Roku, Inc. is a leading TV streaming platform in the United States, specializing in connecting viewers, content partners, and advertisers through its innovative streaming ecosystem. The company develops and sells streaming devices, smart TVs, and related accessories, while also generating revenue from digital advertising and streaming service distribution. Roku's mission is to be the global TV streaming platform that benefits the entire TV ecosystem.
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Platform - Generates revenue from digital advertising, including direct and programmatic video advertising, media and entertainment promotional spending, and related services. Also includes streaming services distribution, such as subscription and transaction revenue shares, Premium Subscriptions, and branded app buttons on remote controls.
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Devices - Sells streaming players, Roku-branded TVs, smart home products and services, audio products, and related accessories. Includes licensing arrangements with service operators and Roku TV partners.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anthony Wood ExecutiveBoard | CEO, President, and Chairman | None | Founder of Roku, serving as CEO since October 2002, Chairman since February 2008, and President since July 2011. Previously founded ReplayTV and BrightSign LLC. | View Report → |
Charles Collier Executive | President, Roku Media | None | Joined Roku in October 2022. Former CEO of FOX Entertainment and held senior roles at AMC Networks, Court TV, and A&E Television Networks. | |
Dan Jedda Executive | Chief Financial Officer (CFO) | None | Appointed CFO in May 2023. Previously CFO at Stitch Fix and held senior roles at Amazon, including VP and CFO for Digital Video, Digital Music, and Advertising. | |
Gidon Katz Executive | Senior Vice President, Platform Products and User Experience | None | Joined Roku in January 2022. Former President of Direct to Consumer at NBCUniversal and Managing Director of Sky UK's Now TV. | |
Gil Fuchsberg Executive | Senior Vice President, Subscriptions, Partnerships, and Corporate Development | None | Joined Roku in April 2018. Previously held senior roles at News Corporation/Fox and JP Morgan's private equity business. | |
Mustafa Ozgen Executive | President, Devices, Products, and Technology | None | Joined Roku in February 2019. Previously CEO of SmartKem Limited and QD Vision. Holds degrees in Computer Engineering and Computer Science. | |
Stephen H. Kay Executive | Senior Vice President, General Counsel, and Secretary | None | Joined Roku in January 2014. Previously a partner at Hogan Lovells LLP and EVP/General Counsel at Gemstar-TV Guide International. | |
Gina Luna Board | Independent Director | Partner at GP Capital Partners, LP; Director of TETRA Technologies, Inc. | Joined Roku's Board in December 2020. Former Managing Director and COO at JPMorgan Chase. | |
Jeffrey Blackburn Board | Independent Director | None | Joined Roku's Board in June 2023. Former SVP of Global Media and Entertainment at Amazon and General Partner at Bessemer Venture Partners. | |
Jeffrey Hastings Board | Independent Director | Chief Technology Officer of BrightSign LLC | Joined Roku's Board in August 2011. Former CEO of BrightSign LLC and held senior roles at ReplayTV, SonicBlue, and Pinnacle Systems. | |
Laurie Simon Hodrick Board | Independent Director | Visiting Fellow at Hoover Institution; Director of PGIM Funds; Director of Andela | Joined Roku's Board in December 2020. Chair of the Audit Committee. Former professor at Columbia Business School. | |
Mai Fyfield Board | Independent Director | Director of BBC Commercial Ltd; Director of the Football Association Premier League | Joined Roku's Board in May 2018. Former Chief Strategy and Commercial Officer at Sky plc. | |
Neil Hunt Board | Independent Director | Chief Product Officer of Vibrant Planet; Director of Sony Group Corporation | Joined Roku's Board in August 2017. Former Chief Product Officer at Netflix and held engineering roles at Pure Software. | |
Ravi Ahuja Board | Independent Director | President and COO of Sony Pictures Entertainment; Chairman of Global Television Studios at Sony Pictures Entertainment | Joined Roku's Board in February 2013. Former President, Business Operations, and CFO of Walt Disney Television, and CFO of Fox Networks Group. | |
Ray Rothrock Board | Independent Director | Chairman of RedSeal, Inc.; Director of Check Point Software Technologies Ltd. | Joined Roku's Board in August 2014. Extensive experience in technology companies and cybersecurity. |
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Given that platform gross margins are expected to remain flat in 2025 due to the negative impact of the challenged M&E vertical, what specific strategies do you have to offset this and drive margin expansion next year?
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With the integration of third-party DSPs like The Trade Desk, how do you address concerns that increased programmatic sales could lead to margin degradation, and what safeguards are in place to maintain CPMs and overall pricing?
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Considering that Q4 platform revenue growth is expected to decelerate slightly to 14% despite strong political advertising and 606 adjustments in Q3, can you elaborate on the underlying factors contributing to this slowdown and how you plan to reaccelerate growth?
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With ARPU remaining flat due to the increased proportion of international streaming households, which currently have lower monetization levels, what are your plans to improve ARPU internationally, and how soon can we expect to see meaningful monetization in these markets?
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As you expand your Roku-branded TV lineup and distribution, how are you managing potential conflicts with your third-party TV partners, and what impact has this had on your relationships and overall market share in the smart TV space?
Research analysts who have asked questions during ROKU earnings calls.
Laura Martin
Needham & Company, LLC
5 questions for ROKU
Steven Cahall
Wells Fargo & Company
4 questions for ROKU
Alan Gould
Loop Capital
3 questions for ROKU
Cory Carpenter
JPMorgan Chase & Co.
3 questions for ROKU
Jason Helfstein
Oppenheimer & Co. Inc.
3 questions for ROKU
Justin Patterson
KeyBanc Capital Markets
3 questions for ROKU
Vasily Karasyov
Cannonball Research
3 questions for ROKU
Barton Crockett
Rosenblatt Securities
2 questions for ROKU
Brent Navon
Bank of America
2 questions for ROKU
Cameron McVeigh
Morgan Stanley
2 questions for ROKU
James Heaney
Jefferies
2 questions for ROKU
Matthew Condon
Not Specified in Transcript
2 questions for ROKU
Michael Morris
Guggenheim Partners
2 questions for ROKU
Robert Coolbrith
Evercore ISI
2 questions for ROKU
Shyam Patil
Susquehanna Financial Group
2 questions for ROKU
David Joyce
Seaport Research Partners
1 question for ROKU
Ian Peterson
Evercore ISI
1 question for ROKU
Jason Bazinet
Citigroup
1 question for ROKU
Matthew Thornton
FBN Securities
1 question for ROKU
Michael Nathanson
MoffettNathanson
1 question for ROKU
Peter Sapino
Wolfe Research
1 question for ROKU
Peter Supino
Wolfe Research
1 question for ROKU
Ralph Schackart
William Blair
1 question for ROKU
Richard Greenfield
LightShed Partners
1 question for ROKU
Rich Greenfield
LightShed Partners
1 question for ROKU
Ross Walthall
Cleveland Research Company
1 question for ROKU
Ruplu Bhattacharya
Bank of America
1 question for ROKU
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This competitor has launched ad-supported tiers in their streaming services, which has further increased competition for streaming advertising revenue. | |
This competitor has launched ad-supported tiers in their streaming services, which has further increased competition for streaming advertising revenue. | |
This competitor has launched ad-supported tiers in their streaming services, which has further increased competition for streaming advertising revenue. | |
This competitor sells its own competitive streaming devices, smart TVs, and smart home devices, and is able to market and promote these products more prominently on its website, potentially refusing to offer or promote the company's products. | |
This competitor possesses greater bargaining power with retailers due to more extensive product lines, stronger brand identity, and greater marketing resources. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. | |
Tradedesk Financial Corp | This competitor is part of the Peer Group used for stock performance comparisons. |
Vizio Holding Corp | This competitor is part of the Peer Group used for stock performance comparisons. |
This competitor is part of the Peer Group used for stock performance comparisons. | |
This competitor is part of the Peer Group used for stock performance comparisons. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
This Old House | 2021 | Roku acquired This Old House for $97.8 million in cash, incurring $2.4 million in acquisition-related expenses, with a purchase price allocation including $46.7 million in goodwill, $20.7 million in intangibles, and $22.5 million in content assets to enhance its ad-supported content strategy. |
Quibi Content Rights | 2021 | Roku secured global content rights for 75 TV series and hundreds of hours of content on a multi-year exclusive basis, acquiring these premium assets cost-effectively to support The Roku Channel’s AVOD model. |
Recent press releases and 8-K filings for ROKU.
- Roku reported Q3 2025 revenue of $1.21 billion, a 14% year-over-year increase, and achieved its first positive operating income since 2021.
- Platform revenue grew by 17%, driven by streaming services distribution and video advertising, contributing to a GAAP profit per share of $0.16.
- Management raised its full-year outlook, projecting adjusted EBITDA of $395 million and Q4 2025 revenue of approximately $1.35 billion.
- The company repurchased $50 million of its common stock during Q3 2025.
- Roku achieved positive operating income in Q3 2025, the first time since fiscal 2021, and projects its highest-ever adjusted EBITDA of $145 million for Q4 2025.
- The company holds $2.3 billion in cash and short-term investments and generated over $440 million in trailing 12-month free cash flow. In Q3, Roku repurchased $500 million of its stock, leading to its lowest quarterly dilution of under 30 basis points.
- Platform revenue grew 17% in Q3 2025, or 19% excluding political and Frndly, with Q4 guidance implying 20% growth on the same basis. Roku anticipates maintaining double-digit platform revenue growth and increasing profitability in 2026 and beyond.
- Key strategic initiatives include a significant home screen update expected to roll out in 2026, deepening DSP integrations such as the recently launched Amazon DSP partnership, and the rapidly expanding Ads Manager, which attracted 90% new advertisers in Q3.
- Roku expects to reach 100 million streaming households in 2026, with Average Revenue Per User (ARPU) projected to grow significantly faster due to ongoing monetization efforts.
- Roku reported positive operating income in Q3 2025, the first since fiscal 2021, and projects a record $145 million in adjusted EBITDA for Q4 2025.
- The company achieved 17% platform revenue growth in Q3 2025 (or 19% excluding political and Frndly TV) and expects double-digit growth to continue in 2026 and beyond, with Q4 2025 guidance implying 20% growth on an adjusted basis.
- Roku maintains a strong financial position with $2.3 billion in cash and short-term investments, repurchased $500 million of stock in Q3, and reduced dilution to under 30 basis points.
- Key growth initiatives include a major home screen update planned for 2026, expanded ad demand through DSP integrations (e.g., Amazon DSP), and the rapidly growing Roku Ads Manager, which saw 90% new advertisers in Q3 2025. The company anticipates ARPU will grow faster than active accounts, targeting 100 million streaming households by 2026.
- Roku reported strong Q3 2025 results, achieving positive operating income of $9.5 million for the first time since 2021.
- Total net revenue for Q3 2025 was $1.211 billion, an increase of 14% year-over-year, with Platform revenue growing 17% year-over-year to $1.065 billion.
- The company increased its full-year 2025 outlook, projecting total net revenue of $4.690 billion and Adjusted EBITDA of $395 million.
- Roku repurchased $50 million of its common stock under its $400 million stock repurchase program.
- Pixalate's Q2 2025 Connected TV (CTV) Device Market Share Reports, based on an analysis of over 23 billion global open programmatic ad transactions from Q2 2024 to Q2 2025, indicate Roku holds leading positions in several key markets and regions.
- In the USA, Roku led in CTV device market share with 37%.
- Roku also secured the top spot in Canada with 32% market share and in Mexico with a dominant 74%.
- Regionally, Roku led in North America with 37% and in LATAM with 45% of the CTV device market share.
- Partnership grants advertisers access to 80 million+ authenticated CTV households via Amazon’s DSP, spanning platforms like The Roku Channel, Prime Video and Disney.
- Early tests show a 40% lift in unique viewer reach and a ~30% drop in ad frequency per viewer, effectively tripling ad spend value.
- Uses a custom identity resolution service to deterministically recognize logged-in viewers across Roku OS and devices for precise cross-platform targeting.
- Set to launch broadly by Q4 2025, the deal aims to unify fragmented streaming audiences and enable full-funnel campaign outcomes with reduced media waste.
- Roku reaffirmed its position as the leading streaming platform in the U.S. and internationally, leveraging its operating system on smart TVs and players to drive monetization through subscriptions, advertising, and content distribution.
- The company discussed its recent Frndly acquisition, noting that while it brings nearly 1 million subscriptions and is EBITDA accretive, it was initially excluded from Q1 guidance and will be incorporated once more clarity is achieved.
- Roku highlighted progress in free cash flow, emphasizing strict management of working capital and dilution, with guidance pointing to robust free cash flow growth for FY ’25.
- The call also covered advancements in advertising through deeper integration with DSPs and utilization of first-party data, while emphasizing investment in new hardware products and international markets like Mexico for long-term growth.
- Roku reaffirmed full-year guidance on platform revenue of $3.950 billion and Adjusted EBITDA of $350 million despite macro uncertainty and tariff concerns.
- In Q1 2025, platform revenue grew 17%, driven by contributions from video advertising and streaming services distribution activities.
- The Roku Channel emerged as a key asset, ranking as the #2 app—achieving 84% YoY global engagement growth and enhanced content discovery in the U.S. and globally.
- Leadership highlighted a strategic shift toward programmatic advertising and robust subscription growth, supported by the acquisition of Frndly.
- Despite lumpy device revenue, efforts continue to expand streaming household penetration and leverage diversified manufacturing strategies to mitigate tariff impacts.