Roku (ROKU) FY2025 results: revenue $4.7 billion, up 15.2% on the year
Roku, Inc. (ROKU) reported revenue of $4.7 billion for fiscal 2025, the year ended 31 December 2025, up 15.2% on the year before. Net income was $88 million, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Full-year revenue rose 15%: Total net revenue was $4.737 billion for 2025, up 15% year over year. Platform revenue was $4.145 billion, up 18%, and gross profit was $2.074 billion, up 15%.
- Adjusted EBITDA margin up 255 basis points: Adjusted EBITDA for 2025 was $420.5 million, and the margin expanded by 255 basis points, per the company's non-GAAP reconciliation.
- Q4 Platform revenue up 18%: Platform revenue was $1.224 billion in the fourth quarter, up 18% year over year, with video advertising and streaming services distribution cited as drivers.
- Operating income positive in second half: Operating income was positive in the second half of 2025, and the full-year operating loss narrowed to $5.6 million from $218.2 million in 2024.
- 2026 revenue of $5.5 billion: For full-year 2026, management expects total net revenue of $5.500 billion, total gross profit of $2.435 billion, and Adjusted EBITDA of $635 million.
From this 10-K
Roku runs a TV streaming platform built on its own operating system, the Roku TV OS, which powers Roku streaming devices and TVs. The company describes itself as the leading TV streaming platform in the United States, Canada and Mexico by hours streamed. It reports two segments: Devices, which sells streaming players, TVs and other hardware, and Platform, which earns money from digital advertising and from distributing streaming services. It had more than 90 million Streaming Households globally, and Streaming Hours on its platform grew from 127.1 billion in 2024 to 145.6 billion in 2025.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,737 | 4,113 | 3,485 | +15.2% | |
| Cost of revenue | 2,663 | 2,307 | 1,962 | +15.4% | |
| Gross profit | 2,074 | 1,806 | 1,523 | +14.9% | |
| Gross margin | 43.8% | 43.9% | 43.7% | ||
| Research and development | 729 | 720 | 878 | +1.3% | |
| Operating income | -5.6 | -218 | -792 | ||
| Operating margin | -0.1% | -5.3% | -22.7% | ||
| Interest expense | 1.9 | 0.4 | 0.7 | +363.7% | |
| Pre-tax income | 93.9 | -120 | -699 | ||
| Income tax | 5.5 | 9.4 | 10.1 | -41.3% | |
| Effective tax rate | 5.9% | n/a | n/a | ||
| Net income | 88.4 | -129 | -710 | ||
| Net margin | 1.9% | -3.1% | -20.4% | ||
| Diluted EPS | $0.59 | -$0.89 | -$5.01 |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 484 | 218 | 256 | +121.8% | |
| Capital expenditure | 5.3 | 5.1 | 82.6 | +4.3% | |
| Free cash flow | 478 | 213 | 173 | +124.6% | |
| Free cash flow margin | 10.1% | 5.2% | 5.0% | ||
| Cash from investing | -782 | -25.1 | -92.6 | ||
| Cash from financing | -280 | -89.2 | -61.2 | ||
| Depreciation and amortisation | 45.6 | 48.5 | 53.3 | -6.0% | |
| Share-based compensation | 354 | 385 | 370 | -7.9% | |
| Buybacks | 150 | 0.0 | 0.0 | ||
| Diluted shares, weighted | 151m | 145m | 142m | +4.3% | |
| Shares outstanding at period end | 148m | 146m | 144m | +1.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,658 | 2,493 | 2,326 | +6.6% | |
| Debt | 0.0 | 0.0 | 0.0 | ||
| Operating lease liabilities | 436 | 513 | 586 | -15.0% | |
| Other liabilities | 1,340 | 1,298 | 1,349 | +3.2% | |
| Total liabilities and equity | 4,433 | 4,304 | 4,262 | +3.0% | |
| Fixed assets | 174 | 214 | 265 | -18.8% | |
| Goodwill | 309 | 162 | 162 | +91.6% | |
| Intangible assets | 50.2 | 27.5 | 41.8 | +82.6% | |
| Investments | 730 | 0.0 | n/a | ||
| Securities held for sale or to maturity | n/a | n/a | 53.8 | ||
| Cash and equivalents | 1,587 | 2,160 | 2,026 | -26.5% | |
| Receivables | 880 | 813 | 816 | +8.3% | |
| Inventory | 115 | 158 | 92.1 | -27.6% | |
| Other assets | 588 | 770 | 806 | -23.6% | |
| Total assets | 4,433 | 4,304 | 4,262 | +3.0% |
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.