SecProbe.io

Filing text and metadata
Intelligence Terminal Search Probe Scores Topics Monthly Activity About

SEC Comment Letter for Reddit, (RDDT) — Mar 31, 2026

Reddit, Inc.
Date: March 31, 2026 · CIK: 0001713445 · Accession: 0000000000-26-003274

Financial Reporting Revenue Recognition Regulatory Compliance

AI Filing Summary & Sentiment

Sentiment
Urgency
Document Type
Confidence
SEC Posture
Company Posture

Summary

Reasoning

File numbers found in text: 001-41983

Date
March 31, 2026
Author
Division of
Form
UPLOAD
Company
Reddit, Inc.

Letter

Re: Reddit, Inc. Form 10-K for the Fiscal Year Ended December 31, 2025 Filed February 6, 2026 File No. 001-41983 Dear Andrew Vollero:

March 31, 2026

Andrew Vollero Chief Financial Officer Reddit, Inc. 303 2nd Street, South Tower, 5th Floor San Francisco, California 94107

We have reviewed your filing and have the following comments.

Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response.

After reviewing your response to this letter, we may have additional comments.

Form 10-K for the Fiscal Year Ended December 31, 2025 Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, page 59

1. We note your discussion of financial results and that you attribute the increase in revenues to an "increase in impressions delivered and to a lesser extent, an increase in pricing." Please revise to further describe material changes to a line item for the underlying reasons for such changes in both quantitative and qualitative terms, including the impact of offsetting factors. For example, because impressions delivered is identified as your primary growth driver, please quantify, discuss, and analyze the increase in impressions in greater detail. In this regard, we also note your most recent earnings call in which you state that revenue growth was driven by several factors, such as full-funnel ad strength, machine learning-powered efficiency, expanding advertiser adoption, diversified vertical/geographic momentum, as well as impression growth. Please reconcile these disclosures with your MD&A analysis and tell us your consideration for discussing and quantifying these earnings call factors in your filings. Please provide us with an example of the expanded disclosure. Refer to Item 303(b) and (c) of Regulation S-K. March 31, 2026 Page 2

15. Income Taxes, page 92

2. We note your disclosure "that there is a reasonable possibility that sufficient positive evidence may become available within the next 18 months to allow us to release a significant portion of the federal valuation allowance." We also note that in order to monitor the realizability of the deferred tax assets you will need to take into account multiple objective and subjective factors. Please tell us your consideration of providing more robust critical accounting policy disclosures regarding the various judgments and assumptions made in determining if the deferred tax assets will be realizable, including a discussion of the degree of uncertainty associated with key assumptions. Such discussion would desirably provide specifics, such as: The minimum amount of taxable income you will be required to generate to realize your deferred tax assets, including the jurisdictions and time periods in which such income will be required; If realization of your deferred tax assets is dependent on material improvements over present levels of consolidated pre-tax results, material changes in the present relationship between income reported for financial and tax purposes, or material asset sales or other non-routine transactions, describe and quantify, to the extent practicable, the assumed future events; and Clarify if your assessment of the realizability of your deferred tax assets is based on tax planning strategies and, if applicable, describe them. Please refer to the guidance in ASC 740-10-30-16 through 30-25 and Item 303(b)(3) of Regulation S-K.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Please contact Joseph Cascarano at 202-551-3376 or Robert Littlepage at 202-551-3361 if you have questions regarding comments on the financial statements and related matters.

Sincerely,
Division of
Corporation Finance
Office of
Technology

Show Raw Text
<DOCUMENT>
<TYPE>TEXT-EXTRACT
<SEQUENCE>2
<FILENAME>filename2.txt
<TEXT>
 March 31, 2026

Andrew Vollero
Chief Financial Officer
Reddit, Inc.
303 2nd Street, South Tower, 5th Floor
San Francisco, California 94107

 Re: Reddit, Inc.
 Form 10-K for the Fiscal Year Ended December 31, 2025
 Filed February 6, 2026
 File No. 001-41983
Dear Andrew Vollero:

 We have reviewed your filing and have the following comments.

 Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

 After reviewing your response to this letter, we may have additional
comments.

Form 10-K for the Fiscal Year Ended December 31, 2025
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations, page 59

1. We note your discussion of financial results and that you attribute the
increase in
 revenues to an "increase in impressions delivered and to a lesser
extent, an increase in
 pricing." Please revise to further describe material changes to a line
item for the
 underlying reasons for such changes in both quantitative and qualitative
terms, including
 the impact of offsetting factors. For example, because impressions
delivered is
 identified as your primary growth driver, please quantify, discuss, and
analyze the
 increase in impressions in greater detail. In this regard, we also note
your most recent
 earnings call in which you state that revenue growth was driven by
several factors, such
 as full-funnel ad strength, machine learning-powered efficiency,
expanding advertiser
 adoption, diversified vertical/geographic momentum, as well as
impression growth.
 Please reconcile these disclosures with your MD&A analysis and tell us
your
 consideration for discussing and quantifying these earnings call factors
in your filings.
 Please provide us with an example of the expanded disclosure. Refer to
Item 303(b) and
 (c) of Regulation S-K.
 March 31, 2026
Page 2

15. Income Taxes, page 92

2. We note your disclosure "that there is a reasonable possibility that
sufficient positive
 evidence may become available within the next 18 months to allow us to
release a
 significant portion of the federal valuation allowance." We also note
that in order to
 monitor the realizability of the deferred tax assets you will need to
take into account
 multiple objective and subjective factors. Please tell us your
consideration of providing
 more robust critical accounting policy disclosures regarding the various
judgments and
 assumptions made in determining if the deferred tax assets will be
realizable, including a
 discussion of the degree of uncertainty associated with key assumptions.
Such discussion
 would desirably provide specifics, such as:
 The minimum amount of taxable income you will be required to
generate to realize
 your deferred tax assets, including the jurisdictions and time
periods in which such
 income will be required;
 If realization of your deferred tax assets is dependent on material
improvements over
 present levels of consolidated pre-tax results, material changes in
the present
 relationship between income reported for financial and tax purposes,
or material
 asset sales or other non-routine transactions, describe and
quantify, to the extent
 practicable, the assumed future events; and
 Clarify if your assessment of the realizability of your deferred tax
assets is based on
 tax planning strategies and, if applicable, describe them. Please
refer to the guidance
 in ASC 740-10-30-16 through 30-25 and Item 303(b)(3) of Regulation
S-K.

 We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

 Please contact Joseph Cascarano at 202-551-3376 or Robert Littlepage at
202-551-3361
if you have questions regarding comments on the financial statements and
related matters.

 Sincerely,

 Division of
Corporation Finance
 Office of
Technology
</TEXT>
</DOCUMENT>