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Roku, Inc. logo

Roku, Inc. Business Segments

Business, geographic, and product segment breakdowns

Roku, Inc. generates $5.0B in annual revenue across 2 key segments: Advertising ($188.8M), and Subscriptions ($120.6M). The company-wide operating margin is -0.4%. Based on the Q1 2026 filing.

Advertising$188.8MSubscriptions$120.6M
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$17.7B
P/E Ratio87.70
ROE7.75%

Products & Services

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Platform—$464.3M———$584.1M
Advertising—$270.4M———$371M
Subscriptions—$193.9M———$213.1M
Device—-$19.3M———-$19.1M

Total Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Platform—$416.5M———$547.1M
Subscriptions—$204.1M———$305.4M
Advertising—$212.4M———$241.7M
Device—$159.1M———$136.8M

Total net revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Platform—$880.8M———$1.1B
Advertising—$482.8M———$612.7M
Subscriptions—$398M———$518.5M
Device—$139.9M———$117.6M

Total Content assets, net and advances

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
License$152.9M$136M$119.7M$100.9M$95M$91.1M
Released, less amortization$66M$67.8M$66.7M$66.8M$57.8M$55.7M
Completed, not released$23.3M$14.6M$17.4M$7.9M$9.1M$10.7M
In production$7.6M$11.9M$5.4M$5.7M$8M$7.5M

2027

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other obligations$104.3M$97.1M$73.1M$81.5M$106.7M$174.7M
Content$144.8M$111M$69.9M$89.3M$124.3M$48.7M
Manufacturing$165.5M$134.8M$0$0$158.4M$0

2028

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other obligations$63.1M$69.4M$5.3M$10.7M$81.8M$44.7M
Content$45.9M$50.5M$22.6M$30.1M$35.9M$21.8M
Manufacturing$0$0$0$0$0$0

2029

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other obligations$0$0$0$3.6M$17.9M$9.1M
Content$2.7M$3.4M$11.9M$16.1M$20.5M$3.6M
Manufacturing$0$0$0$0$0$0

2030

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Content$8.4M$10.4M$3.4M$3.6M$1.6M$850K
Other obligations$0$0$0$3.7M$75K$75K
Manufacturing$0$0$0$0$0$0

Purchase Obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other obligations$167.5M$168M$146.9M$124.3M$212.7M$375.3M
Manufacturing$165.5M$134.8M$170.4M$180.6M$158.4M$353.4M
Content$220.2M$191.8M$188.5M$197.9M$190M$157.5M

Remaining 2026

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Manufacturing——$170.4M$180.6M—$353.4M
Other obligations——$68.5M$24.6M—$146.7M
Content——$78.6M$56.7M—$82.2M

Thereafter

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Content$2.1M$2.1M$2.1M$2.2M$624K$281K
Manufacturing$0$0$0$0$0$0
Other obligations$0$0$0$75K$0$0

Total stock-based compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Platform—$384K———$194K
Device—$70K———$0

Content assets, expected amortization, year one

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Licensed content$21.7M$16.2M$16.2M$16.2M$16.2M—

Content assets, expected amortization, year three

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Licensed content$3.3M$1.8M$1.8M$1.8M$1.8M—

Content assets, expected amortization, year two

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Licensed content$8.5M$4M$4M$4M$4M—

Business Segments

Concentration risk

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising—11.0%———11.0%

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising————$188.8M$188.8M
Subscriptions————$120.6M$120.6M

Total stock-based compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Devices$172K$70K$38K$75K$87K—