Revenue scaled to about $1.6 billion in 2026Q3 with a stable gross margin near 80%, yet operating margin stayed deeply negative at -18.0%, indicating that research, development and SG&A costs have not yet been absorbed by the growing revenue base.
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 | 5.9B | 4.89B | 3.6B | 2.8B | 2.23B | 1.92B | 923.88M | 508.39M | 324.96M |
| Revenue Growth % | 32.14% | 35.77% | 28.68% | 25.81% | 15.94% | 107.73% | 81.73% | 56.45% | - |
| Cost of Goods Sold | 1.22B | 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 | 4.68B | 3.82B | 2.8B | 2.15B | 1.68B | 1.42B | 683.99M | 386.01M | 251.98M |
| Gross Margin % | 79.33% | 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 | 5.84B | 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 | 1.09B | 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 | 1.69B | 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 | -1.16B | -1.23B | -1.06B | -1.26B | -923.78M | -495.1M | -266.14M | -76.44M | -87.55M |
| Operating Margin % | -19.75% | -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 | -917.65M | -1.01B | -836.88M | -1.05B | -793.7M | -419.48M | -222.33M | -48.78M | -75.61M |
| EBITDA Margin % | -15.56% | -20.58% | -23.23% | -37.54% | -35.67% | -21.86% | -24.06% | -9.59% | -23.27% |
| EBITDA Growth % | -1.51% | -20.27% | 20.37% | -32.41% | -89.21% | -88.67% | -355.82% | 35.49% | - |
| D&A (Non-Cash Add-back) | 190.99M | 225.82M | 226.44M | 208.14M | 130.08M | 75.62M | 43.81M | 27.66M | 11.94M |
| EBIT | -935.1M | -1.03B | -896.69M | -1.12B | -891.95M | -497.02M | -264.35M | -71.11M | -87.55M |
| Net Interest Income | 187.3M | 161.58M | 138.35M | 101.11M | -1.06M | -6.91M | 1.82M | 6.55M | 3.76M |
| Interest Income | 228.35M | 201.61M | 179.53M | 141.82M | 38.84M | 92K | 1.82M | 6.55M | 3.76M |
| Interest Expense | 41.05M | 40.03M | 41.18M | 40.71M | 39.9M | 7M | 0 | 0 | 0 |
| Other Income/Expense | 188.49M | 164.32M | 126.82M | 100.58M | -6.8M | -8.7M | 1.79M | 5.33M | -520K |
| Pretax Income | -976.15M | -1.07B | -936.5M | -1.16B | -930.59M | -503.8M | -264.35M | -71.11M | -88.07M |
| Pretax Margin % | -16.55% | -21.84% | -26% | -41.39% | -41.82% | -26.25% | -28.61% | -13.99% | -27.1% |
| Income Tax | 4.95M | 3.59M | 4.11M | 454K | 3.55M | -320K | -6.66M | 9K | 3K |
| Effective Tax Rate % | -0.51% | -0.34% | -0.44% | -0.04% | -0.38% | 0.06% | 2.52% | -0.01% | -0% |
| Net Income | -972M | -1.07B | -935.38M | -1.15B | -924.37M | -491.65M | -253.25M | -70.97M | -88.08M |
| Net Margin % | -16.48% | -21.78% | -25.97% | -41.15% | -41.54% | -25.62% | -27.41% | -13.96% | -27.1% |
| Net Income Growth % | -0.35% | -13.86% | 18.8% | -24.62% | -88.01% | -94.13% | -256.86% | 19.42% | - |
| Net Income (Continuing) | -981.11M | -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 | -26M | -19.5M | -12.79M | -7.66M | -991K | 8.11M | 20.01M | 24.36M | 0 |
| EPS (Diluted) | -1.36 | -1.54 | -1.44 | -1.87 | -1.55 | -0.97 | -0.47 | -0.13 | -0.55 |
| EPS Growth % | 3.5% | -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 | 715.94M | 689.61M | 647.48M | 616.45M | 595.56M | 505.86M | 534.82M | 526.23M | 160.84M |
| Basic Shares Outstanding | 715.94M | 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 Growth Moderating From Peak
Based on reported quarterly figures, Roblox revenue growth has moved from roughly 48% year-over-year in 2025Q3 to 15.6% in 2026Q3, indicating that the rapid expansion phase has clearly decelerated even as absolute revenue continues to rise.
The step-down in growth rate suggests that the user base and bookings expansion seen in 2024 and 2025 is maturing, and the more recent quarters may reflect a normalizing baseline rather than a temporary dip. Investors should monitor whether engagement and spending per user can hold revenue growth in the mid-teens, since further deceleration would weaken the case for the current valuation premium. The data does not isolate volume versus pricing drivers, so the durability of this growth cannot be fully assessed from the income statement alone.
Gross Margin Stable Near Eighty Percent
As reported in the quarterly income statements, Roblox gross margin has held in a tight band of roughly 77.7% to 80.1% over the ten quarters shown, pointing to consistent platform economics.
A stable gross margin in this range is consistent with a digital platform whose largest cost components do not scale directly with each incremental transaction, although the figures do not decompose cost of revenue. The lack of meaningful compression despite rapid revenue growth suggests the company has not had to materially discount or shift its mix to win users. Relative to the peer set, where Electronic Arts reports a 79.0% gross margin and Unity 74.2%, Roblox sits at the high end of the group, though it does not appear to enjoy a clear pricing advantage beyond what its cost structure already implies.
Operating Losses Widening Despite Revenue Gains
Based on reported figures, operating margin deteriorated from -24.7% in 2024Q4 to -25.3% in 2025Q4 and sat at -18.0% in 2026Q3, meaning operating losses in absolute dollars have remained large relative to a revenue base that roughly doubled over the period.
Operating income has not yet shown positive leverage, as SG&A and R&D expenses have grown alongside revenue, leaving the operating loss a persistent feature of the income statement. The most recent quarter shows margin improvement, which may suggest early cost discipline, but a single quarter is insufficient to establish a trend. Until operating expenses grow meaningfully slower than gross profit for several consecutive periods, the operating leverage thesis remains unproven on the reported numbers.
Net Losses Shaped by Stock Compensation
According to reported quarterly data, stock-based compensation ran between roughly $252 million and $298 million per quarter across the period, a figure that is comparable in size to the operating loss in several quarters.
Because stock-based compensation is a substantial share of total operating expense, a meaningful portion of the reported net loss reflects non-cash charges that may flatter cash-based profitability relative to GAAP results. Investors should analyze losses both with and without this charge, since the dilution it implies is a real economic cost borne by existing shareholders. The reported net income tracks operating income closely with no evident large non-operating swings, which suggests the earnings picture is driven primarily by core operations rather than one-off items.
R&D and SG&A Dominate the Cost Base
As reported in the income statements, research and development expense of roughly $420 million to $435 million per quarter in 2026 represents a larger cost line than cost of revenue, which is about $290 million to $320 million per quarter.
The cost structure is weighted toward operating investment rather than the direct cost of delivering the platform, which is consistent with a business still prioritizing product and infrastructure development. Sales, general and administrative expense has also trended upward in absolute terms, reaching $314 million in 2026Q3, which warrants monitoring to see whether overhead growth is being contained. Whether this spending translates into durable engagement gains is the key question the reported figures cannot answer on their own.
Sustained Losses Challenge the Growth Story
Based on reported figures, Roblox has posted operating losses in every one of the ten quarters shown, with net losses reaching as high as $316 million in 2025Q4, which raises questions about when operating breakeven may be achieved.
A bear case would focus on the fact that losses have persisted through a period of substantial revenue growth, suggesting the business model may require continued heavy investment before profitability emerges. The decelerating revenue growth rate, falling from the high-40% range to the mid-teens, could indicate that the growth that justified heavy spending is slowing faster than the cost base can be reduced. Investors should monitor whether the recent margin improvement in 2026Q3 persists, as a reversal would strengthen the argument that current losses are structural rather than transitional.