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Operating Expense Breakdown
Details spending across R&D, product, sales & marketing, and admin to show how efficiently Reddit deploys capital; rising costs without revenue lift signal margin pressure, while targeted investment can fuel growth.A one‑off, large non‑recurring expense in early 2024 (largely SBC/accounting) distorted the series; stripping that out, Reddit has steadily reallocated spend into R&D and sales & marketing—R&D remains the largest and continues rising to fund ML/ad improvements, while S&M surged through 2025 to drive advertiser adoption and new product rollouts. G&A has largely normalized. Management’s guide aims for a lower adjusted cost base sequentially, but high‑teens SBC and elevated marketing/hiring imply meaningful ongoing expense headwinds even as margins improve.
Date | Sales and Marketing | Research and Development | General and Administrative |
|---|---|---|---|
Jun 30, 2026 | $195.90M | $231.28M | $75.71M |
Mar 31, 2026 | $151.47M | $207.25M | $65.51M |
Dec 31, 2025 | $163.85M | $198.88M | $72.32M |
Sep 30, 2025 | $128.71M | $196.38M | $68.77M |
Jun 30, 2025 | $120.62M | $196.61M | $68.79M |
Mar 31, 2025 | $90.69M | $191.27M | $69.41M |
Dec 31, 2024 | $80.52M | $188.64M | $73.83M |
Sep 30, 2024 | $74.51M | $166.70M | $65.65M |
Jun 30, 2024 | $71.46M | $142.78M | $68.49M |
Mar 31, 2024 | $124.09M | $437.03M | $243.48M |