Cost structure was right-sized in 2023, enabling a pivot to platform monetization in 2024, focusing on subscriptions and advertising.
Platform revenue grew 18% in 2025, driven by execution on monetization initiatives and leveraging nearly 100 million streaming households.
Subscriptions grew 25% in 2025, aided by the Frndly acquisition, while advertising grew 13% (19% excluding political comps), both outpacing the broader CTV ad market.
EBITDA margins improved by 250 basis points in 2025, with guidance for further expansion in 2026, supported by mid-single digit OpEx growth and targeted investments.
Free cash flow is strong, with a target of $1 billion by 2028, and ongoing share buybacks to offset dilution.
New disclosure will break out platform revenue into advertising and subscriptions, with historicals and margin structures provided starting Q1.
Premium subscriptions, including new tier-one partners like HBO and Apple TV, are driving growth and expanding internationally.
Owned and operated subscriptions (Howdy, Frndly) benefit from low-cost marketing via platform control and are expanding off-platform and internationally.
Home screen redesign introduces new ad units and personalized content rows, aiming for long-term engagement and monetization, with a gradual rollout based on user feedback.
International monetization is progressing, with Mexico focused on subscriptions, Canada on both ads and subscriptions, and Brazil building scale for future monetization.
CTV ad budgets are shifting from linear, with CTV now a $33B+ and growing market; performance-based ad products and SMB self-service tools are key growth drivers.
Shift from a closed DSP model to open integration with all major DSPs (including Amazon, The Trade Desk) has increased demand without margin degradation.
Ads Manager and GenAI tools have removed barriers for SMB advertisers, with 90% of advertisers new to the platform and significant opportunity for further growth.
Distribution strategy is diversified across retailers (Walmart, Target, Best Buy, Amazon) and OEMs (TCL, Hisense), leveraging Roku OS's low BOM cost and expanding first-party TVs.
AI is embedded across operations, advertising, and content, driving efficiency, performance, and engagement, and is seen as a durable competitive advantage.
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