Key Financial Data
- Q4 Revenue: $1.395 billion (+16% year-over)
- Q4 Gross profit: $171 million (+3%)
- Q4 Operating income: $66 million
- Q4 Platform revenue: $1.224 billion (+18%)
- Q4 Device revenue: $171 million (+3%)
- FY25 Revenue: $4.737 billion (+15%)
- FY25 Gross profit: $2.074 billion (+15%)
- FY25 Platform revenue: $4.145 billion (+18%)
- FY25 Device revenue: $592.4 million (no change)
- Read more Q4 2025 media earnings coverage
Roku swung to profitability during the fourth quarter (Q4) of 2025, capping what executives described as a year of “excellent results” driven by growth in its higher-margin platform business and improved operating discipline.
The California-based streaming company reported total net revenue of $1.395 billion in the fourth quarter, up 16 percent from a year earlier, according to its quarterly shareholder letter. For the full year, revenue rose 15 percent to $4.737 billion.
Platform revenue from advertising and subscription sales on Roku devices climbed 18 percent to $1.224 billion during Q4 and 18 percent to $4.145 billion for the year. Devices revenue increased 3 percent to $171 million in the quarter and was essentially flat on a year-over basis, clocking in at $592 million.
Gross profit in the fourth quarter increased 18 percent to $606.8 million, with total gross margin expanding to 43.5 percent. For the year, gross profit rose 15 percent to $2.074 billion.
Roku posted net income of $80.5 million in the fourth quarter, compared with a loss of $35.5 million a year earlier. For the full year, the company reported net income of $88.4 million, reversing a loss of $129.4 million in 2024.
Adjusted EBITDA reached $169.4 million in the fourth quarter, up 119 percent from the prior year period, with margin expanding to 12.1 percent. For 2025, Adjusted EBITDA increased 62 percent to $420.5 million. The company said its Adjusted EBITDA margin expanded by 255 basis points for the year.
Operating cash flow also improved significantly. Net cash provided by operating activities totaled $483.7 million in 2025, more than double the $218 million reported in 2024. Trailing 12-month free cash flow reached $483.6 million, up 138 percent.
Shares of Roku were up nearly 10 percent in after-hours trading on Thursday.
Stock Price
Roku said streaming hours reached 145.6 billion in 2025, an increase of 15 percent year over year, underscoring continued engagement on its platform. The company also ended the year with more than 90 million logged-in streaming households globally and said it remains on track to surpass 100 million in 2026.
“We delivered excellent results in 2025, driven by consistent execution and the differentiation of our leading TV streaming platform,” Anthony Wood, the founder and CEO of Roku, wrote in a letter that was co-penned with Chief Financial Officer Dan Jedda. “By expanding our platform monetization over the last two years, we’ve unlocked new growth engines and achieved record-breaking financial performance.”
Looking ahead, Roku forecast first-quarter revenue of approximately $1.2 billion, up roughly 18 percent year over year, and projected full-year 2026 revenue of $5.5 billion. The company said it expects to sustain double-digit platform revenue growth and further improve profitability.
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