ROKU, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ROKU, INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	399	513	743	1,129	1,778	2,765	3,127	3,485	4,113	4,737
Cost of revenue	278	313	410	634	970	1,356	1,685	1,962	2,307	2,663
Gross profit	121	200	332	495	808	1,409	1,441	1,523	1,806	2,074
Research and development	76.2	108	171	265	356	462	789	878	720	729
Selling and marketing	52.9	64.1	103	179	299	456	838	1,033	933	964
General and administrative	35.3	47.4	72	116	173	256	345	403	371	386
Operating expenses	164	219	345	560	828	1,174	1,972	2,315	2,024	2,080
Operating income	-43.4	-19.6	-13.3	-65.1	-20.3	235	-531	-792	-218	-5.62
Interest expense				0.43			5.16	0.73	0.41	1.91
Other non-operating income	0.81	-43.6	3.96	4.14	1.8	1.49	38.6	92.9	98.2	99.5
Pre-tax income	-42.5	-63.2	-9.33	-60.9	-18.5	237	-492	-699	-120	93.9
Income tax	0.21	0.32	-0.48	-0.98	-0.95	-5.8	5.72	10.1	9.43	5.54
Net income	-42.8	-63.5	-8.86	-59.9	-17.5	242	-498	-710	-129	88.4
EBITDA	-38.1	-14.4	-5.5	-52.3	1.45	261	-500	-739	-170	40
EPS, basic	-9.01	-2.24	-0.08	-0.52	-0.14	1.83	-3.62	-5.01	-0.89	0.60
EPS, diluted	-9.01	-2.24	-0.08	-0.52	-0.14	1.71	-3.62	-5.01	-0.89	0.59
Shares, basic (weighted)	4.75	28.3	105	115	124	133	138	142	145	147
Shares, diluted (weighted)	4.75	28.3	105	115	124	142	138	142	145	151

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	34.6	177	156	515	1,093	2,146	1,962	2,026	2,160	1,587
Short-term investments		0	42.1	0					0	730
Receivables	79.5	121	183	333	524	752	761	816	813	880
Inventory	43.6	32.7	35.6	49.7	53.9	50.3	107	92.1	158	115
Other current assets	4.98	11.4	16.6	25.9	27.1	106	135	139	103	89.7
Total current assets	165	345	433	926	1,698	3,055	2,965	3,073	3,234	3,402
Property, plant and equipment	9.53	14.7	25.3	103	155	178	335	265	214	174
Lease right-of-use assets				283	266	346	522	371	305	260
Goodwill		1.38	1.38	74.1	73.1	162	162	162	162	309
Intangible assets		2.03	1.48	76.7	62.2	84.1	58.9	41.8	27.5	50.2
Other non-current assets	0.52	3.43	3.94	7.23	16.3	35.1	77.8	92.2	125	70.5
Total assets	179	372	465	1,470	2,271	4,082	4,413	4,262	4,304	4,433
Accounts payable	31.4	56.4	56.6	115	112	125	165	385	274	159
Accrued liabilities	46.2	72.3	92	198	348	549	751	788	853	958
Deferred revenue	24	34.5	45.4	39.9	55.5	45.8	87.7	102	106	121
Short-term debt	15			4.87	4.87	9.88	80	0
Total current liabilities	117	163	194	358	520	730	1,083	1,276	1,233	1,238
Long-term debt				94.7	89.9	80	0
Lease liabilities				302	308	395	585	586	513	436
Other non-current liabilities	4.14	7.85	6.75	1.7	3.12	82.5	69.9	49.2	40.9	73.3
Total liabilities	160	220	220	772	943	1,316	1,766	1,935	1,811	1,776
Total debt	15	0	0	99.6	94.7	89.9	80	0
Paid-in capital	26	436	499	1,012	1,660	2,857	3,235	3,624	3,921	4,145
Retained earnings	-220	-283	-254	-314	-332	-90	-588	-1,298	-1,427	-1,489
Other comprehensive income		0	-0.02	0.03	0.03	0.04	-0.29	0.16	-1.74	1.04
Shareholders' equity	-194	152	245	698	1,328	2,767	2,647	2,326	2,493	2,658
Total equity	-194	152	245	698	1,328	2,767	2,647	2,326	2,493	2,658
Total liabilities and equity	179	372	465	1,470	2,271	4,082	4,413	4,262	4,304	4,433
Shares outstanding	4.82	99.2	110	120	128	135	140	144	146	148

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-42.8	-63.5	-8.86	-59.9	-17.5	242	-498	-710	-129	88.4
Depreciation and amortization	5.3	5.2	7.8	12.8	21.7	25.4	31	53.3	48.5	45.6
Stock-based compensation	8.21	11	37.7	85.2	134	188	360	370	385	354
Deferred income tax	0.21	0.32	-0.48	-1.29	-2.09	-6.88	0.58	1.27	-11.4	-2.98
Change in receivables	-26.4	-41.2	-50.7	-110	-196	-222	-10.9	-56.9	1.89	-63.5
Change in inventory	-13.3	10.8	-2.95	-14.1	-4.18	3.62	-56.5	14.7	-66.1	43.6
Change in payables	-2.81	24.3	-0.1	9.41	6.41	8.43	14.2	248	-111	-123
Cash from operations	-32.5	37.3	13.9	13.7	148	228	11.8	256	218	484
Capital expenditures	-8.6	-9.23	-18.3	-77.2	-82.4	-40	-162	-82.6	-5.06	-5.28
Acquisitions		-2.96		-68.1	0	-137	0	0	0	-95.1
Purchases of investments			-53.8	-12.4	0	0	-40	-10	-20	-7
Cash from investing	-8.57	-12.3	-60.1	-110	-81.3	-177	-202	-92.6	-25.1	-782
Debt repaid	-15	-40.4		0	-74.3	-5	-10	-80	0	0
Stock issued	0.44	132		331	497	990	0	0
Share buybacks								0	0	-150
Cash from financing	-0.16	118	24.5	458	509	1,003	8.36	-61.2	-89.2	-280
Exchange rate effect				0.03	0	0.01	-4.17	2.65	-9.75	5.18
Net change in cash	-41.2	143	-21.7	362	576	1,054	-182	102	104	-579
Free cash flow	-41.1	28.1	-4.41	-63.5	65.8	188	-150	173	213	478
Interest paid	0.24	1.15	0.49	3.1	3.47	2.58	3.89	0.92	0.46	1.06
Income taxes paid	0.12	0.22	0.56	0.76	1.01	1.36	7.02	6.63	19.4	13.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $152.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.5%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	6.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.4%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	13.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.8%	Cash from operations / revenue.
Effective tax rate	8.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.8%	Net income / average total assets.
Return on invested capital (ROIC)	30.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.1%	Research and development expense / revenue.
Stock-based pay / revenue	6.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	94.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	121.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	244.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	124.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	48.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.87x	Current assets / current liabilities.
Quick ratio	2.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.03x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	38.3%	Total liabilities / total assets.
Interest coverage	129x	Operating income / interest expense.
Working capital	$2.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.14x	Revenue / average total assets.
Fixed asset turnover	33.6x	Revenue / average property, plant and equipment.
Inventory turnover	24.4x	Cost of revenue / average inventory.
Days inventory	15 days	365 x average inventory / cost of revenue.
Receivables turnover	6.71x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	48 days	Days inventory + days sales outstanding - days payables.
FCF conversion	199.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.29	Revenue / diluted weighted shares.
FCF per share	$4.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.73	Cash from operations / diluted weighted shares.
Book value per share	$18.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.27	Tangible book value / shares outstanding.
Cash per share	$16.84	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	44.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$22.66B	Share price x shares outstanding.
Enterprise value	$20.10B	Market cap + total debt - cash - short-term investments.
P/E	63.8x	Market cap / net income. Only when net income is positive.
P/S	4.35x	Market cap / revenue.
P/B	8.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.17x	Market cap / tangible book value, when positive.
P/FCF	31.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.5x	Market cap / cash from operations, when positive.
EV/Sales	3.86x	Enterprise value / revenue.
EV/EBIT	73.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	62.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.

What was ROKU, INC's revenue in fiscal 2025?

ROKU, INC reported revenue of $4.74B for fiscal 2025, 15.2% higher than the year before.

Was ROKU, INC profitable in fiscal 2025?

Yes. Net income was $88.4M, a net margin of 1.9%.

How much free cash flow did ROKU, INC generate in fiscal 2025?

Cash from operations of $483.7M minus capital expenditures of $5.3M left free cash flow of $478.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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