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Our mission is to empower communities and make their knowledge accessible to everyone. 10-K, Item 1
15 paragraphs in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 18 Communication companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
become more frequent users of our platform. We also rely on initiatives like machine translation to drive growth in international DAUq, and the growth derived from this strategy may slow as we complete the roll out of machine translation to all major global languages.
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•Redditors have difficulty locating content, in their local language, that is interesting and relevant to them, particularly in their early experiences on our platform;
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Google, Meta, OpenAI, and Anthropic; Redditors may choose to find information using AI tools, which in some cases may have been trained using Reddit content, instead of visiting Reddit directly. While we have made, and expect to continue to make, significant investments to integrate AI, including generative AI, into our platform, AI technologies are rapidly evolving and there can be no guarantee that our products and services will remain competitive as new AI technologies are developed, adopted, and integrated.
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based on the appearance of illegal, illicit, or objectionable content on our platform or the failure to comply with applicable laws, rules, and regulations, could damage our brand and reputation, regardless of the outcome.
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•adverse legal developments relating to advertising, like those that constrain the use of certain advertising technologies or limit our ability to measure advertising effectiveness, including regulatory developments or litigation outcomes; and
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•fail to effectively develop or encourage the adoption of tools that help moderators grow, customize, and strengthen their communities;
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impair or limit our advertising attribution and conversion capabilities. Such restrictions, in combination with evolving legal and regulatory requirements, may impede our ability to attract and retain advertisers who rely on access to such data.
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We cannot assure you that we will effectively manage our growth or maintain our corporate culture as we grow.
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computer malfunctions, may harm or result in the loss of Collectible Avatars, blockchain technology, and cryptocurrencies we control.
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•any repurchases by us of our Class A common stock, including under our share repurchase program, on unfavorable terms or at all;
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future. Securities litigation against us could result in substantial costs and divert our management’s attention and resources from our business.
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We cannot guarantee that our share repurchase program will be fully implemented or that such program will enhance the long-term value of the share price of our Class A common stock.
In February 2026, our Board of Directors authorized a share repurchase program with authorization to purchase up to $1 billion of our Class A common stock (the “Share Repurchase Program”). Repurchases may be effected, from time to time, on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The Share Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, has no expiration date, and may be suspended or discontinued at any time at our discretion. Although the program has been authorized, there is no obligation for us to repurchase any specific dollar amount of stock.
The existence of the Share Repurchase Program could affect the price of our stock and could potentially reduce the market liquidity for our stock. Although the Share Repurchase Program is intended to enhance long-term stockholder value, there is no assurance that it will do so because the market price of our Class A common stock may decline below the levels at which we repurchase shares, and short-term stock price fluctuations could reduce the effectiveness of the program. Repurchasing our Class A common stock reduces the amount of cash we have available to fund working capital, capital expenditures, strategic acquisitions or investments, other business opportunities, and other general corporate projects, and we may fail to realize the anticipated long-term stockholder value of any share repurchase program.
Similar paragraph at 1 of 18 other Communication companies: APPRead in the 10-K ↗
Our amended and restated certificate of incorporation provides, that: (i) unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if such court does not have subject matter jurisdiction thereof, the federal district court of the State of Delaware or other state courts of the State of Delaware) is, to the fullest extent
Similar paragraph at 1 of 18 other Communication companies: TMUSRead in the 10-K ↗
36 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
• any expectations regarding traffic to Reddit from internet search engines and its impact on our business;
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• the development of artificial intelligence (“AI”) agents allowing users to access Reddit content without accessing our platform directly;
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• any experiment or implementation to restrict or partially restrict access to Reddit’s platforms, services, or content to users who are logged into an account;
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• our ability to protect Reddit content from unauthorized access and use, and whether the availability of this data from third-party sources negatively impacts user traffic and the value of our third-party content licensing deals;
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• our strategy on paid marketing and analysis of whether that investment is generating sufficient user acquisition, engagement, and/or retention, and whether that expense could be better redirected towards other categories of users or redeployed in other aspects of our products or services;
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2026. Subsequent to the filing of the Securities Class Action, shareholder derivative complaints with similar allegations were filed in the U.S. District Court for the Northern District of California against the Company, its directors, and members of our senior management. No responses to these complaints have been filed. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remains uncertain.
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In our Annual Report on Form 10-K for the year ended December 31, 2025, we disclosed that we would no longer report logged-in and logged-out DAUq as of the quarter ended September 30, 2026. However, the evolution of third-party search, including the increasing use of artificial intelligence to generate summaries and overviews, has resulted in increased volatility in referral traffic. As we continue to evolve our product strategy and growth initiatives, management believes that logged-in and logged-out DAUq remain useful for understanding user trends. Accordingly, we are continuing to report these metrics for the quarter ended September 30, 2026. See “Risk Factors” elsewhere in this Quarterly Report on Form 10-Q for additional information.
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• We face intense competition from companies with greater resources and larger user bases, including large language models (“LLMs”), other artificial intelligence (“AI”) companies, and other AI features that retrieve and synthesize information.
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• The development of AI agents allowing users to access Reddit content without accessing our platform directly could harm our business.
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• Unauthorized and uncompensated scraping, copying, and use of Reddit content and data could undermine our content licensing business, enable competing products, and impair our ability to protect users’ privacy and deletion choices.
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• Our upcoming experiments with requiring users to log in to an account to access parts or all of Reddit's platforms, services, or content, and subsequent implementation of such logged-in requirements, could have adverse impacts on our business.
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• Changes to our marketing expenditures for user acquisition can negatively impact both our user growth rate and advertising reach. In addition, we have historically invested in marketing for user acquisition, and we may reduce, redirect, or redeploy paid marketing spends generally or with respect to specific regions, categories, products and services.
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our platform, it may not correlate to revenue. We also measure weekly active uniques (“WAUq”) to help us understand the reach of our platform.
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We may not be successful in our user growth and retention strategies, which aim to drive traffic to the platform and convert casual users into daily users. To the extent our DAUq growth rate slows or becomes negative, our success will increasingly depend on our ability to increase levels of engagement, retention, and monetization on our platform, including our ability to convert casual users into users who visit Reddit more frequently and directly. Declines in user growth could also negatively impact the reach of advertisements on Reddit. We may also make product and strategy changes intended to improve long-term retention, engagement, and direct traffic, and these changes may discourage some users from accessing Reddit or reduce user traffic. Although any such changes would be designed to build a more engaged and retentive user base, and/or to improve the quality of our products and services, we may not realize or immediately realize the anticipated long-term benefits, and adverse effects on user growth may persist. Furthermore, we anticipate that our DAUq growth rate will slow over time as the absolute number of our DAUq increases. For example, we rely on initiatives like machine translation to drive growth in international DAUq, and the growth derived from this strategy may slow as we complete the roll out of machine translation to all major global languages.
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• we continue to experience a decline in traffic to Reddit from internet search engines;
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• we experiment with or require users to log in to an account to access parts of Reddit’s platforms, services, and content;
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• the development of products by competitors that may be a substitute for visiting Reddit, including products that may utilize Reddit content obtained from unauthorized sources;
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• we reduce, redirect, or redeploy our investment in paid marketing for user acquisition;
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We face intense competition for users, and if we are not able to compete effectively, our business could suffer.
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• the popularity, usefulness, ease of use, performance, and reliability of our products compared to our competitors' products;
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the reach of advertisements on Reddit, which can negatively impact our appeal to existing and future advertisers, which would have negative consequences for our advertising revenue.
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The development of AI agents allowing users to access Reddit content without accessing our platform directly could harm our business.
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AI agents are increasingly able to log in to websites and applications, including Reddit, on users’ behalf to obtain and synthesize information. If Reddit is unable sufficiently to block, or alternatively monetize, such non-human agent interactions with Reddit and Reddit content, it could negatively impact Reddit's business by, among other things, reducing actual human interaction, content creation, and advertising views.
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Unauthorized and uncompensated scraping, copying, and use of Reddit content and data could undermine our content licensing business, enable competing products, and impair our ability to protect users’ privacy and deletion choices.
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Third parties have accessed and used Reddit content and data for commercial purposes without our authorization and without compensating us. These activities include scraping and copying content directly from our platform or obtaining it indirectly through third-party search results, data brokers, and other intermediaries, and have involved circumventing technical measures designed to control access. These activities could undermine our ability to control the commercial use of Reddit content and may adversely affect the market for licensing that content. Such unauthorized access and use could undermine the market for licensing Reddit content by reducing existing and prospective partners’ incentives to enter into licensing agreements with us, including where scraped or copied content is available through third-parties. Third parties may also use Reddit content and data obtained without our authorization to train or improve AI models and develop competing products that allow users to obtain information from Reddit without visiting our platform. These risks could reduce user traffic, make our platform less attractive to advertisers, and harm our business.
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Unauthorized scraping and copying also bypass the contractual and technical safeguards through which we seek to protect users' privacy and choices regarding their content. We may be unable to identify all recipients of scraped or copied content, monitor its subsequent use, or ensure that third parties stop using or displaying posts or comments after they have been deleted from Reddit. Content could remain in third-party datasets or products or be used for purposes inconsistent with our policies, and this could also expose us to regulatory scrutiny, investigations, or enforcement actions relating to our compliance with applicable data privacy laws. Such activities could also harm users, undermine their trust in us, discourage participation and content contributions, and expose us to reputational harm and/or regulatory scrutiny. Any resulting decline in user engagement or content contributions could reduce the value of our platform to users and advertisers, and adversely affect our business, results of operations, and financial condition.
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Our upcoming experiments with requiring users to log in to an account to access parts or all of Reddit's platforms, services, or content, and subsequent implementation of such logged-in requirements, could have adverse impacts on our business.
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Beginning in the quarter ending December 31, 2026, we intend to conduct experiments in one or more international markets to require Reddit users to log in to an account to access parts of Reddit’s platforms, services and content, including Reddit’s websites and applications. After considering the results and learnings of those experiments, we intend to implement some form of logged-in restrictions globally, including in the United States. It is possible that the results of our experimentation will not accurately predict the outcome of implementing logged-in requirements globally or otherwise at scale. These experiments and subsequent implementation to require users to log in to an account could have adverse impacts on our business, including but not limited to, the total number of Reddit users and/or the reach of advertisements on Reddit.
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Changes to our marketing expenditures for user acquisition can negatively impact both our user growth rate and advertising reach.
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We have historically invested in paid marketing to increase user acquisition. Users that come to the Reddit platforms from paid marketing comprise a not insubstantial portion of total users. Returns on our marketing spend have varied by category and geography, and we adjust our spend to attempt to improve effectiveness. To the extent that such expenditures do not achieve sufficiently attractive returns, we may reduce, redirect, or redeploy paid marketing spends generally or with respect to specific
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regions, categories, types of users, products and services, which could have a negative impact on user traffic as well as on the reach and value of advertisements on Reddit.
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• any adverse consequence to the business that negatively impacts user traffic and the reach and attractiveness to advertisers of advertisements on Reddit; and
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terms, or if we are unable to continue developing and integrating advanced solutions at a pace that meets user expectations or competitive benchmarks, our market position and prospects could be adversely affected.
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control the misbehavior of partners or adequately protect our reputation externally and with respect to our communities, which may expose us to legal or regulatory action.
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While we have been expanding the use of machine learning across the platform, we have also been exploring the use of generative AI within our platform, as well as the use and licensing of Reddit content for generative AI purposes. For example, we are using generative AI to scale our content translation efforts as we grow our presence in international markets, to assist Reddit users to find more relevant content and to create post and comment suggestions that abide by community rules. We are
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we will continue investing significant resources to enhance and maintain our financial and managerial controls, reporting systems, and procedures.
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Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 6, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
The first 24 of 102 are shown (at most 12 of each type).
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