Analyst Consensus ?
ConsensusBuy29 ratings
Bullish1965.5%
Neutral1034.5%
Bearish00.0%
Reddit, Inc. · RDDT · FY2026 Q3 · Calendar Q4 2026
Reddit posts strong Q3 growth, but search traffic raises user-growth risk
Reddit's Q3 results support the case that resilient advertising demand and product expansion can sustain growth, but the investment case now depends more heavily on converting logged-in and app users as search referrals weaken.
Reported After market closeNYSECommunication Services
$24.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.40
Consensus $1.33
EPS surprise
+5.3%
Reported versus consensus
Reported revenue
$895.0M
Consensus $874.9M
Revenue surprise
+2.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-29.2%
Event window
SPY move
-1.8%
Same window
Abnormal move
-27.4%
Stock minus SPY
Volume
6.8×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
RDDTSPY benchmark
Ask FN2 about RDDT FY2026 Q3
Transcript, numbers and history already loaded
Why did RDDT fall 29.2% after beating EPS estimates in FY2026 Q3?What changed in RDDT's guidance and outlook in FY2026 Q3?Give me the bull and bear case for RDDT after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The key change is strategic: declining Google search referral traffic is prompting a logged-in-only test in select markets and greater emphasis on app-install marketing, while the advertising stack continues to expand.
Guidance delta
Management maintained a confident outlook and provided Q4 revenue guidance of $1.0-$1.03 billion, with adjusted EBITDA guidance of $480-$510 million.
Key takeaways
- Revenue grew 53% year over year to $895 million, while advertising revenue rose 54%.
- Margins and free cash flow strengthened, with adjusted EBITDA margin near 49% at the midpoint and free cash flow margin at 41%.
- Reddit is testing a logged-in-only experience in select markets as Google search referrals decline.
- Reddit Max, video, shopping, and B2B advertising products were highlighted as growth drivers.
Management priorities
- Evaluate the logged-in-only experience in select non-U.S. markets.
- Scale Reddit Max, including asset groups and third-party API integrations.
- Expand video and shopping advertising products and capacity.
- Improve AI-powered moderation tools and moderator workflows.
- Increase international user-marketing activity.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$91.73Current
$54Low
$199.23Average
$325High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Oct 9, 2026 |
| DA Davidson | Buy | Buy | Maintain | Sep 18, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 31, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 31, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 31, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Jul 31, 2026 |
| Loop Capital | Buy | Buy | Maintain | Jun 4, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 1, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | May 1, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 14, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 2, 2026 |
| Jefferies | Buy | Buy | Maintain | Mar 10, 2026 |
| Guggenheim | Buy | Buy | Maintain | Feb 6, 2026 |
| Roth Capital | Neutral | Neutral | Maintain | Jan 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Nov 3, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Oct 31, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Oct 20, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 3, 2025 |
| Baird | Neutral | Neutral | Maintain | Sep 25, 2025 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 22, 2025 |
| Seaport Global | Buy | Neutral | Upgrade | May 5, 2025 |
| Roth MKM | Neutral | Neutral | Maintain | May 2, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 28, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | May 17, 2024 |
Named analyst price targets
Upside is calculated against the persisted current price $91.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BNP Paribas | Nick Jones | $180 | $150.9 | +96.2% | Sep 18, 2026 |
| D.A. Davidson | Wyatt Swanson | $185 | $152.89 | +101.7% | Sep 18, 2026 |
| Morgan Stanley | Brian Nowak | $210 | $153.57 | +128.9% | Aug 21, 2026 |
| Raymond James | Josh Beck | $205 | $177.97 | +123.5% | Aug 17, 2026 |
| Roth Capital | Rohit Kulkarni | $145 | $140.67 | +58.1% | Aug 3, 2026 |
| Deutsche Bank | Analyst unavailable | $200 | $140.47 | +118.0% | Jul 31, 2026 |
| Wedbush | Analyst unavailable | $221 | $141.07 | +140.9% | Jul 31, 2026 |
| Oppenheimer | Analyst unavailable | $200 | $136.81 | +118.0% | Jul 31, 2026 |
| Robert W. Baird | Colin Sebastian | $185 | $140.73 | +101.7% | Jul 31, 2026 |
| Piper Sandler | Analyst unavailable | $195 | $178.07 | +112.6% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $142 | $178.07 | +54.8% | Jul 31, 2026 |
| Evercore ISI | Mark Mahaney | $265 | $178.07 | +188.9% | Jul 31, 2026 |
| Telsey Advisory | Analyst unavailable | $240 | $178.07 | +161.6% | Jul 31, 2026 |
| Bernstein | Mark Shmulik | $180 | $178.07 | +96.2% | Jul 31, 2026 |
| KeyBanc | Analyst unavailable | $225 | $178.38 | +145.3% | Jul 29, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $200 | $183.34 | +118.0% | Jul 20, 2026 |
| Jefferies | Analyst unavailable | $250 | $197.13 | +172.5% | Jul 10, 2026 |
| Piper Sandler | Thomas Champion | $215 | $197.38 | +134.4% | Jul 9, 2026 |
| Wells Fargo | Alec Brondolo | $187 | $200.66 | +103.9% | Jul 7, 2026 |
| B.Riley Financial | Naved Khan | $250 | $170.72 | +172.5% | Jun 23, 2026 |
| Goldman Sachs | Eric Sheridan | $200 | $162.18 | +118.0% | May 1, 2026 |
| Truist Financial | Youssef Squali | $265 | $162.59 | +188.9% | May 1, 2026 |
| Raymond James | Analyst unavailable | $180 | $161.12 | +96.2% | May 1, 2026 |
| Oppenheimer | Jason Helfstein | $225 | $158.27 | +145.3% | May 1, 2026 |
| Raymond James | Josh Beck | $225 | $147.4 | +145.3% | May 1, 2026 |
| Wells Fargo | Analyst unavailable | $176 | $147.4 | +91.9% | May 1, 2026 |
| Redburn Partners | Analyst unavailable | $110 | $154.84 | +19.9% | Apr 27, 2026 |
| D.A. Davidson | Analyst unavailable | $200 | $166.3 | +118.0% | Apr 21, 2026 |
| Wells Fargo | Analyst unavailable | $196 | $139.9 | +113.7% | Feb 9, 2026 |
| Robert W. Baird | Analyst unavailable | $200 | $148.36 | +118.0% | Feb 6, 2026 |
| Truist Financial | Youssef Squali | $275 | $151.36 | +199.8% | Feb 6, 2026 |
| Goldman Sachs | Analyst unavailable | $206 | $147.39 | +124.6% | Feb 6, 2026 |
| Evercore ISI | Mark Mahaney | $290 | $147.9 | +216.1% | Feb 6, 2026 |
| Oppenheimer | Jason Helfstein | $250 | $151.08 | +172.5% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $170 | $151.08 | +85.3% | Feb 6, 2026 |
| Guggenheim | Analyst unavailable | $255 | $162 | +178.0% | Feb 6, 2026 |
| Piper Sandler | Thomas Champion | $205 | $151.08 | +123.5% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $151.08 | +161.6% | Feb 6, 2026 |
| Roth Capital | Rohit Kulkarni | $215 | $190.05 | +134.4% | Jan 30, 2026 |
| Deutsche Bank | Benjamin Black | $285 | $231.01 | +210.7% | Jan 20, 2026 |
| UBS | Analyst unavailable | $265 | $253.46 | +188.9% | Jan 13, 2026 |
| Evercore ISI | Analyst unavailable | $320 | $244.02 | +248.8% | Jan 12, 2026 |
| Wells Fargo | Ken Gawrelski | $207 | $244.56 | +125.7% | Jan 12, 2026 |
| Argus Research | Analyst unavailable | $300 | $250.84 | +227.0% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $240 | $255.37 | +161.6% | Jan 8, 2026 |
| Jefferies | John Colantuoni | $325 | $229.9 | +254.3% | Dec 11, 2025 |
| Seaport Global | Analyst unavailable | $280 | $221.15 | +205.2% | Oct 31, 2025 |
| Roth Capital | Rohit Kulkarni | $210 | $194.42 | +128.9% | Oct 31, 2025 |
| Bernstein | Analyst unavailable | $210 | $194.42 | +128.9% | Oct 31, 2025 |
| Truist Financial | Youssef Squali | $270 | $219.86 | +194.3% | Oct 31, 2025 |
| Morgan Stanley | Brian Nowak | $250 | $194.42 | +172.5% | Oct 31, 2025 |
| Roth Capital | Analyst unavailable | $185 | $200.98 | +101.7% | Oct 23, 2025 |
| Bernstein | Mark Shmulik | $190 | $197.05 | +107.1% | Oct 23, 2025 |
| Raymond James | Josh Beck | $250 | $194.95 | +172.5% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $260 | $196.35 | +183.4% | Oct 15, 2025 |
| Goldman Sachs | Analyst unavailable | $236 | $196.35 | +157.3% | Oct 14, 2025 |
| Wells Fargo | Analyst unavailable | $174 | $203.63 | +89.7% | Oct 7, 2025 |
| Robert W. Baird | Colin Sebastian | $240 | $235.69 | +161.6% | Sep 25, 2025 |
| Piper Sandler | Analyst unavailable | $290 | $278.44 | +216.1% | Sep 18, 2025 |
| JMP Securities | Andrew Boone | $300 | $270.71 | +227.0% | Sep 18, 2025 |
| Jefferies | Analyst unavailable | $300 | $259.03 | +227.0% | Sep 10, 2025 |
| Goldman Sachs | Eric Sheridan | $212 | $160.59 | +131.1% | Aug 1, 2025 |
| Wells Fargo | Analyst unavailable | $118 | $152.23 | +28.6% | Jul 1, 2025 |
| RBC Capital | Brad Erickson | $125 | $141.68 | +36.3% | Jun 25, 2025 |
| Wells Fargo | Ken Gawrelski | $115 | $107.99 | +25.4% | May 19, 2025 |
| Robert W. Baird | Colin Sebastian | $140 | $116.33 | +52.6% | May 5, 2025 |
| Seaport Global | Aaron Kessler | $165 | $116.33 | +79.9% | May 5, 2025 |
| Needham | Laura Martin | $145 | $113.83 | +58.1% | May 2, 2025 |
| JMP Securities | Andrew Boone | $155 | $111.98 | +69.0% | Mar 28, 2025 |
| Redburn Partners | Analyst unavailable | $75 | $125.56 | -18.2% | Mar 17, 2025 |
| Loop Capital Markets | Analyst unavailable | $210 | $122.73 | +128.9% | Mar 11, 2025 |
| Needham | Laura Martin | $220 | $199.6 | +139.8% | Feb 13, 2025 |
| Piper Sandler | Thomas Champion | $197 | $172.32 | +114.8% | Jan 14, 2025 |
| Needham | Laura Martin | $190 | $165.92 | +107.1% | Dec 11, 2024 |
| Morgan Stanley | Brian Nowak | $200 | $162.76 | +118.0% | Dec 9, 2024 |
| Loop Capital Markets | Alan Gould | $180 | $137.5 | +96.2% | Dec 2, 2024 |
| Needham | Laura Martin | $120 | $113.76 | +30.8% | Oct 30, 2024 |
| Roth Capital | Rohit Kulkarni | $116 | $109.65 | +26.5% | Oct 30, 2024 |
| B.Riley Financial | Naved Khan | $112 | $110.13 | +22.1% | Oct 30, 2024 |
| Loop Capital Markets | Alan Gould | $120 | $109.81 | +30.8% | Oct 30, 2024 |
| Piper Sandler | Thomas Champion | $115 | $105.12 | +25.4% | Oct 30, 2024 |
| Goldman Sachs | Eric Sheridan | $105 | $81.74 | +14.5% | Oct 30, 2024 |
| Bank of America Securities | Justin Post | $99 | $81.74 | +7.9% | Oct 30, 2024 |
| B.Riley Financial | Naved Khan | $87 | $79.38 | -5.2% | Oct 21, 2024 |
| Deutsche Bank | Ben Black | $85 | $80.9 | -7.3% | Oct 21, 2024 |
| J.P. Morgan | Doug Anmuth | $77 | $71.29 | -16.1% | Oct 7, 2024 |
| B.Riley Financial | Naved Khan | $75 | $64.56 | -18.2% | Sep 20, 2024 |
| Goldman Sachs | Eric Sheridan | $60 | $59.87 | -34.6% | Sep 11, 2024 |
| JMP Securities | Andrew Boone | $84 | $50.31 | -8.4% | Aug 7, 2024 |
| Loop Capital Markets | Alan Gould | $80 | $54.36 | -12.8% | Aug 7, 2024 |
| Piper Sandler | Thomas Champion | $70 | $54.36 | -23.7% | Aug 7, 2024 |
| Cannonball Research | Vasily Karasyov | $67 | $54.75 | -27.0% | Aug 6, 2024 |
| LightShed Partners | Richard Greenfield | $84 | $56.7 | -8.4% | Aug 5, 2024 |
| Raymond James | Josh Beck | $70 | $60.48 | -23.7% | Jul 31, 2024 |
| Roth Capital | Rohit Kulkarni | $67 | $62.06 | -27.0% | Jul 26, 2024 |
| Bernstein | Mark Shmulik | $50 | $64.7 | -45.5% | Jul 22, 2024 |
| Loop Capital Markets | Alan Gould | $75 | $73.51 | -18.2% | Jul 3, 2024 |
| Needham | Laura Martin | $75 | $60.21 | -18.2% | Jun 18, 2024 |
| JMP Securities | Andrew Boone | $63 | $56.38 | -31.3% | May 17, 2024 |
| Deutsche Bank | Ben Black | $65 | $56.38 | -29.1% | May 17, 2024 |
| Goldman Sachs | Eric Sheridan | $55 | $51.4 | -40.0% | May 8, 2024 |
| Loop Capital Markets | Alan Gould | $55 | $42.27 | -40.0% | Apr 15, 2024 |
| Raymond James | Josh Beck | $50 | $42.27 | -45.5% | Apr 15, 2024 |
| Needham | Laura Martin | $55 | $42.27 | -40.0% | Apr 15, 2024 |
| Deutsche Bank | Ben Black | $50 | $42.27 | -45.5% | Apr 15, 2024 |
| Roth Capital | Rohit Kulkarni | $50 | $42.27 | -45.5% | Apr 15, 2024 |
| Piper Sandler | Thomas Champion | $50 | $42.27 | -45.5% | Apr 15, 2024 |
| Morgan Stanley | Brian Nowak | $45 | $42.27 | -50.9% | Apr 15, 2024 |
| JMP Securities | Andrew Boone | $53 | $42.27 | -42.2% | Apr 15, 2024 |
| Goldman Sachs | Eric Sheridan | $40 | $42.27 | -56.4% | Apr 15, 2024 |
| Bernstein | Mark Shmulik | $40 | $46.99 | -56.4% | Apr 4, 2024 |
| Robert W. Baird | Colin Sebastian | $50 | $46.99 | -45.5% | Apr 3, 2024 |
| New Street | Dan Salomon | $54 | $70.45 | -41.1% | Mar 26, 2024 |
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Start freeCompany context
Snapshot as of publicationReddit, Inc. oversees an internet-based service dedicated to fostering diverse online communities. This platform categorizes groups by shared passions, enabling its users to participate in dialogues through recounting experiences, sharing external web addresses, uploading visual and video content, and engaging in direct replies. Founded in 2005, the corporation maintains its central operations in San Francisco, California. Reddit, Inc. also functions as a controlled subsidiary of Advance Publications, Inc.
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Sources
- Earnings call transcript and parsed analysis · 2026-10-30T14:12:40.756741+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T23:20:40.148938+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T23:20:40.146228+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-30. For educational purposes only; not investment advice.