Form 8-K

8-K — ROKU, INC

Accession: 0001628280-26-028851

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001428439

SIC: 4841 (CABLE & OTHER PAY TELEVISION SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wk-20260430.htm (Primary)

EX-99.1 (a04fy2026q1exhibit991.htm)

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8-K

8-K (Primary)

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wk-20260430

1173 Coleman AveSan JoseCalifornia0001428439FALSE00014284392026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

Roku, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware 001-38211 26-2087865

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1173 Coleman Ave

San Jose, California

95110

(Address of Principal Executive Offices) (Zip Code)

(408) 556-9040

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol(s): Name of Exchange on Which Registered:

Class A Common Stock, $0.0001 par value ROKU The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, Roku, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2026. The Company’s Shareholder Letter, which is attached hereto as Exhibit 99.1, is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be treated as filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly stated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1*

Shareholder Letter dated April 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

*This exhibit is intended to be furnished and shall not be deemed “filed” for purposes of the Securities and Exchange Act of 1934.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Roku, Inc.

Dated: April 30, 2026

By: /s/ Dan Jedda

Dan Jedda

Chief Financial Officer and Chief Operating Officer

EX-99.1

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Document

Exhibit 99.1

Fellow Shareholders,

April 30, 2026

We delivered an outstanding first quarter. Platform revenue grew 28% year over year (YoY), driven by strength in Advertising and Subscriptions – two operating segments we have begun breaking out separately to give investors greater visibility into our business. We continued to increase profitability, generating Net Income of $86 million, Adjusted EBITDA of $148 million, up 165% YoY, and an all-time high of Free Cash Flow (TTM). We also repurchased $100 million of shares in Q1, for a total of $250 million since Q3, under our $400 million stock repurchase program. These results affirm our path to sustaining double-digit Platform revenue growth, expanding margins, and growing our north star metric of Free Cash Flow per share.

First Quarter 2026 Key Results

•Total net revenue was $1.25 billion, up 22% YoY

•Platform revenue was $1.13 billion, up 28% YoY

•Total gross profit was $565 million, up 27% YoY

•Streaming Hours were 38.7 billion, up 8% YoY

•The Roku Channel was the #2 app on our platform by engagement in the U.S.

•Disaggregated Platform into two operating segments, Advertising and Subscriptions

Summary Financials ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 YoY %

Advertising $482.8 $539.1 $591.2 $714.7 $612.7 27 %

Subscriptions 398.0 436.4 473.4 509.3 518.5 30 %

*Platform revenue 880.8 975.5 1,064.6 1,224.0 1,131.2 28 %

Devices revenue 139.9 135.6 146.0 170.9 117.6 (16) %

Total net revenue 1,020.7 1,111.0 1,210.6 1,394.9 1,248.9 22 %

Advertising 270.4 301.6 345.5 428.2 371.0 37 %

Subscriptions 193.9 196.0 202.3 218.4 213.1 10 %

Platform gross profit 464.3 497.7 547.8 646.7 584.1 26 %

Devices gross profit (loss) (19.3) 0.0 (22.9) (39.9) (19.1) 1 %

Total gross profit 445.0 497.7 524.9 606.8 564.9 27 %

Advertising gross margin % 56.0 % 56.0 % 58.4 % 59.9 % 60.5 % 4.5 pts

Subscriptions gross margin % 48.7 % 44.9 % 42.7 % 42.9 % 41.1 % (7.6) pts

Platform gross margin % 52.7 % 51.0 % 51.5 % 52.8 % 51.6 % (1.1) pts

Devices gross margin % (13.8) % 0.0 % (15.7) % (23.3) % (16.3) % (2.5) pts

Total gross margin % 43.6 % 44.8 % 43.4 % 43.5 % 45.2 % 1.6 pts

Research and development 184.6 178.0 182.2 184.6 189.5 3 %

Sales and marketing 223.7 243.3 242.1 255.3 221.2 (1) %

General and administrative 94.5 99.7 91.1 100.9 102.5 8 %

Total operating expenses 502.8 521.0 515.4 540.8 513.2 2 %

Income (loss) from operations (57.7) (23.3) 9.5 66.0 51.8 nm

Net income (loss) (27.4) 10.5 24.8 80.5 85.7 nm

*Adjusted EBITDA A

56.0 78.2 116.9 169.4 148.4 165 %

Adjusted EBITDA margin % 5.5 % 7.0 % 9.7 % 12.1 % 11.9 % 6.4 pts

Cash flow from operations (TTM) 310.1 396.4 455.4 483.7 544.1 75 %

*Free cash flow (TTM) A

298.4 392.0 443.0 483.6 538.8 81 %

Outlook ($ in millions) Q2 2026E FY2026E

A Refer to reconciliations at the end of this Letter.

Total net revenue $1,295 $5,535

B Reconciling items between net income and non-GAAP Adjusted EBITDA consist of: stock-based compensation of approx. $80M for Q2 and $325M for 2026, depreciation and amortization of approx. $20M for Q2 and $70M for 2026, and other income of approx. $20M for Q2 and $80M for 2026.

Total gross profit $580 $2,450

Net income $90 $360

Adjusted EBITDA B

$170 $675

* Key Performance Metric (KPM)

Roku Q1 2026 Shareholder Letter

Platform

Platform revenue grew 28% YoY to $1.13 billion, with gross margin of 51.6%. The strong performance was driven by meaningful contributions from both Advertising and Subscriptions, demonstrating the increasing diversity of our monetization. The Roku Experience, which includes our Home Screen, content discovery features, and AI-powered recommendations, continues to be a powerful competitive advantage, driving engagement, advertising, and subscriptions across our platform.

Advertising

Advertising revenue grew 27% YoY to $613 million, with gross margin of 60.5%. In particular, video advertising growth on our platform outpaced both the U.S. OTT and digital ad markets1. We believe this outperformance reflects the growing recognition among advertisers that Roku’s unique combination of scale, first-party data, and innovative ad technology delivers measurable outcomes that help businesses grow.

As we grow advertising demand and expand our programmatic capabilities, we are increasing fill rate and the share of Roku video impressions purchased through programmatic channels. Ad spend through third-party programmatic partners increased more than 40% YoY, fueled by deepening integrations with major demand-side platforms (DSPs). For example, in March, we announced an expanded integration with DV360 (Google’s Display & Video 360 DSP), which enabled enhanced targeting and measurement through Google’s Confidential Publisher Match and Campaign Manager 360. This addition to our existing partnerships, including Amazon DSP, The Trade Desk, Yahoo, and FreeWheel, means advertisers can now access Roku’s premium ad inventory through virtually every major buying platform.

Roku Ads Manager, our self-service ad platform for performance and SMB2 advertisers, is another way we’re diversifying advertising demand and quickly adding net-new advertisers to our platform. The number of advertisers using Ads Manager in Q1 more than doubled YoY. Roku Ads Manager makes it simple to create, launch, and measure TV streaming campaigns. With generative AI reducing the cost and complexity of producing video creative, we see a significant long-term opportunity to target a meaningful share of the approximately $600 billion in annual SMB ad spend3.

Roku Ads Manager helps businesses drive impact. For example, Blu Dot, the modern home furniture designer, manufacturer, and retailer, drove results around its annual sale by leveraging the Roku Ads Manager Shopify Integration to track full-funnel attribution. Blu Dot was able to link CTV ad views directly to purchases made on mobile or desktop devices. It employed a tiered ad strategy to build awareness and urgency around the sale, engage viewers with interactive Action Ads, and convert high-intent site visitors. During an 11-week campaign, Blu Dot achieved an overall ROAS (return on ad spend) of over 2,000%.

We also continue to expand the advertising categories we serve with our high-visibility, high-margin ads that appear throughout the Roku Experience (RX). In Q1, ad spend from non-Media and Entertainment (M&E) brands reached nearly 30% of total RX advertising revenue, an all-time high, reflecting our strategy to diversify RX revenue beyond M&E partners. Marquee Ad Video (MAV) has been a key driver of that diversification. Positioned on our Home Screen, MAV offers broad reach and strong engagement and serves as a centerpiece of larger brand campaigns on our platform. Though MAV is still small as a portion of total Advertising, the number of advertisers deploying MAV doubled YoY and ad spend tripled YoY in Q1, both of which underscore the value our Home Screen delivers for advertisers.

1 SMI (Standard Media Index) data; OTT: over the top

2 SMB: Small and medium size businesses

3 2025 Small Business Advertising Trends Report By Intuit SMB MediaLabs

Roku Q1 2026 Shareholder Letter

Geico sponsorship leveraging Marquee Ad Video and Roku CityTM

Subscriptions

Our increased focus on Subscriptions drove strong results, with revenue growing 30% YoY to $519 million and gross margin of 41.1%. Excluding Frndly, Subscriptions revenue grew 23% YoY. Q1 was our highest quarter ever for Premium Subscription sign-ups.

We also continued to scale our owned and operated subscription services. We recently expanded the distribution of Howdy™, our premium, ad-free SVOD4 service for just $3/month, with launches as a subscription option on Prime Video and as a standalone mobile app for iOS and Android. We also launched Howdy on our platform in Mexico.

The Howdy mobile app brings on-the-go access to a curated library of fan favorites.

The success of Super Bowl LX and the Milan Cortina 2026 Olympic Winter Games on Roku underscored the power of our platform. Our ability to combine content discovery, seamless sign-up, and targeted advertising delivers outsized value for our streaming service partners, with more than half of Peacock sign-ups on the Roku platform in February originating from RX. We launched Apple TV and Peacock within Premium Subscriptions, in March and April, respectively. With Premium Subscriptions, viewers can access these services through The Roku Channel, enabling them to enjoy a broad variety of great entertainment in a single app. We see a large opportunity to continue growing Premium Subscriptions, as the experience provides ease and

4 SVOD: subscription video on demand

Roku Q1 2026 Shareholder Letter

value for both our viewers and our content partners. In the broader SVOD category, which includes Premium Subscriptions and direct-to-consumer app services, Roku was the fastest-growing distributor of third-party billed subscriptions5.

In April, we launched Peacock within Premium Subscriptions on The Roku Channel.

Devices

In April, we achieved a significant milestone: more than 100 million Streaming Households6 worldwide use a device powered by the Roku TV operating system (OS), a testament to the growing role Roku plays as streaming becomes the primary way people watch TV.

Devices revenue was $118 million, down 16% YoY, with gross margin of (16.3)%, driven primarily by lower player unit sales and promotional pricing. As a reminder, our Devices revenue is generated from the sale of our players and Roku-made TVs (designed, made, and sold by Roku). Devices revenue does not include Roku TV models made by our OEM7 licensing partners, which account for the largest portion of our overall unit volume. We remain well-positioned with a diversified portfolio of streaming players, TVs, and projectors. Roku-made TV unit sales grew YoY, powered by the continued ramp of Hiro Roku TVs at Target, successful relaunches at Best Buy, and strength on Amazon.

5 Source: Antenna Subscriber Estimates | US Only | March 2026, does not include indirect billing (Cable, Telco, etc.)

6 Streaming Households: The number of distinct user accounts that have streamed on our platform within the last 30 days

7 OEM: Original equipment manufacturer

Roku Q1 2026 Shareholder Letter

On the macro front, we are closely monitoring pricing pressure from tightening memory chip supply that is impacting the entire electronics industry. While we expect higher memory costs will weigh on Device margins in the second half of the year, the Roku TV OS requires significantly less dynamic memory (DRAM) and storage memory (Flash) than competing platforms. We believe this widening cost differential will drive more TV OEMs to partner with us. We are actively expanding and diversifying our OEM licensing agreements and expect new partnerships to begin contributing to Roku TV model unit volume in the second half of 2026.

Outlook

For Q2, we anticipate Platform revenue growing approximately 20% YoY and Devices revenue down high-single digits YoY. We expect this to result in Total net revenue of $1.3 billion, up nearly 17% YoY, with Total gross profit of $580 million and Adjusted EBITDA of $170 million.

For the full year, we are raising our outlook. We now expect Platform revenue to grow nearly 21% YoY to $5.0 billion, and Devices revenue of approximately $535 million, for Total net revenue of $5.5 billion. We anticipate Platform gross margin at the high end of our 51% to 52% range and Devices gross margin in the high (20)% range. Despite our expectation for elevated memory costs in the second half, our overall Devices investment across both gross profit and OpEx remains the same as our prior outlook. For OpEx, we continue to expect it to be more heavily weighted in the second half of the year due to the timing of distribution expenses, and we still anticipate mid-single-digit YoY growth for the full year. As a result, we expect Adjusted EBITDA of $675 million, representing margin improvement of approximately 330 basis points YoY.

We are executing against our monetization initiatives and remain well-positioned to drive sustained double-digit Platform growth and achieve $1 billion of Free Cash Flow by 2028, if not sooner.

Happy Streaming™!

Anthony Wood, Founder and CEO, and Dan Jedda, CFO and COO

Conference Call Webcast – April 30, 2026, at 2 p.m. PT

The Company will host a webcast of its conference call to discuss the Q1 2026 results at 2 p.m. Pacific Time / 5 p.m. Eastern Time on April 30, 2026. Participants may access the live webcast in listen-only mode on the Roku investor relations website at www.roku.com/investor. An archived webcast of the conference call will also be available at www.roku.com/investor after the call.

About Roku, Inc.

Roku pioneered streaming on TV. We connect users to the content they love, enable content publishers to build and monetize large audiences, and provide advertisers with unique capabilities to engage consumers. Roku-made TVs, Roku TV™ models, Roku streaming players, and TV-related audio devices are available in various countries around the world through direct retail sales and/or licensing arrangements with TV OEM brands. Roku Smart Home products are sold exclusively in the United States. Roku also operates The Roku Channel, the home of free and premium entertainment with exclusive access to Roku Originals, and the #2 app on our platform in the U.S. by streaming hours. The Roku Channel is available in the United States, Canada, Mexico, and the United Kingdom. Roku is headquartered in San Jose, Calif., U.S.A.

ROKU, ROKU TV, the Roku logo, ROKU CITY, HIRO, HOWDY, FRNDLY TV, “HAPPY STREAMING” and other trade names, trademarks or service marks of Roku appearing in this shareholder letter are the property of Roku or its affiliates. Trade names, trademarks and service marks of other companies appearing in this shareholder letter are the property of their respective holders.

Investor Relations

Conrad Grodd

cgrodd@roku.com

Media

Kelli Raftery

kraftery@roku.com

Roku Q1 2026 Shareholder Letter

Use of Non-GAAP Measures

In addition to financial information prepared in accordance with generally accepted accounting principles in the United States (GAAP), this shareholder letter includes certain non-GAAP financial measures. These non-GAAP measures include Adjusted EBITDA and Free Cash Flow (FCF). In order for our investors to be better able to compare our current results with those of previous periods, we have included a reconciliation of GAAP to non-GAAP financial measures in the tables at the end of this letter. The Adjusted EBITDA reconciliation excludes total other income, net, stock-based compensation expense, depreciation and amortization, restructuring charges, and income tax (benefit) expense from the net income (loss) of the period, and the FCF reconciliation excludes capital expenditures and effects of exchange rates from the cash flow from operations of the period, in each case where applicable. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. However, these non-GAAP financial measures have limitations, and should not be considered in isolation or as a substitute for our GAAP financial information.

Forward-Looking Statements

This shareholder letter contains “forward-looking” statements within the meaning of the federal securities laws. Statements contained herein that are not historical facts are considered forward-looking statements and can be identified by terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “may,” “opportunity,” "plan,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Such forward-looking statements are based on our current beliefs, assumptions and information available to us and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by the forward-looking statements. These statements include those related to the continued competitive advantage of the Roku Experience; our ability to capture a meaningful share of small and medium-size business ad spend; our expansion of advertising categories in the Roku Experience; growth of our scale; our expectations regarding increased Premium Subscriptions; our ability to grow Devices revenue; our expectations regarding the growth in Roku TV model unit volume in the second half of 2026; our expectations relating to partnerships with TV OEMs; the effects of pricing pressure from tightening memory supply and higher memory costs on our Devices revenue; our financial outlook for the second quarter of 2026 and full year 2026 and our qualitative color on our business in 2026 and beyond; our continued focus on our monetization initiatives; and our ability to drive Platform growth and achieve $1 billion of free cash flow by 2028; and our overall business trajectory. Important risks and factors related to such statements are contained in the reports we have filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Except as required by law, we assume no obligation to update these forward-looking statements as the result of new information, future events or otherwise.

Roku Q1 2026 Shareholder Letter

ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended

3/31/2026 3/31/2025

Net revenue:

Platform:

Advertising $ 612,705 $ 482,823

Subscriptions 518,525 397,994

Total Platform 1,131,230 880,817

Devices 117,649 139,855

Total net revenue 1,248,879 1,020,672

Cost of revenue:

Platform(1):

Advertising 241,736 212,424

Subscriptions 305,409 204,082

Total Platform 547,145 416,506

Devices(1)

136,798 159,121

Total cost of revenue 683,943 575,627

Gross profit (loss):

Platform:

Advertising 370,969 270,399

Subscriptions 213,116 193,912

Total Platform 584,085 464,311

Devices (19,149) (19,266)

Total gross profit 564,936 445,045

Operating expenses:

Research and development (1)

189,492 184,579

Sales and marketing (1)

221,221 223,693

General and administrative (1)

102,451 94,503

Total operating expenses 513,164 502,775

Income (loss) from operations 51,772 (57,730)

Other income, net:

Interest expense (624) (433)

Other income, net 37,497 17,649

Total other income, net 36,873 17,216

Income (loss) before income taxes 88,645 (40,514)

Income tax expense (benefit) 2,945 (13,083)

Net income (loss) $ 85,700 $ (27,431)

Net income (loss) per share — basic $ 0.58 $ (0.19)

Net income (loss) per share — diluted $ 0.57 $ (0.19)

Weighted-average common shares outstanding — basic 147,510 146,197

Weighted-average common shares outstanding — diluted 151,024 146,197

Roku Q1 2026 Shareholder Letter

ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, CONTINUED

(in thousands, except per share data)

(unaudited)

Three Months Ended

3/31/2026 3/31/2025

(1) Stock-based compensation was allocated as follows:

Cost of revenue, platform $ 194 $ 384

Cost of revenue, devices — 70

Research and development 29,495 35,858

Sales and marketing 27,384 34,786

General and administrative 21,609 24,396

Total stock-based compensation $ 78,682 $ 95,494

Roku Q1 2026 Shareholder Letter

ROKU, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value data)

(unaudited)

As of

3/31/2026 12/31/2025

Assets

Current assets:

Cash and cash equivalents $ 1,649,877 $ 1,587,068

Short-term investments 730,342 730,213

Accounts receivable, net of allowances of $57,152 and $80,448 as of March 31, 2026, and December 31, 2025, respectively

752,586 879,871

Inventories 101,289 114,642

Prepaid expenses and other current assets 136,532 89,716

Total current assets 3,370,626 3,401,510

Property and equipment, net 162,257 173,577

Operating lease right-of-use assets 243,701 260,341

Content assets, net 161,904 167,908

Intangible assets, net 46,202 50,207

Goodwill 309,406 309,406

Other non-current assets 58,538 70,534

Total Assets $ 4,352,634 $ 4,433,483

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 123,093 $ 158,640

Accrued liabilities 911,199 957,983

Deferred revenue, current portion 123,938 120,912

Total current liabilities 1,158,230 1,237,535

Deferred revenue, non-current portion 27,057 28,848

Operating lease liability, non-current portion 412,705 435,899

Other long-term liabilities 83,578 73,256

Total Liabilities 1,681,570 1,775,538

Stockholders’ Equity:

Common stock, $0.0001 par value 15 15

Additional paid-in capital 4,174,436 4,145,485

Accumulated other comprehensive income (loss) (493) 1,039

Accumulated deficit (1,502,894) (1,488,594)

Total stockholders’ equity 2,671,064 2,657,945

Total Liabilities and Stockholders’ Equity $ 4,352,634 $ 4,433,483

Roku Q1 2026 Shareholder Letter

ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended

3/31/2026 3/31/2025

Cash flows from operating activities:

Net income (loss) $ 85,700 $ (27,431)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization 17,928 15,192

Stock-based compensation expense 78,682 95,494

Amortization of right-of-use assets 12,343 11,575

Amortization and write-off of content assets 45,747 48,044

Foreign currency remeasurement (gains) losses (385) 243

Change in fair value of strategic investment in convertible promissory notes — 6,284

Impairment of assets 4,920 2,870

Provision for credit losses 71 1,285

Other items, net (1,913) (425)

Changes in operating assets and liabilities:

Accounts receivable 126,890 161,122

Inventories 13,353 22,974

Prepaid expenses and other current assets (44,074) (12,381)

Content assets and liabilities, net (47,856) (43,113)

Other non-current assets 4,620 2,790

Accounts payable (35,029) (79,459)

Accrued liabilities (41,340) (57,984)

Operating lease liabilities (21,728) (18,783)

Other long-term liabilities (24) 242

Deferred revenue 1,235 10,193

Net cash provided by operating activities 199,140 138,732

Cash flows from investing activities:

Purchases of property and equipment (3,134) (1,931)

Sale (purchase) of strategic investment 18,399 (7,000)

Purchases of short-term investments (350,000) —

Sales and maturities of short-term investments 350,000 —

Net cash provided by (used in) investing activities 15,265 (8,931)

Cash flows from financing activities:

Proceeds from equity issued under incentive plans 1,789 2,436

Taxes paid related to net share settlement of equity awards (51,520) (38,508)

Repurchases of common stock (100,000) —

Net cash used in financing activities (149,731) (36,072)

Net increase in cash, cash equivalents and restricted cash 64,674 93,729

Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,865) 2,188

Cash, cash equivalents and restricted cash — beginning of period 1,587,068 2,160,639

Cash, cash equivalents and restricted cash — end of period $ 1,649,877 $ 2,256,556

Roku Q1 2026 Shareholder Letter

ROKU, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(in thousands)

(unaudited)

Three Months Ended

3/31/2026 3/31/2025

Cash, cash equivalents and restricted cash at end of period:

Cash and cash equivalents $ 1,649,877 $ 2,256,153

Restricted cash, current — 403

Cash, cash equivalents and restricted cash — end of period $ 1,649,877 $ 2,256,556

Supplemental disclosures of cash flow information:

Cash paid for interest $ 518 $ 28

Cash paid for (refunded from) income taxes, net $ (1,037) $ 2,162

Supplemental disclosures of non-cash investing and financing activities:

Unpaid portion of property and equipment purchases $ 381 $ 36

Roku Q1 2026 Shareholder Letter

NON-GAAP INFORMATION

(in thousands)

(unaudited)

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

Three Months Ended

3/31/2026 3/31/2025

Net income (loss) $ 85,700 $ (27,431)

Total other income, net (36,873) (17,216)

Stock-based compensation 78,682 95,494

Depreciation and amortization 17,928 15,192

Restructuring charges — 3,064

Income tax expense (benefit) 2,945 (13,083)

Adjusted EBITDA $ 148,382 $ 56,020

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (TTM):

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Net cash provided by operating activities $ 310,094 $ 396,421 $ 455,360 $ 483,718 $ 544,126

Less: Purchases of property and equipment (6,320) (6,567) (6,647) (5,280) (6,483)

Add/(Less): Effect of exchange rate changes on cash, cash equivalents and restricted cash (5,328) 2,133 (5,706) 5,179 1,126

Free cash flow (TTM) $ 298,446 $ 391,987 $ 443,007 $ 483,617 $ 538,769

Roku Q1 2026 Shareholder Letter

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v3.26.1

Cover

Apr. 30, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

Roku, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-38211

Entity Tax Identification Number

26-2087865

Entity Address, Address Line One

1173 Coleman Ave

Entity Address, City or Town

San Jose

Entity Address, State or Province

Entity Address, Postal Zip Code

95110

City Area Code

408

Local Phone Number

556-9040

Written Communications

false

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false

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false

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Title of 12(b) Security

Class A Common Stock, $0.0001 par value

Trading Symbol

ROKU

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

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0001428439

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