SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

16. SEGMENT INFORMATION

An operating segment is defined as a component of an entity for which discrete financial information is available that is evaluated regularly by the CODM for purposes of allocating resources and evaluating financial performance. The Company’s CODM is its Chief Executive Officer. The CODM evaluates performance and makes decisions about allocating resources to its operating segments based on financial information presented on a consolidated basis and on gross profit for each operating segment.

Beginning in the first quarter of 2026, the Company changed its internal reporting structure and the CODM began receiving disaggregated financial information that allows him to allocate resources and evaluate performance between three operating segments: Advertising, Subscriptions, and Devices. As such, the Company now has three reportable segments. The Company’s prior period amounts for the first quarter of 2025 have been retrospectively adjusted to reflect the disaggregation of the Company’s previous Platform operating segment into the Advertising and Subscriptions operating segments. There are no changes to the consolidated financial statements for any prior periods.

Descriptions of the Company’s three reportable segments are as follows:

Advertising

Advertising revenue is generated from the sale of digital advertising, including direct and programmatic video advertising, ads integrated into the Company’s user interface (“UI”), and related services.

Subscriptions

Subscriptions revenue is generated from the sale of subscriptions to end users, including subscription revenue shares from content partners, the sale of Premium Subscriptions and the sale of owned and operated subscription services. Subscriptions revenue also includes the sale of branded app buttons on remote controls.

Devices

Devices revenue is generated from the sale of streaming players, Roku-made TVs, smart home products and services, audio products, and related accessories.

For all reportable segments, Cost of revenue is the significant segment expense that is regularly provided to the CODM. The Company reports its financial results consistent with the manner in which financial information is viewed by management for decision-making purposes. The Company does not manage operating expenses such as research and

development, sales and marketing, and general and administrative expenses at the segment level. The Company does not allocate property and equipment or any other assets or capital expenditures to reportable segments.

The following table presents financial information for each of the Company’s reportable segments (in thousands):

	Three Months Ended
	March 31, 2026		March 31, 2025
Advertising
Net revenue	$	612,705	$	482,823
Cost of revenue	241,736		212,424
Gross profit	370,969		270,399
Subscriptions
Net revenue	518,525		397,994
Cost of revenue	305,409		204,082
Gross profit	213,116		193,912
Devices
Net revenue	117,649		139,855
Cost of revenue	136,798		159,121
Gross loss	(19,149)		(19,266)
Total
Net revenue	1,248,879		1,020,672
Cost of revenue	683,943		575,627
Gross profit	$	564,936	$	445,045