Roku, Inc. (NASDAQ: ROKU) reports first-quarter 2026 results after market close on Thursday, 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, three days before announcing it had crossed 100 million streaming households globally.
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), Magnite, Inc. (NASDAQ: MGNI), and PubMatic, Inc. (NASDAQ: PUBM), at a granularity none of those public peers matches. Walmart Inc.’s (NYSE: WMT) 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 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. 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. 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, 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, Buy maintained; KeyBanc analyst Justin Patterson lifted to $140 from $130 on April 24, Overweight. A Cleveland Research note dated April 15, reproduced by PPC Land, 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.
