Meta, OpenAI, and Anthropic; Redditors may choose to find information using [removed: LLMs,] [added: AI tools,] which in some cases may have been trained using Reddit content, instead of visiting Reddit directly.

We believe that sustained meaningful active Redditor growth is dependent on improving our products and services to demonstrate our value proposition to a [removed: larger] [added: larger, global] audience and penetrating additional demographics, which we believe may take a considerable amount of time.

Additionally, in keeping with our mission to empower communities and make their knowledge accessible to [removed: all,] [added: everyone,] our site-wide content policy is designed to be protective, but not intrusive.

If we experience a decline in the number of Redditors, or a decrease in Redditor growth rate or engagement, including as a result of [added: a] lack of valuable or appealing content, or the loss of influential Redditors or subreddits, advertisers may not view our products and services as attractive for their marketing expenditures, and may reduce their spending with us, which would harm our reputation, business, results of operations, financial condition, and prospects.

[added: Additionally, advertisements or actions of our advertisers may affect our brand] and reputation if Redditors do not think the advertisements help them accomplish their objectives, view the advertisements as intrusive, annoying, or misleading, or have poor experiences with our advertisers.

[removed: Any governmental or regulatory inquiry, investigation, or action, including] based on the appearance of illegal, illicit, or objectionable content on our platform or the failure to comply with applicable laws, rules, and regulations, could damage our brand and reputation, regardless of the outcome.

Search engines frequently update and change the logic [added: and user interface] that [removed: determines] [added: determine] the placement and display of the results of a user’s search, such that the purchased or algorithmic placement of links to our websites may be ranked lower in the search results or otherwise less visible in a user’s search.

In addition, a search engine could, for competitive or other purposes, alter its search [removed: algorithms] [added: algorithms, results] or [removed: results,] [added: user experience,] causing our website to place lower in organic search query results.

If a major search engine changes its algorithms in a manner that negatively affects the search engine ranking [added: performance] of our website or those of our partners, our business, results of operations, financial condition, and prospects could be adversely affected.

Although we had net income for the three months ended September 30, 2024 and [removed: December 31, 2024,] [added: every quarter since,] we have previously incurred net losses since our inception, and we may incur net losses [added: again] in the future.

We incurred [added: a] net [removed: losses] [added: loss] of $(484.3) [removed: million, $(90.8) million, and $(158.6)] million for the [removed: years] [added: year] ended December 31, [removed: 2024, 2023, and 2022, respectively.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] we had an accumulated deficit of [removed: $(1.2) billion.][added: $(671.1) million.]

We expect our costs and expenses to increase in future periods as we intend to continue to make significant investments to broaden [added: and retain] our user base, develop and implement new products, market new and existing products and promote our brand, expand our technical infrastructure, and hire additional employees (with a related expected increase in payroll and stock-based compensation expense).

For example, we have historically seen seasonality in our business and financial results, with an increase in overall advertiser spending in the fourth quarter, due in [added: large part to end-of-year advertiser spending, typically followed by a weaker first quarter.]

- our ability to successfully expand internationally and penetrate key demographics, including our [added: international] focus [removed: markets in Brazil, France, Germany, India, Italy, the Philippines, and the U.K.;][added: markets;]

- other risks described in this [removed: report.][added: Annual Report on Form 10-K.]

Much of our DAUq growth to date has come from certain [removed: users,] [added: users who may represent lower monetization opportunities,] such as [removed: logged-out] users [removed: or users] located outside the United [removed: States, who may represent lower monetization opportunities.][added: States.]

[removed: We could find ourselves unable to match customer advertising specifications with available] inventory, leaving us unable to deliver the advertising inventory requested and receiving less revenue than otherwise expected.

To scale the growth of our advertising services, we will have to successfully develop and target ad products tailored to the interests of our [removed: advertising customers] [added: advertisers] and our user base, which may require additional user data.

We will [added: make efforts to] continue to identify and develop potential new revenue streams.

For the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] approximately [removed: 91%] [added: 94%] and [removed: 98%] [added: 91%] of our revenue was generated from third parties advertising on our platform, respectively.

In addition, a substantial portion of our revenue is derived from a small number of advertisers, with our top ten largest [removed: customers] [added: advertisers] accounting for approximately [removed: 25%] [added: 21%] and [removed: 26%] [added: 25%] of our revenue for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

- our inability to effectively monetize our international user base or [removed: our logged-out audience;][added: audiences for which we have limited data;]

The volatility of advertiser spending, particularly in response to economic [removed: uncertainty,] [added: uncertainty or political instability,] could exacerbate these risks, making it difficult for us to predict future performance or ensure consistent growth.

We have invested, and expect to continue to invest, in improvements to our platform, [removed: significant] changes to our existing products and services, new and unproven products and services, including machine learning and AI, and other initiatives to generate revenue and increase our user base and user engagement.

- have difficulty identifying offensive, inappropriate, hostile, or otherwise objectionable content, and separating such content from that which is otherwise permissible on our [removed: platform; for] [added: platform (for] example, where the content is mistagged or misreported or where there are defects in our automated [removed: systems;][added: systems);]

- be unable to retain a sufficient number of volunteer moderators, or ensure that our moderators [removed: will] [added: effectively scale their efforts and] fairly and consistently enforce our rules, either of which could significantly degrade the community experience for other Redditors;

Redditors who volunteer to be moderators of Reddit communities are an important part of our [removed: business’] [added: business’s] ecosystem.

Such growth may not be sustainable and does not necessarily mean these users are retained.

become more frequent users of our platform.

We also rely on initiatives like machine translation to drive growth in international DAUq, and the growth derived from this strategy may slow as we complete the roll out of machine translation to all major global languages.

- Redditors have difficulty locating content, in their local language, that is interesting and relevant to them, particularly in their early experiences on our platform;

In addition, we face competition from large language models (“LLMs”) and other AI models that retrieve and synthesize information, such as those built by

While we have made, and expect to continue to make, significant investments to integrate AI, including generative AI, into our platform, AI technologies are rapidly evolving and there can be no guarantee that our products and services will remain competitive as new AI technologies are developed, adopted, and integrated.

Any governmental or regulatory inquiry, investigation, or action, including

For example, we use machine translation to make our content accessible in multiple languages, and the search engine ranking performance of this content may be negatively impacted if a search engine deprioritizes machine-generated content.

We could find ourselves unable to match customer advertising specifications with available

In addition, as our international operations increase, or more of our revenue agreements or operating expenses are denominated in currencies other than the U.S. dollar, the impact of foreign currency fluctuations may become material.

- adverse legal developments relating to advertising, like those that constrain the use of certain advertising technologies or limit our ability to measure advertising effectiveness, including regulatory developments or litigation outcomes; and

- other risks described in this Annual Report on Form 10-K.

We have incorporated and may continue to incorporate AI into and across our platform.

For example, in 2025, we began integrating Reddit Answers into the platform’s core search to further streamline the path from question to answer on Reddit.

These development efforts may require significant investments in talent and infrastructure, including access to specialized resources such as graphical processing units.

If we are unable to secure these resources on commercially reasonable terms, or if we are unable to continue developing and integrating advanced solutions at a pace that meets user expectations or competitive benchmarks, our market position and prospects could be adversely affected.

For example, we are developing interactive ads on our developer platform, allowing advertisers to create custom experiences directly within an ad, but we cannot assure that Redditors or advertisers will effectively engage with this new ad feature.

- fail to effectively develop or encourage the adoption of tools that help moderators grow, customize, and strengthen their communities;

of the members of their communities.

impair or limit our advertising attribution and conversion capabilities.

For example, a widespread Amazon Web Services outage on October 20, 2025, caused significant interruptions that rendered our platform temporarily inaccessible to users.

Such manipulation can also be more difficult to detect due to the use of emerging technologies, including AI and LLM models, by bad actors.

For example, in February 2025, the Federal Trade Commission (“FTC”) held a public comment period on how technology platforms deny or degrade users’ access to services based on the content of users’ speech or their affiliations and Reddit was among the companies mentioned in the public comments that the FTC requested.

The growth and expansion

We also

Because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage or breach systems

To the extent that we do not effectively address capacity constraints, upgrade our

Some open licenses include restrictions that do not readily conform to open source standards, such as “open weight” models which include more restrictive terms for certain uses or users, thereby creating uncertainty and risk on our reliance on such software or models.

We could be required to obtain new licenses, pay additional fees, limit use, or even re-engineer products if we are found to exceed the scope of permitted use.

terms are often ambiguous.

access to our confidential information, know-how, trade secrets, and technical information.

violated the intellectual property rights of third parties.

For example, legislation in Germany and India has resulted and may result in the future, in the imposition of fines or

Moreover, a recent ruling by Brazil’s Supreme Federal Court partially invalidated the country's pre-existing intermediary liability framework and introduced a new notice and takedown regime for a broad range of unlawful content and illegal ads, increasing legal and compliance risks in Brazil.

The Dutch Media Authority has registered Reddit as a video-sharing platform service under the Dutch Media Act, which transposes the EU Audiovisual Media Service Directive into Dutch law.

The DSA imposes significant content moderation, notice, transparency, advertising, and child safety obligations, in addition to advertising restrictions and other requirements to protect consumers and their rights online, especially if a platform is determined to be a Very Large Online Platform.

Further, there are regulations aimed at limiting minors’ access to online content, including adult content, or otherwise governing their treatment by online platforms, such as the Online Safety Acts in the UK and Australia, the Social Media Minimum Age law in Australia, and the Digital Majority Act in France.

These regulations have prevented and could continue to prevent us from making our services available to certain users in certain jurisdictions, increase our costs of operations, and introduce technological challenges (such as requiring development and implementation of age collection and age or identity verification systems and parental controls), all of which could adversely affect our business, results of operations, financial condition, and prospects.

Although we announced plans to sunset the Reddit Collectible Avatars Creator Program in November 2025, we have previously pursued and may in the future pursue blockchain technology and non-fungible token (“NFT”) standards.

computer malfunctions, may harm or result in the loss of Collectible Avatars, blockchain technology, and cryptocurrencies we control.

Such growth may not be sustainable.

In the three months ended December 31, 2024, logged-out DAUq comprised 55% of global DAUq.

Logged-out users typically come to Reddit via search engines, spend less time on the site, and do not monetize at the same rate as logged-in users.

Furthermore, as we pursue opportunities to empower our user economy, we expect to face competition from existing online marketplaces, including Patreon, Substack, and Squarespace.

Additionally, advertisements or actions of our advertisers may affect our brand

large part to end-of-year advertiser spending, typically followed by a weaker first quarter.

- adverse legal developments relating to advertising or advertising effectiveness measurement tools, including legislative and regulatory developments, and developments in litigation; and

For example, with Reddit’s Contributor Program, we allow users to earn money from their Reddit contributions to the platform and other Redditors.

For example, new ad formats, such as video ads, may be more engaging, and Redditors may consequently spend less time browsing or searching on our platform, which could adversely affect our revenue.

In addition, the enforcement demands placed on moderators can increase dramatically on short notice if traffic

If advertisers do not perceive our metrics to be accurate representations of our user base

have—a registered account.

A portion of our historical DAUq metric counts views of pages that were hosted using Google’s Accelerated Mobile Page (“AMP”) framework.

The accuracy of counting the DAUq attributable to this AMP traffic relies on the accuracy and completeness of information received from Google used to compute the DAUq metric.

Unfortunately, the information provided by Google historically was not complete and consistent.

To the extent that our historical metric includes views of pages hosted on third-party infrastructure, like Google’s deprecated AMP framework, the accuracy of our metrics will depend on the accuracy and consistency of the information received from any such third party.

As a result of these and any future changes, our DAUq metric is not directly comparable quarter over quarter or year over year, and may not be comparable period over period in the future.

common stock could decline, we may be subject to stockholder litigation, and our business, results of operations, financial condition, and prospects could be adversely affected.

We believe that our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be harmed.

As our organization grows and we are required to implement more complex organizational structures, we may find it increasingly difficult to maintain the beneficial aspects of our corporate culture, which could negatively impact our future success and harm our business.

For example, in February

accounts that have been compromised may damage their personal security, reputations, and brands as well as our reputation and brand.

our products and services.

From time to time, we may face claims from third parties asserting ownership of, or demanding

These agreements may be

Any such claims or litigation, even those without merit and

change our products or business practices, increase our costs, or otherwise impact our operations or our ability to provide services in certain geographies.

In addition, the EU revised the European Audiovisual Media Service Directive to apply to online video-sharing platforms, which member states were required to implement into national law by December 2020.

Further, Irish regulators have designated us as a video-sharing platform service under their Online Safety and Media Regulation Act (the “Media Regulation Act”), implementing their version of the directive, and a court ruled against us in our challenge to that designation.

Regulations aimed at limiting minors’ access to adult content could also increase our cost of operations and introduce technological challenges, such as by requiring development and implementation of age verification systems.

While we believe blockchain technology has significant potential, long-term adoption is uncertain.

New legislation and regulations, law enforcement and regulatory interventions, and judicial decisions may adversely affect blockchain technology and cryptocurrencies, and future adoption of both by consumers and businesses.

Developments of this nature may also adversely affect the value of blockchain technology we control, and our ability to buy, sell, accept, and use cryptocurrencies and blockchain technology in the future.

advertisements on our platform, and strengthen the offerings and functionality of our advertising tools.

For example, in March 2024, we received a letter from the FTC advising us that the FTC’s staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models.

complicate compliance efforts.

For example, for data transfers to the United States, the European Commission has adopted an adequacy decision for entities self-certified under the new EU-U.S. Data Privacy Framework (“DPF”).

The DPF does not apply to the UK, and in October 2023, a UK-U.S. Data Bridge came into force to facilitate transfers of personal data from the UK to the United States.

In addition, the other bases upon which we rely to transfer such data, such as Standard Contractual Clauses (“SCCs”), have been subjected to regulatory and judicial scrutiny.

The Court of Justice of the EU ruled in July 2020 that reliance on the SCCs alone may not necessarily be sufficient in all circumstances and transfers must be assessed on a case-by-case basis.

*The following discusses financial conditions and results of operations for the year ended December 31, [removed: 2024] [added: 2025] compared to the year ended December 31, [removed: 2023.][added: 2024.]

Discussion of financial conditions and results of operations for the year ended December 31, [removed: 2023] [added: 2024] compared to the year ended December 31, [removed: 2022] [added: 2023] can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” [added: included in our Annual Report on 10-K] for the year ended December 31, [removed: 2023 included in our Prospectus filed with the SEC on March 21,] 2024.*

Highlights of [removed: 2024] [added: 2025] Results

- Daily Active Uniques (“DAUq”) were [removed: 101.7] [added: 121.4] million for the three months ended December 31, [removed: 2024,] [added: 2025,] an increase of [removed: 39%] [added: 19%] year over year

- Average revenue per unique (“ARPU”) was [removed: $4.21] [added: $5.98] for the three months ended December 31, [removed: 2024,] [added: 2025,] an increase of [removed: 23%] [added: 42%] year over year

- Revenue was [removed: $1.3] [added: $2.2] billion for the year ended December 31, [removed: 2024,] [added: 2025,] an increase of [removed: 62%] [added: 69%] year over year

- Gross margin was [removed: 90.5%] [added: 91.2%] for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: 86.2%] [added: 90.5%] in the year ended December 31, [removed: 2023][added: 2024]

- Operating expenses were [removed: $1.7] [added: $1.6] billion for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: $833.2 million] [added: $1.7 billion] in the year ended December 31, [removed: 2023][added: 2024]

- Net [removed: loss] [added: income (loss)] was [removed: $484.3] [added: $529.7] million for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: $90.8] [added: $(484.3)] million in the year ended December 31, [removed: 2023][added: 2024]

- Adjusted EBITDA was [removed: $298.0] [added: $845.1] million for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: $(69.3)] [added: $298.0] million in the year ended December 31, [removed: 2023][added: 2024]

- Net cash provided by [removed: (used in)] operating activities was [removed: $222.1] [added: $690.9] million for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: $(75.1)] [added: $222.1] million in the year ended December 31, [removed: 2023][added: 2024]

- Free Cash Flow was [removed: $215.8] [added: $684.2] million for the year ended December 31, [removed: 2024,] [added: 2025,] as compared to [removed: $(84.8)] [added: $215.8] million in the year ended December 31, [removed: 2023][added: 2024]

- Cash, cash equivalents, and marketable securities were [removed: $1.8] [added: $2.5] billion as of December 31, [removed: 2024][added: 2025]

In recent years, the global economy and other macroeconomic conditions, including concerns related to inflation and rising interest [removed: rates] [added: rates, tariffs,] and geopolitical risks, have resulted in uncertainty in the advertising market and have impacted brands’ and agencies’ ability and willingness to invest in advertising.

Since the continuing impact of these [added: business and] macroeconomic conditions on our results of operations and overall financial performance remains highly unpredictable, our past results may not be indicative of our future performance.

For more information about the factors potentially impacting our performance, see [removed: “[Risk Factors](#ib99e0360e0fc4ee093fa01d97bc4a43c_163)”] [added: “Risk Factors”] elsewhere in this Annual Report on Form 10-K.

[removed: In addition,] [added: Historically] we [removed: monitor] [added: monitored] logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account.

We [removed: measure] [added: measured] logged-in DAUq because these users tend to have higher engagement and spend more time on our platform compared to users who are not logged in to a registered account.

During the three months ended December 31, [removed: 2023 and 2022,] [added: 2023,] we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers.

As we identify automated agents, we remove them from our DAUq [removed: and WAUq] count prospectively and do not recalculate DAUq [removed: and WAUq] for prior periods if we assess such impact to be immaterial.

As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in DAUq [removed: and WAUq] from quarter to quarter.

[removed: ][added: ]

| *Total DAUq YoY Growth:* | | | [removed: *5%*] [added: *37%*] | | | [removed: *7%*] [added: *51%*] | | | [removed: *15%*] [added: *47%*] | | | [removed: *27%*] [added: *39%*] | | | [removed: *37%*] [added: *31%*] | | | [removed: *51%*] [added: *21%*] | | | [removed: *47%*] [added: *19%*] | | | [removed: *39%*] [added: *19%*] | | |

| *Logged-in DAUq YoY Growth:* | | | [removed: *13%*] [added: *27%*] | | | [removed: *14%*] [added: *31%*] | | | [removed: *19%*] [added: *27%*] | | | [removed: *21%*] [added: *27%*] | | | [removed: *27%*] [added: *23%*] | | | [removed: *31%*] [added: *17%*] | | | [removed: *27%*] [added: *14%*] | | | [removed: *27%*] [added: *10%*] | | |

[removed: ][added: ]

| *Total DAUq YoY Growth:* | | | [removed: *6%*] [added: *45%*] | | | [removed: *9%*] [added: *59%*] | | | [removed: *19%*] [added: *51%*] | | | [removed: *34%*] [added: *32%*] | | | [removed: *45%*] [added: *21%*] | | | [removed: *59%*] [added: *11%*] | | | [removed: *51%*] [added: *7%*] | | | [removed: *32%*] [added: *9%*] | | | *Total DAUq YoY Growth:* | | | [removed: *4%*] [added: *30%*] | | | [removed: *5%*] [added: *44%*] | | | [removed: *12%*] [added: *44%*] | | | [removed: *21%*] [added: *46%*] | | | [removed: *30%*] [added: *41%*] | | | [removed: *44%*] [added: *32%*] | | | [removed: *44%*] [added: *31%*] | | | [removed: *46%*] [added: *28%*] | | | | | |

| *Logged-in DAUq YoY Growth:* | | | [removed: *12%*] [added: *27%*] | | | [removed: *12%*] [added: *32%*] | | | [removed: *16%*] [added: *29%*] | | | [removed: *20%*] [added: *24%*] | | | [removed: *27%*] [added: *19%*] | | | [removed: *32%*] [added: *12%*] | | | [removed: *29%*] [added: *7%*] | | | [removed: *24%*] [added: *5%*] | | | *Logged-in DAUq YoY Growth:* | | | [removed: *14%*] [added: *28%*] | | | [removed: *16%*] [added: *30%*] | | | [removed: *22%*] [added: *26%*] | | | [removed: *21%*] [added: *29%*] | | | [removed: *28%*] [added: *27%*] | | | [removed: *30%*] [added: *22%*] | | | [removed: *26%*] [added: *19%*] | | | [removed: *29%*] [added: *14%*] | | | | | |

In the three months ended December 31, [removed: 2024,] [added: 2025,] global DAUq grew [removed: 39%] [added: 19%] compared to the prior year period, driven by [removed: 32%] [added: 9%] growth in DAUq in the United States and [removed: 46%] [added: 28%] growth in DAUq in the rest of world.

Global DAUq grew 5% compared to the prior quarter period, driven by [removed: 10%] [added: 2%] growth in DAUq in the [removed: rest of world while] [added: United States and 7% growth in] DAUq in the [removed: United States remained flat.][added: rest of world.]

The growth in global DAUq in the three months ended December 31, [removed: 2024] [added: 2025] compared to the prior year period and prior quarter period was [added: primarily] driven by [removed: the combination of third-party search engine and algorithm changes,] traction in our growth strategies, particularly in machine [removed: translation,] [added: translation] and [removed: product enhancements.][added: marketing.]

[removed: ][added: ]

| *WAUq YoY Growth:* | | | [removed: *2%*] [added: *40%*] | | | [removed: *5%*] [added: *57%*] | | | [removed: *15%*] [added: *53%*] | | | [removed: *29%*] [added: *42%*] | | | [removed: *40%*] [added: *31%*] | | | [removed: *57%*] [added: *22%*] | | | [removed: *53%*] [added: *21%*] | | | [removed: *42%*] [added: *24%*] | | |

| *DAUq/WAUq:* | | | [removed: *28%*] [added: *27%*] | | | [removed: *28%*] [added: *27%*] | | | [removed: *28%*] [added: *27%*] | | | *27%* | | | *27%* | | | *27%* | | | [removed: *27%*] [added: *26%*] | | | [removed: *27%*] [added: *26%*] | | |

[removed: ][added: ]

| *WAUq YoY Growth:* | | | [removed: *4%*] [added: *53%*] | | | [removed: *9%*] [added: *68%*] | | | [removed: *21%*] [added: *58%*] | | | [removed: *39%*] [added: *31%*] | | | [removed: *53%*] [added: *18%*] | | | [removed: *68%*] [added: *8%*] | | | [removed: *58%*] [added: *6%*] | | | [removed: *31%*] [added: *12%*] | | | *WAUq YoY Growth:* | | | [removed: *1%*] [added: *30%*] | | | [removed: *1%*] [added: *48%*] | | | [removed: *9%*] [added: *48%*] | | | [removed: *20%*] [added: *52%*] | | | [removed: *30%*] [added: *44%*] | | | [removed: *48%*] [added: *35%*] | | | [removed: *48%*] [added: *37%*] | | | [removed: *52%*] [added: *34%*] | | |

In the three months ended December 31, [removed: 2024,] [added: 2025,] global WAUq grew [removed: 42%] [added: 24%] compared to the prior year period, driven by [removed: 31%] [added: 12%] growth in WAUq in the United States and [removed: 52%] [added: 34%] growth in WAUq in the rest of world.

In the three months ended December 31, [removed: 2024,] [added: 2025,] global WAUq increased [removed: 4%] [added: 6%] compared to the prior quarter period, driven by [removed: 11%] [added: 3%] growth in WAUq in the [removed: rest of world, partially offset by a 3% decline] [added: United States and 9% growth] in WAUq in the [removed: United States.][added: rest of world.]

For the three months ended December 31, [removed: 2024,] [added: 2025,] the proportion of DAUq to WAUq was [removed: 27%.][added: 26%.]

We [removed: generate a majority of] [added: monetize] our [removed: revenue] [added: business primarily] through [removed: the sale of] advertising on our mobile applications and website.

We also generate revenue from content [removed: licensing, Reddit Premium subscriptions,] [added: licensing] and products [removed: within our user economy.][added: sold directly to users.]

In addition, we continue to experience competition both for advertising budgets and for user engagement, which could adversely impact our advertising revenue.

Year over year and quarter over quarter activity can also fluctuate due to various internal and external factors.

However, as our business has scaled and our product strategy has evolved, our focus has shifted to delivering immediate value for all users and enabling them to engage with content on Reddit, regardless of whether they are logged in or logged out.

As a result, management primarily uses total DAUq and DAUq by geography for managing the business and for evaluating our core operating performance.

Therefore, beginning in the quarter ended September 30, 2026, we will no longer report logged-in and logged-out DAUq.

During the three months ended December 31, 2023, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers.

As we identify automated agents, we remove them

from our WAUq count prospectively and do not recalculate WAUq for prior periods if we assess such impact to be immaterial.

As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in WAUq from quarter to quarter.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Revenue from other products sold directly to users, including Reddit Premium and Reddit Gold, was not material for the periods presented.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net income (loss) | | | $ | 529,721 | | | | | $ | (484,276) | | | | | $ | (90,824) | |

| Net cash provided by (used in) operating activities | | | $ | 690,875 | | | | | $ | 222,068 | | | | | $ | (75,114) | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Revenue | | | $ | 2,202,506 | | | | | $ | 1,300,205 | | | | | $ | 902,301 | | | | | 69 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Research and development | | | $ | 783,145 | | | | | $ | 935,152 | | | | | $ | (152,007) | | | | | (16) | | % |

The decrease was driven primarily by the cumulative catch-up upon IPO of stock-based compensation expense and related taxes for RSUs with a liquidity-based vesting condition recognized in the prior year period, partially offset by an increase in other employee-related costs and an increase in hosting costs associated with internal research and development activities in the current period.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Sales and marketing | | | $ | 503,863 | | | | | $ | 350,579 | | | | | $ | 153,284 | | | | | 44 | | % |

The increase was due primarily to an increase in user and brand marketing expenses and in employee-related costs, driven in part by an increase in headcount.

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| General and administrative | | | $ | 279,298 | | | | | $ | 451,447 | | | | | $ | (172,149) | | | | | (38) | | % |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| | | | 2025 | | | | | | 2024 | | | | | | $ Change | | | | | | % Change | | |

| Income tax expense (benefit) | | | $ | (1,031) | | | | | $ | (931) | | | | | $ | (100) | | | | | 11 | | % |

The income tax benefit in both periods was primarily attributable to an excess tax benefit from stock-based compensation in a foreign subsidiary.

However, the Revolving Credit Facility provides for the permanent release of guarantees and collateral upon our achievement of certain investment grade ratings.

On February 4, 2026, our Board of Directors authorized a share repurchase program to purchase up to $1 billion of our Class A common stock (the “Share Repurchase Program”).

Under the Share Repurchase Program, we may repurchase shares of our Class A common stock from time to time on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws.

The Share Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, has no expiration date, and may be suspended or discontinued at any time at our discretion.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net cash provided by (used in) operating activities | | | $ | 690,875 | | | | | $ | 222,068 | | | | | $ | (75,114) | |

| Free Cash Flow(1) | | | $ | 684,169 | | | | | $ | 215,820 | | | | | $ | (84,838) | |

_________________

(1)See “Non-GAAP Financial Measures—Free Cash Flow” for more information and for a reconciliation of Free Cash Flow to net cash provided by (used in) operating activities, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

User Metrics

Measuring the number of logged-out visitors is difficult and complex.

For example, prior to the first quarter of 2023, a portion of our historical DAUq metric counted views of pages that were hosted using Google’s Accelerated Mobile Page (“AMP”) framework.

The accuracy of counting the DAUq attributable to this AMP traffic relied on the accuracy and completeness of information received from Google, which had not been historically complete and consistent.

As such, our historical DAUq metrics are not directly comparable quarter over quarter or year over year.

To the extent that our metric includes views of pages hosted on third-party infrastructure, like Google’s AMP framework, the accuracy and comparability of our metrics will depend on the accuracy and consistency of the information received from any such third party.

User Growth and Engagement

The absolute number of DAUq is a critical component to our business because it influences our advertising inventory as well as our infrastructure expenses.

We believe we have the opportunity to continue to grow our DAUq in the United States and around the world.

Growth in DAUq depends on our ability to attract new users and retain existing users.

We aim to increase DAUq by scaling internationally, improving discovery and the user experience, elevating conversations and video, modernizing search, and providing customized content recommendations.

We believe we can grow engagement and convert more WAUq into DAUq by making it easier for new and existing Redditors to discover relevant communities and content.

We believe we can convert logged-out DAUq into logged-in DAUq by making the user experience, including search, simpler and more personalized to further increase engagement and retention.

Growth in DAUq is also impacted by external factors such as worldwide events,

cultural trends, the global economy, and actions by external parties such as changes in internet search engine algorithms and dynamics.

Monetization

We built our advertising business by focusing on top U.S.-based advertisers, and over time we have expanded our focus towards mid-sized and smaller advertisers, as well as international advertisers.

The pricing of our advertising products is affected by our technological investments as well as other factors, including the global economy and the highly competitive nature of our industry.

We are in the early stages of monetization from content licensing and expect our growing data advantage to continue to be valuable across several applications of LLMs (e.g., search, run-time inference).

We also intend to open additional monetization channels for Reddit by providing our users and creators with the requisite tools and incentives to drive continued creation, improvements, and commerce.

Currently, logged-out users tend to have lower engagement and spend less time on our platform compared to users who are logged in to a registered account, and therefore, logged-in users generally contribute significantly more to ARPU than logged-out users.

However, there are a number of limitations related to the

We recognize Reddit Premium subscription revenue ratably over the subscription period, which is generally less than one year.

Products within our user economy include Reddit Gold and Collectible Avatars.

Revenue from Reddit Gold and Collectible Avatars was not material for the years ended December 31, 2024, 2023, and 2022.

| Revenue | | | $ | 1,300,205 | | | | | $ | 804,029 | | | | | $ | 496,176 | | | | | 62 | | % |

| Research and development | | | $ | 935,152 | | | | | $ | 438,346 | | | | | $ | 496,806 | | | | | 113 | | % |

| Sales and marketing | | | $ | 350,579 | | | | | $ | 230,175 | | | | | $ | 120,404 | | | | | 52 | | % |

| General and administrative | | | $ | 451,447 | | | | | $ | 164,658 | | | | | $ | 286,789 | | | | | 174 | | % |

The decrease in income tax expense was primarily attributable to a decrease in taxable income in the current period.

On May 23, 2023, we amended the terms of the Revolving Credit Facility to replace LIBOR with Term SOFR as the interest rate benchmark.

Net cash used in operating activities was $(75.1) million in the year ended December 31, 2023, resulting primarily from net loss of $(90.8) million, and an increase in accounts receivable of $53.3 million related to an increase in advertising revenue.

| Operating leases | | | $ | 30,165 | | | | | $ | 7,509 | | | | | $ | 14,916 | | | | | $ | 7,740 | | | | | | | |

| Purchase commitments | | | 336,978 | | | | | | 173,662 | | | | | | 163,313 | | | | | | 3 | | | | | | | | |

| Total | | | $ | 367,143 | | | | | $ | 181,171 | | | | | $ | 178,229 | | | | | $ | 7,743 | | | | | | | |

Stock-Based Compensation

We measure and recognize compensation expense for stock-based awards, including restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and stock options granted to employees and non-employees based on the grant date fair value of the awards granted.

Prior to our IPO, we did not recognize any stock-based compensation expense for RSUs with a liquidity-based vesting condition because no qualifying event had occurred.

Upon the effectiveness of the IPO, the liquidity-based vesting condition for such RSUs was satisfied and we recorded cumulative stock-based compensation expense using the accelerated attribution method.

The remaining unrecognized stock-based compensation expense related to these RSUs will be recorded over their remaining requisite service periods.

We had cash and cash equivalents of [removed: $562.1] [added: $953.6] million and [removed: $401.2] [added: $562.1] million as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

We had marketable securities of [removed: $1.3] [added: $1.5] billion and [removed: $811.9 million] [added: $1.3 billion] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Our cash and cash equivalents consist of cash in bank accounts, money market accounts, [added: time deposits,] and other highly liquid investments with original maturities of 90 days or less from the date of purchase.

Marketable securities consist of U.S. [removed: and non-U.S.] government securities, investment-grade corporate and government agency securities, [removed: certificates of deposit,] [added: time deposits,] and commercial paper.

For the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the majority of our revenue and operating expenses were denominated in U.S. dollars.

For the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] our operations outside of the United States were not considered material and our results of operations and cash flows were minimally subject to fluctuations from changes in foreign currency rates.

As we [added: continue to] grow [added: international] operations, our exposure to foreign currency risk will [removed: likely] become more significant.

For the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we did not enter into any foreign currency exchange contracts for purposes of hedging foreign exchange rate fluctuations on our business operations, although we may elect to do so in the future.

Our mission is to empower communities and make their knowledge accessible to [removed: all.][added: everyone.]

Just like in a city, where citizens are part of multiple [removed: subcommunities,] [added: sub-communities,] on Reddit, users often belong to multiple communities.

In the three months ended December 31, [removed: 2024,] [added: 2025,] an average of [removed: 101.7] [added: 121.4] million daily active uniques (“DAUq”) around the world came together on Reddit – continuously adding to our longstanding and constantly evolving human archive of information.

They come together to share the rhythm of their daily discoveries, ask questions and receive advice, [removed: research before making a purchase decision, hear reactions to recent events,] and [removed: thrive as] [added: search for] a [removed: community.][added: breadth of perspectives and knowledge not accessible anywhere else.]

We do not require that users disclose their [removed: identities,] [added: identities on Reddit,] freeing them from having to perform and the associated pressures to always appear perfect.

[removed: Whether users come to Reddit through a third-party search engine or if they initiate their search on Reddit, our] [added: Our] users often have high intent – they are [removed: looking] [added: searching on Reddit] for answers or recommendations that they can trust, and these users can benefit from the conversations and contextual ads that are displayed on Reddit.

Over time, Reddit has evolved to become one of the internet’s largest corpuses of information, with over two billion posts and over [removed: 20] [added: 22] billion comments through December 31, [removed: 2024, and an average of 1.2 million posts created daily and 9.7 million comments created daily in December 2024.][added: 2025.]

Furthermore, we use internally built and trained models to improve many aspects of [removed: Reddit, including user onboarding, content translation, and moderation and safety.][added: Reddit.]

Reddit’s influence and relevance organically [removed: grows, and Reddit] [added: grows as users] quickly [removed: responds] [added: respond] to new topics based on real experiences.

Topical communities such as r/ [removed: travel, r/ vanderpumprules, r/ MachineLearning,] [added: law, r /pluribusTV,] r/ [removed: cricket,] [added: labubu,] r/ [removed: boxoffice,] [added: kpopdemonhunters,] and r/ [removed: TaylorSwift] [added: marvelrivals] have had meaningful breakouts as the headlines have evolved.

At times, Reddit may be the only place to find the information users are looking for, and users searching for information [removed: often] come to Reddit [removed: and] [added: to] discover [added: the] conversations taking place there.

Breadth of communities and depth of engagement means that Redditors benefit from a trove of knowledge [added: and conversation] organized by topic that we believe is unmatched by any other internet [removed: platform.][added: platform, covering a wide variety of interests—r/ parenting, r/ NFL, r/ meditation, and r/ solotravel, to name a few.]

[removed: In a world where consumers are increasingly inundated with curated messaging and product placement,] Reddit stands out as a refreshing alternative, offering authentic human recommendations that people can actually trust.

Layered Moderation, Community Management, and Safety [removed: Supports] [added: Fosters] Trust

We backstop this bottoms-up organic moderation engine with our site-wide [removed: Content Policy,] [added: Reddit Rules,] a set of overarching rules and policies that govern all content on Reddit.

[removed: Our Content Policy is] [added: These rules are] intended to be protective, not intrusive.

[removed: It helps] [added: They help] protect against harassment, bullying, and violence – especially hate based on identity or vulnerability.

We aim to become Redditors’ first choice when they are exploring their passions, [removed: looking] [added: searching] for [removed: entertainment,] [added: human perspective and conversation,] or keeping tabs on culture and news.

- *Grow Awareness and Engagement of Reddit.* We plan to expand the ways people become aware of Reddit through various strategies depending on the type of use case and user, including [added: machine translation,] search engine optimization and partnerships.

We had an average of [removed: 101.7] [added: 121.4] million DAUq and [removed: 379.4] [added: 471.6] million WAUq in the three months ended December 31, [removed: 2024.][added: 2025.]

- *Grow Our International User Base.* During the three months ended December 31, [removed: 2024,] [added: 2025,] approximately [removed: 53%] [added: 57%] of Redditors visited the platform from outside of the United States.

In the three months ended December 31, [removed: 2024,] [added: 2025,] over 90% of all Reddit posts [added: created] were made in English.

As of December 31, [removed: 2024,] [added: 2025, machine translation is live in 35 languages and] approximately one billion posts have been translated in various languages, including Spanish, French, Italian, German, Portuguese, Swedish, Dutch, and Filipino.

We have captured increased international momentum, with an average of [removed: 53.7] [added: 68.9] million international DAUq for the three months ended December 31, [removed: 2024,] [added: 2025,] representing [removed: 46%] [added: 28%] growth year over year.

- *Contextual and Interest-based Advertising.* Reddit’s advertising platform enables marketers to find relevant audiences on the Reddit platform using our interest graph and to reach users in contextually relevant communities and conversations, using engaging and [removed: performant] [added: effective] formats.

These conversations create a unique opportunity for advertisers to engage Redditors who are considering brands and [removed: products..][added: products.]

- *Authentic and Attentive [removed: Audience in an Attractive Demographic*.][added: Audience*.]

Our [removed: Content Policy] [added: Reddit Rules] establishes the type of content that is not allowed across all communities, with community rules determining content within each community.

[removed: From there,] our brand safety approach expands coverage by providing proactive solutions focused on creating a safe environment for any business on Reddit by showing ads in communities and alongside content that has been reviewed and deemed appropriate for advertising.

[added: Our 3P proactive] controls are built in partnership with IAS.

We continue to expand our ad platform capabilities to enable more ways for [removed: customers] [added: advertisers] to invest to grow their business on Reddit.

This includes expanding Conversion API ecosystem to new partners, improving Pixel implementation, [added: and] investing in the foundation of on-platform conversion-lift, [removed: and] on-platform brand [removed: lift.][added: lift, and tools like Reddit Insights to help advertisers make informed business decisions based on community intelligence.]

We believe the internet should work for [removed: consumers] [added: humans] and they should be able to find the information they need or experiences they want.

[added: And, organizations need to prioritize sources of real-time human] perspectives—from a company looking for feedback on a new consumer product to investors trying to capture market sentiments or [removed: signals—and Reddit provides a differentiated solution.][added: signals.]

We continue to strategically explore content licensing agreements with collaborative partners in the [removed: ecosystem] [added: ecosystem,] ranging from marketing intelligence [removed: companies to] [added: and] enterprise-scale technology [removed: companies.][added: companies to specialized providers in the financial services industry.]

- *For Seeking Information*—Google, Amazon, YouTube, Wikipedia, X, [removed: and] other news [removed: sites.][added: sites, and LLMs like ChatGPT, Gemini, and Anthropic.]

- *For Peer-to-peer [removed: Commerce and User Economy*—Facebook] [added: Commerce*—Facebook] Marketplace, Nextdoor, Craigslist, Poshmark, Etsy, and Roblox.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 51 pending] [added: approximately 400] trademark [removed: applications] [added: registrations] and [removed: 346] [added: pending] trademark [removed: registrations] [added: applications] around the world.

We also had [removed: 123] [added: over 120] copyright registrations on various graphical designs and literary works and [removed: two] [added: several] pending utility patent applications [removed: and three provisional patent applications] in the United States as of December 31, [removed: 2024.][added: 2025.]

We have a legal and a public policy team that [removed: monitor] [added: monitors] legal and regulatory developments [removed: in the United States, as well as] globally, and communicates regularly with policymakers and regulators.

As more content online is synthesized, summarized, and sanitized by artificial intelligence (“AI”), Reddit stands out for its honesty and subjectivity.

People want multiple viewpoints and lived experiences.

This is why Reddit is synonymous with product and service recommendations.

Platforms like Reddit, where people discuss every aspect of life—from the trivial to the transformative—are the backbone of building AI and training large language models (“LLMs”).

That's why Reddit is often cited as one of the most sourced and cited domains in AI across all models.

Human conversation is not being replaced by AI; instead, it is becoming more important.

AI does not invent knowledge—it learns from us.

From real people, sharing real perspectives.

You can’t have artificial intelligence without *actual* intelligence.

For example, Reddit Community Intelligence blends AI-driven efficiency with real user perspectives, enabling product solutions like Reddit Insights, our AI-powered social listening tool, and Conversation Summary Add-ons, which leverages AI to surface positive Reddit conversations directly below ads.

Publishers, Brands, and Companies are Meeting their Audiences on Reddit

As the internet evolves, Reddit communities have continued to provide an essential space for publishers, brands, and companies to connect with their audience and engage in authentic, high-quality conversations.

In communities like r/ sonos and r/ fidelityinvestments, companies are providing troubleshooting tips, investment advice, and customer service, and creators and publishers are using our new Ask Me Anything (“AMA”) features to connect with their audience and fans on the platform.

We also launched Reddit Pro tools for publishers to help media outlets easily share and track content with users, and early adopters like The Atlantic, The Hill, NBC News, and The Associated Press are able to sync their feeds and automatically import articles, track how their stories are shared, and use AI-powered tools to find the right communities on Reddit.

We also rolled out a limited test of verified profiles to help individuals and businesses, who wish to do so, confirm their identifies on Reddit.

This feature is designed to help Redditors understand who they are engaging with in moments when verification matters, whether it is an expert or celebrity hosting an AMA, a journalist reporting news, or a brand sharing information.

Conversation and connection are becoming more valuable and rare.

In a world increasingly dominated by algorithms and automation, the need for human voices has never been greater.

Reddit is what the internet needs most: a place where people can connect on almost any topic and find genuinely useful information.

Reddit turned 20 this year.

That is two decades of building something special on the internet: a user-powered platform where users bring their honest selves and connect over the topics they care most about—whether popular, niche, or personal.

Users come to Reddit to find trusted, human perspectives and participate in communities that share their interests—no matter how niche or mainstream.

In a world where consumers are increasingly inundated with product placement and messaging curated by algorithms and automation, people seek answers that only humans can provide.

We support moderators as community builders and empower them with tools to create and contribute to communities.

◦*Improving Discovery and User Experience.* We are focused on delivering immediate value and less friction in the onboarding experience for new users.

To that end, we are using AI and LLMs to make onboarding more intuitive, lower barriers to logging in and contributing, and classifying content to help people find their home on Reddit.

- *Reddit as a Search Destination.* Reddit is one of the few platforms positioned to become a true search destination.

Every week, hundreds of millions of people come to Reddit looking for advice, and we are focused on turning more of that intent into daily users who start their internet search journey on Reddit.

In 2025, we began integrating Reddit Answers, our AI-powered conversational search tool, into Reddit’s core search experience and rolling out to non-

English languages.

Our aim is to have a single, great search experience on Reddit.

While it is still early, we are seeing good traction.

During the three months ended December 31, 2025, over 80 million people searched on Reddit weekly.

Additionally, we built a local content framework to identify top interests in each country, which we use to guide partnerships, content and marketing.

This approach worked well in India, and now we are applying it to additional markets globally.

Reddit conversations are where interests meet intent.

We offer a place for businesses to connect with people looking for trustworthy, human opinions.

For example, in 2025, we expanded access to conversation summary add-ons, a feature that incorporates real, positive community conversations into ads.

The conversation summaries in these ads help create more informative ads while giving Redditors and communities the chance to shape product discovery in a meaningful way.

Reddit communities provide an essential space for people to find and engage in authentic, high-quality discussions.

These qualities not only make the experience more enjoyable for users, they also make Reddit a unique platform for advertisers due to our intentional, authentic, trusted nature and our strength in contextual and interest-based advertising.

Our content is particularly important for artificial intelligence (“AI”) – it is a foundational part of how many of the leading large language models (“LLMs”) have been trained.

Our massive corpus of conversational data and knowledge is what makes us unique, and we believe its value will continue to grow over time as our user-generated data continues to grow.

Entrepreneurial User Economy

We are developing a user-powered economy on Reddit by providing our communities and creators with the requisite tools and incentives to drive continued creation and experiences.

The Contributor Program enables people to earn money when other users reward their posts or comments.

We have also enabled the ability to pay for applications created in the Reddit Development Platform.

We believe these initiatives will open additional monetization channels for us.

The internet has given people the tools to redefine how we live.

We have search engines to find content and social networks to share and follow each other.

Our community of communities sets itself apart with its unique combination of characteristics and is designed to provide users with a trusted place to be authentic to themselves in sharing and discovering while maintaining their privacy.

Over the last 19 years, Reddit has become one of the internet’s largest open archives of human experiences.

With over two billion posts and over 20 billion comments organized into communities, Reddit content provides authentic, human perspectives across almost any topic imaginable.

Our constantly updated user-generated content provides a vast collection of human experiences, answers, and conversations and provides a source of fresh ideas.

Reddit is home to over 100,000 active subreddits, with over 500 subreddits that each have at least one million subscribers, which cover a wide variety of topics—r/ wholesomememes, r/ philosophy, r/ Cats, r/ InteriorDesign, r/ NBA, and r/ worldnews, to name a few—and can be creative, humorous, informative, inspirational, absurd, serious, or contemplative.

Moderators have context as leaders and members of their communities to define and enforce the rules to create a harmonious community experience.

◦*Improving Discovery and User Experience.* We want to make it easier for new and existing Redditors to discover relevant communities and content.

To that end, we are applying machine learning to improve the classification of our content and interest-based recommendations.

For example, we are deploying internally built models to improve the experiences of Redditors by increasing the likelihood that their posts will qualify for a particular subreddit.

In addition, we want the basic features of Reddit to be easier to use and more accessible, including posting into communities, finding and creating new communities, and moderating these communities.

For example, we re-trained our New Home Feed ranking with significantly more data and user signals.

In the three months ended December 31, 2024 compared to the three months ended December 31, 2023, we observed an increase of 30% in “Good Visits,” defined as a user consuming a post for more than 30 seconds.

- *Reinventing Search.* While we are still in the early innings, search is already a key action taken on Reddit with an average of over 40 million daily search queries directly on Reddit in December 2024.

We recognize the importance of search, and have made investments to make searches more relevant and drive deeper engagement.

In December 2024, we tested a new feature, Reddit Answers, which returns the most relevant conversations for any topic people are interested in learning more about.

We have seen people use Reddit Answers for a range of topics from planning trips to researching the best products before making a purchase decision.

We are continuing to make more content available in many more languages, including Polish, Hindi, Bengali, Thai, Malaysian, and Vietnamese.

Additionally, we are curating the Community Tab, Trending Today carousel, and sending highly relevant push notifications to help international users find and engage regularly with locally relevant and trending content.

Reddit is the place where people, entities of public interest, and businesses come together to engage in authentic human-to-human conversations structured around their interests.

The conversations that happen on the platform play a strong role at every stage of the customer journey, assisting in discovery, consideration, validation, decision, and post-purchase.

In December 2024, the average active minutes on Reddit per logged-in user in the United States was between 25 and 30 minutes per day, and there was an average of 101.7 million DAUq during the three months ended December 31, 2024.

During this period, approximately 47% of DAUq were from the United States, and the remainder were from the rest of the world.

Our 3P proactive

Reddit is a unique place on the internet, and we believe that we have many avenues to increase value to advertisers through our interest- and community-based platform.

We plan to expand our ad formats in ways that allow advertisers to creatively talk to communities and share more information (e.g., product-level creative; AMAs).

And, organizations need to prioritize sources of real-time human

We are also exploring go-to-market strategies for new verticals, including the financial services industry.

User Economy

Commerce has already emerged on our platform organically as a result of our interest-and community-based approach.

Artisans sell their creations, collectors sell beloved items, and developers sell entertainment via originally developed video games.

Although the results of these proceedings, claims, and investigations cannot be predicted with certainty, we do not believe that the final outcome of these matters is reasonably likely to have a material adverse effect on our business, financial condition, or [removed: results of operations.]

For information on certain litigation in which we are involved in, see *Note 11—Commitments and Contingencies—Legal Matters* of the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

results of operations.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

Yes [removed: o No] x [added: No o]

| Large accelerated filer | | | [removed: o] [added: x] | | | | | | Accelerated filer | | | o | | |

| Non-accelerated filer | | | [removed: x] [added: o] | | | | | | Smaller reporting company | | | o | | |

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, based on the closing price of the shares of Class A common stock on the New York Stock Exchange on June [removed: 28, 2024,] [added: 30, 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, was approximately [removed: $10.4] [added: $21.2] billion.

As of February [removed: 5, 2025,] [added: 4, 2026,] the registrant had outstanding [removed: 125,531,501] [added: 139,649,508] shares of Class A common [removed: stock and 55,372,848] [added: stock, 51,386,276] shares of Class B common stock, [added: and no shares of Class C common stock] each with a par value of $0.0001.

Portions of the registrant’s definitive Proxy Statement for the registrant’s [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of the fiscal year ended December 31, [removed: 2024,] [added: 2025,] are incorporated by reference in Part III of this Annual Report on Form 10-K.

| [Item 1A. Risk [removed: Factors](#ib99e0360e0fc4ee093fa01d97bc4a43c_163)] [added: Factors](#ib99e0360e0fc4ee093fa01d97bc4a43c_1210)] | | | [removed: [13](#ib99e0360e0fc4ee093fa01d97bc4a43c_163)] [added: [13](#ib99e0360e0fc4ee093fa01d97bc4a43c_1210)] | | |

| [Item 4. Mine Safety Disclosures](#ib99e0360e0fc4ee093fa01d97bc4a43c_193) | | | [removed: [49](#ib99e0360e0fc4ee093fa01d97bc4a43c_193)] [added: [50](#ib99e0360e0fc4ee093fa01d97bc4a43c_193)] | | |

| [Item 5. Market for Registrant](#ib99e0360e0fc4ee093fa01d97bc4a43c_841)[’](#ib99e0360e0fc4ee093fa01d97bc4a43c_841)[s Common Equity, Related Stockholder [removed: Matters and] [added: Matters](#ib99e0360e0fc4ee093fa01d97bc4a43c_841) [and] Issuer Purchases of Equity Securities](#ib99e0360e0fc4ee093fa01d97bc4a43c_841) | | | [removed: [50](#ib99e0360e0fc4ee093fa01d97bc4a43c_841)] [added: [51](#ib99e0360e0fc4ee093fa01d97bc4a43c_841)] | | |

| [Item 6. \[Reserved\]](#ib99e0360e0fc4ee093fa01d97bc4a43c_196) | | | [removed: [51](#ib99e0360e0fc4ee093fa01d97bc4a43c_196)] [added: [52](#ib99e0360e0fc4ee093fa01d97bc4a43c_196)] | | |

| [Item 7. Management](#ib99e0360e0fc4ee093fa01d97bc4a43c_106)[’](#ib99e0360e0fc4ee093fa01d97bc4a43c_106)[s Discussion and Analysis of Financial Condition and Results of Operations](#ib99e0360e0fc4ee093fa01d97bc4a43c_106) | | | [removed: [52](#ib99e0360e0fc4ee093fa01d97bc4a43c_106)] [added: [53](#ib99e0360e0fc4ee093fa01d97bc4a43c_106)] | | |

| [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#ib99e0360e0fc4ee093fa01d97bc4a43c_151) | | | [removed: [67](#ib99e0360e0fc4ee093fa01d97bc4a43c_151)] [added: [66](#ib99e0360e0fc4ee093fa01d97bc4a43c_151)] | | |

| [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#ib99e0360e0fc4ee093fa01d97bc4a43c_855) | | | [removed: [100](#ib99e0360e0fc4ee093fa01d97bc4a43c_855)] [added: [98](#ib99e0360e0fc4ee093fa01d97bc4a43c_855)] | | |

| [Item 9A. Controls and Procedures](#ib99e0360e0fc4ee093fa01d97bc4a43c_154) | | | [removed: [100](#ib99e0360e0fc4ee093fa01d97bc4a43c_154)] [added: [98](#ib99e0360e0fc4ee093fa01d97bc4a43c_154)] | | |

| [Item 9B. Other Information](#ib99e0360e0fc4ee093fa01d97bc4a43c_929) | | | [removed: [100](#ib99e0360e0fc4ee093fa01d97bc4a43c_929)] [added: [98](#ib99e0360e0fc4ee093fa01d97bc4a43c_929)] | | |

| [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ib99e0360e0fc4ee093fa01d97bc4a43c_924) | | | [removed: [101](#ib99e0360e0fc4ee093fa01d97bc4a43c_924)] [added: [98](#ib99e0360e0fc4ee093fa01d97bc4a43c_924)] | | |

| [Item 10. Directors, Executive Officers and Corporate Governance](#ib99e0360e0fc4ee093fa01d97bc4a43c_872) | | | [removed: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_872)] [added: [99](#ib99e0360e0fc4ee093fa01d97bc4a43c_872)] | | |

| [Item 11. Executive Compensation](#ib99e0360e0fc4ee093fa01d97bc4a43c_890) | | | [removed: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_890)] [added: [99](#ib99e0360e0fc4ee093fa01d97bc4a43c_890)] | | |

| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ib99e0360e0fc4ee093fa01d97bc4a43c_885) | | | [removed: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_885)] [added: [99](#ib99e0360e0fc4ee093fa01d97bc4a43c_885)] | | |

| [Item 13. Certain Relationships and Related Transactions, and Director Independence](#ib99e0360e0fc4ee093fa01d97bc4a43c_880) | | | [removed: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_880)] [added: [99](#ib99e0360e0fc4ee093fa01d97bc4a43c_880)] | | |

| [Item 14. Principal Accounting Fees and Services](#ib99e0360e0fc4ee093fa01d97bc4a43c_898) | | | [removed: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_898)] [added: [99](#ib99e0360e0fc4ee093fa01d97bc4a43c_898)] | | |

| [Item 15. Exhibits](#ib99e0360e0fc4ee093fa01d97bc4a43c_202) [and](#ib99e0360e0fc4ee093fa01d97bc4a43c_202) [Financial Statement Schedules](#ib99e0360e0fc4ee093fa01d97bc4a43c_202) | | | [removed: [103](#ib99e0360e0fc4ee093fa01d97bc4a43c_202)] [added: [100](#ib99e0360e0fc4ee093fa01d97bc4a43c_202)] | | |

| [Item 16. Form 10-K Summary](#ib99e0360e0fc4ee093fa01d97bc4a43c_912) | | | [removed: [105](#ib99e0360e0fc4ee093fa01d97bc4a43c_912)] [added: [102](#ib99e0360e0fc4ee093fa01d97bc4a43c_912)] | | |

All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our strategy, future financial condition, future operations, [added: our plans with respect to our share repurchase program,] projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements.

- strategies to expand revenue [removed: sources] from non-advertising sources, [removed: including] [added: like] content [removed: licensing and our user economy;][added: licensing;]

- the impact of the macroeconomic environment, including as a result of the ongoing conflicts [removed: between Russia and] [added: in] Ukraine and in the Middle East, [added: as well as tariffs or other trade restrictions by the United States and other countries,] on our business and other uncertainties in the global economy generally;

- changes in technology or methodology that impact our calculation of [removed: DAUq,] [added: daily active uniques (“DAUq”),] including our ability to identify automated agents on our platform;

- challenges in increasing [removed: ARPU] [added: average revenue per unique (“ARPU”)] on an absolute basis outside of the United States;

- our [removed: opportunity] [added: ability] to continue to grow our DAUq in the United States and around the world and our focus on growing our platform globally, including through entering new geographic markets and investing in under-penetrated ones;

- our expectation of an increase in our costs and expenses from the launch of new ad formats, products, and features, primarily as [added: a result of] additional hosting [removed: costs] [added: costs,] although most of these areas of focus will not initially generate revenue;

- potential decline in users due to a reduction [added: or changes] in third-party applications;

- sufficiency of our existing cash, cash equivalents, and marketable securities and amounts available under our revolving credit facility to meet our working capital and capital expenditure needs over at least the next 12 months; [removed: and]

[removed: We may not actually achieve the plans, intentions, or] expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

- our expectations and plans with respect to our share repurchase program; and

We may not actually achieve the plans, intentions, or

- the increased expenses associated with being a public company;

Mr. Lee currently oversees Reddit’s Security, Privacy, [removed: And Compliance] [added: Assurance, Corporate] Engineering (“SPACE”) team, which is responsible for assessing and managing our material risks from cybersecurity threats.

As of December 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 34] [added: 28] stockholders of record of our Class A common stock, [removed: 37] [added: 27] stockholders of record of our Class B common stock, and no stockholders of record of our Class C common stock.

The performance graph below shows the cumulative total return to our stockholders between March 21, 2024 (the date that our Class A common stock commenced trading on the NYSE) through December 31, [removed: 2024,] [added: 2025,] in comparison to the Standard & Poor’s 500 Stock Index (“S&P 500 Index”), the NYSE Composite, and the Dow Jones Internet Composite Index (“DJINET”).

[removed: ][added: ]

There were no shares of our Class A common stock repurchased during the three months ended December 31, 2025.

On March 20, 2024, our registration statement on Form S-1 (File No. 333-277256), as amended (the “Registration Statement”), was declared effective by the SEC.

There has been no material change in the expected use of the net proceeds from our IPO as described in our prospectus filed March 21, 2024 and other periodic reports previously filed with the SEC.

| [removed: [Report of] [added: [Report](#ib99e0360e0fc4ee093fa01d97bc4a43c_1146) [of] Independent Registered Public Accounting Firm](#ib99e0360e0fc4ee093fa01d97bc4a43c_1146) (KPMG LLP, San Francisco, CA, Auditor Firm ID: 185) | | | [69](#ib99e0360e0fc4ee093fa01d97bc4a43c_1146) | | |

We have audited the accompanying consolidated balance sheets of Reddit, Inc. and subsidiaries (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), convertible preferred stock and stockholders’ equity (deficit), and cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements [added: referred to above] present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

*Basis for [removed: Opinion*][added: Opinions*]

Our responsibility is to express an opinion on [removed: these] [added: the Company’s] consolidated financial statements [added: and an opinion on the Company’s internal control over financial reporting] based on our audits.

Those standards require that we plan and perform the [removed: audit] [added: audits] to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or [removed: fraud.][added: fraud, and whether effective internal control over financial reporting was maintained in all material respects.]

Our audits [added: of the consolidated financial statements] included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

We believe that our audits provide a reasonable basis for our [removed: opinion.][added: opinions.]

As discussed in [removed: Note] [added: Notes] 2 [added: and 3] to the consolidated financial statements, the Company generated [removed: $1,300 million] [added: $2.1 billion] of [added: advertising] revenue for the year ended December 31, [removed: 2024.][added: 2025.]

The Company generates the majority of its revenues [removed: by delivering ads] [added: through the sale of advertising] on the Company’s website and mobile applications.

[removed: Revenue] [added: Advertising revenue] is recognized after transferring control of the promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click basis, views an ad contracted on a cost per thousand impressions basis, views a video ad contracted on a cost per view basis, or on a fixed fee basis, based [removed: on] [added: upon] ad delivery over the service period.

[removed: Complex] [added: Subjective] auditor judgment was required [removed: in evaluating] [added: to evaluate] the sufficiency of audit evidence over advertising revenue due to the proprietary IT system used to capture and track ad delivery [added: and the quantity of ad impressions] used in revenue recognition.

Specialized skills and knowledge were needed to test the IT system used for the [removed: processing] [added: capture] and [removed: recording] [added: tracking] of [added: ad delivery used to process and record] advertising revenue.

For a selection of advertising revenue transactions, we assessed the recorded revenue by comparing the amounts recognized for consistency with underlying documentation, including contract terms, ads delivered, accounts [removed: receivables,] [added: receivable,] and subsequent cash received, if applicable.

| | | | 2024 | | | | | | [added: | | | | | |] 2023 | | |

| Cash and cash equivalents | | | [removed: $] | [added: | | | | | | | | | | | 953,569 | | | | | |] 562,092 | | | | | [removed: $] | 401,176 | | [added: |]

| Marketable securities | | | [removed: 1,278,717] [added: 1,523,242] | | | | | | [removed: 811,946] [added: 1,278,717] | | |

| Accounts receivable, net | | | [removed: 349,534] [added: 590,162] | | | | | | [removed: 245,279] [added: 349,534] | | |

| Prepaid expenses and other current assets | | | [removed: 33,058] [added: 69,012] | | | | | | [removed: 21,286] [added: 33,058] | | |

| Total current assets | | | [removed: 2,223,401] [added: 3,135,985] | | | | | | [removed: 1,479,687] [added: 2,223,401] | | |

| Property and equipment, net | | | [removed: 12,652] [added: 12,710] | | | | | | [removed: 14,946] [added: 12,652] | | |

| Operating lease right-of-use assets, net | | | [removed: 23,249] [added: 20,788] | | | | | | [removed: 24,008] [added: 23,249] | | |

| Intangible assets, net | | | [removed: 25,424] [added: 15,521] | | | | | | [removed: 32,147] [added: 25,424] | | |

| Goodwill | | | 42,174 | | | | | | [removed: 26,299] [added: 42,174] | | |

| Other noncurrent assets | | | [removed: 9,695] [added: 11,995] | | | | | | [removed: 19,380] [added: 9,695] | | |

| Total assets | | | $ | [removed: 2,336,595] [added: 3,239,173] | | | | | $ | [removed: 1,596,467] [added: 2,336,595] | |

| [removed: LIABILITIES, CONVERTIBLE PREFERRED STOCK,] [added: LIABILITIES] AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | |

| Accounts payable | | | $ | [removed: 45,423] [added: 62,929] | | | | | $ | [removed: 46,514] [added: 45,423] | |

| Operating lease liabilities | | | [removed: 6,137] [added: 7,023] | | | | | | [removed: 3,707] [added: 6,137] | | |

| Accrued expenses and other current liabilities | | | [removed: 124,464] [added: 201,331] | | | | | | [removed: 83,349] [added: 124,464] | | |

| Total current liabilities | | | [removed: 176,024] [added: 271,283] | | | | | | [removed: 133,570] [added: 176,024] | | |

| Operating lease liabilities, noncurrent | | | [removed: 20,565] [added: 16,191] | | | | | | [removed: 22,040] [added: 20,565] | | |

| Other noncurrent liabilities | | | [removed: 9,257] [added: 22,661] | | | | | | [removed: 287] [added: 9,257] | | |

| Total liabilities | | | [removed: 205,846] [added: 310,135] | | | | | | [removed: 155,897] [added: 205,846] | | |

| [removed: Convertible preferred] [added: Preferred] stock, par value $0.0001 per share; [removed: no and 86,864,781 shares] [added: 100,000,000] authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively;] [added: 2024;] no [removed: and 73,021,449] shares issued and outstanding as of December 31, [removed: 2024 and 2023, respectively; aggregate liquidation preference of $0] [added: 2025] and [removed: $1,847,993 as of December 31,] 2024 [removed: and 2023, respectively] | | | — | | | | | | [removed: 1,853,492] [added: —] | | |

| [removed: Preferred] [added: Class C common] stock, par value $0.0001 per share; 100,000,000 [removed: and no] shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively;] [added: 2024;] no shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | — | | | | | | — | | |

| Class A common stock, par value $0.0001 per share; 2,000,000,000 [removed: and 189,000,000] shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively; 125,001,880] [added: 2024; 139,218,373] and [removed: 7,099,700] [added: 125,001,880] shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 12] [added: 14] | | | | | | [removed: —] [added: 12] | | |

| Class B common stock, par value $0.0001 per share; 140,000,000 [removed: and 142,000,000] shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively; 55,314,099] [added: 2024; 51,673,735] and [removed: 53,904,204] [added: 55,314,099] shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | 5 | | | | | | [removed: 6] [added: 5] | | |

| Additional paid-in capital | | | [removed: 3,331,546] [added: 3,595,772] | | | | | | [removed: 302,820] [added: 3,331,546] | | |

| Accumulated other comprehensive income (loss) | | | [removed: 24] [added: 4,364] | | | | | | [removed: 814] [added: 24] | | |

*Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting*

We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other procedures as we considered necessary in the circumstances.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*Sufficiency of audit evidence over ad delivery used in advertising revenue*

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s advertising revenue recognition process, including controls related to the accurate capture and tracking of ad delivery.

We involved IT professionals with specialized skills and knowledge, who assisted in testing certain IT application controls and general IT controls used by the Company to accurately capture and track delivery quantity of ad impressions.

For certain customers, we assessed the recorded advertising revenue by comparing total cash received during the year, adjusted for reconciling items, to the advertising revenue recognized.

February 5, 2026

| | | | 2025 | | | | | | 2024 | | |

| Basic | | | $ | 2.84 | | | | | $ | (3.33) | | | | | $ | (1.54) | | | | | | | |

| Diluted | | | $ | 2.62 | | | | | $ | (3.33) | | | | | $ | (1.54) | | | | | | | |

| Basic | | | 186,383,271 | | | | | | 145,472,389 | | | | | | 59,138,086 | | | | | | | | |

| Diluted | | | 202,107,978 | | | | | | 145,472,389 | | | | | | 59,138,086 | | | | | | | | |

| Issuance of common stock upon exercise of stock options, net | | | — | | | | | | — | | | | | | | | | 2,179,307 | | | | | | 1 | | | | | | 1,653,969 | | | | | | — | | | | | | 25,075 | | | | | | — | | | | | | — | | | | | | 25,076 | | |

| Conversion of Class B common stock to Class A common stock | | | — | | | | | | — | | | | | | | | | 5,397,839 | | | | | | — | | | | | | (5,397,839) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance as of December 31, 2025 | | | — | | | | | | $ | — | | | | | | | | 139,218,373 | | | | | | $ | 14 | | | | | 51,673,735 | | | | | | $ | 5 | | | | | $ | 3,595,772 | | | | | $ | 4,364 | | | | | $ | (671,117) | | | | | $ | 2,929,038 | |

| Net income (loss) | | | | | | | | | | | | | | | $ | 529,721 | | | | | $ | (484,276) | | | | | $ | (90,824) | |

Revenue from products sold directly to users, including Reddit Premium and Reddit Gold, was not material for the periods presented.

Advertising costs were immaterial for the years ended December 31, 2024 and 2023.

Our

When revenue recognition exceeds the amounts billable on a contract, the difference is recorded as an unbilled receivable if there is an unconditional right to bill in the future or as a contract asset if the right is conditional upon something other than the passage of time.

Unbilled receivables are included within accounts receivable, net.

Contract assets were not material as of December 31, 2025 and 2024.

We maintain investments in U.S. and non-U.S. government securities, investment-grade corporate and government agency securities, time deposits, commercial paper,

Adoption of this standard resulted in changes to the effective tax rate reconciliation as reflected in *Note 15—Income Taxes*.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which aims to modernize the accounting for internal-use software costs to better align with current software development practices by removing references to prescriptive software development stages and establishing a new principle for when to begin capitalizing such costs.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Total revenue | | | $ | 2,202,506 | | | | | $ | 1,300,205 | | | | | $ | 804,029 | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Basic net income (loss) per share attributable to common stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

*Opinion on the Consolidated Financial Statements*

These consolidated financial statements are the responsibility of the Company’s management.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

*Evaluation of the delivery quantity of ad impressions*

We involved IT professionals

with specialized skills and knowledge, who assisted in evaluating the design and testing the operating effectiveness of a manual internal control over the Company’s advertising revenue process.

We tested the capture and tracking of ad delivery within the Company’s revenue systems by comparing known instances of ads viewed to system information for ads delivered.

February 12, 2025

Reddit, Inc.

| Class C common stock, par value $0.0001 per share; 100,000,000 and no shares authorized as of December 31, 2024 and 2023, respectively; no shares issued and outstanding as of December 31, 2024 and 2023 | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance as of December 31, 2021 | | | 73,021,449 | | | | | | $ | 1,853,492 | | | | | | | | 5,166,855 | | | | | | $ | — | | | | | 51,212,674 | | | | | | $ | 6 | | | | | $ | 181,407 | | | | | $ | (238) | | | | | $ | (467,188) | | | | | $ | (286,013) | |

| Issuance of common stock upon exercise of stock options, net | | | — | | | | | | — | | | | | | | | | 976,178 | | | | | | — | | | | | | 197,437 | | | | | | — | | | | | | 7,034 | | | | | | — | | | | | | — | | | | | | 7,034 | | |

| Issuance of restricted stock awards | | | — | | | | | | — | | | | | | | | | 174,056 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Issuance of Class A common stock in connection with acquisitions | | | — | | | | | | — | | | | | | | | | 62,061 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,522 | | | | | | — | | | | | | — | | | | | | 4,522 | | |

| Vesting of early exercised stock options | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,292 | | | | | | — | | | | | | — | | | | | | 2,292 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Proceeds from sale of cryptocurrency | | | | | | | | | | | | | | | 6,869 | | | | | | — | | | | | | — | | |

| Payments of deferred consideration and holdbacks for acquisitions | | | | | | | | | | | | | | | (6,111) | | | | | | (3,478) | | | | | | — | | |

Notes to the Consolidated Financial Statements

We recognize Reddit Premium subscription revenue ratably over the subscription period, which is generally less than one year.

Products within our user economy include Reddit Gold and Collectible Avatars.

Revenue from Reddit Gold and Collectible Avatars was not material for the years ended December 31, 2024, 2023, and 2022.

Prior to the IPO, for secondary sale transactions with existing investors, we recognized stock-based compensation expense representing the excess of the purchase price over the fair value of our common stock on the date of the transaction.

On January 1, 2024, we changed the functional currency of our U.K. subsidiary, Reddit UK Limited, from the U.S. dollar to the British pound.

The change in functional currency is due primarily to the increased exposure to the British pound as our future operating cash flows for our U.K. subsidiary are expected to be in British pounds.

The change in the functional currency of Reddit UK Limited was accounted for prospectively from January 1, 2024 and did not have a material impact on our consolidated financial statements.

As of

When revenue recognition exceeds the amounts billable on a contract, the difference is recorded as a contract asset.

As our leases do not provide an implicit rate,

Deferred Offering Costs

Prior to our IPO, deferred offering costs, which consisted of direct incremental legal, accounting, consulting, and other fees related to the IPO, were capitalized in other noncurrent assets on the consolidated balance sheets.

After the IPO, the deferred offering costs were reclassified into additional paid-in capital as an offset against IPO proceeds.

Deferred offering costs included in other noncurrent assets were $16.5 million as of December 31, 2023.

Cryptocurrency

We account for cryptocurrency investments, and cryptocurrency received in exchange for goods and services, as intangible assets with indefinite useful lives, which are measured at cost, net of any impairment losses incurred since acquisition, on the consolidated balance sheets.

Cryptocurrency accounted for as intangible assets are not amortized, but assessed for impairment quarterly, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.

Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were effective at a reasonable assurance level as of December 31, [removed: 2024.][added: 2025.]

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act).

Management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control*—*Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on the assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2025 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. GAAP.

Our independent registered public accounting firm, KPMG LLP, has issued an audit report with respect to our internal control over financial reporting, which appears in Part II, Item 8 of this Annual Report on Form 10-K.

This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

During the three months ended December 31, [removed: 2024, three] [added: 2025, none] of our directors or “officers” (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

On November 25, 2024, our Chief Financial Officer, Andrew Vollero, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to (i) 200,000 shares of our Class A common stock and (ii) the number of shares of our Class A common stock Mr. Vollero will receive following the vesting of certain restricted stock unit awards and the satisfaction of tax obligations in connection with such vesting.

The number of shares to be sold pursuant to the trading plan is dependent on the tax obligation incurred in connection with the vesting of these restricted stock unit awards and, therefore, is indeterminable at this time, but in no event will exceed an aggregate of 267,933 shares of our Class A common stock.

The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan or May 15, 2025.

On December 3, 2024, our Chief Legal Officer, Benjamin Lee, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to (i) 75,000 shares of our Class A common stock and (ii) the number of shares of our Class A common stock Mr. Lee will receive following the vesting of certain restricted stock unit awards and the satisfaction of tax obligations in connection with such vesting.

The number of shares to be sold pursuant to the trading plan is dependent on the tax obligation incurred in connection with the vesting of these restricted stock unit awards

and, therefore, is indeterminable at this time, but in no event will exceed an aggregate of 126,660 shares of our Class A common stock.

The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan or December 15, 2025.

On December 3, 2024, our Chief Accounting Officer, Michelle Reynolds, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to (i) 5,999 shares of our Class A common stock and (ii) the number of shares of our Class A common stock Ms. Reynolds will receive following the vesting of certain restricted stock unit awards and the satisfaction of tax obligations in connection with such vesting.

The number of shares to be sold pursuant to the trading plan is dependent on the tax obligation incurred in connection with the vesting of these restricted stock unit awards and, therefore, is indeterminable at this time, but in no event will exceed an aggregate of 20,979 shares of our Class A common stock.

The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan or May 30, 2025.

The remaining information required by this item is incorporated by reference to our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

| 4.4 | | | | | | [removed: [D](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit44descriptionofsecu.htm)[escription of](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit44descriptionofsecu.htm) [Securities](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit44descriptionofsecu.htm)] [added: [Description of Securities](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit44descriptionofsecu.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: 10.1] [added: 10.2] | | | | | | [removed: [Letter Agreement,] [added: [Office Lease,] dated [removed: August 11, 2021,] [added: December 31, 2022,] by and between the Registrant and [removed: the Series F Fidelity Investors (as defined therein)](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit102-sx1.htm)] [added: Kilroy Realty 303, LLC](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit104-sx1.htm)] | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | [removed: 10.2] [added: 10.4] | | | | | | | | |

| [removed: 10.2] [added: 10.1] | | | | | | [Governance Agreement, dated as of March 19, 2024, by and among the Registrant, Advance Magazine Publishers, Inc., and Steven Huffman](https://www.sec.gov/Archives/edgar/data/1713445/000171344524000006/exhibit101q124.htm) | | | | | | 10-Q | | | | | | 5/7/2024 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.4(a)†] [added: 10.3†] | | | | | | [removed: [Credit] [added: [Amended] and [added: Restated Credit and] Guarantee Agreement, dated [removed: October 8, 2021,] [added: July 1, 2025,] by and among the [removed: Registrant,] [added: Company, as borrower,] the [added: guarantors listed therein, the] lenders listed therein, and JPMorgan Chase Bank, N.A., as administrative [removed: agent](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit105-sx1.htm)] [added: agent](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000173/exhibit101-redditxcreditan.htm)] | | | | | | [removed: S-1] [added: 8-K] | | | | | | [removed: 2/22/2024] [added: 7/2/2025] | | | | | | [removed: 10.5] [added: 10.1] | | | | | | | | |

| [removed: 10.5(a)#] [added: 10.4(a)#] | | | | | | [2012 Stock Option and Grant Plan, as amended](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit107a-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.7(a) | | | | | | | | |

| [removed: 10.5(c)#] [added: 10.6(c)#] | | | | | | [Form of Non-Qualified Stock Option Grant Notice and Non-Qualified Stock Option Agreement under the 2012 Stock Option and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit107c-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.7(c) | | | | | | | | |

| [removed: 10.5(d)#] [added: 10.7(d)#] | | | | | | [Form of Early Exercise Incentive Stock Option Grant Notice and Early Exercise Incentive Stock Option Agreement under the 2012 Stock Option and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit107d-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.7(d) | | | | | | | | |

| [removed: 10.5(e)#] [added: 10.8(e)#] | | | | | | [Form of Early Exercise Non-Qualified Stock Option Grant Notice and Early Exercise Non-Qualified Stock Option Agreement under the 2012 Stock Option and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit107e-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.7(e) | | | | | | | | |

| [removed: 10.5(f)#] [added: 10.9(f)#] | | | | | | [Form of Restricted Stock Award Grant Notice and Restricted Stock Award Agreement under the 2012 Stock Option and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit107f-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.7(f) | | | | | | | | |

| [removed: 10.6(a)#] [added: 10.10(a)#] | | | | | | [2017 Equity Incentive and Grant Plan, as amended](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit108a-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.8(a) | | | | | | | | |

| [removed: 10.6(b)#] [added: 10.11(b)#] | | | | | | [Form of Early Exercise Incentive Stock Option Grant Notice and Early Exercise Incentive Stock Option Agreement under the 2017 Equity Incentive and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit108b-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.8(b) | | | | | | | | |

| [removed: 10.6(c)#] [added: 10.12(c)#] | | | | | | [Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement under the 2017 Equity Incentive and Grant Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit108c-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.8(c) | | | | | | | | |

| [removed: 10.7(a)#] [added: 10.13(a)#] | | | | | | [2024 Incentive Award Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024012333/exhibit993-sx8.htm) | | | | | | S-8 | | | | | | 3/21/2024 | | | | | | 99.3 | | | | | | | | |

| [removed: 10.7(b)#] [added: 10.14(b)#] | | | | | | [Form of Stock Option Grant Notice and Stock Option Agreement under the 2024 Incentive Award Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit109b-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.9(b) | | | | | | | | |

| [removed: 10.7(c)#] [added: 10.15(c)#] | | | | | | [Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement under the 2024 Incentive Award Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit109c-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.9(c) | | | | | | | | |

| [removed: 10.8#] [added: 10.16#] | | | | | | [Employee Stock Purchase Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024012333/exhibit994-sx8.htm) | | | | | | S-8 | | | | | | 3/21/2024 | | | | | | 99.4 | | | | | | | | |

| [removed: 10.9#] [added: 10.17#] | | | | | | [Amended and Restated Non-Employee Director Compensation [removed: Program](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1011-sx1a1.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit1017arnedcompensati.htm)] | | | | | | [removed: S-1/A] | | | | | | [removed: 3/11/2024] | | | | | | [removed: 10.11] | | | | | | [added: X] | | |

| [removed: 10.10#] [added: 10.18#] | | | | | | [Form of Indemnification Agreement between the Registrant and each of its Directors and Executive Officers](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit1012-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.12 | | | | | | | | |

| [removed: 10.11#] [added: 10.19#] | | | | | | [Amended and Restated Employment Offer Letter by and between the Registrant and Steven Huffman](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1013-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.13 | | | | | | | | |

| [removed: 10.12#] [added: 10.20#] | | | | | | [Amended and Restated Employment Offer Letter by and between the Registrant and Jennifer Wong](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1014-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.14 | | | | | | | | |

| [removed: 10.13#] [added: 10.21#] | | | | | | [Amended and Restated Employment Offer Letter by and between the Registrant and Andrew Vollero](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1015-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.15 | | | | | | | | |

| [removed: 10.14#] [added: 10.22#] | | | | | | [Amended and Restated Change in Control and Severance Agreement by and between the Registrant and Steven Huffman](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1016-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.16 | | | | | | | | |

| [removed: 10.15#] [added: 10.23#] | | | | | | [Change in Control and Severance Agreement by and between the Registrant and Jennifer Wong](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1017-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.17 | | | | | | | | |

| [removed: 10.16#] [added: 10.24#] | | | | | | [Change in Control and Severance Agreement by and between the Registrant and Andrew Vollero](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1018-sx1a1.htm) | | | | | | S-1/A | | | | | | 3/11/2024 | | | | | | 10.18 | | | | | | | | |

| [removed: 10.17#] [added: 10.25#] | | | | | | [added: [Amended and Restated](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit1025arexecutivechan.htm)] [Executive Change in Control and Severance [removed: Plan](https://www.sec.gov/Archives/edgar/data/1713445/000162828024010137/exhibit1019-sx1a1.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit1025arexecutivechan.htm)] | | | | | | [removed: S-1/A] | | | | | | [removed: 3/11/2024] | | | | | | [removed: 10.19] | | | | | | [added: X] | | |

| 19.1 | | | | | | [Insider Trading Policy and [removed: Guidelines](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit191insidertradingpo.htm)] [added: Guidelines](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit191insidertradingpo.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 21.1 | | | | | | [removed: [L](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit211subsidiaries10-k.htm)[ist of](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit211subsidiaries10-k.htm) [Su](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit211subsidiaries10-k.htm)[bsidiaries](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit211subsidiaries10-k.htm)] [added: [L](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit211subsidiariesfy25.htm)[ist of](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit211subsidiariesfy25.htm) [Su](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit211subsidiariesfy25.htm)[bsidiaries](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit211subsidiariesfy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of KPMG LLP, Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit231consentkpmg10-k.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit231kpmgconsent2026.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [removed: Power] [added: [Power] of Attorney (included on signature page to this Annual Report on Form [removed: 10-K)] [added: 10-K)](#ib99e0360e0fc4ee093fa01d97bc4a43c_205)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit31130210-k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit311302q425.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Principal Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit31230210-k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit312302q425.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1* | | | | | | [Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit32190610-k.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1713445/000171344526000022/exhibit321906q425.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: 97] [added: 97.1] | | | | | | [Policy Relating to Recovery of Erroneously Awarded Compensation](https://www.sec.gov/Archives/edgar/data/1713445/000171344525000018/exhibit97policyforrecovery.htm) | | | | | | [added: 10-K] | | | | | | [added: 2/13/2025] | | | | | | [added: 97] | | | | | | [removed: X] | | |

| 4.1 | | | | | | Reference is made to Exhibits 3.1 and 3.2 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.3 | | | | | | [Office Lease, dated December 31, 2022, by and between the Registrant and Kilroy Realty 303, LLC](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit104-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.4 | | | | | | | | |

| 10.4(b)† | | | | | | [Amendment No. 1 to Credit and Guarantee Agreement, dated May 23, 2023, by and among the Registrant, the lenders listed therein, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent](https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/exhibit106-sx1.htm) | | | | | | S-1 | | | | | | 2/22/2024 | | | | | | 10.6 | | | | | | | | |

| Dated: February [removed: 12, 2025] [added: 5, 2026] | | | By: | | | /s/ Andrew Vollero | | |

| /s/ Steven Huffman | | | | | | Chief Executive Officer, President and Director (Principal Executive Officer) | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Andrew Vollero | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Michelle Reynolds | | | | | | Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Sarah Farrell | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Patricia Fili-Krushel | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Porter Gale | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ David Habiger | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Steven O. Newhouse | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Robert A. Sauerberg | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |

| /s/ Michael Seibel | | | | | | Director | | | | | | February [removed: 12, 2025] [added: 5, 2026] | | |