Revenue accelerated to $1.5B in 2026Q2 (up 35.9% YoY) with gross margin expanding to 80.1%, yet operating margin remains deeply negative at -15.6% and net loss narrowed to -$183M.
Roblox Corporation (RBLX) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 5.69B | 4.89B | 3.6B | 2.8B | 2.23B | 1.92B | 923.88M | 508.39M | 324.96M |
| Revenue Growth % | 41.34% | 35.77% | 28.68% | 25.81% | 15.94% | 107.73% | 81.73% | 56.45% | - |
| Cost of Goods Sold | 1.2B | 1.07B | 801.16M | 649.12M | 547.66M | 496.87M | 239.9M | 122.38M | 72.98M |
| COGS % of Revenue | - | 21.93% | 22.24% | 23.19% | 24.61% | 25.89% | 25.97% | 24.07% | 22.46% |
| Gross Profit | 4.49B | 3.82B | 2.8B | 2.15B | 1.68B | 1.42B | 683.99M | 386.01M | 251.98M |
| Gross Margin % | 78.94% | 78.07% | 77.76% | 76.81% | 75.39% | 74.11% | 74.03% | 75.93% | 77.54% |
| Gross Profit Growth % | - | 36.33% | 30.26% | 28.18% | 17.93% | 107.94% | 77.19% | 53.19% | - |
| Operating Expenses | 5.67B | 5.05B | 3.86B | 3.41B | 2.6B | 1.92B | 950.12M | 462.45M | 339.53M |
| OpEx % of Revenue | - | 103.27% | 107.28% | 121.79% | 116.9% | 99.91% | 102.84% | 90.96% | 104.48% |
| Selling, General & Admin | 987.41M | 826.29M | 581.69M | 536.51M | 414.76M | 389.38M | 155.72M | 86.68M | 75M |
| SG&A % of Revenue | - | 16.9% | 16.15% | 19.17% | 18.64% | 20.29% | 16.86% | 17.05% | 23.08% |
| Research & Development | 1.65B | 1.57B | 1.44B | 1.25B | 873.48M | 533.21M | 201.43M | 107.09M | 87.05M |
| R&D % of Revenue | - | 32.06% | 40.09% | 44.78% | 39.26% | 27.78% | 21.8% | 21.07% | 26.79% |
| Other Operating Expenses | 4M | 2.66B | 1.84B | 1.62B | 1.31B | 994.82M | 592.97M | 268.68M | 177.48M |
| Operating Income | -1.18B | -1.23B | -1.06B | -1.26B | -923.78M | -495.1M | -266.14M | -76.44M | -87.55M |
| Operating Margin % | -20.72% | -25.2% | -29.52% | -44.98% | -41.52% | -25.8% | -28.81% | -15.04% | -26.94% |
| Operating Income Growth % | - | -15.9% | 15.55% | -36.29% | -86.59% | -86.03% | -248.16% | 12.69% | - |
| EBITDA | -942.87M | -1.01B | -836.88M | -1.05B | -793.7M | -419.48M | -222.33M | -48.78M | -75.61M |
| EBITDA Margin % | -16.58% | -20.58% | -23.23% | -37.54% | -35.67% | -21.86% | -24.06% | -9.59% | -23.27% |
| EBITDA Growth % | -8% | -20.27% | 20.37% | -32.41% | -89.21% | -88.67% | -355.82% | 35.49% | - |
| D&A (Non-Cash Add-back) | 179.3M | 225.82M | 226.44M | 208.14M | 130.08M | 75.62M | 43.81M | 27.66M | 11.94M |
| EBIT | -963.68M | -1.03B | -896.69M | -1.12B | -891.95M | -497.02M | -264.35M | -71.11M | -87.55M |
| Net Interest Income | 180.4M | 161.58M | 138.35M | 101.11M | -1.06M | -6.91M | 1.82M | 6.55M | 3.76M |
| Interest Income | 220.44M | 201.61M | 179.53M | 141.82M | 38.84M | 92K | 1.82M | 6.55M | 3.76M |
| Interest Expense | 40.04M | 40.03M | 41.18M | 40.71M | 39.9M | 7M | 0 | 0 | 0 |
| Other Income/Expense | 174.45M | 164.32M | 126.82M | 100.58M | -6.8M | -8.7M | 1.79M | 5.33M | -520K |
| Pretax Income | -1B | -1.07B | -936.5M | -1.16B | -930.59M | -503.8M | -264.35M | -71.11M | -88.07M |
| Pretax Margin % | -17.65% | -21.84% | -26% | -41.39% | -41.82% | -26.25% | -28.61% | -13.99% | -27.1% |
| Income Tax | 4.76M | 3.59M | 4.11M | 454K | 3.55M | -320K | -6.66M | 9K | 3K |
| Effective Tax Rate % | -0.47% | -0.34% | -0.44% | -0.04% | -0.38% | 0.06% | 2.52% | -0.01% | -0% |
| Net Income | -1B | -1.07B | -935.38M | -1.15B | -924.37M | -491.65M | -253.25M | -70.97M | -88.08M |
| Net Margin % | -17.6% | -21.78% | -25.97% | -41.15% | -41.54% | -25.62% | -27.41% | -13.96% | -27.1% |
| Net Income Growth % | -5.08% | -13.86% | 18.8% | -24.62% | -88.01% | -94.13% | -256.86% | 19.42% | - |
| Net Income (Continuing) | -1.01B | -1.07B | -940.61M | -1.16B | -934.14M | -503.48M | -257.69M | -71.11M | -88.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -23M | -19.5M | -12.79M | -7.66M | -991K | 8.11M | 20.01M | 24.36M | 0 |
| EPS (Diluted) | -1.40 | -1.54 | -1.44 | -1.87 | -1.55 | -0.97 | -0.47 | -0.13 | -0.55 |
| EPS Growth % | 0% | -6.94% | 22.99% | -20.65% | -59.79% | -106.38% | -261.54% | 76.36% | - |
| EPS (Basic) | - | -1.54 | -1.44 | -1.87 | -1.55 | -0.97 | -0.47 | -0.13 | -0.55 |
| Diluted Shares Outstanding | 716.77M | 689.61M | 647.48M | 616.45M | 595.56M | 505.86M | 534.82M | 526.23M | 160.84M |
| Basic Shares Outstanding | 716.77M | 689.61M | 647.48M | 616.45M | 595.56M | 505.86M | 534.82M | 526.23M | 160.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RBLX stock.
For fiscal year 2025, Roblox Corporation (RBLX) reported total revenue of $4.89B. This represents a 1405.0% increase compared to $325.0M in 2018.
Roblox Corporation (RBLX) reported a net loss of $1.07B for the fiscal year ending 2025.
Roblox Corporation (RBLX) reported an operating income of $-1232.3M, resulting in an operating profit margin of -25.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Roblox Corporation (RBLX) generated $3.82B in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
According to the latest quarterly data, RBLX's revenue grew 35.9% year-over-year in 2026Q2, up from 20.9% in 2025Q2, indicating accelerating top-line momentum.
Revenue growth has consistently accelerated from 22.3% in 2024Q1 to 35.9% in 2026Q2, with the most recent quarter showing the strongest growth in the series. This suggests that the platform's monetization efforts are gaining traction, possibly driven by increased user engagement or higher spending per user. The sequential revenue increase from $1.4B to $1.5B in 2026Q2 also indicates continued expansion, though the sustainability of this acceleration warrants monitoring.
Gross Margin Expansion Signals Pricing Power
As reported in financial statements, RBLX's gross margin improved to 80.1% in 2026Q2 from 77.7% in 2024Q4, reflecting enhanced infrastructure efficiency and potential pricing power.
Gross margin has trended upward from 77.7% in 2024Q4 to 80.1% in 2026Q2, a notable improvement that suggests the company is scaling its infrastructure costs effectively relative to revenue. This margin expansion is particularly impressive given the rapid revenue growth, implying that the cost of revenue is growing slower than top-line. However, the absolute level is still below some peers like EA (79.0%), but the trend is positive and may indicate a structural advantage in the user-generated content model.
Operating Leverage Remains Elusive
Despite revenue growth, RBLX's operating margin improved to -15.6% in 2026Q2 from -37.7% in 2024Q1, but still reflects significant negative operating leverage.
Operating income has consistently been negative, but the loss has narrowed from -$302.3M in 2024Q1 to -$229.0M in 2026Q2, with operating margin improving from -37.7% to -15.6%. This indicates that while the company is scaling revenue, operating expenses (R&D and SG&A) are not growing as fast, leading to gradual improvement. However, the company still operates at a substantial loss, suggesting that fixed costs remain high relative to revenue, and achieving profitability may require further cost discipline or even higher revenue growth.
Losses Narrow but SBC Clouds Earnings
Based on reported figures, RBLX's net loss narrowed to -$183M in 2026Q2 from -$316M in 2025Q4, yet stock-based compensation of $282M exceeds the net loss, indicating significant non-cash dilution.
Net income improved from -$316.0M in 2025Q4 to -$183.0M in 2026Q2, a positive trend, but the quality of earnings is heavily impacted by stock-based compensation (SBC), which was $282.0M in 2026Q2, exceeding the net loss. This suggests that the reported losses are understated on a cash basis, and the company is using equity as a significant part of employee compensation. Investors should monitor the dilution impact and whether SBC as a percentage of revenue will decline as the company scales.
R&D Dominates Cost Structure
In 2026Q2, R&D expenses of $420M accounted for 28% of revenue, while SG&A was $260M, indicating a heavy investment in product development and platform innovation.
R&D is the largest operating expense, consistently around $400M per quarter, and has grown from $362.1M in 2024Q1 to $420.0M in 2026Q2, reflecting the company's commitment to enhancing its platform. SG&A has also increased but at a slower pace, from $133.4M to $260.0M over the same period. The high R&D intensity suggests that the company is prioritizing long-term growth over near-term profitability, which is typical for a high-growth tech platform but raises questions about when these investments will yield operating leverage.
Path to Profitability Remains Uncertain
Despite revenue growth, RBLX's operating margin is still -15.6% in 2026Q2, and with SBC exceeding net losses, the company's path to profitability is not yet clear.
Short-sellers might argue that RBLX's revenue growth is not translating into profits fast enough, and the heavy reliance on SBC masks true cash costs. The company's operating margin, while improving, is still deeply negative, and the gap between revenue growth and expense growth is narrowing but not yet sufficient to reach breakeven. Additionally, the high SBC could lead to shareholder dilution, and if growth decelerates, the fixed cost base could become a burden. Investors should monitor whether the company can achieve operating leverage without sacrificing growth.