How did Roku perform financially in 2025?

Total net revenue was $4.737 billion, up 15% YoY, and Platform revenue was $4.145 billion, up 18%. The company reported net income of $88.4 million for the year, compared with a net loss of $(129.4) million in 2024, and income from operations was $(5.6) million, nearly breakeven, versus $(218.2) million in 2024.

What is Roku's 2026 outlook?

For Q1 2026, the company expects total net revenue of $1.200 billion, total gross profit of $530 million, and Adjusted EBITDA of $130 million. For full year 2026, it expects total net revenue of $5.500 billion, total gross profit of $2.435 billion, net income of $325 million, and Adjusted EBITDA of $635 million. Platform revenue is expected to grow 18% YoY to $4.890 billion, and Devices revenue is expected to be $610 million.

What is Roku doing with its capital?

Roku announced a $400 million stock repurchase program in the third quarter of 2025 and has repurchased approximately $150 million to date. Combined with a net share settlement program implemented in 2023, management says it sees a clear path to fully offset dilution in 2026, with the stated goal of growing Free Cash Flow per share.

How is the Devices business performing?

Devices revenue was $171 million in Q4 2025, up 3% YoY, and $592 million for the full year, flat YoY. Devices gross margin was (23)% in Q4 and (14)% for the full year. For 2026, the company expects Devices revenue to grow low-single digits YoY to $610 million, with gross margin in the negative mid-teens.

What drove Platform growth and what is the company's Streaming Households target?

The letter attributes Platform growth to video advertising and streaming services distribution activities, including Premium Subscriptions. The Roku Channel reached 6.3% of all TV streaming in December 2025, up from 4.6% a year earlier, per Nielsen. Roku states it remains on track to reach 100 million Streaming Households globally in 2026.

ROKU 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

Roku, Inc. reported results for the quarter and year ended December 31, 2025 via a Shareholder Letter furnished as Exhibit 99.1 to this Form 8-K.

For full year 2025, total net revenue was $4.737 billion^a, up 15% year over year, and Platform revenue was $4.145 billion, up 18%. Total gross profit was $2.074 billion, up 15%. Income from operations was $(5.6) million for the year, versus a loss of $(218.2) million in 2024, and the company reported net income of $88.4 million for 2025 compared with a net loss of $(129.4) million in 2024.

Adjusted EBITDA for 2025 was $420.5 million^b, and Adjusted EBITDA margin expanded by 255 basis points. Free Cash Flow (TTM) reached $483.6 million in Q4 2025, a record per the letter. For Q4 2025, total net revenue was $1.395 billion and income from operations was $66.0 million, the first quarter shown with positive operating income in the letter's table.

Devices revenue was $592 million^c for the full year, flat year over year, with Devices gross margin of (14)%. Roku repurchased $150 million of shares under a $400 million stock repurchase program, and the letter states the company sees a clear path to fully offset dilution in 2026. For 2026, management guides to Q1 total net revenue of $1.200 billion, total gross profit of $530 million, and Adjusted EBITDA of $130 million.

For full year 2026, guidance calls for total net revenue of $5.500 billion^d, total gross profit of $2.435 billion, Platform revenue of $4.890 billion (18% growth), and Adjusted EBITDA of $635 million, with net income of $325 million. The company also states it expects to reach 100 million Streaming Households globally in 2026.

02—Key points

Key Highlights

Full year 2025 total net revenue of $4.737 billion, up 15% YoY; Platform revenue of $4.145 billion, up 18% YoY.
Full year 2025 net income of $88.4 million, compared with a net loss of $(129.4) million in 2024.
Full year 2025 Adjusted EBITDA of $420.5 million, with Adjusted EBITDA margin expanded by 255 basis points; Q4 2025 Adjusted EBITDA was $169.4 million.
Q4 2025 income from operations of $66.0 million, versus a loss of $(39.1) million in Q4 2024.
Free Cash Flow (TTM) of $483.6 million at Q4 2025, up from $203.2 million at Q4 2024.
Repurchased $150 million of shares under a $400 million program; the company states it sees a clear path to fully offset dilution in 2026.
2026 guidance: total net revenue of $5.500 billion, Adjusted EBITDA of $635 million, and Platform revenue growth of 18% to $4.890 billion.

03—Questions

Frequently Asked Questions

How did Roku perform financially in 2025?
Total net revenue was $4.737 billion, up 15% YoY, and Platform revenue was $4.145 billion, up 18%. The company reported net income of $88.4 million for the year, compared with a net loss of $(129.4) million in 2024, and income from operations was $(5.6) million, nearly breakeven, versus $(218.2) million in 2024.
What is Roku's 2026 outlook?
For Q1 2026, the company expects total net revenue of $1.200 billion, total gross profit of $530 million, and Adjusted EBITDA of $130 million. For full year 2026, it expects total net revenue of $5.500 billion, total gross profit of $2.435 billion, net income of $325 million, and Adjusted EBITDA of $635 million. Platform revenue is expected to grow 18% YoY to $4.890 billion, and Devices revenue is expected to be $610 million.
What is Roku doing with its capital?
Roku announced a $400 million stock repurchase program in the third quarter of 2025 and has repurchased approximately $150 million to date. Combined with a net share settlement program implemented in 2023, management says it sees a clear path to fully offset dilution in 2026, with the stated goal of growing Free Cash Flow per share.
How is the Devices business performing?
Devices revenue was $171 million in Q4 2025, up 3% YoY, and $592 million for the full year, flat YoY. Devices gross margin was (23)% in Q4 and (14)% for the full year. For 2026, the company expects Devices revenue to grow low-single digits YoY to $610 million, with gross margin in the negative mid-teens.
What drove Platform growth and what is the company's Streaming Households target?
The letter attributes Platform growth to video advertising and streaming services distribution activities, including Premium Subscriptions. The Roku Channel reached 6.3% of all TV streaming in December 2025, up from 4.6% a year earlier, per Nielsen. Roku states it remains on track to reach 100 million Streaming Households globally in 2026.

04—Continue

← View all 8-K filings