Roku Inc

Latest Results (09.09.2026):

Roku Inc — Q1 2026: Roku reported strong Q1 2026 results with Platform revenue up 28% YoY and total net revenue of $1.249 billion (up 22% YoY). The company returned to profitability with net income of $85.7 million, Adjusted EBITDA of $148.4 million (up ~165% YoY), and an all-time high trailing twelve‑month Free Cash Flow of $538.8 million. Roku repurchased $100 million of shares in the quarter and raised its full‑year outlook, targeting sustained double‑digit Platform growth and $1 billion of Free Cash Flow by 2028.

Top-line and segment revenue

Total net revenue was $1.2489B (+22% YoY). Platform revenue was $1.1312B (+28% YoY), comprised of Advertising $612.7M (+27% YoY) and Subscriptions $518.5M (+30% YoY). Devices revenue declined to $117.6M (-16% YoY).

Profitability

Net income was $85.7M vs. a loss of $27.4M in Q1 2025. Adjusted EBITDA was $148.4M (vs. $56.0M a year ago). Total gross profit was $564.9M (+27% YoY). Platform gross margin was 51.6%; Advertising margin 60.5%; Subscriptions margin 41.1%; Devices gross margin was negative (‑16.3%).

Cash flow and capital returns

Trailing twelve‑month Free Cash Flow reached $538.8M (all‑time high). Cash and cash equivalents totaled $1.65B and short‑term investments $730.3M. Roku repurchased $100M of stock in Q1 (total $250M repurchased since Q3 under a $400M program).

Engagement and distribution

Streaming Hours were 38.7 billion (+8% YoY). The Roku Channel was the #2 app on the platform by U.S. engagement. Roku announced >100 million Streaming Households using Roku TV OS worldwide in April 2026.

Product and monetization highlights

Roku disaggregated Platform into Advertising and Subscriptions to increase visibility. Advertising saw strong programmatic growth (third‑party programmatic ad spend +40% YoY) and Ads Manager users more than doubled YoY. Subscriptions benefited from record Premium Subscription sign‑ups and new distribution for Roku’s Howdy SVOD.

Balance sheet and operating cash items

Total assets $4.353B; current assets $3.371B. Accounts receivable declined relative to year‑end; inventories were $101.3M. Q1 operating cash provided was $199.1M; investing included $3.1M capex and a net strategic investment inflow.

Outlook

Q2 2026 guidance: Platform revenue ~+20% YoY, Devices down high‑single digits; total net revenue ~$1.3B, gross profit ~$580M, Adjusted EBITDA ~$170M. Full‑year 2026: Platform revenue ~+$5.0B (nearly +21% YoY), Devices ~$535M, total revenue ~$5.5B, Adjusted EBITDA ~$675M, and continued target of $1B FCF by 2028.