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Dec 31, 2025
Roku Q4 2025 Earnings Report
Roku reported strong Q4 2025 results, driven by consistent execution and growth in its TV streaming platform.
Key Takeaways
Roku delivered excellent results in Q4 2025, with total net revenue increasing by 16% year-over-year to $1.395 billion. The company achieved positive net income of $80.477 million and expanded its Adjusted EBITDA margin, while continuing to invest in its platform for long-term growth.
Total net revenue reached $1.395 billion, a 16% increase year-over-year.
Platform revenue grew 18% year-over-year to $1.224 billion, with a gross margin of 52.8%.
Net income for the quarter was $80.477 million, a significant improvement from a loss in the prior year.
Adjusted EBITDA for Q4 2025 was $169.367 million, demonstrating strong profitability growth.
Revenue by Segment
Forward Guidance
For Q1 2026, Roku anticipates total net revenue of $1.200 billion, up roughly 18% year-over-year, with total gross profit of $530 million and Adjusted EBITDA of $130 million. For the full year 2026, the company expects Platform revenue to grow 18% year-over-year to $4.890 billion, with total net revenue of $5.500 billion, total gross profit of $2.435 billion, and Adjusted EBITDA of $635 million.
Positive Outlook
- Anticipated Platform revenue growth of over 21% YoY for Q1 2026 and 18% YoY for FY 2026.
- Expected total net revenue of $1.200 billion for Q1 2026 and $5.500 billion for FY 2026.
- Projected Adjusted EBITDA of $130 million for Q1 2026 and $635 million for FY 2026, indicating continued profitability improvement.
- Adjusted EBITDA margin improvement of 267 basis points for FY 2026.
- Commitment to sustained double-digit Platform growth and improving profitability.
Challenges Ahead
- Devices revenue is anticipated to be down mid-single digits YoY for Q1 2026.
- Devices gross margin is expected to remain in the negative mid-teens for FY 2026, roughly in line with 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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