Equity Profile

ROKU

Roku, Inc.

Communication ServicesMovies & Entertainment$17.3B

Jul30Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Roku, Inc. is a leading streaming platform that connects users to a wide variety of content across different channels....

Key Metrics to Watch

Subscriber Growth

Subscriber count is crucial as it directly impacts advertising revenue and overall engagement on the platform.

N/A

Average Revenue Per User (ARPU)

ARPU indicates how effectively Roku is monetizing its user base, which is essential for revenue growth.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ROKU Q2-2026 Earnings Preview

Context

Company Snapshot

Roku, Inc. is a leading streaming platform that connects users to a wide variety of content across different channels. Operating in the Communication Services sector, Roku plays a significant role in the growing trend of digital entertainment consumption, making it a key player in the Movies & Entertainment industry.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+80.51%

Avg Stock Reaction

-0.10%

Last Quarter Recap

In Q1-2026, Roku reported an earnings per share (EPS) of $0.57, significantly exceeding expectations. The stock reacted positively, gaining 3.50% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are looking for continued strong performance following Roku's recent earnings surprises. The focus will be on subscriber growth and revenue generation.

Bull Case

If Roku can maintain its momentum in subscriber growth and ARPU, it could see substantial revenue increases, driving the stock higher.

Bear Case

Conversely, if subscriber growth slows or operating expenses rise unexpectedly, it could lead to disappointing earnings and a decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber growth rate and how does it compare to previous quarters?

Subscriber growth is a key indicator of Roku's market position and revenue potential, making it a focal point for investor sentiment.

What are the latest trends in Average Revenue Per User (ARPU)?

Changes in ARPU can significantly affect Roku's profitability and overall financial health, impacting investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Roku's ability to drive ARPU growth through new advertising partnerships and content offerings.

Supporting Evidence

Roku has consistently surprised on EPS, indicating stronger operational efficiency than expected.

The options market is pricing a larger move than historical averages, suggesting heightened investor uncertainty.

Insider selling may indicate a strategic shift rather than a lack of confidence in Roku's future.

Key Risk

If subscriber growth comes in below 5%, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on Roku's ability to sustain subscriber growth while managing costs effectively.

Bull Confirmed If

A subscriber growth rate of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in ARPU below $30 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±8.8%

Historical Avg

±2.9%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors are anticipating volatility around the earnings report.

Options are pricing ±8.8% while ROKU has averaged ±2.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

36.9%

Calls (732K)P/C Ratio: 0.34Puts (222K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$32.6M

291,238 sh

3 insiders

Net

$32.6M

Net selling

Most Active Insiders· 9 open-market trades

CEO and Chairman BODWood Anthony J.
$7.8M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Roku beats expectations, history suggests the stock could rise by around 2.88%, confirming a strong growth trajectory.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react neutrally, reflecting uncertainty.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of around 0.10% following earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new content partnerships and their expected impact on subscriber growth.
2Management's outlook on advertising revenue trends for the upcoming quarters.
3Any commentary on competitive pressures in the streaming market.
4Insights into cost management strategies and their effectiveness.
5Details on user engagement metrics and how they are evolving.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Roku, Inc. is a leading streaming platform that connects users to a wide variety of content across different channels....

Key Metrics to Watch

Subscriber Growth

Subscriber count is crucial as it directly impacts advertising revenue and overall engagement on the platform.

N/A

Average Revenue Per User (ARPU)

ARPU indicates how effectively Roku is monetizing its user base, which is essential for revenue growth.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ROKU Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+80.51%

Avg Stock Reaction

-0.10%

Last Quarter Recap

In Q1-2026, Roku reported an earnings per share (EPS) of $0.57, significantly exceeding expectations. The stock reacted positively, gaining 3.50% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are looking for continued strong performance following Roku's recent earnings surprises. The focus will be on subscriber growth and revenue generation.

Bull Case

If Roku can maintain its momentum in subscriber growth and ARPU, it could see substantial revenue increases, driving the stock higher.

Bear Case

Conversely, if subscriber growth slows or operating expenses rise unexpectedly, it could lead to disappointing earnings and a decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber growth rate and how does it compare to previous quarters?

Subscriber growth is a key indicator of Roku's market position and revenue potential, making it a focal point for investor sentiment.

What are the latest trends in Average Revenue Per User (ARPU)?

Changes in ARPU can significantly affect Roku's profitability and overall financial health, impacting investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Roku's ability to drive ARPU growth through new advertising partnerships and content offerings.

Supporting Evidence

Roku has consistently surprised on EPS, indicating stronger operational efficiency than expected.

The options market is pricing a larger move than historical averages, suggesting heightened investor uncertainty.

Insider selling may indicate a strategic shift rather than a lack of confidence in Roku's future.

Key Risk

If subscriber growth comes in below 5%, it could challenge the current bullish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on Roku's ability to sustain subscriber growth while managing costs effectively.

Bull Confirmed If

A subscriber growth rate of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in ARPU below $30 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±8.8%

Historical Avg

±2.9%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors are anticipating volatility around the earnings report.

Options are pricing ±8.8% while ROKU has averaged ±2.9% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

36.9%

Calls (732K)P/C Ratio: 0.34Puts (222K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$32.6M

291,238 sh

3 insiders

Net

$32.6M

Net selling

Most Active Insiders· 9 open-market trades

CEO and Chairman BODWood Anthony J.
$7.8M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Roku beats expectations, history suggests the stock could rise by around 2.88%, confirming a strong growth trajectory.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react neutrally, reflecting uncertainty.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of around 0.10% following earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new content partnerships and their expected impact on subscriber growth.
2Management's outlook on advertising revenue trends for the upcoming quarters.
3Any commentary on competitive pressures in the streaming market.
4Insights into cost management strategies and their effectiveness.
5Details on user engagement metrics and how they are evolving.