Roku Financials
Roku (ROKU) reported $4.7B in revenue for fiscal year 2025, up 15.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Roku’s recovery is being driven by expense discipline and very low reinvestment needs, not a richer gross margin.
Over the recent span, gross margin stayed near44% while operating margin moved from-22.7% to roughly breakeven. Because free cash flow reached$478M with capex at only$5M , the turnaround looks like cost-base repair in an asset-light model rather than a gross-profit windfall.
The cleaner signal is cash conversion: FY2025 operating cash flow of
Gross profit dollars kept rising even though the gross margin line barely moved, which implies scale helped only after spending stopped expanding at the prior pace. The cash balance still fell because
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Roku's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Roku has an operating margin of -0.1%, meaning the company loses less than $1 on every $100 of revenue. This results in a profitability score of 26/100. This is up from -5.3% the prior year.
Roku's revenue surged 15.2% year-over-year to $4.7B, reflecting rapid business expansion. This strong growth earns a score of 78/100.
Roku has a moderate D/E ratio of 0.67. This balance of debt and equity financing earns a leverage score of 54/100.
With a current ratio of 2.75, Roku holds $2.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.
Roku has a free cash flow margin of 10.1%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.
Roku generates a 3.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from -5.2% the prior year.
Roku scores 9.08, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($23.4B) relative to total liabilities ($1.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Roku passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Roku generates $5.47 in operating cash flow ($483.7M OCF vs $88.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Roku reported an operating loss of $5.6M against $1.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Roku generated $4.7B in revenue in fiscal year 2025. This represents an increase of 15.2% from the prior year.
Roku's EBITDA was $40.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 123.6% from the prior year.
Roku reported $88.4M in net income in fiscal year 2025. This represents an increase of 168.3% from the prior year.
Roku earned $0.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 166.3% from the prior year.
Cash & Balance Sheet
Roku generated $478.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 124.6% from the prior year.
Roku held $1.6B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Roku's gross margin was 43.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Roku's operating margin was -0.1% in fiscal year 2025, reflecting core business profitability. This is up 5.2 percentage points from the prior year.
Roku's net profit margin was 1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.0 percentage points from the prior year.
Roku's ROE was 3.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.5 percentage points from the prior year.
Capital Allocation
Roku invested $729.5M in research and development in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Roku spent $150.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Roku invested $5.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.3% from the prior year.
ROKU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.2B | $4.7B+15.2% | $4.1B+18.0% | $3.5B+11.5% | $3.1B+13.1% | $2.8B+55.5% | $1.8B+57.5% | $1.1B+52.0% | $742.5M+44.8% | $512.8M+28.6% | $398.6M+24.6% | $319.9M |
| Cost of Revenue | $2.8B | $2.7B+15.4% | $2.3B+17.6% | $2.0B+16.4% | $1.7B+24.3% | $1.4B+39.8% | $970.2M+53.1% | $633.7M+54.4% | $410.4M+31.1% | $312.9M+12.7% | $277.6M+20.7% | $230.1M |
| Gross Profit | $2.4B | $2.1B+14.9% | $1.8B+18.6% | $1.5B+5.7% | $1.4B+2.3% | $1.4B+74.3% | $808.2M+63.2% | $495.2M+49.1% | $332.1M+66.2% | $199.8M+65.1% | $121.0M+34.8% | $89.8M |
| R&D Expenses | $736.1M | $729.5M+1.3% | $720.1M-18.0% | $878.5M+11.4% | $788.9M+70.9% | $461.6M+29.7% | $355.8M+34.3% | $265.0M+55.3% | $170.7M+58.1% | $107.9M+41.7% | $76.2M+50.9% | $50.5M |
| SG&A Expenses | $419.1M | $386.2M+4.1% | $371.0M-8.0% | $403.2M+17.0% | $344.7M+34.5% | $256.3M+48.0% | $173.2M+48.8% | $116.4M+61.8% | $72.0M+51.7% | $47.4M+34.2% | $35.3M+11.5% | $31.7M |
| Operating Income | $273.4M | -$5.6M+97.4% | -$218.2M+72.5% | -$792.4M-49.3% | -$530.9M-325.8% | $235.1M+1260.8% | -$20.3M+68.9% | -$65.1M-389.3% | -$13.3M+32.2% | -$19.6M+54.8% | -$43.4M-15.5% | -$37.6M |
| Interest Expense | $2.1M | $1.9M+363.7% | $411K-43.7% | $730K-85.9% | $5.2M | N/A | N/A | $431K | N/A | N/A | N/A | N/A |
| Income Tax | $32.6M | $5.5M-41.3% | $9.4M-6.9% | $10.1M+77.1% | $5.7M+198.7% | -$5.8M-513.5% | -$945K+3.8% | -$982K-106.3% | -$476K-251.1% | $315K+49.3% | $211K+43.5% | $147K |
| Net Income | $355.2M | $88.4M+168.3% | -$129.4M+81.8% | -$709.6M-42.5% | -$498.0M-305.5% | $242.4M+1484.5% | -$17.5M+70.8% | -$59.9M-576.7% | -$8.9M+86.1% | -$63.5M-48.5% | -$42.8M-5.3% | -$40.6M |
| EPS (Diluted) | — | $0.59+166.3% | -$0.89+82.2% | -$5.01-38.4% | -$3.62-311.7% | $1.71+1321.4% | -$0.14+73.1% | -$0.52 | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ROKU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B+3.0% | $4.3B+1.0% | $4.3B-3.4% | $4.4B+8.1% | $4.1B+79.8% | $2.3B+54.4% | $1.5B+216.2% | $465.0M+25.0% | $371.9M+107.7% | $179.1M | N/A |
| Current Assets | $3.4B+5.2% | $3.2B+5.2% | $3.1B+3.6% | $3.0B-2.9% | $3.1B+79.9% | $1.7B+83.4% | $925.7M+113.8% | $432.9M+25.5% | $344.9M+108.8% | $165.2M | N/A |
| Cash & Equivalents | $1.6B-26.5% | $2.2B+6.6% | $2.0B+3.3% | $2.0B-8.6% | $2.1B+96.4% | $1.1B+112.0% | $515.5M+231.4% | $155.6M-12.2% | $177.3M+412.8% | $34.6M-54.4% | $75.7M |
| Inventory | $114.6M-27.6% | $158.3M+71.8% | $92.1M-13.7% | $106.7M+112.3% | $50.3M-6.7% | $53.9M+8.4% | $49.7M+39.7% | $35.6M+8.7% | $32.7M-24.9% | $43.6M | N/A |
| Accounts Receivable | $879.9M+8.3% | $812.5M-0.5% | $816.3M+7.3% | $760.8M+1.1% | $752.4M+43.6% | $523.9M+57.5% | $332.7M+81.7% | $183.1M+51.9% | $120.6M+51.7% | $79.5M | N/A |
| Goodwill | $309.4M+91.6% | $161.5M0.0% | $161.5M0.0% | $161.5M0.0% | $161.5M+121.1% | $73.1M-1.4% | $74.1M+5263.0% | $1.4M0.0% | $1.4M | N/A | N/A |
| Total Liabilities | $1.8B-2.0% | $1.8B-6.4% | $1.9B+9.6% | $1.8B+34.2% | $1.3B+39.6% | $942.5M+22.1% | $771.8M+250.3% | $220.3M+0.3% | $219.6M-41.1% | $372.9M | N/A |
| Current Liabilities | $1.2B+0.4% | $1.2B-3.4% | $1.3B+17.7% | $1.1B+48.5% | $729.6M+40.2% | $520.3M+45.2% | $358.3M+84.7% | $194.0M+18.8% | $163.3M+40.1% | $116.5M | N/A |
| Long-Term Debt | N/A | N/A | N/A | $0-100.0% | $80.0M-11.0% | $89.9M-5.1% | $94.7M | $0 | $0-100.0% | $15.0M | N/A |
| Total Equity | $2.7B+6.6% | $2.5B+7.2% | $2.3B-12.1% | $2.6B-4.3% | $2.8B+108.3% | $1.3B+90.1% | $698.4M+185.5% | $244.7M+60.7% | $152.3M+178.6% | -$193.8M-21.3% | -$159.7M |
| Retained Earnings | -$1.5B-4.3% | -$1.4B-10.0% | -$1.3B-120.7% | -$588.0M-553.2% | -$90.0M+72.9% | -$332.4M-5.9% | -$313.8M-23.6% | -$253.9M+10.4% | -$283.3M-28.9% | -$219.8M | N/A |
ROKU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $719.0M | $483.7M+121.8% | $218.0M-14.8% | $255.9M+2069.2% | $11.8M-94.8% | $228.1M+53.9% | $148.2M+981.1% | $13.7M-1.5% | $13.9M-62.7% | $37.3M+214.9% | -$32.5M+0.4% | -$32.6M |
| Capital Expenditures | $9.1M | $5.3M+4.3% | $5.1M-93.9% | $82.6M-48.9% | $161.7M+303.8% | $40.0M-51.4% | $82.4M+6.7% | $77.2M+321.1% | $18.3M+98.6% | $9.2M+7.4% | $8.6M+71.3% | $5.0M |
| Free Cash Flow | $709.9M | $478.4M+124.6% | $213.0M+22.9% | $173.2M+215.6% | -$149.9M-179.7% | $188.0M+185.7% | $65.8M+203.7% | -$63.5M-1340.9% | -$4.4M-115.7% | $28.1M+168.3% | -$41.1M-9.1% | -$37.6M |
| Investing Cash Flow | -$500.7M | -$782.4M-3021.9% | -$25.1M+72.9% | -$92.6M+54.1% | -$201.7M-14.1% | -$176.8M-117.4% | -$81.3M+26.3% | -$110.3M-83.4% | -$60.1M-390.2% | -$12.3M-43.2% | -$8.6M | N/A |
| Financing Cash Flow | -$463.9M | -$280.1M-214.0% | -$89.2M-45.7% | -$61.2M-832.8% | $8.4M-99.2% | $1.0B+97.1% | $509.0M+11.1% | $458.3M+1768.8% | $24.5M-79.2% | $117.7M+75525.6% | -$156K | N/A |
| Share Buybacks | $312.7M | $150.0M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ROKU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.8%-0.1pp | 43.9%+0.2pp | 43.7%-2.4pp | 46.1%-4.9pp | 50.9%+5.5pp | 45.5%+1.6pp | 43.9%-0.9pp | 44.7%+5.8pp | 39.0%+8.6pp | 30.4%+2.3pp | 28.1% |
| Operating Margin | -0.1%+5.2pp | -5.3%+17.4pp | -22.7%-5.8pp | -17.0%-25.5pp | 8.5%+9.6pp | -1.1%+4.6pp | -5.8%-4.0pp | -1.8%+2.0pp | -3.8%+7.0pp | -10.9%+0.9pp | -11.7% |
| Net Margin | 1.9%+5.0pp | -3.1%+17.2pp | -20.4%-4.4pp | -15.9%-24.7pp | 8.8%+9.8pp | -1.0%+4.3pp | -5.3%-4.1pp | -1.2%+11.2pp | -12.4%-1.7pp | -10.7%+2.0pp | -12.7% |
| Return on Equity | 3.3%+8.5pp | -5.2%+25.3pp | -30.5%-11.7pp | -18.8%-27.6pp | 8.8%+10.1pp | -1.3%+7.3pp | -8.6%-5.0pp | -3.6%+38.1pp | -41.7% | N/A | N/A |
| Return on Assets | 2.0%+5.0pp | -3.0%+13.6pp | -16.7%-5.4pp | -11.3%-17.2pp | 5.9%+6.7pp | -0.8%+3.3pp | -4.1%-2.2pp | -1.9%+15.2pp | -17.1%+6.8pp | -23.9% | N/A |
| Current Ratio | 2.75+0.1x | 2.62+0.2x | 2.41-0.3x | 2.74-1.4x | 4.19+0.9x | 3.26+0.7x | 2.58+0.4x | 2.23+0.1x | 2.11+0.7x | 1.42 | N/A |
| Debt-to-Equity | 0.67-0.1x | 0.73-0.1x | 0.83+0.8x | 0.000.0x | 0.030.0x | 0.07-0.1x | 0.14+0.1x | 0.000.0x | 0.00 | N/A | N/A |
| FCF Margin | 10.1%+4.9pp | 5.2%+0.2pp | 5.0%+9.8pp | -4.8%-11.6pp | 6.8%+3.1pp | 3.7%+9.3pp | -5.6%-5.0pp | -0.6%-6.1pp | 5.5%+15.8pp | -10.3%+1.5pp | -11.8% |
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Where Roku Ranks
Frequently Asked Questions
What is Roku's annual revenue?
Roku (ROKU) reported $4.7B in total revenue for fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Roku's revenue growing?
Roku (ROKU) revenue grew by 15.2% year-over-year, from $4.1B to $4.7B in fiscal year 2025.
Is Roku profitable?
Yes, Roku (ROKU) reported a net income of $88.4M in fiscal year 2025, with a net profit margin of 1.9%.
What is Roku's EBITDA?
Roku (ROKU) had EBITDA of $40.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Roku's gross margin?
Roku (ROKU) had a gross margin of 43.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Roku's operating margin?
Roku (ROKU) had an operating margin of -0.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Roku's net profit margin?
Roku (ROKU) had a net profit margin of 1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Roku's return on equity (ROE)?
Roku (ROKU) has a return on equity of 3.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Roku's free cash flow?
Roku (ROKU) generated $478.4M in free cash flow during fiscal year 2025. This represents a 124.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Roku's operating cash flow?
Roku (ROKU) generated $483.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Roku's total assets?
Roku (ROKU) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Roku's capital expenditures?
Roku (ROKU) invested $5.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Roku spend on research and development?
Roku (ROKU) invested $729.5M in research and development during fiscal year 2025.
What is Roku's current ratio?
Roku (ROKU) had a current ratio of 2.75 as of fiscal year 2025, which is generally considered healthy.
What is Roku's debt-to-equity ratio?
Roku (ROKU) had a debt-to-equity ratio of 0.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Roku's return on assets (ROA)?
Roku (ROKU) had a return on assets of 2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Roku's Altman Z-Score?
Roku (ROKU) has an Altman Z-Score of 9.08, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Roku's Piotroski F-Score?
Roku (ROKU) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Roku's earnings high quality?
Roku (ROKU) has an earnings quality ratio of 5.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Roku cover its interest payments?
Roku (ROKU) reported an operating loss of $5.6M against $1.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Roku?
Roku (ROKU) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.