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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Laura Martin | Needham | 6 (83%) |
| Steve Cahall | Wells Fargo | 4 (0%) |
| Shyam Patil | Susquehanna | 3 (0%) |
| Vasily Karasyov | Cannonball Research | 3 (0%) |
| Matt Condon | Citizens JMP Securities | 3 (0%) |
| Justin Patterson | KeyBanc Capital Markets | 3 (0%) |
| Mike Morris | Guggenheim | 3 (0%) |
| Jason Helfstein | Oppenheimer | 3 (0%) |
| Rich Greenfield | LightShed Partners | 3 (0%) |
| Rob Coolbrith | Evercore ISI | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Needham | 1 | 6 (83%) |
| Wells Fargo | 1 | 4 (0%) |
| Bank of America | 1 | 3 (0%) |
| Guggenheim | 1 |
| 3 (0%) |
| Citizens JMP Securities | 1 | 3 (0%) |
| JPMorgan | 1 | 3 (0%) |
| KeyBanc Capital Markets | 1 | 3 (0%) |
| Evercore ISI | 1 | 3 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.20B | +22.0% | $-0.24 | +56.4% | 42.7% | -3.3% | -3.0% | $77M |
| FY2025 Q1 | $1.02B | +15.8% | $-0.19 | +45.7% | 43.6% | -5.7% | -2.7% | $137M |
| FY2025 Q2 | $1.11B | +14.8% | $0.07 | +129.2% | 44.8% | -2.1% | 0.9% | $109M |
| FY2025 Q3 | $1.21B | +14.0% | $0.16 | +356.8% | 43.4% | 0.8% | 2.0% | $126M |
| FY2025 Q4 | $1.39B | +16.1% | $0.53 | +320.8% | 43.5% | 4.7% | 5.8% | $222M |
| FY2026 Q1 | $1.25B | +22.4% | $0.57 | +400.0% | 45.2% | 4.1% | 6.9% | $196M |
| FY2026 Q2 | $1.35B | +21.9% | $1.08 | +1442.9% | 49.7% | 10.8% | 12.1% | $281M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Roku opened 2026 with an outstanding first quarter, growing platform revenue 28% ahead of outlook as advertising rose 27% and subscription revenue rose 30%, helped by the Olympics and Super Bowl. Adjusted EBITDA margins more than doubled year-over-year to nearly 12% and free cash flow of $148 million was the second-highest on record, prompting management to raise full-year platform revenue guidance by over $100 million to nearly 21% growth and lift adjusted EBITDA to $675 million. Roku passed 100 million streaming households, added Apple TV and Peacock to premium subscriptions, and posted a record advertising gross margin above 60%. The clear soft spot was devices, where revenue fell 16% at a negative 14% margin on lower streaming-player ASPs and higher memory costs, but the platform business drove a decisive profitability step-up.
Revenue Growth | Competitive Dynamics | Demand | Subscriber Growth | Product Launch | Guidance Reliability | Margin | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 2 | 4 | 2 | 2 | 1 | ||
| 2025Q1 | 4 | 4 | 2 | 3 | ||||
| 2025Q2 | 4 | 3 | 2 | 2 | 3 | 2 | 1 | 1 |
| 2025Q3 | 5 | 2 | 5 | 2 | 3 | 1 | ||
| 2025Q4 | 5 | 4 | 2 | 2 | 3 | 3 | ||
| 2026Q1 | 4 | 3 | 2 | 2 | 2 | 1 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8 | 4 | 4 | 5 | 5 | 4 |
| Competitive Dynamics | 2 | 4 | 3 | 2 | 4 | 3 |
| Demand | 4 | 2 | 5 | 2 | 2 | |
| Subscriber Growth | 2 | 2 | 2 | 2 | 2 | 2 |
| Product Launch | 3 | 3 | 3 | 2 | ||
| Guidance Reliability | 3 | 2 | 1 | 3 | 1 | |
| Margin | 2 | 1 | 4 | |||
| Pricing | 1 | 1 | 1 |
What ROKU and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“And by the way, Roku mentions Wurl now and then in their shareholder letters that they integrate with them.”
An analyst notes Roku integrates with AppLovin's Wurl CTV subsidiary; read-through on the AppLovin-Roku connected-TV integration.
“To be clear, we are not kicked out of Walmart. We still sell a lot of units at Walmart”
Management pushes back on concerns about the Walmart relationship, saying Roku still sells substantial third-party and first-party units there.
“we talked about the Netflix announcement—they will do clips.”
Roku responds to Netflix's move into short-form clips, noting it already carries such content and is not trying to compete with YouTube.
“We recently added Apple TV in March, and this week we announced Peacock.”
Roku announced Comcast's Peacock as a new premium subscription partner, expanding its Tier 1 lineup.
“We recently added Apple TV in March, and this week we announced Peacock.”
Roku added Apple TV as a Tier 1 premium subscription partner, contributing to 30% subscription revenue growth.
“through the extension of our DV360 deal with Google.”
Roku expanded its DV360 relationship with Google, including Campaign Manager 360, letting advertisers activate Google first-party data on Roku inventory.
“We feel very good about how Amazon is doing and how our other partnerships are going.”
Roku says the Amazon DSP partnership is performing well and that third-party programmatic is now the majority of its video delivery.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ROKU Roku, Inc. | 9 | +22.4% | |
| DIS The Walt Disney Company | 6 | +6.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| NFLX Netflix, Inc. | 8 | +16.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| TKO TKO Group Holdings | 7 | +25.9% | |
| WBD Warner Bros. Discovery | 4 | -1.0% |