Revenue growth re-accelerated to 24.1% in 2026Q3 and operating margin rose to 10.9%, though the path has been uneven, with a 4.1% margin in 2026Q1 showing how sensitive profitability remains to quarterly expense timing.
Roku, Inc. (ROKU) annual income statement — 11-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 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 5.5B | 4.74B | 4.11B | 3.48B | 3.13B | 2.76B | 1.78B | 1.13B | 742.51M | 512.76M | 398.65M | 319.86M |
| Revenue Growth % | 21.07% | 15.18% | 18.03% | 11.45% | 13.09% | 55.45% | 57.53% | 52.04% | 44.8% | 28.63% | 24.63% | - |
| Cost of Goods Sold | 3.01B | 2.66B | 2.31B | 1.96B | 1.69B | 1.36B | 970.17M | 633.7M | 410.36M | 312.93M | 277.6M | 230.08M |
| COGS % of Revenue | - | 56.21% | 56.1% | 56.3% | 53.91% | 49.05% | 54.55% | 56.13% | 55.27% | 61.03% | 69.64% | 71.93% |
| Gross Profit | 2.49B | 2.07B | 1.81B | 1.52B | 1.44B | 1.41B | 808.22M | 495.22M | 332.15M | 199.83M | 121.05M | 89.78M |
| Gross Margin % | 45.34% | 43.79% | 43.9% | 43.7% | 46.09% | 50.95% | 45.45% | 43.87% | 44.73% | 38.97% | 30.36% | 28.07% |
| Gross Profit Growth % | - | 14.89% | 18.59% | 5.65% | 2.31% | 74.28% | 63.2% | 49.1% | 66.21% | 65.09% | 34.83% | - |
| Operating Expenses | 2.07B | 2.08B | 2.02B | 2.31B | 1.97B | 1.17B | 828.47M | 560.28M | 345.44M | 219.45M | 164.41M | 127.33M |
| OpEx % of Revenue | - | 43.91% | 49.21% | 66.43% | 63.07% | 42.45% | 46.59% | 49.63% | 46.52% | 42.8% | 41.24% | 39.81% |
| Selling, General & Admin | 1.72B | 1.35B | 1.3B | 1.44B | 1.18B | 711.9M | 472.69M | 295.27M | 174.75M | 111.5M | 88.23M | 76.86M |
| SG&A % of Revenue | - | 28.51% | 31.7% | 41.22% | 37.84% | 25.75% | 26.58% | 26.16% | 23.54% | 21.75% | 22.13% | 24.03% |
| Research & Development | 740.68M | 729.48M | 720.14M | 878.47M | 788.91M | 461.6M | 355.78M | 265.01M | 170.69M | 107.94M | 76.18M | 50.47M |
| R&D % of Revenue | - | 15.4% | 17.51% | 25.21% | 25.23% | 16.7% | 20.01% | 23.47% | 22.99% | 21.05% | 19.11% | 15.78% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 428.01M | -5.62M | -218.17M | -792.38M | -530.89M | 235.1M | -20.25M | -65.06M | -13.3M | -19.62M | -43.36M | -37.55M |
| Operating Margin % | 7.78% | -0.12% | -5.3% | -22.74% | -16.98% | 8.5% | -1.14% | -5.76% | -1.79% | -3.83% | -10.88% | -11.74% |
| Operating Income Growth % | - | 97.42% | 72.47% | -49.25% | -325.81% | 1260.82% | 68.87% | -389.31% | 32.22% | 54.76% | -15.47% | - |
| EBITDA | 616.85M | 334.98M | 121.24M | -456.55M | -192.38M | 404.31M | 44.7M | -27.06M | -4.91M | -14.28M | -38.06M | -35M |
| EBITDA Margin % | 11.21% | 7.07% | 2.95% | -13.1% | -6.15% | 14.62% | 2.51% | -2.4% | -0.66% | -2.78% | -9.55% | -10.94% |
| EBITDA Growth % | 306.61% | 176.28% | 126.56% | -137.32% | -147.58% | 804.59% | 265.16% | -451.5% | 65.64% | 62.48% | -8.75% | - |
| D&A (Non-Cash Add-back) | 188.84M | 340.6M | 339.41M | 335.83M | 338.51M | 169.22M | 64.95M | 38M | 8.39M | 5.34M | 5.3M | 2.56M |
| EBIT | 539.36M | 95.8M | -119.55M | -698.7M | -487.12M | 239.57M | -15.02M | -58.55M | -8.99M | -61.58M | -43.36M | -39.77M |
| Net Interest Income | -2.25M | -1.91M | -411K | -730K | -5.16M | -2.98M | -3.43M | -2.37M | -346K | -1.61M | 146K | -696K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 146K | 0 |
| Interest Expense | 2.25M | 1.91M | 411K | 730K | 5.16M | 2.98M | 3.43M | 2.37M | 346K | 1.61M | 0 | 696K |
| Other Income/Expense | 109.1M | 99.52M | 98.21M | 92.95M | 38.6M | 1.49M | 1.8M | 4.14M | 3.96M | -43.58M | 814K | -2.91M |
| Pretax Income | 537.11M | 93.9M | -119.96M | -699.43M | -492.28M | 236.59M | -18.45M | -60.92M | -9.33M | -63.19M | -42.55M | -40.46M |
| Pretax Margin % | 9.76% | 1.98% | -2.92% | -20.07% | -15.75% | 8.56% | -1.04% | -5.4% | -1.26% | -12.32% | -10.67% | -12.65% |
| Income Tax | 23.38M | 5.54M | 9.43M | 10.13M | 5.72M | -5.8M | -945K | -982K | -476K | 315K | 211K | 147K |
| Effective Tax Rate % | 4.35% | 5.9% | -7.86% | -1.45% | -1.16% | -2.45% | 5.12% | 1.61% | 5.1% | -0.5% | -0.5% | -0.36% |
| Net Income | 513.73M | 88.36M | -129.39M | -709.56M | -498M | 242.38M | -17.51M | -59.94M | -8.86M | -63.51M | -42.76M | -40.61M |
| Net Margin % | 9.34% | 1.87% | -3.15% | -20.36% | -15.93% | 8.77% | -0.98% | -5.31% | -1.19% | -12.39% | -10.73% | -12.7% |
| Net Income Growth % | 1957.04% | 168.29% | 81.77% | -42.48% | -305.46% | 1484.5% | 70.79% | -576.72% | 86.05% | -48.53% | -5.29% | - |
| Net Income (Continuing) | 513.73M | 88.36M | -129.39M | -709.56M | -498M | 242.38M | -17.51M | -59.94M | -8.86M | -63.51M | -42.76M | -40.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.37 | 0.59 | -0.89 | -5.01 | -3.62 | 1.71 | -0.14 | -0.52 | -0.08 | -0.58 | -0.50 | -8.71 |
| EPS Growth % | 1790% | 166.29% | 82.24% | -38.4% | -311.7% | 1321.43% | 73.08% | -513.93% | 85.4% | -16% | 94.26% | - |
| EPS (Basic) | - | 0.60 | -0.89 | -5.01 | -3.62 | 1.83 | -0.14 | -0.52 | -0.08 | -2.24 | -0.50 | -8.71 |
| Diluted Shares Outstanding | 152.64M | 150.91M | 144.63M | 141.57M | 137.67M | 141.67M | 123.98M | 115.22M | 104.62M | 109.31M | 85.71M | 4.66M |
| Basic Shares Outstanding | 148.65M | 147.15M | 144.63M | 141.57M | 137.67M | 132.71M | 123.98M | 115.22M | 104.62M | 28.31M | 85.71M | 4.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ROKU stock.
For fiscal year 2025, Roku, Inc. (ROKU) reported total revenue of $4.74B. This represents a 1381.1% increase compared to $319.9M in 2015.
Roku, Inc. (ROKU) is profitable, generating $88.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Roku, Inc. (ROKU) reported an operating income of $-5.6M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Roku, Inc. (ROKU) generated $2.07B in gross profit for the year, representing a gross profit margin of 43.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating margin volatility from opex
Metrics are mathematically derived from official filings.
Revenue Re-Accelerates to Mid-Twenties Growth
According to the reported quarterly figures, Roku's revenue grew 24.1% year over year in 2026Q3 after 16.1% in 2025Q4, a re-acceleration that suggests the platform's advertising and streaming monetization are gaining traction after a slower 2025 stretch.
The sequence from roughly 14% growth in mid-2025 to 22% to 24% in the latest three quarters indicates a shift in growth durability rather than a one-quarter spike. Without the breakdown between platform and devices revenue in the supplied data, it is unclear whether the acceleration is driven by advertising volume or pricing, which warrants further investigation. Investors should monitor whether growth holds above 20% as comparisons become tougher later in the year.
Gross Margin Swings Limit Pricing Visibility
Based on the reported figures, Roku's gross margin ranged from 42.7% to 49.7% over the last ten quarters, a band wide enough to suggest mix and cost-of-revenue timing matter more than structural pricing power.
Compared with peers such as TTD at 78.6% and MGNI at 62.7%, Roku's gross margin sits well below the ad-tech group, which may reflect a larger device and hardware component in its revenue mix. The 49.7% peak in 2026Q2 followed by a fall to 43.2% in 2026Q3 implies sensitivity to revenue mix and cost timing rather than durable pricing leverage. Investors should treat the current margin level as a range rather than a trend.
Operating Leverage Emerging Only Intermittently
As reported in the financial statements, Roku's operating margin moved from negative territory in 2025 to 10.9% in 2026Q3, but the path has been uneven, with a 4.1% margin in 2026Q1 showing how sensitive profit is to a single quarter's expenses.
Gross profit grew from roughly $445 million in 2025Q1 to about $649 million in 2026Q3, while operating income swung from losses to $164 million, which indicates genuine operating leverage over the period. However, SG&A remained between $297 million and $715 million per quarter, and the spike to $715 million in 2026Q1 suggests discrete expense events that the supplied data does not explain. The operating leverage thesis therefore appears real but not yet proven as a steady trend.
Net Income Rebounds but Carries Noise
Based on Roku's reported figures, diluted EPS climbed from a loss of $0.24 in 2024Q4 to $1.20 in 2026Q3, yet quarterly net income has been volatile enough that the trend should be read with caution.
Net income in 2026Q1 of $85.7 million sat well below the operating income trajectory implied by the surrounding quarters, which may reflect non-operating items or tax effects that the supplied data does not decompose. Stock-based compensation has run between roughly $75 million and $101 million per quarter, a meaningful share of operating income in the weaker periods. Investors should monitor how much of the recent EPS improvement persists once SBC and one-time items are normalized.
Margin Compression Risk Could Undercut Growth Story
The strongest challenge is that Roku's 24.1% revenue growth has not yet translated into a stable operating margin, and a return to the 4% to 5% range seen in early 2026 would undermine the profitability narrative.
Short-side analysis would focus on the fact that SG&A consumed over 25% of revenue in 2026Q1 and that gross margin has declined from 49.7% to 43.2% in a single quarter, both of which could signal that growth is being purchased rather than earned. The recent operating margin of 10.9% still trails TTD's 20.3%, which suggests Roku's economics remain weaker than the leading ad-tech peer. This analysis is inferential and based only on reported figures, and investors should weigh whether the latest quarter is representative before drawing firm conclusions.