Roku Inc

Latest Results (28.03.2026):

Roku Inc — Q4 2025 (and full-year 2025): Roku reported strong Q4 2025 and record full-year 2025 results, driven by Platform strength and improved profitability. Q4 total net revenue was $1.395 billion (Platform $1.224B, Devices $170.9M). Q4 net income was $80.5 million and Adjusted EBITDA was $169.4 million. For full-year 2025, total net revenue was $4.737 billion (up 15% YoY), Platform revenue was $4.145 billion (up 18% YoY), net income was $88.4 million (positive vs. a loss in 2024), and Free Cash Flow (TTM) reached about $483.6 million. Management also repurchased $150 million of shares and set guidance for 2026.

Revenue and Profit

Q4 2025 total net revenue: $1.395B. Q4 net income: $80.5M. Full-year 2025 revenue: $4.737B (+15% YoY) and full-year net income: $88.4M (vs. loss in 2024).

Platform Performance

Platform revenue drove results — Q4 Platform revenue $1.224B (+18% YoY) with Q4 Platform gross margin 52.8%; full-year Platform revenue $4.145B (+18% YoY) and full-year Platform gross margin 52.0%.

Advertising & Engagement

Ad business strength highlighted: The Roku Channel became the #2 app by engagement in the U.S.; streaming hours were 145.6 billion in 2025 (+15% YoY). Roku emphasized programmatic growth, expanded partners, and new ad products and tooling (Roku Ads API, Roku Ads Manager, Roku Data Cloud).

Streaming Services / Subscriptions

Streaming services distribution and Premium Subscriptions grew: Q4 was the largest quarter for Premium Subscription net adds, with the Roku Experience now driving over half of subscription sign-ups and international expansion underway (Mexico, Brazil noted).

Devices

Q4 Devices revenue $170.9M (+3% YoY); full-year Devices revenue $592.4M (flat YoY). Devices gross margins remain negative (Q4 Devices gross margin (23)%, full-year (14)%), reflecting Roku-made TVs and streaming player investments.

Cash, Buybacks & Free Cash Flow

Cash & short‑term investments totaled roughly $2.317B (cash $1.587B + short-term investments $730.2M). Roku repurchased $150M of stock in 2025 and reported Free Cash Flow (TTM) of ~$483.6M, calling it a record.

Non-GAAP & Profitability Progress

Adjusted EBITDA improved materially: Q4 Adjusted EBITDA $169.4M; full-year Adjusted EBITDA $420.5M (margin expansion of 255 bps in 2025). Management achieved positive net income for 2025 and operating income in H2 2025.

Outlook (Q1 2026 & FY2026)

Q1 2026 guidance: Platform revenue growth >21% YoY, total net revenue ~ $1.200B (~+18% YoY), Adjusted EBITDA ~$130M. FY2026 guidance: total net revenue $5.5B, Platform revenue $4.89B (+18% YoY), Adjusted EBITDA $635M and continued margin expansion; company expects ~100M Streaming Households in 2026.