Reddit, Inc. (RDDT) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

call over to Jesse Rose, Head of Investor Relations. You may begin your conference. Hi, everyone. Welcome to Reddit's third quarter 2025 earnings call. Joining me are Steve Huffman, Reddit's co-founder and CEO, Jen Wong, Reddit COO, and Drew Valero, Reddit CFO. I'd like to remind you that our remarks today will include forward-looking statements and actual results may vary. Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to update any forward-looking statements. During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders. Our third quarter letter to shareholders and earnings press release are available on our Investor Relations website and Investor Relations subreddit. And now I'll turn the call over to Steve. Thanks, Jesse. Hi, everyone. Thank you for joining our earnings call. Q3 was a strong quarter for Reddit, with differentiated results and solid execution across product, growth, and revenue. We ended the quarter with 116 million DAUQ and 444 million WAUQ, both growing around 20% year-over-year. We're especially encouraged by the mix of growth, with organic product-led improvements and successful marketing both playing a role. This balance is working, and we're focused on replicating it across markets. Revenue came in at $585 million, up 68% year over year, and our financial model is scaling very well. We continue to be gap profitable with a net income of $163 million and a net margin of 28%, an improvement of $133 million from last year. This quarter, we achieved a targeted adjusted...