Roblox reported Q4 2025 bookings of $2.22 billion, up 63% year-over-year, topping the $2.05 billion consensus. Average daily active users rose 69% to 144 million, exceeding the 138 million estimate as the platform continues to expand engagement.

Management set Q1 2026 bookings between $1.69 billion and $1.74 billion, above the Street’s $1.68 billion forecast, indicating sustained revenue momentum despite holiday quarter normalization. The guidance range implies roughly 38% growth at the midpoint, reflecting confidence in ongoing user monetization.

Jefferies maintains a Hold rating, noting potential partnership opportunities with Google’s Project Genie rather than direct disruption. Deutsche Bank highlights an improved risk-reward after the recent pullback and suggests Genie could become a tailwind, while Piper Sandler views the sector decline as indiscriminate and overdone.