Roku (ROKU) financial statements
Roku reported revenue of $4.7B in fiscal 2025, up 31.7% a year over 9 years.
Net income was $88M and the operating margin -0.1%, against -10.9% in 2016.
Free cash flow was $478M, and the company returned $150M in net buybacks.
The diluted share count rose 3080% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Roku's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $399M | $513M | $743M | $1.1B | $1.8B | $2.8B | $3.1B | $3.5B | $4.1B | $4.7B |
| Cost of revenue | $278M | $313M | $410M | $634M | $970M | $1.4B | $1.7B | $2.0B | $2.3B | $2.7B |
| Gross profit | $121M | $200M | $332M | $495M | $808M | $1.4B | $1.4B | $1.5B | $1.8B | $2.1B |
| Research and development | $76M | $108M | $171M | $265M | $356M | $462M | $789M | $878M | $720M | $729M |
| Selling, general and admin | $88M | $112M | $175M | $295M | $473M | $712M | $1.2B | $1.4B | $1.3B | $1.4B |
| Operating income | -$43M | -$20M | -$13M | -$65M | -$20M | $235M | -$531M | -$792M | -$218M | -$6M |
| Interest expense | — | — | — | $431,000 | — | — | $5M | $730,000 | $411,000 | $2M |
| Pre-tax income | -$43M | -$63M | -$9M | -$61M | -$18M | $237M | -$492M | -$699M | -$120M | $94M |
| Income tax | $211,000 | $315,000 | -$476,000 | -$982,000 | -$945,000 | -$6M | $6M | $10M | $9M | $6M |
| Net income | -$43M | -$64M | -$9M | -$60M | -$18M | $242M | -$498M | -$710M | -$129M | $88M |
| EPS (diluted) | -$9.01 | -$2.24 | -$0.08 | -$0.52 | -$0.14 | $1.71 | -$3.62 | -$5.01 | -$0.89 | $0.59 |
| Diluted shares | 5M | 28M | 105M | 115M | 124M | 142M | 138M | 142M | 145M | 151M |
| Gross margin | 30.4% | 39.0% | 44.7% | 43.9% | 45.4% | 51.0% | 46.1% | 43.7% | 43.9% | 43.8% |
| Operating margin | -10.9% | -3.8% | -1.8% | -5.8% | -1.1% | 8.5% | -17.0% | -22.7% | -5.3% | -0.1% |
| Net margin | -10.7% | -12.4% | -1.2% | -5.3% | -1.0% | 8.8% | -15.9% | -20.4% | -3.1% | 1.9% |
Balance sheet
Fiscal years, from Roku's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $35M | $177M | $198M | $515M | $1.1B | $2.1B | $2.0B | $2.0B | $2.2B | $2.3B |
| Receivables | $79M | $121M | $183M | $333M | $524M | $752M | $761M | $816M | $813M | $880M |
| Inventory | $44M | $33M | $36M | $50M | $54M | $50M | $107M | $92M | $158M | $115M |
| Total current assets | $165M | $345M | $433M | $926M | $1.7B | $3.1B | $3.0B | $3.1B | $3.2B | $3.4B |
| Property, plant and equipment | $10M | $15M | $25M | $103M | $155M | $178M | $335M | $265M | $214M | $174M |
| Goodwill | — | $1M | $1M | $74M | $73M | $162M | $162M | $162M | $162M | $309M |
| Total assets | $179M | $372M | $465M | $1.5B | $2.3B | $4.1B | $4.4B | $4.3B | $4.3B | $4.4B |
| Total current liabilities | $117M | $163M | $194M | $358M | $520M | $730M | $1.1B | $1.3B | $1.2B | $1.2B |
| Long-term debt | — | — | — | $95M | $90M | $80M | $0 | — | — | — |
| Total liabilities | $160M | $220M | $220M | $772M | $943M | $1.3B | $1.8B | $1.9B | $1.8B | $1.8B |
| Shareholders' equity | -$194M | $152M | $245M | $698M | $1.3B | $2.8B | $2.6B | $2.3B | $2.5B | $2.7B |
| Net debt | -$20M | -$177M | -$156M | -$416M | -$998M | -$2.1B | -$1.9B | -$2.0B | -$2.2B | -$1.6B |
Cash flow
Fiscal years, from Roku's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32M | $37M | $14M | $14M | $148M | $228M | $12M | $256M | $218M | $484M |
| Capital spending | $9M | $9M | $18M | $77M | $82M | $40M | $162M | $83M | $5M | $5M |
| Free cash flow | -$41M | $28M | -$4M | -$63M | $66M | $188M | -$150M | $173M | $213M | $478M |
| Stock-based compensation | $8M | $11M | $38M | $85M | $134M | $188M | $360M | $370M | $385M | $354M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$150M |
| Net borrowing | -$15M | -$40M | — | $0 | -$74M | -$5M | -$10M | -$80M | $0 | $0 |
| Free cash flow margin | -10.3% | 5.5% | -0.6% | -5.6% | 3.7% | 6.8% | -4.8% | 5.0% | 5.2% | 10.1% |
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Open ROKU in InvestinglyQuestions
What was Roku's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Roku generate?
$478M in fiscal 2025 (operating cash flow minus capital spending).
From Roku's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.