| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | 2026-07-30 | 4/12 | 2 high, 4 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q1'26 | April 30, 2026 | 9/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 5, 2026 | 9/12 | 1 high, 5 medium, 3 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Launch shopping listing ads Launched in alpha test with multi-advertiser carousel |
| Q2'26 | Delivered | Continue 1-3% annual dilution target Expects 'lower end of 1-3% range' for full year |
| Q2'26 | Delivered | Lower stock-based comp from high teens to low-to-mid teens % of revenue At 13% of revenue in Q2, ahead of target |
| Q2'26 | Pending | Expand Reddit Max beyond beta Still in 'private beta' with no GA timeline provided |
| Q2'26 | Missed | Convert weekly users to daily through product improvements WAUs growing faster than DAUs, conversion getting worse not better |
| Q2'26 | Missed | Reach 100 million US DAUs US DAUs actually declined sequentially to ~50M, moving away from target |
| Q1'26 | Delivered | Continue investing in core business as first capital priority Added 32 people in Q1, maintained selective hiring in revenue functions |
| Q1'26 | Delivered | Phase out logged in/logged out reporting later in 2026 Confirmed stopping disclosure in Q3 2026 as planned |
| Q1'26 | Pending | Making Reddit faster across the board remains meaningful opportunity Still citing performance improvements as major opportunity |
| Q1'26 | Delivered | Reddit Answers expansion to more languages Released in 5 new languages as promised |
| Q1'26 | Delivered | Bot verification and labeling deployment in Q4 Shipped verified profiles in Q4, expanding bot verification |
| Q1'26 | Delivered | Reddit Max public beta launch in Q1 2026 Launched in early Q1 as promised, showing 17% CPA reduction |
| Q4'25 | Pending | Onboarding experience improvements Deployed 'numerous experiments in Q4' but still iterating, no clear completion timeline |
| Q4'25 | Delivered | Reddit Pro tools for publishers Launched verified profiles, sync feeds, article tracking, AI-powered community finding |
| Q4'25 | Delivered | Dynamic Product Ads general availability and scaling DPA drove strong Black Friday/Cyber Monday performance, 75% ROAS improvement |
| Q4'25 | Exceeded | 40% adjusted EBITDA margin target Hit 45% in Q4, raised guidance for this metric substantially |
| Q4'25 | Delivered | International expansion in focus countries Machine translation in 30 languages, local content framework applied in Australia, Brazil, Germany, France |
| Q4'25 | Delivered | Reddit Answers integration into core search They unified the search bars and now handle ~20% of search volume in Answers format |
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