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RokuROKU

Legal name
Roku, Inc.
Sector
Other
Industry
Cable & Other Pay Television Services
Exchange
Nasdaq

Stock Price $ROKU

Latest filings

You are here#15 of 18 in Communication by market cap

Filing record · 2017–202610-K910-Q288-K95

ROKU filed 9 annual reports (10-K), 28 quarterly reports (10-Q) and 95 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Dec ’19Dec ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  11. $4.74B
YoY changeLargest recent move+57.5%in FY20Latest +15.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All ROKU Financial Metrics59 metrics

Income Statement16

Balance Sheet26

Cash Flow13

Per Share4

02—Overview

Roku Financial Overview 2021–2025

Updated Nov 4, 2026

At the close of FY2025, Roku traded at 183.9x earnings, with a $108.49a share price and a $16.0 billion market cap, for a business that was still losing money in FY2024. That multiple sits on a thin base: FY2025 EPS was only $0.59. The thesis is simple. Roku has moved from burning cash to generating it, and the platform business is carrying the load.

Revenue grew from $2.76 billion in FY2021 to $4.74 billionb in FY2025, but the path was bumpy. Net income of $242.4 million in FY2021 turned into a $709.6 million loss in FY2023, which included a $356.1 million restructuring charge. It then swung to an $88.4 million profit in FY2025. Platform revenue rose 18% to $4.14 billion in FY2025. Adjusted EBITDA climbed to $420.5 million from $260.2 million, and trailing free cash flow reached $483.6 million, up from $203.2 million.

The weak spot is hardware. Devices revenue was flat at $592.4 millionc, and the segment posted an $82.0 million gross loss. The balance sheet gives Roku room to absorb it. Year-end FY2025 held $1.59 billion in cash and $730.2 million in short-term investments, with nothing drawn on a $300.0 million revolver. The company also repurchased $150.0 million of stock during the year.

Recent Developments (Q2 and Q3 2026)

The defining development is the June 14, 2026 merger agreement with Fox. Roku holders would receive $96.00d in cash plus 0.9693 Fox Class A shares, valued at $160.00 per share at signing. The DOJ issued a Second Request on September 8, 2026, and stockholders adopted the deal on October 14, 2026. Closing is expected in the first half of 2027. Operations improved: revenue rose 24% to $1.50 billion in Q3 2026, and net income hit $183.3 million. Advertising gross margin reached 63.2%. Devices gross margin was (25.1%) on memory costs. Share repurchases were suspended.

Bulls point to $795.7 millione in trailing free cash flow and $2.52 billion in cash. Bears note that Q2 2026 Devices margin was lifted by a tariff refund, and the deal can still fail on antitrust grounds. At 263.6x earnings as of the Q3 2026 filing date (November 1, 2026), the stock trades well below the $160.00 headline value, a gap that reflects regulatory risk.

What to watch: DOJ Second Request compliance and HSR timing; Devices gross margin as memory costs persist

03—Filings

Recent SEC Filings

  1. 8-KRoku 8-K Report, Financial Results (Nov 2, 2026)Roku, Inc. reported results for the quarter ended September 30, 2026 in a Shareholder Letter furnished as Exhibit 99.1 to this Form 8-K. Total net revenue was $1.5 billion, up 24% year over year, led by Platform revenue of $1.3 billion, up 23%, with Advertising and Subscriptions both up 23%. Total gross profit was $649 million, up 24%, and income from operations was $164.1 million, compared with $9.5 million a year earlier. Net income was $183.3 million, and Adjusted EBITDA was $248.8 million, with trailing-twelve-month free cash flow of $795.7 million. Devices revenue was $193.7 million, up 33%, but Devices gross margin was (25.1%), which the company attributed primarily to elevated memory costs. Management highlighted growth in Advertising, where gross margin rose to 63.2% on a mix shift toward higher-margin ad products, and noted that Subscriptions gross margin declined to 40.9% due to a strategic mix shift toward Premium Subscriptions. Streaming Hours were 39.9 billion, up 9%. The company said it remains on track with the second-half 2026 forecast provided in the proxy statement. The letter states that Fox Corporation agreed on June 15, 2026 to acquire Roku under a definitive agreement, which is pending. Because of the pending transaction, Roku will not host an earnings call and will not provide a financial outlook. The letter also cites $13.6 million of merger-related costs in the quarter.
  2. 8-KRoku 8-K Report, Shareholder Vote Results (Oct 15, 2026)Roku, Inc. filed this Current Report on Form 8-K to report the results of a special meeting of stockholders held on October 14, 2026, at which stockholders voted on proposals related to its previously announced merger with Fox Corporation. Under the Merger Agreement dated June 14, 2026, Merger Sub 1 will merge into Roku, with Roku continuing as the surviving corporation and becoming a wholly owned subsidiary of FOX, followed immediately by a second merger of the Surviving Corporation into Merger Sub 2, an LLC that will continue as a wholly owned FOX subsidiary. Stockholders adopted the Merger Agreement and the transactions contemplated by it, including the Mergers, with 241,044,988 votes for, 502,927 against, and 511,598 abstentions, representing 81.5% of votes outstanding in favor. In an advisory, non-binding vote, stockholders also approved the merger-related compensation that may be paid to Roku's named executive officers, with 240,438,251 votes for, 864,190 against, and 757,072 abstentions, representing 99.3% of votes present in favor. The adjournment proposal was rendered moot by the approval of the Merger Proposal and was not voted on. The filing's forward-looking statements caution that completion of the Transactions depends on anticipated terms and timing, including regulatory approvals, and that the Transactions could fail to close or deliver the expected benefits. Full details of the proposals are contained in the joint proxy statement/prospectus filed on September 1, 2026.
  3. 8-KRoku 8-K Report, Corporate Update (Oct 6, 2026)Roku, Inc. filed this Form 8-K to supplement the Joint Proxy Statement/Prospectus for its proposed merger with Fox Corporation. Under the June 14, 2026 Merger Agreement, Merger Sub 1 will merge into Roku, with Roku surviving as a wholly owned subsidiary of FOX. Immediately afterward, the Surviving Corporation will merge into Merger Sub 2, which will continue as the surviving entity. The Registration Statement on Form S-4 was declared effective on September 1, 2026, and the Joint Proxy Statement/Prospectus was mailed to stockholders on or about that date. The supplemental disclosures respond to demand letters from purported Roku stockholders alleging omissions or misstatements in the Joint Proxy Statement/Prospectus. The most investor-relevant additions concern the financial advisor Qatalyst Partners' discounted cash flow analysis. For Roku on a standalone basis, the implied present value of unlevered free cash flows uses discount rates of 12.5% to 18.0%, and Roku's projected cash as of June 30, 2026 is approximately $2.43 billion. For the combined company, the discount rates are 9.0% to 13.0%, and estimated combined net debt of Roku and FOX as of June 30, 2026 is approximately negative $630 million, excluding the impact of the Mergers. The filing also adds fully diluted enterprise values and CY2026E EBITDA multiples for selected companies in the consumer ad-driven, streaming subscription and ad-tech groups. Roku states that it believes the demand letters are without merit and denies all allegations, and that the supplements are voluntary and not an admission of materiality. The filing also clarifies transaction and retention bonus limits. The aggregate value of transaction bonuses may not exceed $13,000,000, with a maximum of $2,000,000 for any individual who reports directly to the CEO and $600,000 for any other individual. Named executive officers may be eligible, except Mr. Wood, who will receive neither a transaction nor a retention bonus. Recipients and final allocations remain subject to Roku's approval. Roku notes that additional lawsuits or demand letters may be received and will not necessarily be publicly disclosed.
  4. 8-KRoku 8-K Report, Corporate Update (Sep 9, 2026)Roku, Inc. (ROKU) disclosed in a Form 8-K filed September 9, 2026 that, as expected, it and Fox Corporation (FOX) each received a Second Request from the U.S. Department of Justice on September 8, 2026, in connection with the DOJ's review of the proposed mergers under the Agreement and Plan of Merger dated June 14, 2026. Under the merger agreement, Falcon Merger Sub 1, Inc. will merge into Roku with Roku surviving as a wholly owned subsidiary of Fox, followed immediately by a second merger of the Surviving Corporation into Falcon Merger Sub 2, LLC, with Merger Sub 2 as the surviving entity. The Second Request extends the HSR Act waiting period until 30 days after both companies have substantially complied with the request, unless the DOJ terminates the waiting period earlier or the parties agree to an extension. Roku and Fox state they will continue to cooperate with the DOJ. Roku expects the mergers to close by the first half of calendar year 2027, subject to expiration or termination of the HSR waiting period, other customary closing conditions, and approval by stockholders of both companies. The filing also notes that the Form S-4 registration statement was declared effective on September 1, 2026, and the joint proxy statement/prospectus was mailed to stockholders on or about that date. The filing is largely procedural and does not state deal value, consideration terms, or financial results.
  5. 8-KRoku 8-K Report, Financial Results (Aug 6, 2026)Roku, Inc. furnished a Form 8-K dated August 6, 2026, attaching its Q2 2026 Shareholder Letter (Exhibit 99.1), which reports results for the quarter ended June 30, 2026. Total net revenue was $1.35 billion, up 22% YoY, and Platform revenue was $1.22 billion, up 25% YoY. Advertising revenue grew 25% YoY to $673 million with a gross margin of 62.4%, and Subscriptions revenue grew 26% YoY to $548 million with a gross margin of 41.4%. Total gross profit was $674 million, up 35% YoY. Net income was $164 million and Adjusted EBITDA was $254 million, both described by the company as record highs, and trailing-twelve-month Free Cash Flow was $704 million. Operating income was $146.2 million, compared with a loss of $23.3 million a year earlier. Devices revenue was $134 million, down 1% YoY, and its gross margin of 20.1% benefited from an IEEPA tariff refund for payments made from Q2 2025 through Q1 2026. Excluding the refund, the company states that Q2 Devices gross margin would have been (7.6%), net income would have been $127 million, and Free Cash Flow would have been $242 million. Merger-related costs of $18.7 million were excluded from Adjusted EBITDA. The letter states that Roku has a pending acquisition by Fox Corporation, under a definitive agreement announced June 15, 2026. Because of the pending transaction, the company will not host an earnings call and will not provide a financial outlook. The information in Item 2.02 and Exhibit 99.1 is furnished and not deemed filed for purposes of Section 18 of the Exchange Act.
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04—See also

Related Companies

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