Buy RDDT by Jul 26, 2026.

**Bull Case:** Q4 25 - $725M revenue (+70% YoY). 45% adjusted EBITDA margin. $267M operating cash flow. $2.5B in the bank. Authorized a $1B buyback the same day. Add revenue growth + EBITDA margin and you get 115%. The benchmark for a healthy SaaS company is 40%. NVDA is around 90% right now. Meta is around 60%. Gross margin is 91.9%. Reddit pays nothing for content, mods work for free, and the only real costs are servers and trust & …