Q2 26 EPS GAAP
$1.08
BEAT +92.00%
Est. $0.56
Includes $18.7 million in merger-related costs and an IEEPA tariff refund that boosted Devices gross margin by approximately $37 million (Devices margin would have been -7.6% vs. reported 20.1%)
Q2 26 Revenue
$1.35B
BEAT +4.40%
Est. $1.30B
vs S&P Since Q2 26
+6.9%
BEATING MARKET
ROKU +7.3% vs S&P +0.4%
Market Reaction
Did ROKU Beat Earnings? Q2 2026 Results
Roku posted a blowout second quarter, with GAAP earnings per share of $1.08 beating the $0.56 consensus by 92.00%, extending the company's streak of topping EPS estimates to five consecutive quarters. Total revenue of $1.35 billion rose 21.9% year ov… Read more Roku posted a blowout second quarter, with GAAP earnings per share of $1.08 beating the $0.56 consensus by 92.00%, extending the company's streak of topping EPS estimates to five consecutive quarters. Total revenue of $1.35 billion rose 21.9% year over year and cleared Wall Street's $1.30 billion target by 4.40%, powered by Platform revenue of $1.22 billion, which grew 25% as both Advertising and Subscriptions posted 25% and 26% gains, respectively. The reported GAAP EPS includes $18.72 million in merger-related costs as well as an IEEPA tariff refund that lifted Devices gross margin to 20.1% from what would otherwise have been negative 7.6%. Total gross margin expanded to 49.7% as the business scaled, and Adjusted EBITDA reached $254.32 million. The quarter also arrived under the shadow of the June 15 announcement that Fox Corporation has agreed to acquire Roku; in light of that pending transaction, management offered no formal financial guidance, though it noted political ad spend is expected to build through late Q3 and into Q4 ahead of the 2026 election cycle.
Key Takeaways
- • Platform revenue grew 25% YoY driven by both Advertising and Subscriptions momentum
- • Advertising gross margin expanded 650 basis points YoY to 62.4% driven by mix shift toward higher-margin ad products
- • Third-party DSPs accounted for nearly three-quarters of in-stream video ad spend
- • M&E vertical posted one of its highest YoY growth rates in nearly four years
- • Sports viewing on Roku platform reached a Q2 high in the U.S.
- • IEEPA tariff refund significantly boosted Devices gross margin
- • World Cup drove hundreds of thousands of subscription sign-ups
ROKU Forward Guidance & Outlook
Roku did not provide forward-looking financial guidance due to the pending acquisition by Fox Corporation. However, the company noted it expects the new Home Screen to be rolled out to international markets in the coming months, anticipates distribution costs for Roku TV model sales to be weighted toward the second half of 2026, and expects Sales & Marketing expense to increase in the second half vs. the first half as shipment volumes ramp. The company also expects political ad spend to build through late Q3 and into Q4 ahead of Election Day in the 2026 cycle.
ROKU YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ROKU Revenue by Segment
With YoY comparisons, source: SEC Filings
ROKU Earnings Trends
ROKU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ROKU EPS Trend
Earnings per share: estimate vs actual
ROKU Revenue Trend
Quarterly revenue: estimate vs actual
ROKU Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $18.7 million in merger-related costs and an IEEPA tariff refund that boosted Devices gross margin by approximately $37 million (Devices margin would have been -7.6% vs. reported 20.1%) | $0.56 | $1.08 | +92.00% | $1.35B | +4.40% |
| Q1 26 BEAT | $0.35 | $0.57 | +64.41% | $1.25B | +3.70% |
| Q4 25 BEAT FY | $0.28 | $0.53 | +92.24% | $1.39B | +3.01% |
| FY Full Year | $0.33 | $0.59 | +79.71% | $4.74B | +0.87% |
| Q3 25 BEAT | $0.09 | $0.16 | +75.82% | $1.21B | +0.38% |
| Q2 25 BEAT | $-0.16 | $0.07 | +144.14% | $1.11B | +3.62% |
| Q1 25 BEAT | $-0.25 | $-0.19 | +24.75% | $1.02B | +1.29% |