Roku’s platform revenues climbed 18% year-over-year to $1.224 billion in Q4 2025, marking the first quarter above $1.2 billion and bringing full-year platform revenues to $4.145 billion. Total net revenues rose 16% to $1.395 billion, net income reached a record $80 million, adjusted EBITDA hit $169 million for the quarter ($421 million year-to-date), and free cash flow more than doubled to $484 million, while streaming households grew to over 90 million.

The company achieved its first GAAP profitable year in 2025 with 255 basis points of margin expansion, reflecting stronger unit economics. Management highlighted ARPU gains in Canada driven by advertising market maturity, and recorded its largest premium subscription net additions leveraging AI-powered content discovery and its self-serve Ads Manager platform to attract small and mid-sized advertisers.

Looking ahead, Roku expects Q1 2026 platform revenues to grow over 21% and full-year 2026 platform revenue to reach $4.89 billion. Adjusted EBITDA is guided to $635 million (over 50% growth), with a projected path to $1 billion in free cash flow by 2028 as monetization and profitability initiatives continue.