ROKU

EX-99.1

2 a04fy2026q2exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Fellow Shareholders, August 6, 2026

Following our outstanding results in Q1, we delivered another very strong quarter. In Q2, we grew Platform revenue 25% year over year (YoY), well ahead of our outlook, driven by ongoing momentum in both Advertising and Subscriptions. We continued our track record of profitable growth, generating net income of $164 million, Adjusted EBITDA of $254 million, and Free Cash Flow (TTM) of $704 million – all record highs. These results reinforce our path of sustaining double-digit Platform revenue growth, expanding margins, and growing our north star metric of Free Cash Flow per share.

Second Quarter 2026 Key Results

•Total net revenue was $1.35 billion, up 22% YoY

•Platform revenue was $1.22 billion, up 25% YoY

•Total gross profit was $674 million, up 35% YoY

•Streaming Hours were 37.9 billion, up 7% YoY

•The Roku Channel was the #2 app on our platform by engagement in the U.S. and achieved a platform best share of TV viewing on Nielsen's The Gauge™ for May1

Summary Financials ($ in millions)Q2 25Q3 25Q4 25Q1 26Q2 26YoY %

Advertising$539.1$591.2$714.7$612.7$672.825 %

Subscriptions436.4473.4509.3518.5548.226 %

*Platform revenue975.51,064.61,224.01,131.21,221.025 %

Devices revenue135.6146.0170.9117.6133.7(1)%

Total net revenue1,111.01,210.61,394.91,248.91,354.722 %

Advertising301.6345.5428.2371.0420.039 %

Subscriptions196.0202.3218.4213.1226.716 %

Platform gross profit497.7547.8646.7584.1646.830 %

Devices gross profit (loss)0.0(22.9)(39.9)(19.1)26.9nm

Total gross profit497.7524.9606.8564.9673.735 %

Advertising gross margin %56.0%58.4%59.9%60.5%62.4%6.5 pts

Subscriptions gross margin %44.9%42.7%42.9%41.1%41.4%(3.6)pts

Platform gross margin %51.0%51.5%52.8%51.6%53.0%2.0 pts

Devices gross margin %0.0 %(15.7)%(23.3)%(16.3)%20.1 %20.1 pts

Total gross margin %44.8%43.4%43.5%45.2%49.7%4.9 pts

Research and development178.0182.2184.6189.5179.71 %

Sales and marketing243.3242.1255.3221.2223.2(8)%

General and administrative99.791.1100.9102.5124.625 %

Total operating expenses521.0515.4540.8513.2527.51 %

Income (loss) from operations(23.3)9.566.051.8146.2nm

Net income (loss)10.524.880.585.7164.21464 %

*Adjusted EBITDA A 78.2116.9169.4148.4254.3225 %

Adjusted EBITDA margin %7.0%9.7%12.1%11.9%18.8%11.7 pts

Cash flow from operations (TTM)396.4455.4483.7544.1719.081 %

*Free cash flow (TTM) A 392.0443.0483.6538.8704.180 %

* Key Performance Metric (KPM) A Refer to reconciliation at the end of this Letter.

1 Nielsen's The Gauge™ May 2026

Roku Q2 2026 Shareholder Letter

1

Platform

Platform revenue grew 25% YoY to $1.22 billion, with gross margin of 53.0%. Growth was driven by meaningful contributions from both Advertising and Subscriptions, underscoring the increasing diversity of our monetization. The Roku Experience (RX), which includes our Home Screen, AI-powered recommendations, and all our content discovery features, remains a powerful competitive advantage that drives engagement, advertising, and subscriptions across our platform.

In Q2, we began rolling out the new Roku Home Screen, our biggest update in more than a decade, shaped by deep behavioral insights and what we’ve heard directly from customers. The Roku Home Screen is one of the most valuable pieces of real estate in TV. In the U.S. alone, it is used by more than half of broadband households, reaching them before they decide what to watch. Our new Home Screen is designed to maximize content discovery and personalization for our viewers, while simultaneously delivering benefits to our content partners and advertisers, and growing Platform monetization. We completed the rollout in the U.S. early in the third quarter, and results are encouraging. For example, our new Home Screen improved our ability to retain households in the U.S., resulting in more users we can serve and thus reducing overall costs to grow Streaming Households. We expect to roll out our new Home Screen to our international markets in the coming months.

The new Roku Home Screen is focused on personalization and helping viewers find what to watch.

To further help our viewers find content faster and engage more deeply with the Roku Experience, we are improving our search functionality. We are incorporating advanced AI for more accurate interpretations of our viewers’ queries, even when the queries are broad, conversational, or only based on mood and context. We believe these improvements can strengthen Roku’s monetization opportunities over time by supporting subscription conversion and retention, increasing monetizable Streaming Hours, and improving the performance of advertising and merchandising.

Roku Q2 2026 Shareholder Letter

2

Advertising Advertising revenue grew 25% YoY to $673 million, and advertising gross margin expanded to 62.4%, up approximately 190 basis points QoQ and 650 basis points YoY, driven primarily by a mix shift toward higher-margin ad pr

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wk-202602121173 Coleman AveSan JoseCalifornia0001428439FALSE00014284392026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 12, 2026

ROKU, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware001-3821126-2087865 (State or Other Jurisdiction of Incorporation) (Commission File Number)(IRS Employer Identification No.)

1173 Coleman Ave San Jose, California 95110 (Address of Principal Executive Offices) (Zip Code)

(408) 556-9040 (Registrant’s Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol(s):Name of Exchange on Which Registered: Class A Common Stock, $0.0001 par valueROKUThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition. On February 12, 2026, Roku, Inc. (the “Company”) announced its financial results for the quarter and year ended December 31, 2025. The Company’s Shareholder Letter, which is attached hereto as Exhibit 99.1, is incorporated herein by reference. The information in this report shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly stated by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)Exhibits.

Exhibit NumberDescription

99.1*Shareholder Letter dated February 12, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

*This exhibit is intended to be furnished and shall not be deemed “filed” for purposes of the Securities and Exchange Act of 1934.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Roku, Inc.

Dated: February 12, 2026

By:/s/ Dan Jedda Dan Jedda Chief Financial Officer and Chief Operating Officer