$Reddit(RDDT.US) Q2 was broadly solid.

As a key AI data source with a strong human signal, Reddit is benefiting from referral traffic tailwinds from Google and other gateways.

However, a soft spot in US user growth became more pronounced this quarter, with US DAU declining QoQ for the first time.

Below is Dolphin Research's FY26 Q2 earnings call Trans for $Reddit(RDDT.US). Section I: Core results recap.

1) Shareholder returns: Buybacks became a more meaningful capital tool this quarter, with approx. $235 mn repurchased (~1.5 mn shares) at an avg. price of ~$157. About $760 mn remains under the current authorization. The company's capital allocation priorities are to invest in the biz., pursue opportunistic M&A, and repurchase shares, in that order, while maintaining a high profitability profile...

Below is Dolphin Research's transcript summary of Reddit's 1Q26 earnings call; for our earnings analysis, see 'Reddit: Benefiting from faster monetization.'

$Reddit(RDDT.US) delivered a solid Q1. As a key AI data source with highly authentic, real-time discussions, Reddit is enjoying referral tailwinds from Google and other gateways.

Below is Dolphin Research's summary of Reddit's 2025 Q4 earnings call Trans; for our earnings review, cf. 'With Google at its back, Reddit keeps rallying'.

Core financial takeaways from the quarter. Ad biz performance was as follows:

Ad revenue was $690mn (+75% YoY); active advertisers rose >75% YoY; SMB revenue doubled YoY.

2026 Q1 guidance. Revenue of $595–605mn...

$Reddit(RDDT.US) reported Q4 results after the close on Feb 5 (ET). Headline results were solid, coming in slightly ahead of already-raised estimates.

The following are the minutes of the earnings call for $Reddit(RDDT.US) FY25Q3 organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Reddit: Another Surprising Surge, How to View the Expectation Gap Before and After the Earnings Report?" 1. Review of Core Financial Data Performance Overview User Scale: Daily Active Users (DAU) reached 116 million, and Weekly Active Users (WAU) reached 444 million, both increasing by approximately 20% year-over-year. Revenue Performance: Total revenue was $585 million, a year-over-year increase of 68%. Profitability: GAAP net income was $163 million, with a net profit margin of 28%...

Discussing the third-quarter report of $Reddit(RDDT.US), this time it is actually similar to the situation in the second quarter, also involving a process of expectation correction: 1. Before the earnings report, market tracking showed poor growth in North American user data (decline in duration, zero growth in users). Considering that North American users are the main source of monetization, the lack of user growth raises doubts about growth potential, and high valuations (generally hovering around 40x-50x EV/EBITDA) naturally cannot be sustained. 2. When the actual earnings report was released, although North American user growth was not as bad as third-party data tracking indicated (negative growth), it was still not promising...

The following are the minutes of the FY25Q2 earnings call for $Reddit(RDDT.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Hugging Google's Thighs, Reddit is Racing on the Commercialization Road." 1. Review of Core Financial Information 1. 3Q25 Guidance: Expected revenue of $535 million to $545 million (year-over-year +54% to +56%, midpoint 55%); Adjusted EBITDA of $185 million to $195 million (year-over-year +100% to +110% ...

$Reddit(RDDT.US) surged over 15% after releasing better-than-expected earnings. Is this truly a flawless report card? What are the specific flaws? Dolphin Research will discuss briefly; 1. The point of surge—monetization progress exceeded expectations + Google partnership upgrade. Reddit is still in the early stages of commercialization and has the support of the advertising giant Google, making it one of the few platforms in North America with high user growth. Therefore, under the comprehensive efforts of management in advertising tools, AI search intelligence, and building a large client sales team, second-quarter advertising revenue achieved an accelerated year-on-year growth of 84%...