Achieved positive operating income and net income of $24.8 million in Q3 2025, reversing prior losses, with strong platform revenue growth and robust free cash flow generation.
Platform revenue grew over 17% year-over-year in Q3, with guidance for Q4 at 15% growth, and ex-political/Frndly TV growth at 19%+.
Strategic focus on home screen improvements, ad demand growth, and expanding premium subscriptions is driving double-digit platform revenue growth.
Streaming Hours increased 14% year-over-year to 36.5 billion in Q3 2025, reflecting strong user engagement.
Continued investment in performance marketing, self-serve ad platforms, and deeper DSP integrations, including Amazon DSP.
Platform revenue: $1.06 billion in Q3 2025, up 17% year-over-year; devices revenue: $146.0 million, down 5%.
Adjusted EBITDA guidance for Q4 is $145 million, the highest ever, with full-year EBITDA margin expected to improve by 200 basis points to 8.4%.
Free cash flow (TTM) surpassed $443.0 million, up from $157.3 million a year ago.
Share repurchases of $500 million in Q3, with dilution under 30 basis points, the lowest ever.
Cash and cash equivalents: $1.58 billion as of September 30, 2025; short-term investments: $726.9 million.
Expecting continued double-digit platform revenue growth and increasing profitability into 2026 and beyond.
Q4 platform revenue guidance at 15% growth, with ex-political/Frndly TV growth slightly above Q3's 19%.
Anticipate further EBITDA margin improvement in 2026.
Home screen and UI updates, new ad products, and premium subscription launches planned for 2026.
Management expects ongoing investment in user engagement and monetization, while macroeconomic uncertainty may impact results.
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Roku, founded in 2002, is a leading streaming platform with a vast range of entertainment offerings. With millions of active users across the United States and international markets, the company has been able to generate significant revenue through various business segments.
Roku's primary revenue stream comes from the sales of its devices, which allow users to stream their favorite TV shows, movies, and other content. Roku offers a wide range of devices, including streaming sticks, set-top boxes, and smart TVs. The company also generates revenue through its licensing program, which allows third-party manufacturers to use Roku's operating system in their devices. Other public companies in the streaming industry include Netflix, Amazon, and Disney.
Roku's advertising business has become a growing revenue stream for the company. With a focus on providing targeted advertising, Roku has been able to attract advertisers looking to reach specific audiences. Roku's advertising platform, Roku Ad Insights, provides advertisers with data on their campaigns' performance.
Roku's content distribution business has become an emerging revenue driver for the company. With a focus on providing content to its users, Roku has been able to tap into the growing streaming market. The company has also partnered with other content providers to offer end-to-end content distribution solutions, which has helped it gain market share. Roku has launched several content distribution initiatives, including the Roku Channel, which provides users with free, ad-supported content.
Roku was the first company to introduce a streaming player in 2008, revolutionizing the way people watch TV.
The Roku Channel is one of the fastest-growing channels on the platform, providing users with free, ad-supported content.
Roku has a vast library of channels and content, with over 500,000 movies and TV episodes available.
The company has been consistently ranked as one of the fastest-growing companies in the world.
Roku's streaming devices are among the most popular devices on the market, with over 54 million active accounts as of Q1 2021.
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