Reddit (RDDT) Q1 FY2026 earnings: revenue $663 million, up 69.1% on the year

Reddit, Inc. (RDDT) reported revenue of $663 million for Q1 FY2026, the quarter ended 31 March 2026, up 69.1% on the same quarter a year earlier. Net income was $204 million, up 679.8% on the year, and diluted earnings per share $1.01. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$663 million

+69.1% on the year · -8.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

27.6%

1.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$204 million

+679.8% on the year · -18.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.01

+676.9% on the year · -18.5% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Revenue grew 69% to $663 million: Total revenue was $663.4 million, up 69% year-over-year. Advertising revenue was $625 million, up 74%, and Other revenue was $39 million, up 15%.
Net income rose $178 million: Net income was $204 million, a 31% net margin. Diluted EPS was $1.01 against $0.13 a year earlier, and basic EPS was $1.07.
Ad growth driven by impressions and pricing: Management said advertising revenue growth came from higher impressions and pricing, with broad strength across the full ad funnel and top-15 industry verticals.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	663	726	392	-8.6%	+69.1%
Cost of revenue	56.3	58.7	37.1	-4.2%	+51.7%
Gross profit	607	667	355	-9.0%	+70.9%
Gross margin	91.5%	91.9%	90.5%
Research and development	207	199	191	+4.2%	+8.4%
Operating income	183	232	3.9	-21.1%	+4,586.4%
Operating margin	27.6%	31.9%	1.0%
Pre-tax income	206	255	24.4	-19.3%	+741.9%
Income tax	1.7	3.2	-1.7	-45.7%
Effective tax rate	0.8%	1.3%	-7.0%
Net income	204	252	26.2	-18.9%	+679.8%
Net margin	30.7%	34.7%	6.7%
Diluted EPS	$1.01	$1.24	$0.13	-18.5%	+676.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	312	267	128	+17.0%	+144.8%
Capital expenditure	1.1	3.2	1.0	-65.5%	+11.3%
Free cash flow	311	264	127	+18.0%	+145.8%
Free cash flow margin	46.9%	36.3%	32.3%
Cash from investing	125	-206	-27.5
Cash from financing	-16.3	-19.1	-26.5
Depreciation and amortisation	4.2	4.2	4.0	+1.4%	+6.2%
Share-based compensation	68.3	85.2	85.4	-19.8%	-20.0%
Buybacks	5.0	n/a	0.0
Diluted shares, weighted	203m	203m	201m	-0.2%	+0.6%
Shares outstanding at period end	193m	191m	185m	+0.8%	+4.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	3,180	2,929	2,217	+8.6%	+43.4%
Redeemable equity	n/a	0.0	n/a
Debt	0.0	0.0	0.0
Operating lease liabilities	14.1	16.2	20.2	-12.8%	-30.0%
Other liabilities	290	294	200	-1.2%	+45.4%
Total liabilities and equity	3,484	3,239	2,437	+7.6%	+43.0%
Fixed assets	11.9	12.7	11.6	-6.6%	+2.2%
Goodwill	42.2	42.2	42.2	0.0%	0.0%
Intangible assets	13.0	15.5	22.9	-16.0%	-43.2%
Investments	1,396	1,523	1,315	-8.3%	+6.1%
Cash and equivalents	1,374	954	636	+44.1%	+116.2%
Receivables	523	590	326	-11.4%	+60.3%
Other assets	124	102	83.0	+21.5%	+48.9%
Total assets	3,484	3,239	2,437	+7.6%	+43.0%

Questions

What was Reddit's revenue in Q1 FY2026?

Reddit (RDDT) reported revenue of $663 million for Q1 FY2026, the quarter ended 31 March 2026, up 69.1% on the same quarter a year earlier.

How much did Reddit earn in Q1 FY2026?

Net income for Q1 FY2026 was $204 million, up 679.8% on the year, and diluted earnings per share $1.01.

When did Reddit report Q1 FY2026 results?

Reddit filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	164	183	208	250	243	281	348	428	392	500	585	726	663	805	895
Cost of revenue	26.9	28.8	26.4	28.9	27.6	29.5	34.6	31.8	37.1	45.9	52.5	58.7	56.3	70.3	75.8
Gross profit	137	154	181	221	215	252	314	396	355	454	532	667	607	735	819
Gross margin	84%	84%	87%	88%	89%	90%	90%	93%	91%	91%	91%	92%	92%	91%	92%
R&D	109	110	108	112	437	143	167	189	191	197	196	199	207	231	264
Operating income	-70.6	-53.0	-19.6	3.0	-589	-31.0	6.9	52.9	3.9	67.7	139	232	183	232	262
Operating margin	-43%	-29%	-9%	1%	-243%	-11%	2%	12%	1%	14%	24%	32%	28%	29%	29%
Pre-tax income	-59.9	-39.7	-6.9	19.5	-575	-10.3	29.8	70.0	24.4	88.9	161	255	206	257	289
Tax rate	n/a	n/a	n/a	5%	n/a	n/a	-0%	-1%	-7%	-0%	-1%	1%	1%	2%	2%
Net income	-60.9	-41.1	-7.4	18.5	-575	-10.1	29.9	71.0	26.2	89.3	163	252	204	253	283
Net margin	-37%	-22%	-4%	7%	-237%	-4%	9%	17%	7%	18%	28%	35%	31%	31%	32%
Diluted EPS	-$1.05	-$0.70	-$0.13	$0.34	-$8.19	-$0.06	$0.16	$0.36	$0.13	$0.45	$0.80	$1.24	$1.01	$1.25	$1.40
Operating cash flow	4.1	-54.1	-7.7	-17.4	32.1	28.4	71.6	90.0	128	111	185	267	312	262	364
Capital expenditure	0.4	0.8	3.9	4.6	2.9	1.2	1.4	0.8	1.0	0.5	2.1	3.2	1.1	1.1	1.2
Free cash flow	3.7	-54.9	-11.6	-22.0	29.2	27.2	70.3	89.2	127	111	183	264	311	261	363
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	5.0	235	100
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	181m	185m	187m	189m	191m	193m	192m	193m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.