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ROKU · Roku

9 filings

10-K

ROKU 10-K Annual Reports

Roku - 9 annual reports

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

2025
Roku Annual Report, Year Ended Dec 31, 2025
Roku, Inc. reported a return to net income in 2025, with net income of $88.4 million compared with a net loss of $129.4 million in 2024. Total net revenue rose 15% to $4.74 billion, driven by Platform revenue, which grew 18% to $4.14 billion on higher streaming services distribution revenue (notably Premium Subscriptions and subscription revenue from third-party and owned-and-operated services) and improved video ad monetization. Devices revenue was roughly flat at $592.4 million, as higher Roku-made TV sales offset lower streaming player sales. Streaming Hours grew 15% to 145.6 billion, and Adjusted EBITDA increased to $420.5 million from $260.2 million. Free Cash Flow (TTM) was $483.6 million versus $203.2 million a year earlier. The company acquired Frndly TV in May 2025 for total purchase consideration of $169.8 million, and launched Howdy, an ad-free SVOD service, in August 2025. Cash and cash equivalents were $1.59 billion and short-term investments were $730.2 million at year-end, with no borrowings under its $300.0 million revolving Credit Agreement. The company repurchased $150.0 million of Class A stock in 2025, leaving $250.0 million available under a $400 million program. Devices gross profit remained negative at $(82.0) million, and the filing notes that Amazon, Best Buy, Walmart and Target together accounted for 81% of Devices revenue. Key risks highlighted include intense competition from larger technology and TV companies, reliance on a small number of content partners for nearly half of Streaming Hours, dependence on third-party contract manufacturers and sole-source components, tariff and trade-policy uncertainty, and the dual-class structure that gives founder and CEO Anthony Wood majority voting control despite owning 11.6% of outstanding Class A and Class B shares. The accumulated deficit stood at $1.49 billion, and the company expects the valuation allowance on its U.S. deferred tax assets may be reversed within the next twelve to eighteen months.
Feb 13, 2026
2024
Roku Annual Report, Year Ended Dec 31, 2024
Roku, Inc. (Class A common stock listed on Nasdaq under ROKU) reported net revenue of $4,112,898 thousand ($4.11 billion) for the year ended December 31, 2024, up 18% from $3,484,619 thousand in 2023. Platform revenue rose to $3,522,776 thousand (up 18%), driven mainly by streaming services distribution, including Premium Subscriptions on The Roku Channel, while devices revenue rose to $590,122 thousand (up 20%), led by Roku-branded TVs. Net loss narrowed to $129,386 thousand from $709,561 thousand in 2023, and loss from operations improved to $218,167 thousand from $792,377 thousand, reflecting lower restructuring charges and operating expenses that fell 13% to $2,023,812 thousand. Gross profit rose 19% to $1,805,645 thousand, with the platform segment gross profit at $1,885,960 thousand and the devices segment still at a gross loss of $80,315 thousand. Key operating metrics grew: Streaming Households reached 89.8 million, up 12% from 80.0 million, Streaming Hours reached 127.1 billion, up 20% from 106.0 billion, and ARPU was $41.49, up 4%. Free Cash Flow (a non-GAAP measure) was $203.2 million on a trailing twelve-month basis, up from $175.9 million. Cash and cash equivalents were $2,160.2 million at year-end, and the company had not borrowed under its $300.0 million revolving Credit Agreement entered September 16, 2024, which matures September 16, 2029. The filing states that beginning with Q1 2025 the company will stop reporting quarterly Streaming Households and ARPU, and will shift key metrics to Streaming Hours, Platform Revenue, Adjusted EBITDA, and Free Cash Flow. Risk factors highlighted in the filing include competition from larger companies such as Amazon, Apple, and Google, reliance on a small number of content partners and retailers (Amazon, Best Buy, Target, and Walmart accounted for 81% of devices revenue in 2024), dependence on sole-source suppliers and contract manufacturers, and the dual-class structure in which Chairman and CEO Anthony Wood controls a majority of voting power while owning 12.0% of outstanding Class A and Class B shares.
Feb 14, 2025
2023
Roku Annual Report, Year Ended Dec 31, 2023
Roku, Inc. (Class A common stock listed on Nasdaq as ROKU) reported net revenue of $3,484,619 thousand ($3.48 billion) for 2023, up 11% from $3,126,534 thousand in 2022. Platform revenue rose 10% to $2,994,105 thousand, driven mainly by streaming services distribution such as Premium Subscriptions on The Roku Channel, partially offset by weaker advertising, especially media and entertainment promotional spending. Devices revenue rose 18% to $490,514 thousand, helped by Roku-branded TVs launched in March 2023. Active Accounts reached 80.0 million, up 14%, and Streaming Hours reached 106.0 billion, up 21%. Profitability weakened sharply. Gross profit increased 6% to $1,522,615 thousand, but total operating expenses rose 17% to $2,314,992 thousand, including a $356.1 million restructuring charge. The company reported a loss from operations of $792,377 thousand and a net loss of $709,561 thousand, or $(5.01) per share, compared with a net loss of $498,005 thousand in 2022. ARPU declined 4% to $39.92, which management attributed to a growing share of Active Accounts in international markets where the company is prioritizing scale and engagement over monetization. The balance sheet remained liquid, with cash and cash equivalents of $2,025,891 thousand and no outstanding debt at December 31, 2023, after the Credit Facility was repaid in February 2023. Operating cash flow was positive at $255,856 thousand, though this was well above the net loss because of large non-cash charges of $972.7 million, including stock-based compensation and impairments. Management stated that its existing cash is sufficient for the next twelve months and beyond.
Feb 16, 2024
2022
Roku Annual Report, Year Ended Dec 31, 2022
Roku, Inc. reported full-year 2022 net revenue of $3.13 billion, up 13% from $2.76 billion in 2021, driven by platform revenue growth of 20% to $2.71 billion. Devices revenue fell 17% to $415.1 million as streaming player volume declined 14% and average selling prices fell 5%. Total gross profit rose 2% to $1.44 billion, but the company reported a net loss of $498.0 million for 2022 versus net income of $242.4 million in 2021, as operating expenses rose 68% to $1.97 billion, led by research and development (up 71%) and sales and marketing (up 84%). Management attributes much of the cost growth to headcount, content amortization and marketing, and says it expects operating expense growth to significantly decline over 2023 following a November 2022 workforce reduction. Key operating metrics improved: active accounts reached 70.0 million (up 16% from 60.1 million), streaming hours rose 19% to 87.4 billion, and ARPU increased 2% to $41.68. Cash and cash equivalents were $1.96 billion at year-end, with operating cash flow of $11.8 million for the year. The company's $80.0 million Term Loan A matures in February 2023, and management expects to repay it, while the company states it believes existing cash and operating cash flow will be sufficient for the next twelve months. The filing also discloses a planned launch of Roku-branded TVs designed and sold by the company in 2023, and that Amazon and Walmart together accounted for 59% of devices revenue in 2022.
Feb 16, 2023
2021
Roku Annual Report, Year Ended Dec 31, 2021
Roku, Inc. reported a strong 2021 driven by its platform segment. Total net revenue was $2,764.6 million, up 55% from $1,778.4 million in 2020. Platform revenue rose $1,017.2 million, or 80%, to $2,284.9 million, while player revenue fell 6% to $479.7 million, with the volume of streaming players sold down 4% and average selling prices down 7%. Gross profit grew 74% to $1,408.6 million, and the company reported net income of $242.4 million, compared with a net loss of $17.5 million in 2020. Player gross margin turned negative (a gross loss of $52.4 million) due to component and shipping cost increases, which management expects to persist until those conditions normalize. Key operating metrics improved meaningfully. Active accounts reached 60.1 million, up 17%, streaming hours rose 25% to 73.2 billion, and ARPU increased 43% to $41.03. Cash and cash equivalents ended the year at $2,146.0 million, supported by a $1,000.0 million at-the-market equity offering in March 2021 (net proceeds of $989.6 million). The company acquired Nielsen's AVA business and This Old House and acquired Quibi content rights, and it expanded its content investments through The Roku Channel. Investors should weigh the risks the filing highlights. Founder and CEO Anthony Wood controls a majority of combined voting power while owning 12.0% of the outstanding Class A and Class B common stock. The company depends on a small number of content publishers for most streaming hours, its Credit Agreement carries a February 2023 maturity, and it has a full valuation allowance against U.S. and Netherlands deferred tax assets.
Feb 18, 2022
2020
Roku Annual Report, Year Ended Dec 31, 2020
Roku, Inc. (Nasdaq: ROKU) reported full-year 2020 total net revenue of $1.78 billion, up from $1.13 billion in 2019, with platform revenue of $1.27 billion (up $527.0 million, or 71%) and player revenue of $510.6 million (up $122.5 million, or 32%). Gross profit rose to $808.2 million from $495.2 million, and the company narrowed its net loss to $17.5 million from $59.9 million. Active accounts reached 51.2 million, up from 36.9 million, and streaming hours were 58.7 billion versus 37.8 billion in 2019. ARPU increased to $28.76 from $23.14. The company's growth was driven by the COVID-19 pandemic accelerating the shift from pay TV to streaming, which increased account activations and streaming hours, and by higher advertising revenue, including from the OneView Ad Platform built on the dataxu acquisition. The filing also disclosed a restatement-style adjustment to streaming hours caused by pause-time logging errors; the company estimated hours were approximately 5.8% lower for October 2018 through March 2020 after adjustment. Operating expenses grew 48% to $828.5 million, and operating loss narrowed to $20.3 million from $65.1 million. Liquidity improved: cash and cash equivalents were $1.09 billion at year-end, supported by $504.0 million gross proceeds from an at-the-market equity offering in May 2020 and $148.2 million of operating cash flow. The company has a $100.0 million revolving credit facility and a $100.0 million term loan A facility, with $95.0 million outstanding under the term loan at year-end. Key risks highlighted include dependence on a small number of content publishers and retailers (Amazon, Best Buy and Walmart accounted for 69% of player revenue), reliance on contract manufacturers in Asia, and a dual-class structure that gives CEO Anthony Wood majority voting control despite owning 13% of shares.
Feb 26, 2021
2019
Roku Annual Report, Year Ended Dec 31, 2019
Roku, Inc. reported total net revenue of $1,128.9 million for 2019, up 52% from $742.5 million in 2018, with platform revenue of $740.8 million (up 78%) and player revenue of $388.1 million (up 19%). Gross profit rose 49% to $495.2 million, driven by platform gross profit of $478.1 million, while player gross profit fell to $17.1 million from $35.8 million. Active accounts grew to 36.9 million at December 31, 2019 from 27.1 million, and streaming hours rose to 40.3 billion from 24.0 billion. ARPU increased 29% to $23.14 from $17.95. The company remained unprofitable: it posted a net loss of $59.9 million for 2019 (compared with $8.9 million in 2018), an operating loss of $65.1 million, and an accumulated deficit of $313.8 million. Operating expenses rose 62% to $560.3 million, led by research and development ($265.0 million) and sales and marketing ($178.9 million). Operating cash flow was $13.7 million, while financing activities provided $458.3 million, mainly from at-the-market equity sales of $330.5 million and a $100.0 million Term Loan A drawn in November 2019. Cash and cash equivalents ended the year at $515.5 million. The filing also discloses the November 2019 acquisition of dataxu, Inc. for $148.4 million ($78.7 million cash and 571,459 shares), which added $72.7 million of goodwill and $70.2 million of identifiable intangible assets. Management states that year-over-year growth in streaming hours in 2020 is likely to be lower than in 2019. Anthony Wood, the founder and CEO, controls a majority of combined voting power through Class B shares despite owning 15.8% of outstanding Class A and Class B stock.
Mar 2, 2020
2018
Roku Annual Report, Year Ended Dec 31, 2018
Roku, Inc. reported total net revenue of $742.5 million for the year ended December 31, 2018, up 45% from $512.8 million in 2017, with gross profit of $332.1 million, up 66%. Platform revenue rose to $416.9 million (up 85%), while player revenue was $325.6 million (up 13%). The company remained unprofitable on a net basis, reporting a net loss attributable to common stockholders of $8.9 million for 2018, compared with a net loss of $63.5 million in 2017, which included a $40.3 million charge for the change in fair value of preferred stock warrant liability. Loss from operations narrowed to $13.3 million from $19.6 million, and the filing notes that an $8.9 million release of intellectual property licensing accruals benefited cost of player revenue in 2018. Operating metrics grew strongly. Active accounts reached 27.1 million at December 31, 2018, an increase of 40% from the prior year, and hours streamed rose 62% to 24.0 billion. ARPU was $17.95, up 30% from $13.78. Operating expenses increased to $345.4 million, driven by research and development ($170.7 million, up 58%) and sales and marketing ($102.8 million, up 60%). The company ended 2018 with cash and cash equivalents of $155.6 million and cash, cash equivalents and short-term investments of $197.7 million. Operating cash flow was $13.9 million, versus $37.3 million in 2017. Subsequent to year-end, on February 19, 2019, Roku entered into a credit agreement with Morgan Stanley Senior Funding, Inc. providing a four-year $75.0 million revolving credit facility and a four-year $75.0 million delayed draw term loan A facility, plus an uncommitted incremental facility, secured by substantially all assets. The company stated it expects its existing cash, short-term investments and credit facility availability to fund working capital and anticipated cash needs for the next twelve months, and it expects material expenses to begin in 2019 related to its new San Jose headquarters lease. Risk factors highlight dependence on a small number of content publishers, concentration of player revenue among Amazon, Best Buy and Walmart (68% of player revenue in 2018), and reliance on contract manufacturers in China.
Mar 1, 2019
2017
Roku Annual Report, Year Ended Dec 31, 2017
Roku, Inc. reported its 10-K for the year ended December 31, 2017, its first annual report after its October 2017 IPO on NASDAQ under the ticker ROKU. Revenue rose to $512.8 million from $398.6 million, driven by platform revenue of $225.4 million (up 115%), while player revenue slipped to $287.4 million (down 2%). Gross profit reached $199.8 million versus $121.0 million, and the total gross profit margin rose to 39% from 30%. The company still lost money: net loss attributable to common stockholders was $63.5 million, or $2.24 per share, and included a $40.3 million non-cash charge from the change in fair value of preferred stock warrants. Operating drivers were active accounts of 19.3 million (up from 13.4 million) and 14.8 billion hours streamed (up from 9.4 billion). ARPU rose 48% to $13.78. The filing states that licensing partners accounted for 48% of new accounts in 2017, up from 42% in 2016. Management describes advertising as the fastest-growing monetization segment, and the company says that the majority of its gross profit now comes from platform revenue. Operating expenses rose 33% to $219.4 million, led by research and development at $107.9 million. Cash was $177.3 million at year-end, after the IPO generated net proceeds of $131.6 million. The filing notes concentration risks, including Netflix accounting for approximately one-third of hours streamed, three retailers (Amazon.com, Best Buy and Walmart) accounting for 61% of player revenue, and a single contract manufacturer, Foxconn. The company also expects an adoption of ASC 606 to reduce its accumulated deficit by $32.0 million to $42.0 million.
Mar 1, 2018