ROKU
ROKU · NasdaqCable & Other Pay Television Services · Fiscal year ends Dec 31
ROKU reported revenue of $4.7B in the fiscal year ended Dec 2025, up 15.2% from the year before. Operating income was −$6M, an operating margin of −0.1%, and net income was $88M. Operating cash flow of $484M less capital expenditure of $5M left free cash flow of $478M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.1B | $3.5B | $4.1B | $4.7B |
| Cost of revenue | $1.4B | $1.7B | $2B | $2.3B | $2.7B |
| Gross profit | $1.4B | $1.4B | $1.5B | $1.8B | $2.1B |
| Research & development | $462M | $789M | $878M | $720M | $729M |
| Operating income | $235M | −$531M | −$792M | −$218M | −$6M |
| Interest expense | – | $5M | $730,000 | $411,000 | $2M |
| Pre-tax income | $237M | −$492M | −$699M | −$120M | $94M |
| Income tax | −$6M | $6M | $10M | $9M | $6M |
| Net income | $242M | −$498M | −$710M | −$129M | $88M |
| Diluted EPS | 1.71 | −3.62 | −5.01 | −0.89 | 0.59 |
| Diluted shares | 142M | 138M | 142M | 145M | 151M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $2B | $2B | $2.2B | $1.6B |
| Receivables | $752M | $761M | $816M | $813M | $880M |
| Inventory | $50M | $107M | $92M | $158M | $115M |
| Current assets | $3.1B | $3B | $3.1B | $3.2B | $3.4B |
| Net PP&E | $178M | $335M | $265M | $214M | $174M |
| Goodwill | $162M | $162M | $162M | $162M | $309M |
| Total assets | $4.1B | $4.4B | $4.3B | $4.3B | $4.4B |
| Payables | $125M | $165M | $385M | $274M | $159M |
| Deferred revenue | $46M | $88M | $102M | $106M | $121M |
| Current liabilities | $730M | $1.1B | $1.3B | $1.2B | $1.2B |
| Short-term debt | $10M | $80M | $0 | – | – |
| Long-term debt | $80M | $0 | – | – | – |
| Total liabilities | $1.3B | $1.8B | $1.9B | $1.8B | $1.8B |
| Shareholders' equity | $2.8B | $2.6B | $2.3B | $2.5B | $2.7B |
| Backlog (remaining obligations) | $1.1B | $997M | $1.2B | $923M | $978M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $228M | $12M | $256M | $218M | $484M |
| Capital expenditure | $40M | $162M | $83M | $5M | $5M |
| Free cash flow | $188M | −$150M | $173M | $213M | $478M |
| Depreciation & amortisation | $25M | $31M | $53M | $49M | $46M |
| Stock-based compensation | $188M | $360M | $370M | $385M | $354M |
| Acquisitions | $137M | $0 | $0 | $0 | $95M |
| Share buybacks | – | – | $0 | $0 | $150M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.1% | 11.5% | 18.0% | 15.2% |
| Operating income growth (YoY) | – | −325.8% | – | – | – |
| EPS growth (YoY) | – | −311.7% | – | – | – |
| Gross margin | 51.0% | 46.1% | 43.7% | 43.9% | 43.8% |
| Operating margin | 8.5% | −17.0% | −22.7% | −5.3% | −0.1% |
| Net margin | 8.8% | −15.9% | −20.4% | −3.1% | 1.9% |
| Return on equityBlank when equity is negative | 8.8% | −18.8% | −30.5% | −5.2% | 3.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.0% | −15.9% | −26.5% | −7.1% | −0.2% |
| Free cash flow margin | 6.8% | −4.8% | 5.0% | 5.2% | 10.1% |
| Cash conversion (CFO ÷ net income) | 0.94x | −0.02x | −0.36x | −1.69x | 5.47x |
| Receivable days | 99 | 89 | 86 | 72 | 68 |
| Inventory days | 14 | 23 | 17 | 25 | 16 |
| Payable days | 34 | 36 | 72 | 43 | 22 |
| Interest cover | – | −103x | −1085x | −531x | −2.95x |
| Debt ÷ equity | 0.03x | 0.03x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.1B | −$1.9B | – | – | – |
| Current ratio | 4.19x | 2.74x | 2.41x | 2.62x | 2.75x |
Recent filings
More in Cable & Other Pay Television Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.