Roku sold 40% more video ad impressions in the second quarter of 2026 than a year earlier and collected 12% less for each one, a volume-for-price trade that lifted advertising revenue 25% while confirming that supply growth is still outrunning demand across connected television.
The company published its second quarter results on August 6, 2026, in a shareholder letter attached to a Form 8-K and accompanied by a Form 10-Q covering the period ended June 30, 2026. Because of the pending acquisition by Fox Corporation, Roku held no earnings call and issued no financial outlook. That leaves the filings themselves as the only source of detail, and the most consequential line in them sits in the management discussion rather than the headline table.
Advertising revenue reached $672.8 million, up 25% from $539.1 million a year earlier. The 10-Q attributes that increase primarily to a rise in delivered video ad impressions. Video impressions grew 40%. The average price per impression fell 12%, which Roku attributes to changes in product and country mix. Across the first six months of 2026 the pattern is more pronounced: impressions up 48%, average price per impression down 13%.
Volume growth is doing the work
The arithmetic is worth spelling out. A 40% increase in impressions multiplied by a 12% decline in unit price produces roughly 23% revenue growth before any other factor. Reported advertising growth was 25%. Almost the entire advertising line, in other words, is being carried by inventory expansion rather than by pricing.
That places Roku squarely inside a dynamic that has been visible in market-wide data for months. Programmatic CTV pricing recorded a 25.8% year-over-year decline in April 2026 before narrowing to a 12.3% annual deficit in the most recent DataBeat reading, a contraction attributed to oversupply as new streaming entrants add ad-loaded inventory faster than budgets migrate. Roku's own 12% decline in average price per impression is close to that…