Reddit, Inc.

Good afternoon, my name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to Reddit's fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw that question, again, press star one. Thank you. I would now like to turn the conference over to Jesse Rose, head of investor relations. Jesse, you may begin your conference.

Thanks, Krista. Hi, everyone. Welcome to Reddit's fourth quarter and full year 2025 earnings call. Joining me are Steve Huffman, Reddit's co-founder and CEO, Jen Wong, Reddit COO, and Drew Valero, Reddit CFO. I'd like to remind you that our remarks today will include forward-looking statements, and actual results may vary. Information concerning risks and other factors that could cause these results to vary is included in our SEC filings. These forward-looking statements represent our outlook only as of the date of this call, and we undertake no obligation to update any forward-looking statements. During this call, we will discuss both GAAP and non-GAAP financials. Reconciliation of GAAP to non-GAAP financials can be found in our letter to shareholders. Our fourth quarter letter to shareholders and earnings press release are available on our investor relations website and investor relations subreddit. And now I'll turn the call over to Steve.

Thanks, Jesse. Hi, everyone, and thanks for joining our Q4 earnings call. 2025 was a breakout year for Reddit. We surpassed bold targets, built real momentum across our business, improved our unique community model at scale. We crossed $2.2 billion in revenue, up 69% year over year, and delivered $530 million in net income. In Q4 alone, we welcomed over 121 million daily active users to our platform, up 19% year over year, and over 471 million weekly active users, up 24%. None of this would be possible without our team. Thank you to our employees for a phenomenal year. The momentum we're seeing across the business, especially in all three sections of our ad funnel, is the result of years of foundational work coming to life. I know we are all eager to build on the success. The numbers tell just a small part of an important story. Reddit is at the center of a once-in-a-generation shift, and it's not a coincidence. We're now operating in a fundamentally different internet, one shaped by opaque algorithms, generative content, and growing distrust. And yet, amid this shift, more people are turning to Reddit, not just to aimlessly scroll, but to connect, learn, and research. That's because Reddit is the most human place on the internet. In a world flooded with AI slop, people are seeking real community, lived experience, and trusted opinions. That's Reddit's differentiator. To put it simply, more people than ever are coming to Reddit because Reddit is for everyone. One of the main reasons Reddit is the go-to place for community is the candor of our conversations. This authenticity is rare, and it's what makes conversations on Reddit uniquely helpful and influential. But in the age of AI, You can't easily distinguish a real person's thoughts or recommendations from a bot. That trust erodes. That's why we're actively working on ways to preserve our authenticity and conversation quality. This begins the launch of verified profiles for brands and individuals in Q4, and we'll quickly move to bot verification and labeling next. We're making good progress here and are excited to share more updates in the coming weeks. Our consumer product work remains a top priority. particularly driving user growth, retention, and deeper engagement through more seamless experiences. Two areas of especially high priority, improving new user onboarding and integrating our search interfaces. Let's dig into how these are going. On the onboarding side, we deployed numerous experiments in Q4. We're actively iterating on these learnings and working fast to improve retention for new and casual users. That retention supports growth, engagement, monetization, and more effective marketing. Next, search. In Q4, we made significant progress in unifying our core search with Reddit Answers, our AI-powered search feature. Together, they drove more search volume and queries per user, with over 80 million people searching directly on Reddit every week in Q4, up from 60 million just a year ago. We released Reddit Answers in five new languages with more on the way and are piloting dynamic, agentic search results that include media beyond text. Reddit is already where people go to find things, Making our platform an end-to-end search destination is how we meet that demand. As the industry evolves, how we think about our product and users must evolve too. We've historically reported logged in versus logged out users, but as some of our work to streamline onboarding, instant personalization, for example, blurs the line between these states, the distinction between them makes less sense. As such, we plan to phase out reporting on logged in and logged out later this year. In 2026, we're focused on making Reddit faster, more relevant, and more accessible to everyone, everywhere. A big part of this effort is improving feed relevancy, using AI and machine learning to make Reddit feel more personalized and useful from the second you open the app. These are high impact investments that help shape how new users experience Reddit and how often they return. I'm encouraged by the team's focus and velocity, and I'm confident we'll feel the impact of the work this year. To rise to this occasion, we're leveling up our execution, and that starts with leadership. I'm thrilled to welcome Maria Angeladou-Smith as our new Chief Product Officer. She brings a solid track record in scaling product organizations and is already helping us move faster and focus on the highest impact areas for users and growth. I have full confidence that Maria will be a great partner to the business and significantly uplevel our pace and quality of results. We're seeing strong commercial momentum right now and are confident in where we're headed. We have a special business model that is generating a lot of cash, which is why we're excited to announce a $1 billion share repurchase program today. It's a testament to our growth and our commitment to delivering for our shareholders as we continue to invest in the business. Our work ahead is ambitious, and that's by design. We have the right team, the right roadmap, and the right moment. Now it's about execution. As always, thank you to our employees, communities, partners, and investors for being a part of this journey. With that, I'll pass it to Jen to share more about the business.