32 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.
Customers
Advertising customers (top ten advertisers)
earns from · approximately 21% and 25% of our revenuenamed as a riskIn addition, a substantial portion of our revenue is derived from a small number of advertisers, with our top ten largest advertisers accounting for approximately 21% and 25% of our revenue for the years ended December 31, 2025 and 2024, respectively.Risk factors (Item 1A)
Content licensing partners (two partners)
earns from · substantially all of the contract valuenamed as a riskAlthough we have negotiated content licensing agreements with a number of partners that are medium-term in length, to date, substantially all of the contract value associated with our licensing revenue is derived from two of our partners, and these arrangements may not be renewed, or they may be renewed based on less favorable terms, such as using fewer services at lower pricing.Risk factors (Item 1A)
Suppliers
Amazon Web Services
depends onnamed as a riskFor example, a widespread Amazon Web Services outage on October 20, 2025, caused significant interruptions that rendered our platform temporarily inaccessible to users.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Partners and platforms
Google Search
depends onnamed as a riskWe rely, in part, on internet search engines, such as Google, to generate traffic to our website, primarily through free or organic searches.Risk factors (Item 1A)
Integral Ad Science (IAS)
depends onOur 3P proactive controls are built in partnership with IAS.Business (Item 1)
Other companies
Digital advertising
earns from · approximately 94% and 91% of our revenuenamed as a riskFor the years ended December 31, 2025 and 2024, approximately 94% and 91% of our revenue was generated from third parties advertising on our platform, respectively.Risk factors (Item 1A)
Also named by NYT
Advance Magazine Publishers Inc.
named as a riskAccordingly, for so long as the Governance Agreement remains effective in accordance with its terms, Advance will have significant influence with respect to our management, business plans, and policies.Risk factors (Item 1A)
r/wallstreetbets
named as a riskGiven the broad awareness and brand recognition of Reddit, including as a result of the popularity of r/ wallstreetbets among retail investors, and the direct access by retail investors to broadly available trading platforms, the market price and trading volume of our Class A common stock could experience extreme volatility for reasons unrelated to our underlying business or macroeconomic or industry fundamentals, which could cause you to lose all or part of your investment.Risk factors (Item 1A)
Competitors
Places
International users (outside United States)
earns from · approximately 57% of Redditorsnamed as a riskDuring the three months ended December 31, 2025, approximately 57% of Redditors visited the platform from outside of the United States.Business (Item 1)
China
named as a riskrestrictions placed on, or the relevance of, ads outside of the United States, such as China, where Reddit is not directly accessible;Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Brazil
subject tonamed as a riskMoreover, a recent ruling by Brazil’s Supreme Federal Court partially invalidated the country's pre-existing intermediary liability framework and introduced a new notice and takedown regime for a broad range of unlawful content and illegal ads, increasing legal and compliance risks in Brazil.Risk factors (Item 1A)
Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more
Hazards
Commodities and inputs
Graphics processing units (GPUs)
depends onnamed as a riskThese development efforts may require significant investments in talent and infrastructure, including access to specialized resources such as graphical processing units.Risk factors (Item 1A)
Ether and Matic cryptocurrencies
exposed to its pricenamed as a riskTo support our business initiatives relying on blockchain technology and NFT standards, including Reddit Collectible Avatars, we have acquired and used, and may continue to acquire and use, certain cryptocurrencies, including Ether and Matic.Risk factors (Item 1A)
Regulators
Federal Trade Commission (FTC)
subject tonamed as a riskFor example, in February 2025, the Federal Trade Commission (“FTC”) held a public comment period on how technology platforms deny or degrade users’ access to services based on the content of users’ speech or their affiliations and Reddit was among the companies mentioned in the public comments that the FTC requested.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
UK Information Commissioner's Office
subject tonamed as a riskFor example, the UK ICO is conducting an investigation regarding Reddit’s use of age assurance measures and compliance with the UK GDPR.Risk factors (Item 1A)
Autoriteit Persoonsgegevens (Dutch Data Protection Authority)
subject tonamed as a riskFor example, the Dutch data protection authority, the Autoriteit Persoonsgegevens, has inquired about our content licensing efforts.Risk factors (Item 1A)
Dutch Media Authority
subject tonamed as a riskThe Dutch Media Authority has registered Reddit as a video-sharing platform service under the Dutch Media Act, which transposes the EU Audiovisual Media Service Directive into Dutch law.Risk factors (Item 1A)
Laws and programs
EU General Data Protection Regulation (GDPR)
subject to · up to the greater of 4% of total global annual turnover or €20 millionnamed as a riskIn particular, fines for certain breaches are significant, up to the greater of 4% of total global annual turnover or €20 million in the EU (£17.5 million under the UK GDPR).Risk factors (Item 1A)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
Revolving Credit Facility
$500.0 millionnamed as a riskIn July 2025, we renewed and amended this revolving credit facility for $500.0 million accessible through July 1, 2030 (the “Revolving Credit Facility”).Risk factors (Item 1A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskIn the United States, laws, rules, and regulations governing data privacy and security include those enacted on a federal level, such as the Federal Trade Commission Act, and those enacted by certain states, such as the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act (the “CCPA”).Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
EU AI Act
subject tonamed as a riskThis regulatory framework is expected to have a material impact on the way AI is regulated in the EU, and together with developing guidance and decisions in this area, may affect our use of AI and our ability to provide and to improve our services, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us, and could adversely affect our business, results of operations, financial condition, and prospects.Risk factors (Item 1A)
Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more
EU Digital Services Act
subject tonamed as a riskThe DSA imposes significant content moderation, notice, transparency, advertising, and child safety obligations, in addition to advertising restrictions and other requirements to protect consumers and their rights online, especially if a platform is determined to be a Very Large Online Platform.Risk factors (Item 1A)
Also named by ABNB, ADBE, BKNG, CSGP, DASH, EBAY, ETSY, GDDY and 8 more
Section 230 of the Communications Decency Act
subject tonamed as a riskIn the United States, there have been and will continue to be various U.S. Executive Branch, Congressional, and state-level efforts to regulate the content made available on platforms such as ours, and to restrict the scope of the protections available to online platforms under Section 230 of the Communications Decency Act.Risk factors (Item 1A)
Also named by APP, DOCN, EBAY, GOOG, META, PPLI, RBLX, TWLO and 1 more
UK Online Safety Act
subject tonamed as a riskThe expansion and complexity of laws and regulations like the Online Safety Acts in the United Kingdom (the “UK”) and Australia, the EU ePrivacy Directive, the EU Digital Services Act (the “DSA”), and others across the globe will increase our compliance costs and require changes to our processes and operations.Risk factors (Item 1A)
Australia Social Media Minimum Age law
subject tonamed as a riskFurther, there are regulations aimed at limiting minors’ access to online content, including adult content, or otherwise governing their treatment by online platforms, such as the Online Safety Acts in the UK and Australia, the Social Media Minimum Age law in Australia, and the Digital Majority Act in France.Risk factors (Item 1A)
EU-US Data Privacy Framework
subject tonamed as a riskWe may suffer additional costs, complaints or regulatory investigations, inquiries, or fines, and we may be unable to operate material portions of our business in the EU or the UK, and/or stop using certain tools and vendors and make other operational changes, which would harm our business, results of operations, financial condition, and prospects if this data transfer mechanism or others are invalidated.Risk factors (Item 1A)
18 U.S.C. Section 2257
subject tonamed as a riskU.S. government officials could amend or construe and seek to enforce more broadly or aggressively the adult content recordkeeping and labeling requirements set forth in 18 U.S.C. Section 2257 and its implementing regulations in a manner that is unfavorable to our business.Risk factors (Item 1A)
Technology
Apple App Tracking Transparency
subject tonamed as a riskThey also include Apple’s App Tracking Transparency framework which imposes additional user permissions for certain types of user tracking.Risk factors (Item 1A)
Apple Intelligent Tracking Prevention (Safari)
subject tonamed as a riskSuch changes include limiting the use of first-party and third-party cookies, such as Apple’s launch of its Intelligent Tracking Prevention (“ITP”) feature in its Safari browser.Risk factors (Item 1A)
Also named by PINS