Roku主营硬件播放器，提供各类在线流媒体电视服务接入。公司过去三年销售额以14.9%的稳健年复合 增长率增长。这一增速跑赢消费品互联网公司平均水平，表明其产品契合客户需求。 消费习惯转变正为Roku带来红利。随着越来越多用户转向流媒体平台，公司广告销售表现强劲，进一 步印证行业复苏趋势。 联网电视设备正成为越来越多家庭的主要观看终端，流媒体收视率大幅提升，Roku成为主要受益者之 一。 智通财经APP获悉，Roku(ROKU.US)周四盘后发布第四季度财报，预测全年营收高于华尔街预期，押 注数字广告市场回暖及用户加速向广告型流媒体迁移，推动其股价在盘后交易中上涨。截至发稿，该股 盘后大涨12.18%。 数据显示，公司Q4销售额同比增长16.1%至13.95亿美元，超出市场平均预期。GAAP每股收益0.53美 元，较分析师共识预期高出88.8%。 公司对下一季度的营收指引乐观，中点值为12亿美元，较分析师预期的11.7亿美元高出3%。2026财年 EBITDA指引中点值为6.35亿美元，高于分析师预期的5.81亿美元。公司预计2026年全年营收中点值为 55亿美元，高于市场预期的53.4亿美元。 涵盖数字广告 ...

Financial Data and Key Metrics Changes - In Q4 2025, Roku achieved platform revenue growth of 18%, surpassing $1.2 billion, with Adjusted EBITDA of $169 million and net income of $80 million, all record figures [11][12] - For the full year, platform revenue also grew 18%, with Adjusted EBITDA of $421 million, representing a margin expansion of 255 basis points, and free cash flow of $484 million, marking over 100% year-over-year growth [12][13] - The outlook for Q1 2026 indicates platform revenue growth of over 21% and 18% for the full year, with full-year adjusted EBITDA guidance of $635 million, representing over 50% year-over-year growth [12][13] Business Line Data and Key Metrics Changes - The advertising segment saw significant improvements, with deepened integration with demand-side platforms and enhanced measurement capabilities, contributing to the overall platform revenue growth [9][10] - Q4 2025 was noted as the biggest quarter ever for premium subscription net adds, with expectations to add more tier one partners and roll out bundles in 2026 [9][10] Market Data and Key Metrics Changes - Roku is on track to surpass 100 million streaming households globally, with continued growth in both U.S. and international markets [20] - In Canada and Mexico, Roku is starting to monetize its scale effectively, with strong ARPU growth in Canada and significant scale in Mexico [44][45] Company Strategy and Development Direction - Roku's strategy includes broadening and diversifying retail distribution, optimizing investments across retail and OEM partners, and expanding partnerships with TV manufacturers [15][16][18] - The company is focusing on leveraging AI to enhance content discovery, engagement, and monetization opportunities, viewing it as a significant opportunity rather than a disruptor [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while continuing to grow profitability, with a strong focus on operational efficiency and cash flow generation [10][13] - The management team highlighted the importance of political advertising in the second half of the year, with expectations for significant contributions [54] Other Important Information - Roku has over $1 billion in deferred tax assets, which will keep cash taxes low for many years, contributing to strong free cash flow [13] - The company is actively investing in its Ads Manager platform to capture a larger share of the advertising market, particularly from small and medium-sized businesses [66][70] Q&A Session Summary Question: Can you help bridge the Q1 revenue outlook of over 21% growth to the full year outlook of about 18% growth? - Management explained that Q1 has an easier comp from the previous year and includes the full benefit of the Frndly acquisition, with stronger visibility into Q1 compared to H2 [14] Question: Can you comment on your retail distribution strategy for 2026? - Management stated that they are focused on diversifying retail distribution and optimizing investments, with expansions at Best Buy and Target, and partnerships with TV OEMs [15][16] Question: How do you think AI could impact the streaming landscape? - Management expressed excitement about AI reducing content costs, which would increase engagement on the platform, thus benefiting monetization [24][25] Question: How is the third-party ad demand partnership with Amazon impacting the business? - Management indicated that it is early days for the Amazon partnership, but they are optimistic about its potential as it ramps up [32][35] Question: Can you discuss the international viewership and monetization opportunities? - Management highlighted that while Canada and Mexico are seeing strong monetization, Brazil is still building scale, with a focus on subscriptions and advertising across international markets [42][45] Question: How do you balance engagement with protecting your ad environment? - Management noted that while they experiment with short-form content, their primary focus remains on long-form video, which drives engagement and attracts high-quality advertisers [58][60] Question: How do you see the growth of Ads Manager impacting your business? - Management emphasized that Ads Manager is opening new markets for small and medium-sized businesses, which is a significant growth opportunity without negatively impacting margins [66][72]

Financial Data and Key Metrics Changes - In Q4 2025, Roku achieved platform revenue growth of 18%, surpassing $1.2 billion, with Adjusted EBITDA of $169 million and net income of $80 million, all records for the company [11][12] - For the full year, platform revenue also grew 18%, with Adjusted EBITDA of $421 million, representing a margin expansion of 255 basis points, and free cash flow of $484 million, over 100% year-over-year growth [12][13] - The outlook for Q1 2026 indicates platform revenue growth of over 21% and 18% for the full year, with full-year adjusted EBITDA guidance of $635 million, representing over 50% year-over-year growth [12][13] Business Line Data and Key Metrics Changes - The advertising segment saw deepened integration with leading demand-side platforms, enhancing measurement and performance capabilities, contributing to the overall revenue growth [9][10] - Q4 2025 was the biggest quarter ever for premium subscription net adds, with plans to add more tier one partners and roll out bundles [9][10] Market Data and Key Metrics Changes - Roku is positioned in over half of U.S. broadband households, with nearly half of all TV streaming occurring on its platform, indicating strong market penetration [18][92] - Internationally, Roku is focusing on monetization in Canada and Mexico, where it has significant scale, while still building scale in Brazil and other Latin American countries [42][44] Company Strategy and Development Direction - Roku's strategy includes broadening and diversifying retail distribution, optimizing investments across retail and OEM partners, and expanding its licensing agreements with major TV manufacturers [15][17] - The company is leveraging AI to enhance content discovery, engagement, and monetization opportunities, viewing it as a significant opportunity rather than a disruptor [24][26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while continuing to grow profitability, with a strong focus on operational efficiency and maintaining low cash taxes due to a deferred tax asset [13][19] - The company anticipates that international markets will become a larger percentage of overall platform revenue over time, with ongoing efforts to monetize subscriptions and advertising [44][46] Other Important Information - Roku has a strong free cash flow position, with plans to achieve over $1 billion in free cash flow by the end of 2028 [13][19] - The company is actively investing in its advertising platform, including the launch of Ads Manager, which targets small and medium-sized businesses [66][70] Q&A Session Summary Question: Can you help bridge the Q1 revenue outlook of over 21% growth to the full year outlook of about 18% growth? - Management explained that Q1 has an easier comp from the previous year and includes the full benefit of the Frndly acquisition, with stronger visibility into Q1 compared to the second half of the year [14][15] Question: Can you comment on your retail distribution strategy for 2026? - Management stated that they are focused on broadening retail distribution and optimizing investments, with expansions at Best Buy and Target, and plans to increase sales of first-party TVs after shifting production to Mexico [15][17] Question: How do you think AI could impact the streaming landscape? - Management expressed excitement about AI reducing content costs, which would increase engagement on the platform, and highlighted its integration across the technology stack to improve discovery and monetization [24][26][28] Question: How is the third-party ad demand partnership with Amazon impacting the business? - Management indicated that it is early days for the Amazon partnership, but they are optimistic about its potential as it ramps up, and they are integrating with multiple DSPs to enhance performance [33][35] Question: Can you discuss the international viewership and monetization opportunities? - Management noted that they are seeing scale in Canada and Mexico, with a focus on monetization strategies, while Brazil is still in the scale-building phase [42][44] Question: How do you think about the balance between performance-oriented advertising and maintaining high-quality advertisers? - Management emphasized their ability to serve both high-end clients and performance-oriented advertisers, leveraging their unique position in the CTV landscape [62][66]

Financial Data and Key Metrics Changes - In Q4 2025, Roku achieved platform revenue growth of 18%, surpassing $1.2 billion, with Adjusted EBITDA of $169 million and net income of $80 million, all record figures [10][11] - For the full year 2025, platform revenue also grew by 18%, with Adjusted EBITDA of $421 million, representing a margin expansion of 255 basis points, and free cash flow of $484 million, marking over 100% year-over-year growth [11][12] - The company expects Q1 2026 platform revenue growth of over 21% and full-year growth of 18%, with full-year adjusted EBITDA guidance of $635 million, indicating over 50% year-over-year growth [11][12] Business Line Data and Key Metrics Changes - Q4 2025 was Roku's biggest quarter ever for premium subscription net adds, indicating strong performance in the subscription business [7] - The company plans to expand its subscription offerings and deepen integration with leading demand-side platforms in advertising [7][8] Market Data and Key Metrics Changes - Roku is on track to surpass 100 million streaming households globally, with significant growth in both U.S. and international markets [20] - The company is focusing on expanding its retail distribution, particularly in response to Walmart's shift to Vizio's operating system, while also enhancing partnerships with TV OEMs like TCL and Hisense [15][16] Company Strategy and Development Direction - Roku's strategy includes broadening retail distribution and diversifying partnerships, with significant investments in distribution to optimize market presence [15][16] - The company views AI as a significant opportunity, integrating it across its technology stack to improve content discovery, engagement, and monetization [24][25][27] - Roku is focused on maintaining its competitive advantage through its brand strength, monetization capabilities, and unique operating system designed specifically for TV [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while continuing to grow profitability, with a strong outlook for 2026 and beyond [8][12] - The company anticipates that international markets will become a larger percentage of overall platform revenue, with ongoing efforts to monetize subscriptions and advertising in regions like Mexico and Canada [44] Other Important Information - Roku has over $1 billion in deferred tax assets, which will keep cash taxes low for many years, contributing to strong free cash flow [12] - The company has initiated a share buyback program, purchasing $150 million of Roku stock in Q4 2025, achieving near 0% dilution [11] Q&A Session Summary Question: Can you help bridge the Q1 revenue outlook of over 21% growth to the full year outlook of about 18% growth? - Management explained that Q1 has easier comps and includes the full benefit of the Frndly acquisition, while visibility into Q1 is stronger than for the second half of the year [10][14] Question: Can you comment on your retail distribution strategy for 2026? - Management stated that they are diversifying retail distribution and optimizing investments across retail and OEM partners, with plans to expand distribution in various channels [15][16] Question: How do you think AI could impact the streaming landscape? - Management expressed excitement about AI reducing content costs, which would increase engagement on the platform, and emphasized that AI is a significant opportunity for Roku [24][25][27] Question: How is the third-party ad demand partnership with Amazon impacting the business? - Management indicated that it is early days for the Amazon partnership, but they are optimistic about its potential to drive growth as it ramps up [32][34] Question: Can you talk about the Howdy launch and Frndly acquisition? - Management reported positive progress with both initiatives, highlighting increased engagement and plans for expansion beyond Roku [86] Question: How do you see the impact of Netflix's acquisition of Warner Bros. on Roku? - Management believes Roku's scale makes it an essential partner for content owners, and they do not anticipate changes in their position regardless of industry consolidation [91] Question: What is the outlook for OPEX growth going forward? - Management expects OPEX to grow in the mid-single digits, with a focus on operational discipline and investment in high-return initiatives [93]

Here's a look at the key figures from the quarter. ROKU stock is moving. Watch the price action here.Roku Rocks Q4Roku reported quarterly earnings of 53 cents per share, which beat the consensus estimate of 27 cents by 93.43%, according to data from Benzinga Pro.Quarterly revenue came in at $1.4 billion, which beat the analyst consensus estimate of $1.35 billion and was up from $1.2 billion in the same period last year.The company reported the following fiscal 2025 highlights: Total net revenue was $4.74 bi ...

Core Insights - Roku significantly exceeded Wall Street analysts' expectations for earnings in Q4, reporting revenue of $1.4 billion, a 16% increase, and adjusted earnings per share of 53 cents, compared to a loss of 24 cents in the same quarter last year [1] - The company plans to introduce bundles of premium streaming subscriptions, enhancing its platform monetization strategy [3][4] Financial Performance - In Q4, Roku's revenue reached $1.4 billion, marking a 16% year-over-year increase, with adjusted earnings per share of 53 cents, surpassing analysts' expectations of 28 cents [1] - For 2026, Roku anticipates total revenue of $5.5 billion and adjusted EBITDA to rise nearly fivefold to $635 million, indicating strong future growth [4] Audience Growth - Roku estimates its audience will reach 90 million logged-in households globally by the end of 2025 [2] - The Roku Channel has become the second most popular free, ad-supported channel on its platform, only behind YouTube [2] Subscription Strategy - The fourth quarter was noted as Roku's largest ever for net additions of premium subscriptions, attributed to the holiday season and improvements in user interface [2][3] - Roku has added HBO Max to its list of premium subscription partners and plans to roll out bundled subscription plans, positioning itself as a distribution hub for these packages [3]

Fellow Shareholders, February 12, 2026 Exhibit 99.1 We delivered excellent results in 2025, driven by consistent execution and the differentiation of our leading TV streaming platform. By expanding our Platform monetization over the last two years, we've unlocked new growth engines and achieved record-breaking financial performance. In 2025, we achieved positive net income, expanded Adjusted EBITDA margin by 255 basis points, and reported record Free Cash Flow (TTM), all while continuing to invest in our pl ...

Roku forecasts annual revenue above estimates, shares rise | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company's IPO at the Nasdaq Market in New York, U.S., September 28, 2017.... [Purchase Licensing Rights, opens new tab] Read moreFeb 12 (Reuters) - Roku [(ROKU.O), opens new tab] forecast annual revenue above Wall Street e ...

Core Viewpoint - Roku has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system reflects changes in earnings estimates, which are strongly correlated with near-term stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [4][6]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, which subsequently affects stock prices [4]. Company Performance and Investor Sentiment - The upgrade for Roku suggests an improvement in its underlying business, which should encourage investors to drive the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Roku has increased by 9.2%, indicating a positive trend in earnings expectations [8]. Zacks Rank System Overview - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, positioning Roku among the best candidates for potential market-beating returns [10].

Core Insights - Roku is expected to report fourth-quarter 2025 results on February 12, 2026, with projected total net revenues of approximately $1.35 billion, reflecting a year-over-year increase of 12% [1][2] - The company anticipates Platform revenues to grow by 15% year over year, while Devices revenues are expected to remain flat compared to the previous year [1][8] Revenue and Earnings Expectations - The Zacks Consensus Estimate for fourth-quarter revenues is set at $1.35 billion, indicating a year-over-year growth of 12.62%, with earnings estimated at 28 cents per share, a significant improvement from a loss of 24 cents per share in the previous year [2] - Roku delivered an earnings surprise of 128.57% in the last reported quarter, consistently beating the Zacks Consensus Estimate in the past four quarters, with an average surprise of 86.85% [3] Platform Monetization and Growth Factors - The company enters the fourth quarter of 2025 with strong platform monetization momentum, driven by sustained advertiser demand, expanding subscription distribution, and improved programmatic execution [4] - Third-quarter platform revenue growth was 17% year over year, and management expects a continued growth rate of approximately 15% for the fourth quarter, supported by healthier organic performance and gross margins near 52% [4][6] Subscription and Streaming Distribution - Subscription and streaming distribution have strengthened Roku's platform monetization, with third-quarter gains attributed to higher premium subscriptions and improved discovery features [5] - Management noted that subscription revenues are growing faster than advertising, indicating stable demand and a stronger recurring revenue base [5] Operating Leverage and Profitability - Roku has achieved its first operating profit since 2021, reflecting tighter expense control and a higher-margin platform contribution [6] - The company projects a record fourth-quarter adjusted EBITDA of approximately $145 million, alongside healthy free cash flow and active capital returns, indicating improved earnings efficiency [6] Devices Business Challenges - The Devices segment continues to face margin pressure, with third-quarter results showing declining revenues and a negative margin, which is expected to worsen into the high-20% range due to seasonal promotional activities [7] - This segment is anticipated to negatively impact consolidated profitability in the upcoming quarter [7]