Reddit, Inc. (RDDT)
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Clear Secure: the identity network has to prove airport scale travels
Clear Secure reported FY2025 revenue of $900.8 million and Q1 2026 revenue of $253.0 million, with the official record tying the thesis to airport-member growth, identity platform expansion, deferred revenue, privacy trust, margin quality and cash conversion.
OpenReddit: the internet forum finally has profits, but durability is the real test
Reddit reported $2.20 billion of 2025 revenue and $663.4 million of Q1 2026 revenue. The thesis turns on advertising demand, user engagement, data licensing, cash conversion and platform-governance risk.
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