Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Reddit grew mostly by charging advertisers more
Ad prices rose more than twice as fast as ad volume, so higher prices, more than new users, carried revenue growth.
For investorsWhat has to stay true for price-led growth to continue?
For foundersBuilding a business on content you do not pay for
US daily users fell 2%, yet revenue per US user rose by about half, so the richest market grew without more people.
Engineering and overhead grew slower than revenue, lifting operating margin to 29.2% from 23.7% a year earlier.
Reddit pays for hosting and people, not for content, so sales carry a thin direct cost and almost no capital spending.
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Business Lens describes Reddit from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
