Q1 26 EPS
$0.57
Q1 26 Revenue
$1.25B
BEAT +3.70%
Est. $1.20B
vs S&P Since Q1 26
+9.8%
BEATING MARKET
ROKU +9.8% vs S&P +0.0%
Market Reaction
Did ROKU Beat Earnings? Q1 2026 Results
Roku delivered a standout first quarter for fiscal 2026, with results that left Wall Street's expectations well behind on both the top and bottom lines. The streaming platform operator posted earnings of $0.57 per share, beating the consensus estimat… Read more Roku delivered a standout first quarter for fiscal 2026, with results that left Wall Street's expectations well behind on both the top and bottom lines. The streaming platform operator posted earnings of $0.57 per share, beating the consensus estimate of $0.35 by 64.41%, extending its streak of consensus EPS beats to four consecutive quarters. Revenue climbed 22.4% year over year to $1.25 billion, clearing the $1.20 billion consensus by 3.70%, as Platform revenue, now disaggregated into Advertising and Subscriptions segments, emerged as the primary engine of growth. Advertising revenue rose 27% year over year to $612.71 million, fueled by ad spend through third-party programmatic partners growing more than 40% year over year, while Subscriptions revenue advanced 30% to $518.52 million. On the profitability front, Roku posted GAAP net income of $85.70 million, compared to a net loss of $27.43 million in the year-ago period, with the company having recently crossed 100 million streaming households globally. Management raised its full-year 2026 outlook, now targeting total net revenue of $5.54 billion and Adjusted EBITDA of $675 million.
Key Takeaways
- • Platform revenue grew 28% YoY driven by strength in both Advertising and Subscriptions
- • Video advertising growth outpaced both U.S. OTT and digital ad markets
- • Ad spend through third-party programmatic partners increased more than 40% YoY
- • Number of advertisers using Roku Ads Manager more than doubled YoY
- • Non-M&E brand ad spend reached nearly 30% of total RX advertising revenue, an all-time high
- • Q1 was highest quarter ever for Premium Subscription sign-ups
- • Streaming Hours grew 8% YoY to 38.7 billion
ROKU Forward Guidance & Outlook
For Q2 2026, Roku anticipates Platform revenue growing approximately 20% YoY and Devices revenue down high-single digits YoY, resulting in total net revenue of $1.295 billion (up nearly 17% YoY), total gross profit of $580 million, net income of $90 million, and Adjusted EBITDA of $170 million. For full year 2026, the company raised its outlook: Platform revenue expected to grow nearly 21% YoY to $5.0 billion, Devices revenue of approximately $535 million, total net revenue of $5.535 billion, total gross profit of $2.45 billion, net income of $360 million, and Adjusted EBITDA of $675 million (approximately 330 basis points of margin improvement YoY). Platform gross margin expected at the high end of 51%-52% range; Devices gross margin in the high negative 20% range. OpEx expected to grow mid-single digits YoY, weighted to the second half. The company targets $1 billion of Free Cash Flow by 2028 or sooner.
ROKU YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ROKU Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered an outstanding first quarter. Platform revenue grew 28% year over year, driven by strength in Advertising and Subscriptions – two operating segments we have begun breaking out separately to give investors greater visibility into our business.”
— Anthony Wood, Q1 2026 Earnings Press Release
ROKU Earnings Trends
ROKU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ROKU EPS Trend
Earnings per share: estimate vs actual
ROKU Revenue Trend
Quarterly revenue: estimate vs actual
ROKU Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.57 | — | $1.25B | +3.70% |
| Q4 25 BEAT FY | $0.27 | $0.53 | +95.36% | $1.39B | — |
| FY Full Year | $0.33 | $0.59 | +79.71% | $4.74B | +0.87% |
| Q3 25 BEAT | $0.09 | $0.16 | +75.82% | $1.21B | +0.38% |
| Q2 25 BEAT | $-0.16 | $0.07 | +144.14% | $1.11B | +3.62% |
| Q1 25 BEAT | $-0.25 | $-0.19 | +24.75% | $1.02B | +1.29% |