Reddit (RDDT) shares closed on October 30, 2026, 64.6% below the all-time high set on January 13, after falling 29.2% in a single session following the October 29 earnings report. At this price, trailing 12-month free cash flow equals 6.8% of market value, versus 4.3% for the median S&P 500 company. On a trailing 12-month basis, free cash flow has risen at every quarter-end since September 2023, reaching $1.2 billion for the 12 months ended September 30, 2026, compared with $510 million a year earlier. Debt stands at just $31 million against $3.03 billion in cash and short-term investments. However, traffic from Google search has declined noticeably, and management said that if October's pace continues, daily active users could fall by a low double-digit percentage in fiscal Q4 2026 from a base of 130 million. Revenue grew 53% in fiscal Q3 2026, and guidance for fiscal Q4 is 38% to 42%.
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