# Roku (ROKU) Q2 2026 earnings

Results filed 2026-08-06 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/roku/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1428439/000162828026054321/0001628280-26-054321-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Roku's Q2 2026 total net revenue was $1.35 billion, up 22% YoY, with Platform revenue of $1.22 billion, up 25% YoY, net income of $164 million and Adjusted EBITDA of $254 million.

Roku had a strong second quarter. Total net revenue was $1.35 billion, up 22% from a year ago. Platform revenue, which covers advertising and subscriptions, grew 25% to $1.22 billion. Net income was $164 million, versus $10.5 million a year earlier. Gross margin rose to 49.7%. Part of the Devices margin gain came from a one-time refund of tariff payments, which management says it excluded would have left net income at $127 million.
Roku gave no outlook and will not hold an earnings call, because Fox Corporation agreed on June 15, 2026 to acquire the company. Management did say it expects sales and marketing expense to rise in the second half as Roku TV shipments ramp. The main risks are the pending deal, memory chip price pressure on devices, and the fact that the Devices margin was helped by the refund.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total net revenue | $1.35 billion | up 22% YoY | GAAP |
| Net income | $164 million | up 1464% YoY | GAAP |
| Diluted net income per share | $1.08 | up from $0.07 a year ago | GAAP |
| Total gross margin | 49.7% | up 4.9pts YoY | GAAP |
| Income from operations | 146,175 | from a loss of (23,333) a year ago | GAAP |
| Cash flow from operations (TTM) | 719.0 | up 81% | GAAP |
| Free cash flow (TTM) | $704 million | up 80% | non-GAAP |
| Adjusted EBITDA | $254 million | up 225% YoY | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Platform revenue | $1.22 billion | up 25% YoY |
| Advertising revenue | $673 million | up 25% YoY |
| Subscriptions revenue | $548 million | up 26% YoY |
| Devices revenue | $134 million | down 1% YoY |
| Streaming Hours | 37.9 billion | up 7% YoY |

## Key takeaways

1. **Platform revenue grew 25% on ads and subscriptions** Advertising revenue grew 25% YoY to $673 million and Subscriptions revenue grew 26% YoY to $548 million. Platform revenue reached $1.22 billion.
2. **Gross margin expanded 4.9 points to 49.7%** Advertising gross margin was 62.4% on a mix shift toward higher-margin ad products. Devices gross margin of 20.1% was helped by an IEEPA tariff refund.
3. **Tariff refund flattered Devices and profit** Excluding the IEEPA refund, Devices gross margin would have been (7.6%) and net income would have been $127 million, versus $164 million reported.
4. **Cash generation reached record highs** Free Cash Flow (TTM) was $704 million and Adjusted EBITDA was $254 million, an Adjusted EBITDA margin of 18.8%.
5. **Pending Fox acquisition means no call or outlook** Fox Corporation and Roku announced a definitive agreement on June 15, 2026. Roku will not host an earnings call and will not provide a financial outlook.

## Questions

**How much revenue did Roku report in Q2 2026?** Total net revenue was $1.35 billion, up 22% YoY. Platform revenue was $1.22 billion, up 25% YoY.
**How profitable was Roku in the quarter?** Net income was $164 million ($1.08 per diluted share) and Adjusted EBITDA was $254 million. Excluding the IEEPA tariff refund, net income would have been $127 million.
**Did Roku give guidance for next quarter?** No. Because of the pending acquisition by FOX, Roku said it will not host an earnings call and will not provide a financial outlook. It did say S&M expense should rise in the second half versus the first half.
**What drove Roku's margin improvement?** Advertising gross margin rose to 62.4% on a mix shift toward higher-margin ad products. Devices gross margin of 20.1% also benefited from an IEEPA refund.
**What is happening with Roku's ownership?** On June 15, 2026, Fox Corporation and Roku announced a definitive agreement under which FOX will acquire Roku. The deal is described as pending.