RDDT — what changed in the latest 10-Q
A section-by-section comparison of RDDT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-07-31
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +23 | −19 | ~23 | 37 |
| Market risk (Item 3) | Text added/removed | +3 | −2 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +91 | −70 | ~64 | 187 |
| Other information | Text added/removed | 0 | −2 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
In addition, we monitor logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measure log…
In our Annual Report on Form 10-K for the year ended December 31, 2025, we disclosed that we would no longer report logged-in and logged-out DAUq as of the quarter ended September 30, 2026. However, the evolution of third-party search, including the increasing use of artificial intelligence to gener…
In the three months ended September 30, 2026, global DAUq grew 12% compared to the prior year period, driven by 24% growth in DAUq in the rest of world, partially offset by a 2% decline in DAUq in the United States. Global DAUq remained flat compared to the prior quarter period, as a result of 3% gr…
In the three months ended September 30, 2026, global WAUq grew 16% compared to the prior year period, driven by 28% growth in WAUq in the rest of world. For the three months ended September 30, 2026, the proportion of DAUq to WAUq was 25%.
We monetize our business primarily through advertising on our mobile applications and website. In the nine months ended September 30, 2026, we recorded revenue of $2.4 billion, as compared to revenue of $1.5 billion for the nine months ended September 30, 2025, representing an increase of 60% compar…
Text removed vs the prior filing · source: 10-Q · 2026-07-31
During the three months ended December 31, 2023, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our DAUq count prospectively and do not recalculate DAUq…
Historically we monitored logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measured …
In the three months ended June 30, 2026, global DAUq grew 18% compared to the prior year period, driven by 6% growth in DAUq in the United States and 28% growth in DAUq in the rest of world. Global DAUq grew 3% compared to the prior quarter period, driven by 5% growth in DAUq in the rest of world, w…
During the three months ended December 31, 2023, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our WAUq count prospectively and do not recalculate WAUq…
In the three months ended June 30, 2026, global WAUq grew 24% compared to the prior year period, driven by 9% growth in WAUq in the United States and 35% growth in WAUq in the rest of world. For the three months ended June 30, 2026, the proportion of DAUq to WAUq was 25%.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-30
We had cash and cash equivalents of $1.4 billion and $1.0 billion as of September 30, 2026 and December 31, 2025, respectively. We had marketable securities of $1.7 billion and $1.5 billion as of September 30, 2026 and December 31, 2025, respectively. Our cash and cash equivalents consist of cash in…
U.S. government securities, investment-grade corporate and government agency securities, time deposits, and commercial paper. Our investment policy and strategy are focused on the preservation of capital and supporting our liquidity requirements. We do not enter into investments for trading or specu…
For the three and nine months ended September 30, 2026 and 2025, the majority of our revenue and operating expenses were denominated in U.S. dollars. We therefore have not had material foreign currency risk associated with sales and cost-based activities. For the three and nine months ended Septembe…
Text removed vs the prior filing · source: 10-Q · 2026-07-31
We had cash and cash equivalents of $1.5 billion and $1.0 billion as of June 30, 2026 and December 31, 2025, respectively. We had marketable securities of $1.3 billion and $1.5 billion as of June 30, 2026 and December 31, 2025, respectively. Our cash and cash equivalents consist of cash in bank acco…
For the three and six months ended June 30, 2026 and 2025, the majority of our revenue and operating expenses were denominated in U.S. dollars. We therefore have not had material foreign currency risk associated with sales and cost-based activities. For the three and six months ended June 30, 2026 a…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-30
•We face intense competition from companies with greater resources and larger user bases, including large language models (“LLMs”), other artificial intelligence (“AI”) companies, and other AI features that retrieve and synthesize information.
•Declines in traffic to Reddit from internet search engines during the current quarter could continue or worsen and have a continuing negative impact on traffic to Reddit's website and application, and ultimately on our business, results of operations, financial condition, and prospects.
•The development of AI agents allowing users to access Reddit content without accessing our platform directly could harm our business.
•Unauthorized and uncompensated scraping, copying, and use of Reddit content and data could undermine our content licensing business, enable competing products, and impair our ability to protect users’ privacy and deletion choices.
•Our upcoming experiments with requiring users to log in to an account to access parts or all of Reddit's platforms, services, or content, and subsequent implementation of such logged-in requirements, could have adverse impacts on our business.
Text removed vs the prior filing · source: 10-Q · 2026-07-31
•If Redditors do not continue to contribute content or their contributions are not valuable or appealing to other Redditors, we may experience a decline in the number of Redditors accessing our products and services and in user engagement, which could result in the loss of advertisers and may harm o…
•Changes in internet search engine algorithms, user interfaces, and AI-generated search or answer features could have a negative impact on traffic for our website and, ultimately, our business, results of operations, financial condition, and prospects.
•We have a history of net losses and we may not be able to maintain profitability in the future.
•Our results of operations may fluctuate from quarter to quarter, which makes them difficult to predict.
•We have limited operating history at our current scale, and there is no assurance we will be able to continue scaling our business for future growth.
Other information
Text removed vs the prior filing · source: 10-Q · 2026-07-31
On May 12, 2026, our Chief Operating Officer, Jennifer Wong, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 780,000 shares of our Class A common stock. The trading plan will terminate at the earlier of the exec…
On May 20, 2026, our Chief Executive Officer and Director, Steven Huffman, through a trust for which he is a trustee, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 600,000 shares of our Class A common stock. T…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice