# Roku Breaks Out Ad Revenue for First Time in April 30 Print
> Roku enters the print having crossed 100 million households, with $1.2 billion in Q1 revenue guided.
- Publication: The State of Streaming
- Section: Platforms
- Published: 2026-04-25T20:00:00.000Z
- Updated: 2026-04-25T20:00:00.000Z
- Byline: The State of Streaming Staff
- Canonical URL: https://thestateofstreaming.com/platforms/2026/04/roku-q1-2026-earnings-preview-segment-split/
- Read time: 2 min
## Summary
Roku reports Q1 2026 results April 30 — the first quarter under a new disclosure regime that splits its Platform segment into Advertising and Subscriptions, after the April 13 8-K and the April 16 100-million-households milestone.

## Key facts

- Roku reports Q1 2026 results after market close on April 30, 2026, with a webcast at 2 p.m. PT / 5 p.m. ET at roku.com/investor.
- An April 13, 2026 8-K split Roku's Platform segment into two reportable segments — Advertising and Subscriptions — beginning with Q1 2026, with restated 2024 and 2025 comparables furnished in Exhibit 99.1.
- Roku surpassed 100 million streaming households globally on April 16, 2026, defined as distinct accounts streaming on Roku in any 30-day period.
- Roku's Q1 2026 guidance, issued February 12 with the Q4 2025 print, calls for $1.2 billion in total revenue (+18 percent YoY), Platform revenue growing more than 21 percent YoY, and adjusted EBITDA of $130 million.
- Jefferies raised its Roku price target to $140 from $135 on April 13, 2026, lifted its FY 2026 Roku Platform-growth estimate to 18.5 percent, and cited strengthening ad trends and a 2024 political-cycle benefit of roughly $90 million to $100 million (Yahoo Finance, reporting on Jefferies note).


## Why it matters

Roku's new Advertising / Subscriptions disclosure structure puts the dominant US TV-OS ad business on its own reported footing for the first time — more granular than any other public TV-OS pure-play, at a moment when Vizio has disappeared into Walmart's consolidated retail line and Samsung Ads carries no public segment at all. The April 30 print is the first quarter ad buyers can read Roku's ad and subscription lines separately, heading into the 2026 upfront.


## What to watch

- Gross-margin spread between Advertising and Subscriptions in the April 30 print: Cleveland Research (via PPC Land, April 15) pegs FY2025 at 58 percent and 45 percent respectively; Exhibit 99.1 of the April 13, 2026 8-K is the Tier 1 verification.
- Roku Q1 2026 Advertising segment growth rate versus Jefferies's 18.5 percent FY estimate and CFO Dan Jedda's Q4-call caution on political-ad pacing — April 30 print.
- First disclosed revenue line for premium-subscription partners (HBO Max, Apple TV+, Peacock) inside the new Subscriptions segment — April 30 print.

## Article
Roku, Inc. (NASDAQ: ROKU) reports first-quarter 2026 results after market close on [Thursday, April 30](https://www.businesswire.com/news/home/20260413584408/en/Roku-to-Announce-First-Quarter-2026-Financial-Results-on-April-30) — the first print under a new disclosure regime that breaks the company's Platform segment into two reportable segments, Advertising and Subscriptions. Roku formalized the split in an [8-K filed April 13](https://www.sec.gov/Archives/edgar/data/1428439/000162828026024842/wk-20260413.htm), three days before announcing it had crossed [100 million streaming households globally](https://newsroom.roku.com/news/2026/04/roku-surpasses-100-million-streaming-households-a-historic-milestone/cbdb6hs7-1776191291).

For ad buyers, the disclosure change is the news. Roku's Advertising line, which the 8-K defines as direct and programmatic video, in-UI placements, and related services, now reports separately from a Subscriptions line that bundles premium-partner revenue shares, owned-and-operated SVODs, and branded remote-control buttons. That puts Roku's ad business on its own reported footing against [The Trade Desk (NASDAQ: TTD)](/advertising-adtech/2026/04/trade-desk-ventura-ecosystem-pivot/), Magnite, Inc. (NASDAQ: MGNI), and PubMatic, Inc. (NASDAQ: PUBM), at a granularity none of those public peers matches. Walmart Inc.'s (NYSE: WMT) [VIZIO](https://corporate.walmart.com/news/2024/12/03/walmart-completes-acquisition-of-vizio) has reported no separate TV-OS ad line since closing in December 2024, and Samsung Ads has never carried one — [the same disclosure retreat](/measurement-data/2026/04/streaming-wars-era-ended-2025-data-story/) Antenna and Disney mark on the subscriber side of streaming.

Roku's Q1 2026 guidance, issued February 12 with the Q4 print, calls for $1.2 billion in total revenue (up roughly 18 percent), Platform revenue growing more than 21 percent, and adjusted EBITDA of $130 million, [per the Q4 shareholder letter](https://image.roku.com/bWFya2V0aW5n/4Q25-Shareholder-Letter.pdf). CFO Dan Jedda foreshadowed the disclosure change on that same call, telling analysts Roku was working on "more detail on our different activities" with more to share "next quarter," [according to the transcript](https://www.fool.com/earnings/call-transcripts/2026/02/12/roku-roku-q4-2025-earnings-call-transcript/). CEO Anthony Wood, in the April 16 release, called 100 million households "a defining moment, not just for Roku, but for the future of television."

Sell-side has been pricing the setup. Jefferies on the day of the 8-K [raised its price target to $140 from $135](https://finance.yahoo.com/markets/stocks/articles/roku-jefferies-analysts-bullish-strong-180100899.html), lifted its FY 2026 Platform-growth estimate to 18.5 percent, and characterized the 2024 general-election political-ad benefit as roughly $90 million to $100 million. Guggenheim followed [the next week with a $130 target, up from $115](https://www.investing.com/news/analyst-ratings/guggenheim-raises-roku-stock-price-target-on-streaming-growth-93CH-4629061), Buy maintained; KeyBanc analyst Justin Patterson [lifted to $140 from $130 on April 24](https://www.investing.com/news/analyst-ratings/keybanc-raises-roku-stock-price-target-on-growth-outlook-93CH-4635905), Overweight. A [Cleveland Research note dated April 15, reproduced by PPC Land](https://ppc.land/roku-hits-100m-households-and-splits-open-its-platform-finances/), pegs FY 2025 Advertising at $2.327 billion (58 percent gross margin, up 13 percent) and Subscriptions at $1.817 billion (45 percent gross margin, up 25 percent), pending verification against the 8-K's Exhibit 99.1.

The webcast, listen-only, runs at 2 p.m. PT / 5 p.m. ET at roku.com/investor.

## Entities

- Companies: Roku, Inc., The Trade Desk, Magnite, Inc., PubMatic, Inc., Walmart Inc., VIZIO Holding Corp.
- People: Anthony Wood, Dan Jedda
- Products: The Roku Channel


## Tags

- roku
- Q1-2026-earnings
- tv-os
- ctv-advertising
- segment-disclosure
- platform-revenue


## Sourced claims

- Roku reports Q1 2026 results after market close on April 30, 2026, with a 2 p.m. PT / 5 p.m. ET webcast at roku.com/investor. — Roku press release, April 13, 2026: https://www.businesswire.com/news/home/20260413584408/en/Roku-to-Announce-First-Quarter-2026-Financial-Results-on-April-30
- Roku filed an 8-K on April 13, 2026 announcing it will split its Platform segment into Advertising and Subscriptions reportable segments, beginning with Q1 2026. — Roku 8-K, April 13, 2026 (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/1428439/000162828026024842/wk-20260413.htm
- The Advertising segment covers direct and programmatic video advertising, ads integrated into the user interface, and related services; Subscriptions covers premium subscription sales, content-partner revenue shares, owned-and-operated subscription services, and branded app buttons on remote controls. — Roku 8-K, April 13, 2026: https://www.sec.gov/Archives/edgar/data/1428439/000162828026024842/wk-20260413.htm
- Restated 2024 and 2025 annual figures and 2025 quarterly figures under the new segment structure are furnished in Exhibit 99.1 to the April 13 8-K. The change has no impact on consolidated results. — Roku 8-K, April 13, 2026: https://www.sec.gov/Archives/edgar/data/1428439/000162828026024842/wk-20260413.htm
- Roku surpassed 100 million streaming households globally on April 16, 2026, defined as distinct accounts streaming on Roku in any 30-day period. — Roku Newsroom, April 16, 2026: https://newsroom.roku.com/news/2026/04/roku-surpasses-100-million-streaming-households-a-historic-milestone/cbdb6hs7-1776191291
- Anthony Wood, in the April 16 announcement, called the milestone 'a defining moment, not just for Roku, but for the future of television.' — Roku Newsroom, April 16, 2026: https://newsroom.roku.com/news/2026/04/roku-surpasses-100-million-streaming-households-a-historic-milestone/cbdb6hs7-1776191291
- Q1 2026 guidance, issued February 12, calls for total net revenue of $1.2 billion (up roughly 18 percent YoY), Platform revenue growing more than 21 percent YoY, total gross profit of $530 million, and adjusted EBITDA of $130 million. — Roku Q4 and Full Year 2025 Shareholder Letter: https://image.roku.com/bWFya2V0aW5n/4Q25-Shareholder-Letter.pdf
- Jefferies on April 13 raised its Roku price target to $140 from $135, lifted its FY 2026 Platform-growth estimate to 18.5 percent from 18 percent, and characterized the 2024 general-election political ad benefit as roughly $90 million to $100 million. — Yahoo Finance, reporting on Jefferies note: https://finance.yahoo.com/markets/stocks/articles/roku-jefferies-analysts-bullish-strong-180100899.html
- Guggenheim raised its Roku price target to $130 from $115 following the 100-million-households milestone, maintaining a Buy rating. — Investing.com, reporting on Guggenheim note: https://www.investing.com/news/analyst-ratings/guggenheim-raises-roku-stock-price-target-on-streaming-growth-93CH-4629061
- KeyBanc analyst Justin Patterson raised the firm's Roku price target to $140 from $130 on April 24, 2026, maintaining an Overweight rating. — Investing.com, reporting on KeyBanc note: https://www.investing.com/news/analyst-ratings/keybanc-raises-roku-stock-price-target-on-growth-outlook-93CH-4635905
- A Cleveland Research analyst note dated April 15, reproduced by PPC Land, pegs FY 2025 Advertising at $2.327 billion (58 percent gross margin, +13 percent YoY) and Subscriptions at $1.817 billion (45 percent gross margin, +25 percent YoY) within the restated Platform segment. — PPC Land, reproducing Cleveland Research note by Ross Walthall, CFA: https://ppc.land/roku-hits-100m-households-and-splits-open-its-platform-finances/
- Walmart completed its acquisition of VIZIO on December 3, 2024; VIZIO's results are now consolidated within Walmart's Walmart U.S. segment with no separate VIZIO line item. — Walmart corporate news, December 3, 2024: https://corporate.walmart.com/news/2024/12/03/walmart-completes-acquisition-of-vizio
- CFO Dan Jedda foreshadowed the disclosure change on the Q4 2025 earnings call on February 12, telling analysts Roku was working on 'more detail on our different activities' and hoped to share more 'next quarter.' — Roku Q4 2025 earnings call transcript (The Motley Fool): https://www.fool.com/earnings/call-transcripts/2026/02/12/roku-roku-q4-2025-earnings-call-transcript/

---
View this article in a browser: https://thestateofstreaming.com/platforms/2026/04/roku-q1-2026-earnings-preview-segment-split/
Browse the publication: https://thestateofstreaming.com/
Machine-readable index: https://thestateofstreaming.com/llms.txt