Roku Inc

Latest Results (10.05.2026):

Roku Inc — Q4 2025 (and full-year 2025): Roku reported strong Q4 and full-year 2025 results driven by Platform monetization. Q4 total net revenue was $1.395 billion (up ~16% YoY) with Platform revenue of $1.224 billion (+18% YoY). The company turned to positive net income for both Q4 ($80.5M) and the full year ($88.4M), expanded Adjusted EBITDA and delivered record trailing twelve‑month Free Cash Flow of about $483.6M. Management also announced continued share repurchases and provided Q1 and full‑year 2026 guidance reflecting continued double‑digit Platform growth and improved profitability.

Revenue

Q4 total net revenue: $1,394.9M (~+16% YoY). Q4 Platform revenue: $1,223.954M (+18% YoY). Q4 Devices revenue: $170.949M (+3% YoY). Full‑year 2025 total net revenue: $4,737.3M (+15% YoY); Platform revenue for FY2025: $4,144.9M (+18% YoY).

Profitability & margins

Q4 income from operations: $66.0M (vs. loss prior year). Q4 net income: $80.5M; FY2025 net income: $88.4M (vs. -$129.4M in 2024). Adjusted EBITDA: Q4 $169.4M, FY2025 $420.5M; company reported a 255 basis‑point expansion in Adjusted EBITDA margin for the year.

Platform economics & engagement

Platform gross margin: Q4 52.8% (FY2025: 52.0%). Streaming Hours: 145.6 billion in 2025 (+15% YoY). The Roku Channel is a top engaged app (U.S. #2 free, ad‑supported app) and reached 6.3% of all TV streaming in December 2025 (up from 4.6% a year earlier).

Devices

Q4 Devices revenue $171M (+3% YoY); FY Devices revenue $592M (flat YoY). Q4 Devices gross margin was negative ~23% (FY2025 Devices gross margin ~ -14%). Roku launched new Roku‑made TVs (Hiro) and new streaming sticks and expanded Roku‑made TV distribution internationally.

Cash flow & balance sheet

Trailing‑12‑month Free Cash Flow: ~$483.6M (record). Cash & cash equivalents at 12/31/2025: $1.587B; short‑term investments: $730.2M. FY2025 net cash provided by operating activities: $483.7M. The company repurchased $150M of shares under a $400M repurchase program in 2025.

Guidance (Q1 2026 and FY2026)

Q1 2026 outlook: Platform revenue expected to grow >21% YoY; Devices revenue down mid‑single digits; total net revenue ~$1.200B (+~18% YoY); total gross profit ~$530M; Adjusted EBITDA ~$130M. Full‑year 2026: total net revenue ~$5.5B, Platform revenue ~$4.89B (+18% YoY), platform gross margin 51–52%, Adjusted EBITDA ~$635M (Adj. EBITDA margin improvement ~267 bps).

Capital allocation & dilution

Roku repurchased $150M of stock in 2025 and continues a net share settlement program started in 2023; management expects to fully offset dilution in 2026 and is focused on maximizing Free Cash Flow per share.

Operational highlights with financial impact

Platform monetization growth was driven by stronger video advertising, programmatic expansion, and streaming services distribution (including Frndly TV and Premium Subscriptions). Q4 was the largest quarter for Premium Subscription net adds; Sports discovery sign‑ups rose nearly 75% YoY, supporting subscription and ad monetization upside and a target of 100M Streaming Households in 2026.