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Roku

ROKU Nasdaq Movies & Entertainment Financials FY2016–FY2025

Roku's revenue rose 15.2% to $4.7 billion in fiscal 2025. Its operating margin was −0.1%, up from −5.3% a year earlier. Free cash flow was $478 million, up 124.6%. It paid out $150 million in dividends and buybacks, 31% of free cash flow. The diluted share count rose 4.3%.

Last close · Oct 23, 2026

$158.58

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
15.2% vs prior year
Operating margin Operating income as a share of revenue.
−0.1%
5.2 pts
Net income Profit after all expenses, interest and tax.
$88.4M
Free cash flow Cash from operations minus capital spending.
$478M
124.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$24.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
67.5x
On $2.35 EPS (TTM)

What Roku does

Roku makes the software and devices that let people stream video on TVs. Its Roku TV operating system runs on its own streaming players and sticks and on TVs made by other brands under license. Roku also sells its own TVs, smart projectors, soundbars and smart home products. It says more than 90 million households stream on its platform, and that it has the most hours streamed among TV streaming platforms in the United States, Canada and Mexico.

It reports two segments. Devices earns revenue from selling players, TVs and related products, mostly through retailers. Amazon, Best Buy, Walmart and Target together made up 81% of Devices revenue in 2025. Platform earns revenue from video advertising and from streaming services distribution, which covers revenue shares on subscriptions, Premium Subscriptions sold on its free Roku Channel, and branded buttons on its remote controls.

Roku also runs its own streaming services: The Roku Channel, Frndly TV (bought in May 2025) and Howdy, an ad-free service launched in August 2025 at $2.99 a month. It sells Roku devices in more than 15 countries. It depends on a small number of content partners for nearly half of the hours streamed.

Legal name
Roku, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0001628280-26-008114
0001428439

Revenue and margins

Roku had $4.7B of revenue in fiscal 2025, up 15.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $478M in fiscal 2025, 10.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Roku returned $150M to shareholders in fiscal 2025, 31% of free cash flow. The diluted share count rose 4.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Roku yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.3B and divides by 150.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 67.5x · peers — · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Roku can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.1B$2.0B$2.0B$2.2B$2.3B
Debt incl. finance leases $89.9M$80.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −7.9x———−58.0x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 91.2x−102.9x−1,085.5x−530.8x−3.0x
Current ratio 4.2x2.7x2.4x2.6x2.8x
Quick ratio 4.1x2.6x2.3x2.5x2.7x
Total assets $4.1B$4.4B$4.3B$4.3B$4.4B
Total liabilities $1.3B$1.8B$1.9B$1.8B$1.8B
Shareholders' equity $2.8B$2.6B$2.3B$2.5B$2.7B
Net debt (− = net cash) −$2.1B−$1.9B−$2.0B−$2.2B−$2.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$12.1M

7 insiders

Of sales under plans

100%

$12.1M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Dan JeddaCFO & COO Sold plan 7,000 $152.84 $1.1M Form 4
Oct 5, 2026 Charles CollierPresident, Roku Media Sold plan 20,538 $151.63 $3.1M Form 4
Oct 1, 2026 Matthew C. BanksVP, CAO Sold plan 554 $152.21 $0.1M Form 4
Oct 1, 2026 Neil D HuntDirector Sold plan 2,000 $151.09 $0.3M Form 4
Sep 15, 2026 Dan JeddaCFO & COO Sold plan 7,000 $156.81 $1.1M Form 4
Sep 4, 2026 Charles CollierPresident, Roku Media Sold plan 20,538 $156.99 $3.2M Form 4
Sep 2, 2026 Charles CollierPresident, Roku Media Sold plan 7,067 $156.86 $1.1M Form 4
Sep 2, 2026 Christopher T. HandmanSVP & General Counsel Sold plan 2,999 $155.64 $0.5M Form 4
Sep 2, 2026 Gilbert FuchsbergPresident, Subscriptions Sold plan 4,824 $155.64 $0.8M Form 4
Sep 2, 2026 Matthew C. BanksVP, CAO Sold plan 546 $155.64 $0.1M Form 4
Sep 2, 2026 Mustafa OzgenPres, Devices, Prod, and Tech Sold plan 3,410 $155.64 $0.5M Form 4
Sep 1, 2026 Neil D HuntDirector Sold plan 2,000 $156.30 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 4 / 96 / 96 / 9
Accruals ratio −22.3%−8.1%−9.1%
Altman Z'' 1.793.073.67

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Roku ROKU $24.1B 15.2% −0.1% 10.1% — 67.5x 6
TKO Group TKO $13.1B −3.1% 17.6% — 5.9% — 5 Compare →
AMC Entertainment AMC $2.1B 4.6% −0.4% −7.6% −0.8% — 2 Compare →
Warner Music Group WMG — 4.4% 10.4% 8.0% 12.2% — — Compare →
Lionsgate Studios LION $3.6B 1.8% 3.7% 0.4% 8.3% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $399M $513M $743M $1.1B $1.8B $2.8B $3.1B $3.5B $4.1B $4.7B
Gross profit $121M $200M $332M $495M $808M $1.4B $1.4B $1.5B $1.8B $2.1B
Research and development $76.2M $108M $171M $265M $356M $462M $789M $879M $720M $730M
Operating income −$43.4M −$19.6M −$13.3M −$65.1M −$20.3M $235M −$531M −$792M −$218M −$5.6M
Interest expense $0.2M $1.1M $0.5M $0.4M $3.5M $2.6M $5.2M $0.7M $0.4M $1.9M
Pretax income −$42.5M −$63.2M −$9.3M −$60.9M −$18.5M $237M −$492M −$699M −$120M $93.9M
Income tax $0.2M $0.3M −$0.5M −$1.0M −$0.9M −$5.8M $5.7M $10.1M $9.4M $5.5M
Net income −$42.8M −$63.5M −$8.9M −$59.9M −$17.5M $242M −$498M −$710M −$129M $88.4M
Diluted EPS −$9.01 −$2.24 −$0.08 −$0.52 −$0.14 $1.71 −$3.62 −$5.01 −$0.89 $0.59
Diluted shares 0.00B 0.03B 0.10B 0.12B 0.12B 0.14B 0.14B 0.14B 0.14B 0.15B
Cash flow
Cash from operations −$32.5M $37.3M $13.9M $13.7M $148M $228M $11.8M $256M $218M $484M
Capital expenditure $8.6M $9.2M $18.3M $77.2M $82.4M $40.0M $162M $82.6M $5.1M $5.3M
Free cash flow −$41.1M $28.1M −$4.4M −$63.5M $65.8M $188M −$150M $173M $213M $478M
Depreciation and amortization $5.3M $5.2M $7.8M $12.8M $21.7M $25.4M $31.0M $53.3M $48.5M $45.6M
Stock-based compensation $8.2M $11.0M $37.7M $85.2M $134M $188M $360M $370M $385M $354M
Acquisitions $0.0M $3.0M $0.0M $68.1M $0.0M $137M $0.0M $0.0M $0.0M $95.1M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $150M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $150M
Balance sheet
Cash and short-term investments $34.6M $177M $198M $516M $1.1B $2.1B $2.0B $2.0B $2.2B $2.3B
Total debt — $0.0M $0.0M $99.6M $94.7M $89.9M $80.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $165M $345M $433M $926M $1.7B $3.1B $3.0B $3.1B $3.2B $3.4B
Current liabilities $117M $163M $194M $358M $520M $730M $1.1B $1.3B $1.2B $1.2B
Inventory $43.6M $32.7M $35.6M $49.7M $53.9M $50.3M $107M $92.1M $158M $115M
Property and equipment, net $9.5M $14.7M $25.3M $103M $155M $178M $335M $265M $214M $174M
Total assets $179M $372M $465M $1.5B $2.3B $4.1B $4.4B $4.3B $4.3B $4.4B
Total liabilities $160M $220M $220M $772M $943M $1.3B $1.8B $1.9B $1.8B $1.8B
Shareholders' equity −$194M $152M $245M $698M $1.3B $2.8B $2.6B $2.3B $2.5B $2.7B
Margins
Gross margin 30.4% 39.0% 44.7% 43.9% 45.5% 51.0% 46.1% 43.7% 43.9% 43.8%
Operating margin −10.9% −3.8% −1.8% −5.8% −1.1% 8.5% −17.0% −22.7% −5.3% −0.1%
EBITDA margin −9.6% −2.8% −0.7% −4.6% 0.1% 9.4% −16.0% −21.2% −4.1% 0.8%
Net margin −10.7% −12.4% −1.2% −5.3% −1.0% 8.8% −15.9% −20.4% −3.2% 1.9%
FCF margin −10.3% 5.5% −0.6% −5.6% 3.7% 6.8% −4.8% 5.0% 5.2% 10.1%
Returns
Return on capital — — — −31.2% −5.2% 45.2% −56.9% −117.6% — —
Return on capital employed — −14.5% −5.5% −9.4% −1.4% 9.2% −15.9% −25.1% −7.2% −0.2%
Return on equity — — −4.5% −12.7% −1.7% 11.8% −18.4% −28.5% −5.4% 3.4%
Return on assets — −23.1% −2.1% −6.2% −0.9% 7.6% −11.7% −16.4% −3.0% 2.0%
Growth
Revenue growth 24.6% 28.6% 44.8% 52.0% 57.5% 55.5% 13.1% 11.5% 18.0% 15.2%
Net income growth — — — — — — −305.5% — — —
EPS growth — — — — — — −311.7% — — —
FCF growth — — −115.7% — — 185.7% −179.7% — 22.9% 124.6%
Share count change 17.8% 496.5% 269.6% 10.1% 7.6% 14.3% −2.8% 2.8% 2.2% 4.3%
Financial health
Net debt / EBITDA — — — — −689.8x −7.9x — — — −58.0x
Debt / equity — 0.0x 0.0x 0.1x 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −183.7x −17.1x −27.0x −151.0x −5.8x 91.2x −102.9x −1,085.5x −530.8x −3.0x
Current ratio 1.4x 2.1x 2.2x 2.6x 3.3x 4.2x 2.7x 2.4x 2.6x 2.8x
Quick ratio 1.0x 1.9x 2.1x 2.4x 3.2x 4.1x 2.6x 2.3x 2.5x 2.7x
Capital allocation
Capex / revenue 2.2% 1.8% 2.5% 6.8% 4.6% 1.5% 5.2% 2.4% 0.1% 0.1%
Stock comp / revenue 2.1% 2.1% 5.1% 7.5% 7.5% 6.8% 11.5% 10.6% 9.4% 7.5%
Payouts / FCF — 0.0% — — 0.0% 0.0% — 0.0% 0.0% 31.4%
Quality scores
Piotroski F-score — — 5.0 4.0 6.0 7.0 4.0 4.0 6.0 6.0
Altman Z'' −5.1 1.1 2.6 2.5 4.3 6.3 3.1 1.8 3.1 3.7
Accruals ratio — −36.6% −5.4% −7.6% −8.9% 0.5% −12.0% −22.3% −8.1% −9.1%

Source: SEC EDGAR XBRL filings (CIK 0001428439). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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