Reddit averaged 121.4 million daily active uniques in the fourth quarter of 2025, according to its Form 10-K filed with the SEC in February 2026, and earned $2.203 billion in revenue for the year. It is a platform built on content its users write, moderated by volunteers, and now licensed to AI companies. All of that sits on terms. Every figure below comes from the filing and was checked in November 2026.
If you run a site where people post, Reddit shows what the rules, the moderation and the content license can be worth.
How many people use Reddit?
An average of 121.4 million daily active uniques (DAUq) in Q4 2025. Reddit counts a DAUq as a user it can identify with a unique identifier who visited the site or opened the app at least once in a 24-hour period. Weekly active uniques (WAUq) averaged 471.6 million in the same quarter.
| Measure | Q4 2025 | Change on a year earlier |
|---|---|---|
| Daily active uniques | 121.4 million | 19% |
| Weekly active uniques | 471.6 million | 24% |
| Average revenue per unique | $5.98 | 42% |
Reddit says growth came mainly from its growth strategies, in particular machine translation and marketing. It also says it expects DAUq growth to slow as the absolute number rises. Reddit removes automated agents it identifies, such as crawlers and scrapers, from its counts going forward, and does not restate earlier periods if it judges the effect immaterial.
Figure 1: Year over year growth in daily active uniques, Q4 2025. Source: Reddit Form 10-K for fiscal 2025, key metrics.
From the quarter ended 30 September 2026, Reddit says it will stop reporting logged-in and logged-out DAUq separately. So the split you see in older filings will not continue.
Reddit counts logged-out visitors in its daily users, so its rules reach people who never signed up. The same is true of any public site.
How much does Reddit earn?
$2.203 billion in 2025, up 69%. Revenue was $804.0 million in 2023, $1,300.2 million in 2024 and $2,202.5 million in 2025. That is a 174% rise in two years (our calculation: 2,202.5 divided by 804.0).
Figure 2: Reddit annual revenue in millions of dollars, 2023 to 2025. Source: Reddit Form 10-K for fiscal 2025, consolidated statements of operations.
Revenue per unique is part of the story. Reddit reports average revenue per unique of $5.98 in Q4 2025, up 42% year over year. The company notes that it monetizes users in the United States and the rest of the world at different rates, so more growth abroad does not carry the same revenue per user.
United States customers generated $1,785.6 million of 2025 revenue and the rest of the world $417.0 million, by billing address. That is 81% and 19% (our calculation).
Revenue grew faster than users because each user is worth more. Advertisers are paying for engagement, and the rules around that content set what they will pay.
How much of Reddit’s revenue is advertising?
About 94%. Advertising revenue was $2,062.5 million in 2025, up from $1,185.5 million in 2024 and $788.8 million in 2023. Other revenue was $140.0 million in 2025, up from $114.7 million in 2024 and $15.2 million in 2023.
Figure 3: Reddit 2025 revenue by source in millions of dollars. Source: Reddit Form 10-K for fiscal 2025, revenue note.
Other revenue consists of revenue from content licensing and products sold directly to users, according to the 10-K. It grew 22% in 2025 (our calculation), against 69% for the total, so it did not drive the year. Other revenue rose from $15.2 million in 2023 to $114.7 million in 2024, and the filing describes it as content licensing and direct product sales.
Reddit is open about how thin that base is. The 10-K says licensing content for machine learning and AI training is a novel model without an established track record, that substantially all contract value associated with licensing revenue comes from two partners, and that those agreements may not be renewed or may be renewed on less favorable terms. It adds that licensing agreements carry terms and conditions, including API performance requirements, that Reddit may be unable to meet.
Licensing is small today, and the company says it rests on two contracts.
Who moderates Reddit?
Volunteers. Reddit’s 10-K says it backstops a bottoms-up moderation system with site-wide Reddit Rules, a set of overarching rules and policies that govern all content on Reddit, while each community has its own rules on top. The Reddit Rules set the content not allowed across all communities, and community rules decide content within each one.
Figure 4: Layers of rules on a user post, as the 10-K describes them. Source: Reddit Form 10-K for fiscal 2025, business and risk sections.
The filing is frank about the dependence. Larger communities need ever-increasing numbers of moderators willing to volunteer their time, and because moderators are volunteers, any of them can stop at any time. In 2025 Reddit introduced limits on the number of large communities a single user can moderate.
If your own site has user posts, write down who enforces what. Our guide to website terms of use for a blog with user comments covers a smaller version of this structure, and our DMCA takedown policy for user-generated content platforms covers the copyright side. A terms and conditions generator is a starting point for the core terms.
Two layers of rules plus unpaid moderators run a very large site. Yours needs at least the first layer in writing.
What does Reddit say about scraping and AI training?
It treats unauthorized scraping as a risk. The 10-K says third parties often try to access and collect Reddit data through scraping and other unauthorized mechanisms, for example to distribute the data for commercial purposes or to train AI models for commercial purposes. It says Reddit may be unsuccessful in enforcing its policies, and that such incidents could damage trust and make it harder to monetize its APIs.
The filing also says user growth in the quarter ended 31 December 2023 may have been driven in part by product improvements and possibly by usage moving from certain third-party applications after changes to Reddit’s API terms and policies, and that such growth may not be sustainable. It names the UK and Australian Online Safety Acts and the EU Digital Services Act among laws that will raise compliance costs, and says the DSA imposes significant moderation, notice, transparency, advertising and child safety obligations.
Figure 5: Dates drawn from Reddit’s Form 10-K for fiscal 2025.
The point for a smaller site is simple. If your content has value, your terms are the first thing that says who may copy it. Say whether scraping and automated collection are allowed, and say what happens when they are not. Our acceptable use policy guide gives you a place to write that down.
Content with value attracts collectors. Your terms are how you say no.
How profitable is Reddit?
Profitable in 2025. Net income was $529.7 million, against net losses of $484.3 million in 2024 and $90.8 million in 2023. Adjusted EBITDA was $845.1 million in 2025, up from $298.0 million, and Reddit’s income from operations was $442.0 million against a loss of $560.6 million.
| Measure | 2024 | 2025 |
|---|---|---|
| Revenue | $1,300.2 million | $2,202.5 million |
| Income (loss) from operations | $(560.6) million | $442.0 million |
| Net income (loss) | $(484.3) million | $529.7 million |
| Adjusted EBITDA | $298.0 million | $845.1 million |
Figure 6: Reddit 2025 cost lines in millions of dollars. Source: Reddit Form 10-K for fiscal 2025, consolidated statements of operations.
Research and development was $783.1 million in 2025, down from $935.2 million in 2024, and general and administrative expense fell from $451.4 million to $279.3 million. Stock-based compensation and related taxes included in Adjusted EBITDA reconciliation were $387.1 million in 2025 against $842.9 million in 2024.
The swing came from revenue growing while the biggest expense lines shrank.
The Bottom Line
Reddit averaged 121.4 million daily users in Q4 2025 and turned them into $2.203 billion of revenue, 94% of it advertising. Licensing is the new line, at $140.0 million of other revenue, and Reddit says nearly all of its contract value rests on two partners. Volunteers moderate the communities, and the company calls unauthorized scraping a real risk.
For your own site, three clauses matter: who owns and may reuse what users post, who enforces which rules, and whether bots and scrapers are allowed. Reddit’s filing shows each one can become a revenue line or a risk line. If your site takes user posts, set those terms down in plain words with a terms and conditions generator and take legal advice on the content license for your markets. This article is data, not legal advice.
Frequently Asked Questions
How many daily active users does Reddit have? An average of 121.4 million daily active uniques (DAUq) in the three months ended 31 December 2025, up 19% from a year earlier, according to Reddit’s Form 10-K. Weekly active uniques averaged 471.6 million.
How much revenue did Reddit make in 2025? $2.203 billion, up 69% from $1.300 billion in 2024. Advertising revenue was $2.062 billion, about 94% of the total, and other revenue, which includes content licensing, was $140.0 million.
Is Reddit profitable? In 2025 yes. Reddit reported net income of $529.7 million for 2025, against net losses of $484.3 million in 2024 and $90.8 million in 2023. Adjusted EBITDA was $845.1 million.
Who moderates Reddit communities? Volunteers. Reddit’s 10-K says moderators are volunteers who enforce each community’s rules under the site-wide Reddit Rules, and that any moderator can stop at any time. In 2025 Reddit limited how many large communities one user can moderate.
Sources and References
- Reddit, Inc.. (2026). Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed 6 February 2026. Source of all user, revenue, profit, licensing, moderation, scraping and regulatory figures and statements in this article.
- U.S. Securities and Exchange Commission. EDGAR filing index for Reddit, Inc., used to confirm the filing date and fiscal period.
- U.S. Securities and Exchange Commission. XBRL company concept data for Reddit net income, used to cross-check the $529.7 million, $(484.3) million and $(90.8) million figures.
Note: All figures verified as of November 2026 against Reddit’s fiscal 2025 Form 10-K. Two-year revenue growth, the advertising share, the regional revenue shares and other-revenue growth are our own calculations from the filing’s figures. DAUq and WAUq are Reddit’s own definitions.
