Financial Analysis

9. Commitments and Contingencies Purchase Obligations We enter into contracts with non-cancellable purchase obligations, primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services. During the six months ended June 30, 2026, there were no material changes outside the normal course of business to our purchase obligations as disclosed in our Annual Report for the year ended December 31, 2025. In June 2026, we signed an addendum to extend our cloud services agreement with AWS through 2029. We committed under this agreement to spend an aggregate of $880.0 million between July 2026 and June 2029. We have met all minimum purchase commitments under these agreements during the periods presented. Legal Matters and Indemnifications From time to time, we may become involved in various legal and regulatory proceedings, claims or purported class actions related to, among other things, alleged infringement of third party patents and other intellectual property rights, commercial, corporate and securities, labor and employment, wage and hour and other claims arising in the normal course of business. We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. In June 2025, we and certain of our officers and directors were named as defendants in a …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents our revenue disaggregated by source: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Advertising revenue $ 761,625 $ 464,785 $ 1,386,295 $ 823,415 Other revenue 43,280 34,842 82,021 68,573 Total revenue $ 804,905 $ 499,627 $ 1,468,316 $ 891,988 The following table represents our revenue disaggregated by geography based on the billing address of the customer: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) United States $ 638,119 $ 408,842 $ 1,163,680 $ 722,694 Rest of world (1) 166,786 90,785 304,636 169,294 Total revenue $ 804,905 $ 499,627 $ 1,468,316 $ 891,988 ______________ (1) Other than the United States, no individual country represented 10% or more of total revenue during the three and six months ended June 30, 2026 and 2025.

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11. Stock-Based Compensation RSUs and RSAs Our restricted stock units (RSUs) and restricted stock awards (RSAs) vest based on the terms in the grant agreements and generally vest ratably over one to four years from the vesting commencement date. The following table summarizes the RSU and RSA activity for the six months ended June 30, 2026: Total RSUs and RSAs Weighted- average grant date fair value Unvested as of December 31, 2025 4,460,851 $ 58.71 Granted 2,798,394 $ 149.70 Vested (2,323,949) $ 73.54 Canceled/Forfeited (199,779) $ 93.48 Unvested as of June 30, 2026 4,735,517 $ 103.73 As of June 30, 2026, we had RSUs and RSAs outstanding for 4,735,517 common shares, of which 4,361,703 relate to Class A common stock and 373,814 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $397.3 million as of June 30, 2026 and is expected to be recognized over a weighted-average period of 0.89 years. Stock Options Stock options vest based on terms in the stock option agreement and generally vest over five years quarterly or four years with 25% of the award vesting one year from the vesting commencement date then ratably over the following three years. The following table summarizes the stock option activity during the six months ended June 30, 2026: Outstanding stock options Weighted- average exercise price Weighted- average remaining contractual life (years) Aggregate intrinsic value (in thousands, except share, per share, an …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

5. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs reflecting the reporting entitys own assumptions or external inputs from inactive markets We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented. The following tables set forth our financial assets that are measured at fair value on a recurring basis: June 30, 2026 Fair value hierarchy level Cost or amortized cost Gross unrealized gains Gross unrealized losses Fair value (in thousands) Cash equivalents: Money market funds Level 1 $ 1,306,708 $ $ $ 1,306,708 U.S. treasury securities Level 1 34,951 34,951 Time deposits Level 2 26,438 26,438 Marketable securities: U.S. treasury securities Level 1 382,509 132 (1,061) 381,580 U.S. agency bonds Level 2 428,113 (2,699) 425,414 Corporate bonds Level 2 272,4 …

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7. Goodwill and Intangible Assets Goodwill The carrying amount of goodwill was $42.2 million as of December 31, 2025. There was no change in the carrying amount of goodwill during the six months ended June 30, 2026. Acquired Intangible Assets Acquired intangible assets consisted of the following: June 30, 2026 Gross carrying value Accumulated amortization Net carrying value Weighted-average remaining useful life (years) (in thousands, except year data) Developed technology $ 47,460 $ 36,921 $ 10,539 1.1 Other intangible assets 600 600 Total acquired intangible assets $ 48,060 $ 37,521 $ 10,539 December 31, 2025 Gross carrying value Accumulated amortization Net carrying value Weighted-average remaining useful life (years) (in thousands, except year data) Developed technology $ 47,460 $ 31,964 $ 15,496 1.6 Other intangible assets 600 600 Total acquired intangible assets $ 48,060 $ 32,564 $ 15,496 Amortization expense was immaterial for the three and six months ended June 30, 2026 and 2025. …

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12. Income Taxes Our provision for income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, we update the estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, we make a cumulative adjustment in such period. For the three and six months ended June 30, 2026 and 2025, income tax expense (benefit) was immaterial. We have a full valuation allowance against our United States federal and state deferred tax assets and will continue to maintain it until there is sufficient evidence to support the future utilization of these assets. Given our recent history of generating net income in the United States, we believe that there is a reasonable possibility that sufficient positive evidence may become available within the next 12 months to allow us to release a significant portion of the valuation allowance in the United States. The reversal would result in a significant income tax benefit in the period when we release it. However, the exact timing and amount of the valuation allowance release are subject to change based on a number of factors, including but not limited to, the level of profitability (income before income taxes adjusted for permanent differences) that we are able to accurately forecast, as well as the amount of our tax deductible stock-based compensation, which is dependent upon our publicly traded share pri …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

8. Debt Revolving Line of Credit On July 1, 2025, we entered into an Amended and Restated Credit and Guarantee Agreement, which amended and restated our prior Credit and Guarantee Agreement dated October 8, 2021 (as amended on May 23, 2023), and provides for a five-year, $500.0 million, revolving loan and standby letter of credit facility (Revolving Credit Facility) of which $100.0 million can be issued as letters of credit and another $100.0 million of which can be borrowed in certain non-U.S. dollar currencies. As of June 30, 2026, we have issued four letters of credit, three of which are denominated in a foreign currency, for an aggregate of $5.6 million, which reduced the letter of credit borrowings available under the Revolving Credit Facility to $94.4 million. The aggregate available balance under the Revolving Credit Facility was $494.4 million as of June 30, 2026. Under the terms of the Revolving Credit Facility, borrowings can be ABR Loans, Term Benchmark Loans, or RFR Loans. Outstanding ABR Loans bear interest at a rate equal to the greatest of (A) the Prime Rate, (B) the NYFRB Rate plus 0.5%, or (C) the Adjusted Term SOFR Rate plus 1.0% (each as defined in the Revolving Credit Facility), in each case plus 0.25%. Outstanding Term Benchmark Loans bear interest at the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted AUD Rate (each as defined in the Revolving Credit Facility), as applicable, in each case plus 1.25%. Outs …

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In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires an entity to disclose disaggregated information about certain income statement expense line items. The standard is effective for us beginning January 1, 2027, with early adoption permitted. We are currently evaluating the impact the adoption will have on our disclosures. In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-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. The standard is effective for us beginning January 1, 2028. We are currently evaluating the impact the adoption will have on our consolidated financial statements. …

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13. Related Parties and Related-Party Transactions Advance Magazine Publishers Inc. As of June 30, 2026, Advance Magazine Publishers Inc. (Advance) held approximately 22% of our outstanding shares of Class A and Class B common stock and is a related party to Reddit as Advance holds more than 10% of the voting power of our outstanding Class A and Class B common stock. There have been no changes to the terms of the agreements that govern Advances rights as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2025 included in our Annual Report. We currently sublease office space in New York and Chicago from Advance. Total lease costs and other related expenses for our subleases were immaterial for the three and six months ended June 30, 2026 and 2025. …

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3. Revenue The following table represents our revenue disaggregated by source: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Advertising revenue $ 761,625 $ 464,785 $ 1,386,295 $ 823,415 Other revenue 43,280 34,842 82,021 68,573 Total revenue $ 804,905 $ 499,627 $ 1,468,316 $ 891,988 The following table represents our revenue disaggregated by geography based on the billing address of the customer: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) United States $ 638,119 $ 408,842 $ 1,163,680 $ 722,694 Rest of world (1) 166,786 90,785 304,636 169,294 Total revenue $ 804,905 $ 499,627 $ 1,468,316 $ 891,988 ______________ (1) Other than the United States, no individual country represented 10% or more of total revenue during the three and six months ended June 30, 2026 and 2025. Deferred revenue was $38.6 million and $18.1 million as of June 30, 2026 and December 31, 2025, respectively. Revenue recognized during the six months ended June 30, 2026 and 2025 included substantially all of the deferred revenue balance at the beginning of each respective period. As of June 30, 2026, the aggregate amount of remaining performance obligations in contracts with an original expected duration exceeding one year was $92.1 million. This amount consists primarily of long-term content licensing contracts and excludes deferred revenue related to short-term advertising contracts and Reddit Premium subscriptions. We e …

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14. Segment and Geographic Information Segment Information We have one reportable segment as our chief operating decision maker, our Chief Executive Officer, reviews consolidated profitability measures in managing the business. Specifically, our chief operating decision maker uses consolidated net income as the measure of segment profit or loss for evaluating performance and allocating resources through comparison of actual amounts against budgeted and prior period amounts in order to make strategic decisions. The following table presents the calculation of segment net income: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Revenue $ 804,905 $ 499,627 $ 1,468,316 $ 891,988 Adjusted cost of revenue (1) 70,055 45,696 126,177 82,568 Adjusted gross profit 734,850 453,931 1,342,139 809,420 Adjusted operating expenses (2) 392,040 287,182 733,359 527,400 Stock-based compensation and related taxes 106,836 95,104 185,684 202,509 Depreciation and amortization 4,258 3,934 8,468 7,897 Interest (income) expense, net (25,027) (21,056) (48,912) (41,470) Income tax expense (benefit) 3,987 (439) 5,734 (2,160) Other segment expenses (3) (92) (91) 977 (211) Segment net income $ 252,848 $ 89,297 $ 456,829 $ 115,455 Consolidated net income $ 252,848 $ 89,297 $ 456,829 $ 115,455 ________________ (1) Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes as follows: Three months ended June 30, Six months ended Jun …

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10. Stockholders' Equity Share Repurchase Program On February 4, 2026, our Board of Directors authorized a share repurchase program to purchase up to $1.0 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. During the six months ended June 30, 2026, we repurchased 1,523,502 shares of Class A common stock for $239.6 million. As of June 30, 2026, $760.4 million remained available for repurchases. We immediately retire shares repurchased under the Share Repurchase Program and reduce our Class A common stock component of stockholders equity by the par value of repurchased shares. The excess of the repurchase price over par value for shares repurchased is recorded to additional paid-in capital. Common Stock Reserved for Issuance In February 2024, our board of directors adopted the 2024 Incentive Award Plan (the 2024 Plan), which became effective in connection with our initial public offering in March 2024. Under the 2024 Plan, shares of our Class A common stock are reserved for issuance pursuan …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing