Roku reported today its fourth quarter and full year 2025 financial results, marking a significant turning point for the streaming platform with positive net income for the full year, record free cash flow of $484 million, and platform revenue exceeding $1.2 billion in a single quarter for the first time. The results demonstrate sustained execution on advertising and subscription monetization initiatives that positioned the company for continued double-digit growth.
The San Jose-based company achieved platform revenue of $1.224 billion in Q4, representing 18% year-over-year growth, while total net revenue reached $1.395 billion, up 16% from the prior year period. Full-year platform revenue grew 18% to $4.145 billion, driven by strength in video advertising and streaming services distribution activities, according to the company's February 12 shareholder letter.
Profitability metrics demonstrated the company's operational discipline. Roku achieved adjusted EBITDA of $169.4 million in Q4, with full-year adjusted EBITDA reaching $420.5 million, representing margin expansion of 255 basis points. The company posted net income of $80.5 million in Q4 and $88.4 million for the full year, the first annual profit in the company's history. Free cash flow reached a record $483.6 million on a trailing twelve-month basis.
“We delivered excellent results in 2025, driven by consistent execution and the differentiation of our leading TV streaming platform,” wrote Anthony Wood, founder and CEO, and Dan Jedda, CFO and COO, in the shareholder letter. “Looking ahead to 2026 and beyond, we are confident in our ability to sustain double-digit platform revenue growth while continuing to expand both operating and net income margins.”
Advertising momentum drives platform growth
The advertising business accelerated throughout 2025, benefiting fromย deepened integrations with demand-side platforms and expanded measurement capabilities. Video advertising on the platform grew…