Roku, Inc. (ROKU) Earnings
Roku, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.61. ROKU has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +107.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.34 | $0.57 | +67.6% | $1.2B | +3.7% |
| Feb 12, 2026 | $0.28 | $0.53 | +89.3% | $1.4B | +17.1% |
| Oct 30, 2025 | $0.07 | $0.16 | +128.6% | $1.2B | -10.5% |
| Jul 31, 2025 | $-0.16 | $0.07 | +143.8% | $1.1B | -7.8% |
| May 1, 2025 | $-0.27 | $-0.19 | +29.6% | $1.0B | +1.3% |
| Feb 13, 2025 | $-0.41 | $-0.24 | +41.5% | $1.2B | +19.2% |
| Oct 30, 2024 | $-0.32 | $-0.06 | +81.3% | $1.1B | -7.1% |
| Aug 1, 2024 | $-0.43 | $-0.24 | +44.2% | $968M | +3.2% |
| Apr 25, 2024 | $-0.61 | $-0.35 | +42.6% | $881M | +3.9% |
| Feb 15, 2024 | $-0.52 | $-0.55 | -5.8% | $984M | +1.9% |
| Nov 1, 2023 | $-2.12 | $-2.33 | -9.9% | $912M | +6.9% |
| Jul 27, 2023 | $-1.26 | $-0.76 | +39.7% | $847M | +9.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Advertising revenue grew 27%, adoption of ads manager is growing, building a highly performant connected TV ad platform. • Subscription revenue grew 30% driven by premium subscription signups, with recent additions like Apple TV in March and Peacock. • Roku recently passed 100 million streaming households. • Confident in expanding EBITDA margins in 2026 and beyond, with strong platform revenue growth and device operational flexibility. • Third-party DSP strategies are working, majority of video delivery through third-party programmatic partners. • Roku Originals have four pillars: complimenting hits, programming against sports, seasonal programming, and UI programming. • AI is a big opportunity for Roku, integrated across technology stack to improve discovery, engagement, monetization, etc.
Guidance
• Expect Q2 platform to grow at a strong 20% year over year, with subscriptions and advertising both around this growth rate. • Increased full year platform revenue guidance by over $100 million or approximately three points of growth to nearly 21%, and increasing EBITDA and EBITDA margins. • Have stronger visibility into Q2 versus H2 due to macro environment, will provide updated guidance for H2 as visibility improves.
Segment performance
Platform revenue grew 28% in Q1, ahead of outlook, benefiting from Olympics and Super Bowl. Advertising revenue grew 27%, subscription revenue grew 30% driven by premium subscription signups. EBITDA margins more than doubled year on year to nearly 12%. Device revenue is generated from sale of players and one PTV, with memory prices affecting device segment but third-party products benefiting from bill of materials cost advantage.
Risks & headwinds
• Memory prices are increasing, which is something to manage in the device segment. • Uncertainty around future memory prices and how the CTV market will react to higher memory prices. • Macro environment impacts visibility into H2 guidance.
Analyst Q&A
Q: Explain drivers for strong 1Q results and bridge to Q2 and full year guidance, and impact of memory prices on devices segment.
A: Anthony and Dan discussed that Q1 was outstanding with platform revenue growth, advertising and subscription growth. For Q2, expect strong growth, full year platform revenue guidance increased. Memory prices are a factor but third-party products benefit from bill of materials cost advantage.
Q: Talk about third-party DSP strategy and Amazon.
A: Charlie said DSP partnerships are important, strategy is open and interoperable, majority of video delivery through third-party programmatic partners, feel good about Amazon and other partnerships.
Q: Role of Roku Originals and AI.
A: Charlie talked about Roku Originals in four pillars, Anthony discussed AI integrated across technology stack for various benefits.
Q: Subscription revenue forecasting and factors.
A: Vasili asked about subscription revenue forecasting, Dan said there is some seasonality but most important is adding tier one, tier two, tier three premium subscription partners.
Q: Advertising gross margin and first party vs third party.
A: Dan said advertising gross margin was strong, sustainable, and Anthony talked about first party and third party TVs for distribution flexibility.
Q: New home screen and Howdy.
A: Anthony talked about new home screen rolling out, seeing improved engagement and monetization, Howdy is an own and operate streaming service doing well.
Q: DSP relationships growth contributions.
A: Charlie discussed different DSP relationships, importance of being open and interoperable, expansion with DV360 has benefits.
Q: Subscription revenue gross margin and non-M&E ad spending.
A: Dan talked about subscription gross margin level, Charlie talked about non-M&E ad spending on home screen growing.
Q: Content aggregation and device downdraft.
A: Anthony talked about content aggregation including lower cost content, Dan and Mustafa talked about device revenue downdraft due to ASPs and memory costs but overall on track.
Q: DSP integrations impact on advertising gross margin.
A: Dan said how we integrate with DSPs doesn't have a margin impact, margins impacted by how we fulfill ad units and optimize campaigns.