Resources For TV Channel Developers

DATE

Thursday, February 12, 2026 at 5:00 p.m. ET

CALL PARTICIPANTS

• Founder and Chief Executive Officer — Anthony Wood
• Chief Financial Officer and Chief Operating Officer — Dan Jedda
• President, Roku Media — Charlie Collier
• President, Devices — Mustafa Ozgen
• Vice President, Investor Relations — Conrad Grodd

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TAKEAWAYS

• Platform revenue grew 18% for full year 2025, and in Q4 2025, platform revenue surpassed $1.2 billion.
• Adjusted EBITDA — $169 million in the fourth quarter and $421 million for the year, representing a margin expansion of 255 basis points.
• Net Income — Reached $80 million in the fourth quarter, a company record.
• Free Cash Flow — $484 million for the year, increasing over 100% year over year.
• Share Buyback — Repurchased $150 million of stock during the year, maintaining near 0% dilution in the fourth quarter.
• Q1 2026 Platform Revenue Outlook — Expected to grow more than 21%.
• Full-Year 2026 Platform Revenue Guidance — Projected growth of 18%.
• 2026 Adjusted EBITDA Guidance — $635 million, implying over 50% year-over-year growth and margin expansion to 11.6%.
• Deferred Tax Assets — Over $1 billion on the balance sheet, supporting low cash taxes for years.
• Streaming Household Scale — On track to surpass 100 million streaming households in the year.
• Platform Gross Margin Outlook — Management expects annual platform gross margins between 51%-52%, with limited variability throughout the year.
• OEM Distribution Expansion — Secured expanded agreements with major partners TCL and Hisense for Roku TV distribution.
• First-Party TV Strategy — Production shift to Mexico is intended to reduce costs and boost sales.
• Advertising Partnerships — Added dozens of ad tech partners, including integration with leading DSPs such as Amazon and The Trade Desk.
• International Scale and Monetization — Achieved strong scale in Mexico and Canada, with ARPU gains in Canada and increased focus on…