Business/Financial Results (Form 8-K)

Fellow Shareholders,

November 2, 2026

Building on an outstanding first half of the year, we delivered another strong quarter. In Q3, Platform revenue grew 23% year over year (YoY) to $1.3 billion, with both Advertising and Subscriptions growing 23%. Total gross profit was $649 million, up 24% YoY, and we generated net income of $183 million, Adjusted EBITDA of $249 million, and Free Cash Flow (TTM) of $796 million. We are building a diversified and durable business by focusing on monetization initiatives: deepening integrations with third-party advertising platforms, growing Roku-billed subscriptions, and enhancing the Roku Experience. With our open platform, we help our content partners attract and retain audiences, and we offer advertisers the ability to reach viewers at scale, all while providing viewers with an outstanding streaming experience.

Third Quarter 2026 Key Results

•Total net revenue was $1.5 billion, up 24% YoY

•Platform revenue was $1.3 billion, up 23% YoY

•Total gross profit was $649 million, up 24% YoY

•Streaming Hours were 39.9 billion, up 9% YoY

•The Roku Channel was the #2 app on our platform by engagement in the U.S. and also globally

Summary Financials ($ in millions)			Q3 25						Q4 25						Q1 26						Q2 26						Q3 26						YoY %
Advertising			$591.2						$714.7						$612.7						$672.8						$727.4						23		%
Subscriptions			473.4						509.3						518.5						548.2						580.9						23		%
*Platform revenue			1,064.6						1,224.0						1,131.2						1,221.0						1,308.3						23		%
Devices revenue			146.0						170.9						117.6						133.7						193.7						33		%
Total net revenue			1,210.6						1,394.9						1,248.9						1,354.7						1,502.0						24		%
Advertising			345.5						428.2						371.0						420.0						459.4						33		%
Subscriptions			202.3						218.4						213.1						226.7						237.7						18		%
Platform gross profit			547.8						646.7						584.1						646.8						697.1						27		%
Devices gross profit (loss)			(22.9)						(39.9)						(19.1)						26.9						(48.6)						(112)		%
Total gross profit			524.9						606.8						564.9						673.7						648.5						24		%
Advertising gross margin %			58.4		%				59.9		%				60.5		%				62.4		%				63.2		%				4.7		pts
Subscriptions gross margin %			42.7		%				42.9		%				41.1		%				41.4		%				40.9		%				(1.8)		pts
Platform gross margin %			51.5		%				52.8		%				51.6		%				53.0		%				53.3		%				1.8		pts
Devices gross margin %			(15.7)		%				(23.3)		%				(16.3)		%				20.1		%				(25.1)		%				(9.4)		pts
Total gross margin %			43.4		%				43.5		%				45.2		%				49.7		%				43.2		%				(0.2)		pts
Research and development			182.2						184.6						189.5						179.7						186.9						3		%
Sales and marketing			242.1						255.3						221.2						223.2						190.9						(21)		%
General and administrative			91.1						100.9						102.5						124.6						106.7						17		%
Total operating expenses			515.4						540.8						513.2						527.5						484.4						(6)		%
Income from operations			9.5						66.0						51.8						146.2						164.1						1633		%
Net income			24.8						80.5						85.7						164.2						183.3						639		%
*Adjusted EBITDA A			116.9						169.4						148.4						254.3						248.8						113		%
Adjusted EBITDA margin %			9.7		%				12.1		%				11.9		%				18.8		%				16.6		%				6.9		pts
Cash flow from operations (TTM)			455.4						483.7						544.1						719.0						810.9						78		%
*Free cash flow (TTM) A			443.0						483.6						538.8						704.1						795.7						80		%

* Key Performance Metric (KPM)
A Refer to reconciliation at the end of this Letter.

Roku Q3 2026 Shareholder Letter

1

Platform
Platform revenue grew 23% YoY to $1.3 billion, with gross margin of 53.3%. Our results reflect a simple principle: We succeed when our partners succeed. We are home to the world's leading streaming services, we work with every major buyer of advertising, and we have built our business on interoperability with partners rather than exclusivity. In Q3, that openness drove growth in both Advertising and Subscriptions, and it helped our partners reach and engage audiences and monetize their content.

The Roku Experience (RX) includes our Home Screen, AI-powered recommendations, Roku City, and all our content discovery features (like our Sports Experience). In July, we completed the U.S. rollout of the new Roku Home Screen, designed to maximize content discovery and personalization for viewers while delivering benefits to our content partners and advertisers. We're improving our ability to provide relevant recommendations, and one early result we are seeing is a reduction in Premium Subscription cancellations. We are now rolling out the new Home Screen to our international markets.

Our discovery features are designed to connect viewers with great content across streaming services on the Roku platform, not only those owned and operated by Roku. Our recent enhancements to Search; and Recommendations use AI/ML to write "Reasons to Watch" that explain why a title fits a viewer's tastes; prioritize SVODs the viewer is already subscribed to; and maintain the viewer's recent search history across search screens and devices. We are also leveraging AI to improve how our Home Screen and Live TV destination determine shows and movies to feature for the viewer.

Search results showing reasons and ways to watch

The Roku Channel provides viewers with a broad variety of great entertainment, while giving content partners a way to monetize their libraries, and enabling advertisers to reach incremental audiences. We work with more than 250 content partners to continuously enhance the entertainment in The Roku Channel, recently adding popular titles like "CSI," "The Good Wife," and "Elementary" from Paramount; "How to Get Away with Murder," "Reba," and "Empire" from Disney; and "Minions," "Erin Brockovich," and a Law & Order FAST channel from NBCUniversal. In Q3, The Roku Channel was the #2 app on our platform both in the U.S. and globally.

Roku Q3 2026 Shareholder Letter

2

Advertising
Advertising revenue grew 23% YoY to $727 million, our ninth consecutive quarter of double-digit growth, with gross margin of 63.2%, up approximately 470 basis points YoY driven primarily by a mix shift toward higher margin ad products. Video advertising growth on our platform once again outpaced the U.S. OTT and digital markets1.

We are building a diversified and durable advertising business, and our approach is open by design. We have integrations with every major DSP and SSP so that advertisers can buy Roku inventory wherever they already plan and buy. Additionally, our goal is to build the most performant CTV ad platform in the industry, with a key focus on expanding our programmatic capabilities. In Q3, more than 80% of our in-stream video ad impressions were delivered programmatically. We continue to deepen our integrations with third-party demand-side platforms, and will expand several, including, Google's DV360 in the coming months.

Our programmatic capabilities continue to drive strong results in political advertising. Similar to Q2, political advertising on the Roku platform in Q3 exceeded the comparable quarter from the 2024 U.S. presidential election cycle2. The Media & Entertainment (M&E) vertical also continued to strengthen, and Q3 was the highest YoY revenue growth in four years as media companies invested on the Roku platform to promote their content and services. We are also beta testing a new performance-based M&E ad unit on our Home Screen.

"Toy Story 5" Home Screen takeover

Subscriptions
Subscriptions revenue grew 23% YoY to $581 million, with gross margin of 40.9%, down roughly 180 basis points YoY, with the largest factor being a strategic mix shift toward Premium Subscriptions. We earn revenue when our partners grow and retain subscribers on our platform, so our incentives are aligned with theirs. We give them tools to attract and engage subscribers and handle sign-up and billing, whether they are a large global streamer or a specialty service.

1 SMI (Standard Media Index) data; OTT: over the top

2 Excludes OneView fees

Roku Q3 2026 Shareholder Letter

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Our Sports Experience organizes content from many partners in one place, giving fans a single destination to find the games they want to watch and giving our content partners and advertisers a way to reach them. The World Cup was our first truly global sports experience, reaching viewers across seven international markets and driving more than one million subscription sign-ups across services including Peacock, Paramount+, FOX One, and ViX.

With the NFL season now in full swing, our NFL Zone highlights games and other NFL content for fans, while helping our partners reach new audiences and retain subscribers who have already signed up. We recently launched our Sports Experience in Canada, joining Mexico and Brazil as international markets with this key feature, and we now offer NFL Zones in all four of our sports discovery markets.

The NFL Zone in the Roku Sports Experience

We're always seeking ways to enhance the viewer experience and give fans more ways to watch and enjoy their favorite sports. We recently launched full Cloud DVR capabilities (Lookback and Record) in FOX One in Premium Subscriptions, building on the Live Pause and Resume features we launched for Peacock, Apple TV, and FOX One in Q2. We expect to roll out additional live features in the coming months.

Roku Q3 2026 Shareholder Letter

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Cloud DVR on FOX One, now including Lookback and Record

In September, we launched Premium Subscription bundles, giving viewers more than 35 combinations of services to choose from with savings of up to 30% compared to a la carte subscriptions. Just like individual Premium Subscriptions, Premium Subscription bundles use the viewer's existing Roku account, allowing users to save money on multiple services and enjoy everything with one login.

Bundles on Premium Subscriptions

Roku Q3 2026 Shareholder Letter

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The power and openness of our platform drives incremental growth to our partners. For example, approximately 95% of Premium Subscription sign-ups are from customers who had never subscribed to that service directly3. Furthermore, despite a sequential decline in the overall market in Q3, Roku grew its share of U.S. SVOD subscriptions4.

Devices

Devices revenue was $194 million, up 33% YoY, with gross margin of (25.1%), driven primarily by elevated memory costs. As a reminder, our Devices revenue is generated from the sale of our players and Roku-made TVs and does not include Roku TV models made and sold by our OEM licensing partners, which account for the largest portion of our overall unit volume. Roku-made TVs exceeded expectations in Q3 and approached 8% of total TV unit sales volume in the U.S., a position built in roughly three years5.

In September, we launched our first-ever OLED TVs: the new Roku Pro Series OLED TV and Roku Pro Series LX OLED TV. This new lineup pairs high-performance displays with accessible prices, delivering on our commitment to TV that is delightfully simple and better for everyone. Tom's Guide rated the Roku Pro Series OLED 4/5 and awarded it the "Tom's Guide Recommended" badge for price and setup, calling it "one of my favorite budget OLEDs that I've reviewed so far." Both models are available exclusively on Amazon.

Our Roku TV operating system is open to leading TV brands, and its low memory requirements are a growing advantage for our partners. The Roku TV OS requires significantly less DRAM and Flash than competing platforms, which lowers our partners' costs as memory prices continue to rise and is especially meaningful on smaller screens. We continue to expand and diversify our OEM licensing relationships. TCL has expanded its Roku TV lineup at Target, and Hisense is moving its value assortment to Roku at Best Buy. We expect these partnerships to contribute to Roku TV model unit volume in Q4 2026. Accordingly, we continue to anticipate that distribution costs for Roku TV model sales, a significant component of Sales & Marketing (S&M) expense, will be weighted toward Q4 2026.

Conclusion
Our third quarter demonstrated that we succeed when our partners succeed, whether it is a streaming service gaining subscribers through Premium Subscriptions, a content company monetizing its library on The Roku Channel, an advertiser buying through a third-party DSP, or a TV brand choosing the Roku TV OS. The alignment of our interests with those of our partners is a foundation of our business and a core reason why more than 100 million households worldwide choose Roku.

We remain on track for the second half 2026 forecast we provided in the proxy statement, and our pending acquisition by FOX is an extraordinary opportunity to accelerate our vision, allowing us to scale faster and innovate more aggressively for viewers, partners, and advertisers.

Happy Streaming™!

Anthony Wood, Founder and CEO, and Dan Jedda, CFO and COO

Pending Acquisition by FOX
On June 15, 2026, Fox Corporation (Nasdaq: FOXA, FOX) and Roku announced that they have entered into a definitive agreement under which FOX will acquire Roku. In light of the pending transaction, we will not host an earnings call and will not provide a financial outlook.

3 Roku-commissioned study by Antenna

4 Source: Antenna Subscriber Estimates | US Only | Q3 2026, does not include indirect billing (Cable, Telco, etc.)

5 Source: Circana, LLC, Retail Tracking, US, Roku Custom Retailer Scan Data for Smart TVs, Unit Share, July - Sept 2026

Roku Q3 2026 Shareholder Letter

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About Roku, Inc.

Roku pioneered streaming on TV. Today, it is the #1 TV streaming platform in the U.S., Canada, and Mexico by hours streamed (Hypothesis Group, Dec. 2025). Roku connects viewers to the content they love, enables content publishers to build and monetize large audiences through advertising and subscriptions, and provides advertisers with unique capabilities to reach and engage consumers. Roku streaming players and Roku-made TVs are available at major retailers, and licensed Roku TV™ models are sold by leading TV brands in more than 15 countries around the world. Roku also owns and operates The Roku Channel, the home of premium and free entertainment; Howdy, a low-cost subscription service; and Frndly TV™, a live TV streaming service. Roku is headquartered in San Jose, Calif., U.S.A.

ROKU, ROKU TV, the Roku logo, HIRO, HOWDY, FRNDLY TV, "HAPPY STREAMING" and other trade names, trademarks or service marks of Roku appearing in this shareholder letter are the property of Roku or its affiliates. Trade names, trademarks and service marks of other companies appearing in this shareholder letter are the property of their respective holders.

Investor Relations Conrad Grodd [email protected]			Media Kelli Raftery [email protected]

Roku Q3 2026 Shareholder Letter

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Use of Non-GAAP Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the United States (GAAP), this shareholder letter includes certain non-GAAP financial measures. These non-GAAP measures include Adjusted EBITDA and Free Cash Flow (FCF). In order for our investors to be better able to compare our current results with those of previous periods, we have included a reconciliation of GAAP to non-GAAP financial measures in the tables at the end of this letter. The Adjusted EBITDA reconciliation excludes total other income, net, stock-based compensation expense, depreciation and amortization, restructuring charges, merger-related costs, and income tax (benefit) expense from the net income (loss) of the period, and the FCF reconciliation excludes capital expenditures and effects of exchange rates from the cash flow from operations of the period, in each case where applicable. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. However, these non-GAAP financial measures have limitations, and should not be considered in isolation or as a substitute for our GAAP financial information.