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, including movies and TV shows....

Key Metrics to Watch

Subscriber Growth

This metric indicates how well Roku is attracting and retaining users, which is crucial for revenue generation.

N/A

Average Revenue Per User (ARPU)

ARPU measures how much revenue Roku generates from each user, reflecting the effectiveness of its monetization strategies.

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, including movies and TV shows. As a key player in the Communication Services sector, Roku benefits from the ongoing shift toward digital streaming and consumer demand for entertainment options.

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 EPS of $0.57, significantly beating expectations by 69.64%. The stock reacted positively, gaining 3.50% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Roku's upcoming earnings, especially after a strong performance last quarter. However, there are concerns about the sustainability of growth.

Bull Case

If Roku continues to show strong subscriber growth and ARPU increases, it could signal robust demand for its platform, leading to further stock appreciation.

Bear Case

Conversely, if subscriber growth slows or ARPU declines, it may raise red flags about the company's long-term profitability and market position.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber growth rate compared to previous quarters?

This will indicate whether Roku can maintain its growth trajectory in a competitive streaming market.

How has Average Revenue Per User (ARPU) changed this quarter?

ARPU is critical for understanding Roku's monetization success and overall financial health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Roku's ability to expand its content partnerships, which could drive higher subscriber growth than anticipated.

Supporting Evidence

Roku's recent collaborations with major content providers suggest a potential increase in user engagement.

The strong EPS surprise last quarter indicates that Roku may have more pricing power than the market expects.

Key Risk

If subscriber growth exceeds 10%, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on whether Roku can sustain its growth in a competitive streaming environment while effectively monetizing its user base.

Bull Confirmed If

Subscriber growth of over 10% quarter-over-quarter would confirm strong demand for Roku's platform.

Bear Confirmed If

A decline in ARPU below $30 would raise concerns about monetization effectiveness.

Pre-Earnings Positioning

Options Market

Implied Move

±8.8%

Historical Avg

±2.9%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect 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 around 3% as investors react positively to strong performance.

In-Line / Cautious

If results are in line but management expresses caution, the stock may remain flat or see a slight decline as investors reassess growth prospects.

Miss

A miss could lead to a drop of around 2.88%, as investors react negatively to disappointing results.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new content partnerships and their expected impact on subscriber growth.
2Any guidance on future ARPU trends and monetization strategies.
3Insights into competition and how Roku plans to differentiate itself.
4Management's outlook on the overall streaming market and consumer spending trends.
5Responses to questions about insider selling and its implications for investor confidence.

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Company Snapshot

Roku, Inc. is a leading streaming platform that connects users to a wide variety of content, including movies and TV shows....

Key Metrics to Watch

Subscriber Growth

This metric indicates how well Roku is attracting and retaining users, which is crucial for revenue generation.

N/A

Average Revenue Per User (ARPU)

ARPU measures how much revenue Roku generates from each user, reflecting the effectiveness of its monetization strategies.

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 EPS of $0.57, significantly beating expectations by 69.64%. The stock reacted positively, gaining 3.50% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Roku's upcoming earnings, especially after a strong performance last quarter. However, there are concerns about the sustainability of growth.

Bull Case

If Roku continues to show strong subscriber growth and ARPU increases, it could signal robust demand for its platform, leading to further stock appreciation.

Bear Case

Conversely, if subscriber growth slows or ARPU declines, it may raise red flags about the company's long-term profitability and market position.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber growth rate compared to previous quarters?

This will indicate whether Roku can maintain its growth trajectory in a competitive streaming market.

How has Average Revenue Per User (ARPU) changed this quarter?

ARPU is critical for understanding Roku's monetization success and overall financial health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Roku's ability to expand its content partnerships, which could drive higher subscriber growth than anticipated.

Supporting Evidence

Roku's recent collaborations with major content providers suggest a potential increase in user engagement.

The strong EPS surprise last quarter indicates that Roku may have more pricing power than the market expects.

Key Risk

If subscriber growth exceeds 10%, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on whether Roku can sustain its growth in a competitive streaming environment while effectively monetizing its user base.

Bull Confirmed If

Subscriber growth of over 10% quarter-over-quarter would confirm strong demand for Roku's platform.

Bear Confirmed If

A decline in ARPU below $30 would raise concerns about monetization effectiveness.

Pre-Earnings Positioning

Options Market

Implied Move

±8.8%

Historical Avg

±2.9%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect 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 around 3% as investors react positively to strong performance.

In-Line / Cautious

If results are in line but management expresses caution, the stock may remain flat or see a slight decline as investors reassess growth prospects.

Miss

A miss could lead to a drop of around 2.88%, as investors react negatively to disappointing results.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new content partnerships and their expected impact on subscriber growth.
2Any guidance on future ARPU trends and monetization strategies.
3Insights into competition and how Roku plans to differentiate itself.
4Management's outlook on the overall streaming market and consumer spending trends.
5Responses to questions about insider selling and its implications for investor confidence.