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ROKU

Roku, Inc.

ROKU

Roku, Inc. • NASDAQ
$96.69 ▲ 1.11% (+1.06)
Market Cap $14.29 B
52w High $116.66
52w Low $52.43
Dividend Yield 0%
P/E -508.89
Volume 1.02M
Outstanding Shares 147.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.211B ▲ $515.433M ▼ $24.812M ▲ 2.049% ▲ $0.17 ▲ $57.926M ▼
Q2-2025 $1.111B ▲ $520.991M ▲ $10.503M ▲ 0.945% ▲ $0.071 ▲ $87.234M ▲
Q1-2025 $1.021B ▼ $502.775M ▼ $-27.431M ▲ -2.688% ▲ $-0.19 ▲ $34.73M ▼
Q4-2024 $1.201B ▲ $551.704M ▲ $-35.548M ▼ -2.96% ▼ $-0.24 ▼ $60.867M ▼
Q3-2024 $1.062B $497.317M $-9.03M -0.85% $-0.062 $73.194M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.302B ▲ $4.397B ▲ $1.772B ▲ $2.625B ▲
Q2-2025 $2.253B ▼ $4.282B ▲ $1.691B ▲ $2.591B ▲
Q1-2025 $2.256B ▲ $4.18B ▼ $1.654B ▼ $2.526B ▲
Q4-2024 $2.16B ▲ $4.304B ▲ $1.811B ▼ $2.493B ▲
Q3-2024 $2.127B $4.303B $1.843B $2.461B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.812M ▲ $127.603M ▲ $-726.136M ▼ $-78.189M ▼ $-677.785M ▼ $126.467M ▲
Q2-2025 $10.503M ▲ $109.733M ▼ $-86.212M ▼ $-32.49M ▲ $-3.28M ▼ $108.611M ▼
Q1-2025 $-27.431M ▲ $138.732M ▲ $-8.931M ▼ $-36.072M ▼ $95.917M ▲ $136.801M ▲
Q4-2024 $-35.548M ▼ $79.292M ▲ $-2.458M ▲ $-32.471M ▼ $31.843M ▲ $76.834M ▲
Q3-2024 $-9.03M $68.664M $-21.056M $-23.788M $30.596M $67.608M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Platform Segment
Platform Segment
 $1.04Bn ▲$880.00M ▼$980.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Roku has grown into a mid‑size streaming platform business with revenue rising steadily over the past five years. The company moved from roughly break‑even profitability in 2020–2021 into meaningful losses during 2022 and 2023 as it ramped spending and advertising markets weakened. More recently, results show clear improvement: operating losses have narrowed and profit measures before non‑cash items have turned modestly positive again. The broad picture: Roku has proven it can grow the top line at a healthy pace and generate attractive gross margins, but it is still working to right‑size operating costs and restore consistent net profitability. The direction of travel is better, but the business is not yet firmly in the “steady, profitable” phase.

Balance Sheet

Balance Sheet Roku’s balance sheet is a relative strength. The company holds a sizable cash position compared with its overall size, and this cash cushion has grown versus a few years ago. Debt exists but is moderate in relation to total assets and equity, and leverage has not been aggressively increased despite periods of operating losses. Total assets and shareholder equity have both expanded over time, reflecting the build‑out of the platform and retained capital from earlier years. Overall, Roku appears to have the financial flexibility to keep investing through industry cycles without being overly reliant on borrowing or constant new equity issuance.

Cash Flow

Cash Flow Despite swings in accounting profits, Roku’s cash generation has been more resilient. Operating cash flow has been positive each year in this five‑year window, including during the worst of its reported losses. Free cash flow dipped into negative territory once when investment spending stepped up, but has since recovered and turned comfortably positive again. Capital spending remains relatively light for a technology and media platform, which helps keep free cash flow healthier. The pattern suggests a business that can fund its own growth from operations in normal conditions, though it still depends heavily on the health of the advertising market.

Competitive Edge

Competitive Edge Roku has carved out a strong niche as a neutral, TV‑focused operating system rather than a content‑first ecosystem. Its platform connects three groups: viewers, content publishers, and advertisers. As more households use Roku, more channels want to be present; as more channels join, viewers see more value; and advertisers follow the audience. This network effect is a real moat and is hard for smaller entrants to copy. However, competition is intense. Roku goes up against Amazon Fire TV, Google’s TV products, and Apple TV, all backed by very deep pockets and broader ecosystems. Smart‑TV makers also increasingly push their own operating systems. Roku’s advantages are simplicity, neutrality, and breadth of content and apps, but it must continuously defend device shelf space and TV partnerships, especially outside North America. Its ad business is a major opportunity but also exposes it to cycles in ad spending and shifts in measurement and privacy rules.

Innovation and R&D

Innovation and R&D Roku’s innovation is centered on its TV operating system and advertising technology. The Roku OS is built specifically for television, prioritizing a clean interface, easy search, and broad app support. Beyond acting as an app hub, Roku has created The Roku Channel, a large free, ad‑supported service that deepens engagement and gives it more control over ad inventory. On the ad side, the company is leaning into data and automation. The Roku Data Cloud and AI‑driven tools aim to make campaigns more targeted, measurable, and accessible to smaller advertisers, not just big brands. Roku is also broadening its hardware footprint with its own TVs, streaming sticks, and emerging smart‑home devices, plus experiments like a TV projector reference design. Developer tools and cloud‑based testing should make it easier for content partners to build and refine apps, reinforcing the platform. Overall, Roku is innovating more around the platform and monetization layers than around blockbuster original content, which keeps spending relatively disciplined.

Summary

Roku today is a scaled streaming platform with solid revenue growth, improving but still uneven profitability, and a balance sheet that offers meaningful financial cushion. Cash generation has been better than the headline earnings would suggest, and recent trends point toward tighter cost control and more disciplined investment. Strategically, Roku benefits from a strong position in connected TV, powered by a user‑friendly operating system, a sizable household footprint, and a growing advertising and data platform. Its neutrality and simplicity set it apart from big tech rivals, while The Roku Channel and its ad stack give it additional levers to grow. Key uncertainties include the intensity of competition from larger ecosystems, the pace and success of international expansion, the health of the ad market, and Roku’s ability to sustain innovation without overspending. The company appears well positioned within a growing industry, but its long‑term value creation will depend on turning its network advantages and ad technology into consistent, durable profitability.

NEWS

November 5, 2025 · 9:00 AM UTC

DoubleVerify and Roku Bring Greater Trust and Performance to Streaming TV

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October 30, 2025 · 4:05 PM UTC

Roku Releases Third Quarter 2025 Financial Results

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October 16, 2025 · 4:05 PM UTC

Roku to Announce Third Quarter 2025 Financial Results on Oct. 30, 2025

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October 7, 2025 · 9:00 AM UTC

Roku Now Incorporated into the FreeWheel Streaming Hub, Deepening Strategic Partnership to Power the Premium CTV Ecosystem

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October 1, 2025 · 9:00 AM UTC

Philips Roku TV Featuring Ambilight Now Available in the U.S.

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