10-K · February 13, 2026
Roku shifted further toward a Platform-first model in fiscal 2025: total revenue rose 15% to $4.737 billion driven by Platform revenue growth of 18% to $4.145 billion, Streaming Hours increased 15% to 145.6 billion, and…
Earnings analysis · 10-Q
ROKU earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Roku delivered a strong Q1 2026 performance with revenue of $1.25 billion, up 22% year-over-year, and EPS of $0.57, significantly surpassing both estimates and prior periods. Management raised full-year revenue guidance…
Read full summary
Roku delivered a strong Q1 2026 performance with revenue of $1.25 billion, up 22% year-over-year, and EPS of $0.57, significantly surpassing both estimates and prior periods. Management raised full-year revenue guidance to $5.5 billion, emphasizing robust platform growth driven by advertising and subscription services, despite continued challenges in device sales.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
What stood out
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Strong Revenue Growth
Revenue increased to $1.25 billion in Q1 2026, a 22% increase from $1.02 billion in Q1 2025.
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Earnings Surprise
EPS of $0.57 exceeded estimates of $0.35, reflecting a 62.9% surprise.
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Significant Advertising Revenue Growth
Advertising revenue up 27% to $612.7 million, contributing to total Platform revenue of $1.13 billion.
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Platform Revenue Growth
Total Platform revenue increased 28% year-over-year from $880.8 million in Q1 2025.
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Cash Flow Improvement
Free cash flow for TTM was $538.8 million, up from $298.4 million year-over-year.
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Management Raises Guidance
Full-year revenue guidance raised to $5.5 billion, with a Q2 revenue forecast of $1.3 billion.
What to watch
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Declining Device Revenue
Devices revenue fell 16% to $117.6 million as sales of streaming players decreased.
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Operational Cost Pressures
Increased costs due to higher content and subscription service licensing fees, leading to a 50% rise in subscription costs.
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Macroeconomic Headwinds
Ongoing risks related to geopolitical tensions and inflation could impact advertising and consumer spending.
Management's outlook
Management anticipates total net revenue for Q2 2026 will be approximately $1.3 billion, reflecting a nearly 17% increase year-over-year.
Earlier filings 4
10-Q · August 1, 2025
Roku reported Q2 2025 revenue of $1,111,038,000, up $142,859,000 (14.8% YoY) and up $90,366,000 (8.9% sequentially). Gross margin improved to 44.8% and operating loss narrowed to -2.1%; GAAP diluted EPS turned positive…
10-Q · May 2, 2025
Roku reported Q1 2025 revenue of $1,020,672,000, up $139,203,000 (15.8% YoY) but down $179,328,000 (14.9% sequentially). Gross margin was 43.6% and operating margin was -5.7%; GAAP loss per share improved to $(0.19)…
10-K · February 14, 2025
Roku reported full-year 2024 revenue of $4,112,898,000 (up 18% vs. 2023) driven by platform growth, with platform revenue of $3,522,776,000 (86% of net revenue). Key operating metrics improved: Streaming Households rose…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.