What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-13 compared with 2025-02-14 · 94 added, 90 removed, 191 unchanged (49% of the section changed)

(“Roku,” the “Company,” “we,” or “us”) is the leading TV streaming platform in the United States, Canada, and Mexico by hours streamed.

We pioneered streaming to the TV and believe that all TV will be streamed.

We pioneered TV streaming and believe that all TV will be streamed.

The shift of the TV ecosystem to streaming continues and is expanding TV’s capabilities for viewers, content partners, advertisers, and other industry participants.

12 unchanged sentences

to provide an industry-leading streaming platform for our viewers, content partners, and advertisers;

to obtain content for our streaming platform that attracts viewers, including our own original programming (Roku Originals);

to obtain content for our streaming platform that attracts viewers, including on our owned and operated streaming services (The Roku Channel, Howdy, and Frndly TV) and to our original programming (Roku Originals);

and to extend Roku’s leadership as the global shift to TV streaming continues.

3 unchanged sentences

Devices Segment:

Providing Easy Access to TV Streaming

Growing Scale through Easy Access to TV Streaming

We make TV streaming accessible to consumers through a broad lineup of devices, at a variety of competitive price points.

Our devices segment generates revenue from the sale of Roku streaming players, Roku-branded TVs, smart home products and services, audio products, and related accessories.

Our devices segment generates revenue from the sale of Roku streaming players, Roku-made TVs, Roku TV smart projectors, smart home products and services, audio products, and related accessories.

Roku TV models are TVs made and sold by our Roku TV partners, which are TV original equipment manufacturers (“OEMs”) that license the Roku TV OS and leverage our smart TV reference designs.

We have driven strong Streaming Household growth through this Roku TV licensing program, which we launched more than 10 years ago.

In 2023, we launched Roku-branded TVs, which are designed, made, and sold by us.

We have grown our scale through this Roku TV licensing program, which we launched more than 10 years ago.

In 2023, we launched Roku-made TVs, which are designed, made, and sold by us.

This award-winning lineup includes the Roku Select and Roku Plus Series TVs, and the Roku Pro Series TVs, which are our higher-performing TVs that we launched in spring 2024.

Roku-branded TVs complement our successful Roku TV licensing program.

We believe our Roku-branded TVs will enable us to further grow our leadership position in TV streaming and compete in the higher-end range of performance TVs.

Roku-branded TVs will also help us innovate more quickly in all aspects of hardware and software and test directly with viewers, improving the product and viewer experience and strengthening the entire Roku ecosystem.

We periodically refresh the lineup of Roku-made TVs with the goal to provide our customers with an outstanding TV streaming experience.

Roku-made TVs complement our successful Roku TV licensing program.

We believe our Roku-made TVs enable us to further grow our leadership position in TV streaming and compete in the higher-end range of performance TVs.

Roku-made TVs also help us innovate more quickly in all aspects of hardware and software and test directly with viewers, improving the product and viewer experience and strengthening the entire Roku ecosystem.

Roku streaming players enable users to easily turn (nearly) any TV into a smart TV.

We launch new streaming player models periodically with a focus on offering high performance at an affordable price.

In September 2024, we launched our most powerful streaming player to date:

the 2024 Roku Ultra.

This premium streaming player comes bundled with the Voice Remote Pro (2nd edition), our most advanced remote.

Roku streaming devices are broadly distributed at popular national retailers such as Amazon, Best Buy, Costco, CVS, The Home Depot, Lowe’s, Sam’s Club, Target, Walgreens, and Walmart.

Audio is an important part of the TV streaming experience, and we offer Roku-branded wireless speakers and subwoofers that seamlessly connect to TVs powered by the Roku TV OS.

Additionally, Roku TV Ready allows certified soundbars to quickly and easily connect to Roku TVs, enabling the use of one remote and having all the sound settings uploaded to the TV.

In 2025, we introduced two new streaming players, the Roku Streaming Stick and Roku Streaming Stick Plus, with the performance and speed that our users have come to expect.

In 2025, we also launched our Roku TV smart projectors designed for both indoor and outdoor use, with the Roku TV OS built in, to deliver flexible screen sizing for entertainment anywhere.

Audio is an important part of the TV streaming experience, and we offer Roku-branded wireless soundbars, speakers, and subwoofers that seamlessly connect to TVs powered by the Roku TV OS.

Additionally, the Roku TV Ready program allows certified soundbars to quickly and easily connect to Roku TVs, enabling the use of one remote and having all the sound settings uploaded to the TV.

This is another example of Roku’s innovative TV ecosystem.

The Roku ecosystem extends beyond TV streaming and audio to smart home devices that include cameras, video doorbells, lights, plugs, a home monitoring system, and our Roku Smart Home mobile application for iOS and Android.

Similar to our TV streaming business model, we build scale by selling Roku Smart Home devices and then monetize through smart home services.

The Roku ecosystem includes smart home devices that include cameras, video doorbells, lights, plugs, a home monitoring system, and our Roku Smart Home mobile application for iOS and Android.

We offer subscription plans for our cameras, video doorbells, and home monitoring system.

Roku streaming devices are broadly distributed online and at popular national retailers.

Through our streaming devices and the Roku platform, we provide viewers tremendous choice, value, and an exceptional viewer experience.

In 2024, we added 9.8 million net Streaming Households, ending the year with 89.8 million Streaming Households.

Platform Segment:

1 unchanged sentence

The Roku Experience

We call the user experience on the Roku platform the “Roku Experience.” It represents all the features that Roku builds and operates to engage, delight, and help our viewers find great entertainment.

A key competitive advantage that continues to drive our success is the combination of our significant scale and the Roku Experience, which begins with the Roku Home Screen.

The Roku Home Screen is the first thing our viewers see when they start streaming, and from this position, we can help the viewer decide what to watch every day across the vast range of options available to them on our streaming platform.

As an example, sports is an important entertainment category for viewers and advertisers, and Roku is focused on benefiting from its ongoing shift to streaming.

Available from the Roku Home Screen Menu, the Roku Sports Zone organizes sports programming in a single location, and its features are integrated throughout the Roku Experience.

We partnered with the NFL to launch our first league-branded zone in 2023, and in 2024 we added zones for the NBA and MLB.

We also have zones for college football, college basketball, and women’s sports, among others.

Each zone helps viewers find live and upcoming games and related content such as previews, highlights, commentary, and documentaries.

In addition to sports, we build viewer experiences around popular entertainment genres like home improvement and food and tentpole events like the Olympics and the Oscars.

We call the user experience on the Roku platform the “Roku Experience.” It represents all the features and destinations that Roku builds and operates to engage, delight, and help our viewers find great entertainment.

The Roku Experience begins with our Home Screen, which is the first thing our viewers see, reaching them before they decide what to watch.

From this position, we can help the viewer decide what to watch every day across the vast range of options available to them on our streaming platform.

Our Home Screen includes features such as our content row (located on the top right), which we launched in 2024 to make personalized, AI-powered recommendations to our users.

Unlike suggestions from streaming services, which are restricted to their libraries, our recommendations include content from streaming apps across our platform.

The content row has helped us drive growth in Streaming Hours, ad reach, and SVOD signups, including Premium Subscriptions within The Roku Channel.

The Roku Experience also includes destinations such as our Sports Experience, which aggregates and organizes sports programming from across our platform into a single location.

The Sports Experience enables fans to easily find their favorite sport, team, or event, which benefits not only our viewers but also our content partners.

Overall, the Roku Experience, combined with our significant scale of more than 90 million Streaming Households globally, is a key competitive advantage that continues to drive our success.

Owned and Operated Streaming Apps

In 2025, we expanded our portfolio of owned and operated streaming apps beyond The Roku Channel to Howdy, an ad-free SVOD service, and Frndly TV, a subscription streaming service that offers live TV, on-demand video, and a cloud-based digital video recorder (“DVR”).

With both Howdy and Frndly TV, we believe our expertise in recommending relevant content to viewers and leveraging the power of our platform will drive cost-efficient subscription sign-ups and engagement, thus adding incremental Platform revenue.

Owning and operating both the streaming apps and our streaming platform creates unique value, enables us to be a leader in free and affordable content, positions us to be a valuable partner to content partners, and creates a large source of advertising inventory for us to monetize.

Our streaming apps benefit significantly from their integration throughout the Roku Experience, which has features such as the content row on our Home Screen, Live TV, and the Sports Experience, among others, that can directly surface content to our viewers.

Our owned and operated streaming apps are strategic assets in our monetization efforts that simultaneously benefit viewers, content partners, and advertisers, while helping to grow and diversify our Platform revenue.

The Roku Channel

Another top engagement driver on our streaming platform is The Roku Channel, our owned and operated streaming app.

The Roku Channel is a top driver of engagement and ad inventory on our platform.

The Roku Channel aggregates a broad variety of entertainment into a unified streaming experience, through three distinct types of content:

3 unchanged sentences

• Premium Subscriptions :

Viewers can easily sign up, view, and manage subscriptions to dozens of SVOD apps, such as Max and Paramount+, with a single, monthly bill.

Viewers can easily sign up, view, and manage subscriptions to dozens of SVOD apps, such as HBO Max and Paramount+, with a single, monthly bill.

The foundation of our content strategy for The Roku Channel is third-party licensed content and, to a smaller extent, our original programming, Roku Originals.

2 unchanged sentences

In the United States, it is also available via the Roku mobile app, online at TheRokuChannel.Roku.com, and on Amazon Fire TVs, Samsung TVs, Google TV, and other Android TV OS devices.

Owning and operating both The Roku Channel and our streaming platform creates unique value, making us a leader in free content, positioning us to be a valuable partner to content partners, and providing a large source of advertising inventory.

The Roku Channel benefits from its integration throughout the Roku Experience, which has features such as Live TV, Sports, What to Watch, and more that can surface content to our viewers directly.

The Roku Channel is a core strategic asset in our monetization efforts that simultaneously benefits viewers, content partners, and advertisers, while generating platform revenue.

In May 2025, we acquired Frndly TV, Inc.

(“Frndly TV”), a subscription streaming service that offers more than 50 live TV channels, on-demand video, and cloud-based DVR for an affordable price.

Frndly TV’s growth and expertise in direct-to-consumer subscription services is expected to make it a valuable addition to Roku, and we believe our expertise in recommending relevant content to viewers will help Frndly TV attract, engage, and retain more subscribers.

Frndly TV is currently available in the United States and is intended to support our focus on growing Platform revenue and Roku-billed subscriptions.

In August 2025, we launched Howdy in the United States, our owned-and-operated SVOD service, offering high-quality movies and TV series ad free for only $2.99 per month.

With nearly 10,000 hours of fan favorites, Howdy is designed to complement viewers’ other streaming services.

We believe there is a significant opportunity for a low-cost, ad-free streaming service, and we are leveraging the power of our platform to drive cost-efficient sign-ups and engagement, similar to our success building The Roku Channel.

Streaming Hours

4 unchanged sentences

Each user on our streaming platform creates multiple revenue opportunities for Roku through activities such as navigating through the Roku Experience, watching ad-supported content, or signing up for subscription services.

We generate platform revenue primarily from the sale of digital advertising (including direct and programmatic video advertising, ads integrated into our UI, and related services), as well as streaming services distribution (including subscription and transaction revenue shares, the sale of Premium Subscriptions, and the sale of branded app buttons on remote controls).

We generate Platform revenue from the sale of digital advertising (including direct and programmatic video advertising, ads integrated into our UI, and related services) and streaming services distribution (including subscription and transaction revenue shares, the sale of Premium Subscriptions, and the sale of branded app buttons on remote controls).

We empower viewers to choose how much they want to spend on content by offering them a broad array of free, ad-supported, subscription, and transactional viewing options.

1 unchanged sentence

This first party data enables us to develop actionable insights such as content recommendations to improve our viewers’ experience.

In 2024, we added a new personalized content row powered by AI to the Roku Home Screen.

Unlike suggestions from streaming services, which are restricted to their libraries, our recommendations include content from streaming apps across our platform.

This content row is designed to recommend TV shows and movies to viewers while simultaneously driving growth for Roku in areas such as Streaming Hours, SVOD signups, and ad reach.

Our significant scale, ability to reach highly engaged viewers, tools that enable seamless signups, and marketing/discovery features make us an attractive platform to content partners.

5 unchanged sentences

and transaction video on demand (“TVOD”), which includes apps that offer a la carte content purchases or rentals.

Our billing service assists content partners with their billing needs, such as managing payment methods, subscriptions, and customer invoices.

Our payment and billing service assists content partners with their billing needs, such as managing payment methods, subscriptions, and customer invoices.

This service also allows content partners to enable a frictionless signup within their app, and we believe this key benefit simplifies user subscription signups and drives purchase and retention for our content partners.

Content partners also have access to our media and entertainment tools to help them attract, engage, and retain viewers by investing in promoting their content on our streaming platform.

Content partners can use a variety of ad types, such as native display ads on the Roku Home Screen to drive app downloads, promote an app’s content, or direct traffic to their apps in order to drive subscriptions or movie and TV show consumption.

Content partners can use a variety of ad types, such as native ads on the Roku Home Screen to drive app downloads, promote an app’s content, or direct traffic to their apps in order to drive subscriptions or movie and TV show consumption.

We also derive revenue from the sale of branded app buttons on Roku remote controls that are intended to increase incremental usage of an app by enabling viewers to launch straight into the app from any screen.

1 unchanged sentence

Just as ads evolved decades ago when TV replaced radio as the primary entertainment medium, ads on TV streaming offer new and more performant opportunities than traditional TV.

Advertisers are able to leverage the combination of our significant scale, our direct relationship with viewers, and our innovative ad products and technology to reach consumers with relevant messages.

We offer advertisers a unique and effective set of tools to reach viewers and measure both the effectiveness of the ads served and their return on investment.

Advertisers are able to leverage the combination of our significant scale, our direct relationship with viewers, and our innovative ad products and technology

to reach consumers with relevant messages.

We offer advertisers a unique and effective set of tools to reach viewers at scale and measure both the effectiveness of the ads served and their return on investment.

Furthermore, our comprehensive ad offering enables advertisers to decide how they buy Roku media, whether through direct insertion order, a preferred DSP partner, or Roku Ads Manager, our self-service ad platform.

This allows us to serve a diverse array of advertisers across verticals and business sizes, from small and medium-sized businesses (“SMBs”) to enterprise companies.

We sell both in-stream video ads and display ads integrated into our user interface (“UI”).

2 unchanged sentences

The display ads we offer are integrated into the Roku Experience and are only possible because we are the streaming platform.

These differentiated ads fall into three main categories of native ads, native destinations, and action ads.

These differentiated ads fall into three main categories of native ads, destinations, and action ads.

Native ads are high-visibility placements within our iconic Roku City screensaver, wallpaper-branded themes on the Roku Home Screen or The Roku Channel, spotlight ads (placed directly below the Roku Home Screen Menu), or marquee ads (placed directly to the right of the app tiles on the Roku Home Screen Menu) which can be either static or video.

Native destinations include sponsorships of a playlist, zone (e.g., the Roku Sports Zone), fan experience (e.g., the premiere of a new TV show season), or a “pass” that provides viewers with a free movie/TV show.

In 2025, we enhanced our Roku City offering with a new experience that transforms the animated cityscape into a stage for music, original storytelling, and interactive programming.

Destinations include sponsorships of a playlist, destination (e.g., the Roku Sports Experience), fan experience (e.g., the premiere of a new TV show season), or a “pass” that provides viewers with a free movie/TV show.

Action ads can be combined with other ad types and create an easy way for viewers to use their remote to subscribe to a service, purchase an item, or receive more information (e.g., OK-to-Text, OK-to-Checkout).

3 unchanged sentences

We can combine this asset with the advertiser’s preferred data sources to provide an expansive measurement toolkit that includes reach measurement, brand resonance, and sales attribution, among others.

We also have partnerships with companies such as iSpot.TV that allow advertisers to buy, optimize, and measure their campaigns, whether directly through Roku or through another buying platform.

We also have third-party partnerships that allow advertisers to buy, optimize, and measure their campaigns, whether directly through Roku or through another buying platform.

Business Growth

6 unchanged sentences

Advertising Innovation

We continue to innovate our advertising offerings.

On the Roku Home Screen, we recently enhanced our marquee ads from static display to video.

This new video capability has attracted diverse brands and verticals such as tech, financial services, quick-service restaurants, retail, consumer packaged goods, and auto.

This is part of our ongoing effort to diversify display ads on the Roku Home Screen beyond media and entertainment advertisers.

We are working to offer video in the marquee ads to more brands, while continuing to deliver a delightful user experience.

As part of our efforts to grow advertising demand, we are making it easier for advertisers to execute campaigns programmatically by expanding and deepening our relationships with third-party platforms, including demand-side platforms (“DSPs”), supply-side platforms (“SSPs”), retail media networks, measurement, and other strategic partners.

The Trade Desk (“TTD”) represents our deepest integration to date with a DSP.

Additionally, Roku has adopted Unified ID 2.0 (“UID2”), an identity solution developed by TTD, that allows advertisers to deliver more personalized ad experiences across Roku’s inventory and devices at scale.

We expect we will continue to integrate with third-party DSPs to expand our ability to serve multiple price points, and in doing so, we expect to drive incremental revenue over time.

We have also expanded our ad offering to better serve small and medium-sized businesses (“SMBs”).

Roku Ads Manager, launched in September 2024, is our self-service connected TV advertising solution, providing performance features like advanced targeting, conversion optimization and measurement, and shoppable ad formats.

This solution builds on our growing list of ad offerings that provide advertisers with more choices with regard to how they buy Roku Media – whether through direct IO (insertion order), a preferred DSP partner, or self-service.

This allows us to serve a diverse array of advertisers across verticals and business sizes, from SMBs to enterprise companies.

We continue to innovate our advertising offerings, particularly through more and deeper integrations with DSPs, SSPs, measurement platforms, and other strategic partners that enhance our demand, creative, performance, and measurement capabilities.

Through these partnerships, we are able to give advertisers a holistic view of campaign outcomes across TV streaming and mobile, such as app installs, in-app activity, and long-term customer value.

For example, we have a partnership that delivers advanced AI-powered measurement to quantify campaign impact beyond traditional attribution models, providing advertisers with more accurate return on investment on TV streaming.

We also have a partner integration with Roku Ads Manager to enable SMBs to efficiently repurpose social media content for TV streaming, reducing production costs and complexity to make advertising on TV more accessible.

International Markets

4 unchanged sentences

Internationally, we continue to grow our footprint and deepen our presence in key markets.

In Latin America, we announced Roku TV models with Multi in Brazil;

Kalley in Colombia;

RCA in Chile;

and Sharp, Caixun, and Hyundai in Peru.

In the United Kingdom, we announced new Roku TV models with CHiQ, JVC, Veltek, and Logik and launched Roku TV models with Westinghouse.

In 2025, we expanded the Roku player lineup, launching the Roku Streaming Stick and Roku Streaming Stick Plus in Canada, Mexico, the United Kingdom and Central and South America including Argentina, Brazil, Chile, Colombia, Peru, Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua, and Panama.

In Latin America, we announced Roku TV models with new partners in Brazil, Colombia, Chile, and Peru.

We also announced Roku TV models with new partners in the United Kingdom.

In international markets, we plan to continue to focus on building scale first, increasing engagement, and ultimately driving monetization.

1 unchanged sentence

The Roku Channel is available on devices powered by the Roku TV OS in the United Kingdom, Canada, and Mexico.

Mexico remains the channel’s largest market outside of the United States by Streaming Households and Streaming Hours.

With strong scale and engagement, we are working to grow monetization in Mexico.

With strong scale and engagement, we are working to grow monetization in Mexico and Canada.

Mexico remains the app’s largest market outside of the United States by Streaming Households and Streaming Hours.

In Mexico, we launched Premium Subscriptions and announced a strategic partnership to give advertisers and agencies direct access to Roku’s scale, premium content, and innovative advertising formats through a single, trusted partner.

We also launched the Roku Sports Experience in Mexico to aggregate and organize sports programming from across our platform into a single location.

In Brazil, we added 30 FAST channels to our Live TV Guide and launched our ad platform, enabling brands and publishers to reach Brazilian viewers through our premium ad-supported content, backed by advanced targeting, measurement, and proprietary data.

Sales and Marketing

We engage in a wide variety of sales and marketing activities to continuously grow scale, engagement, and monetization and dedicate significant resources to this area.

We engage in a wide variety of sales and marketing activities to continuously grow scale, engagement, and monetization, and we dedicate significant resources to this area.

Our sales and marketing activities are primarily focused on building and expanding relationships with content partners, advertisers, TV brands, and retailers, and driving sales of our products and our licensed Roku TV partners’ products to consumers through retail distribution channels.

3 unchanged sentences

Through our dedicated content partner relationship management team, we enter into agreements with content partners to distribute their apps on our streaming platform, or license their content for The Roku Channel, or both.

As part of our distribution agreements with AVOD apps, we typically secure direct access to a portion of the content partners’ video advertising inventory for our monetization, and our sales efforts are differentiated and complementary to that of our content partners.

As part of our distribution agreements with ad-supported apps, we typically secure direct access to a portion of the content partners’ video advertising inventory for our monetization, and our sales efforts are differentiated and complementary to that of our content partners.

Whereas our content partners typically feature their brand and content in their sale, we focus on delivering a large streaming audience across many apps and via other Roku-branded experiences such as the Roku Home Screen at once using our own data.

We sell advertising to a wide range of advertisers helping them reach their goals across numerous key performance indicators.

We are developing relationships with more third-party ad-buying platforms (e.g., retail media networks, DSPs, SSPs, and other strategic partners) to reach marketers buying programmatic advertising on such platforms and to create more demand opportunities for our advertising inventory.

We continue to develop relationships with third-party partners and ad-buying platforms (e.g., major direct holding company and ad agency relationships, DSPs, SSPs, retail media networks, and other strategic partners) to reach marketers buying programmatic advertising on such platforms and to create more demand opportunities for our advertising inventory.

Our ad sales teams and products are organized into groups that specialize in the unique needs of each area:

(i) agency holding companies and Fortune 500 brands, (ii) independent agency and mid-market clients, (iii) content partners and entertainment brands, (iv) performance and direct-to-consumer brands, and (v) international markets.

agency holding companies and Fortune 500 brands, independent agency and mid-market clients, content partners and entertainment brands, performance and direct-to-consumer brands, and international markets.

We work with our licensed Roku TV partners to assist in all phases of the development of Roku TV models, including planning, manufacturing, and marketing.

In the United States, the majority of our products and our licensed Roku TV partners’ products are sold through traditional brick and mortar retailers, such as Best Buy, Target, and Walmart, including their online sales platforms, and online retailers such as Amazon, and to a lesser extent our website (excluding Roku TV models).

In the United States, the majority of our products and our licensed Roku TV partners’ products are sold through brick and mortar retailers, such as Best Buy, Target, and Walmart, including their online sales platforms, and online retailers such as Amazon, and to a lesser extent our website (excluding Roku TV models).

We also sell products internationally through distributors and to retailers.

Amazon, Best Buy, Walmart, and Target collectively accounted for 81% of our devices revenue for the year ended December 31, 2024 and 76% of our devices revenue for the year ended December 31, 2023.

Amazon, Best Buy, Walmart, and Target collectively accounted for 81% of our Devices revenue for the year ended December 31, 2025.

We support retailers with an experienced sales management team and work closely with these retailers to assist with marketing and product mix forecasting.

4 unchanged sentences

Research and Development

Our research and development model relies on a combination of in-house staff and outsourced development and manufacturing partners to cost-effectively improve and enhance our platform, and to develop new TVs, players, audio products, smart home devices, features, and functionality.

We work closely with content partners, advertisers, and licensed Roku TV partners to understand their current and future needs.

1 unchanged sentence

In addition, we solicit user feedback in the development of new features and enhancements to our platform.

We are also continuing to invest in AI-powered and machine learning capabilities, which we believe have the potential to enhance the value of our products and services to viewers and business partners, as well as to automate internal processes and help our business

run more efficiently.

We intend to continue to invest significantly in research and development to bring new or improved products and services to market.

9 unchanged sentences

state, and foreign laws and regulations covering a wide variety of subject matters.

These laws and regulations include general business regulations and laws, as well as regulations and laws specific to providers of internet-delivered streaming services and internet-connected devices.

These laws and regulations include general business regulations and laws, as well as regulations and laws specific to providers of streaming services and internet-connected devices.

For example, in both the United States and abroad, the regulatory framework for privacy and data security issues is rapidly evolving.

3 unchanged sentences

Consumer privacy and consumer protection laws, and regulators’ interpretations of these laws, may become more diverse and restrictive over time, increasing the challenges and costs associated with complying with these laws in all jurisdictions.

Governments in both the U.S.

and other jurisdictions also have adopted, or are considering adoption, of laws and regulations intended to protect minors’ privacy and otherwise protect minors from perceived harms online.

Governments in both the United States and other jurisdictions also have adopted, or are considering adoption, of laws and regulations intended to protect minors’ privacy and otherwise protect minors from perceived harms online.

Privacy and other laws also may limit the ability of advertisers to fully utilize our platform, which could have a negative impact on our business.

1 unchanged sentence

We historically have relied on the openness and accessibility of the internet to conduct our business, and government regulations that impede the preservation of the open internet could harm our business.

Regulators in the United States and abroad continue to evaluate policy changes that could affect the openness of the internet.

Regulators in the United States and abroad regularly evaluate policy changes that could affect the openness of the internet.

Our business also is subject to risks generally associated with doing business abroad, such as U.S.

and foreign governmental regulation in the countries in which we operate and the countries in which our contract manufacturers, component suppliers, and other business partners are located.

For example, the threat, implementation, or modification of new import restrictions in the U.S., as well as any retaliatory measures adopted by affected U.S.

For example, the threat, implementation, or modification of new import restrictions in the United States, as well as any retaliatory measures adopted by affected U.S.

trade partners, could prove disruptive to the business environment in which we operate.

6 unchanged sentences

The costs of compliance with these laws and regulations are substantial and are likely to increase in the future.

Compliance with existing or future laws and regulations, including, but not limited to, those pertaining to internet and online services, data privacy and security, consumer protection, global trade, environmental protection, employee health and safety, and taxes, could have an adverse impact on our business in subsequent periods.

Compliance with existing or future laws and regulations, including, but not limited to, those pertaining to internet and online services, data privacy and security, minors’ safety, consumer protection, global trade, environmental protection, employee health and safety, and taxes, could have an adverse impact on our business in subsequent periods.

If we fail to comply with these laws and regulations, we may be subject to significant liabilities and other penalties as well as harm to our reputation.

4 unchanged sentences

As of December 31, 2025, we had approximately 1,800 issued patents and 650 pending applications in the United States and foreign countries.

We also license technology from third parties when we believe it will facilitate our product offerings or business.

We also license technology from third parties when we believe it will facilitate our product

offerings or business.

For information about the intellectual property risks applicable to our business, see Item 1A, Risk Factors, elsewhere in this Annual Report.

4 unchanged sentences

• companies that offer TV streaming devices that compete with Roku streaming devices and companies that license their operating systems for integration into smart TVs and other streaming products;

• TV brands that offer their own TV streaming solutions within their TVs as well as other devices such as game consoles, DVD players, Blu-ray players, and set-top boxes that leverage their own operating systems;

• TV brands that offer their own TV streaming solutions within their TVs as well as other devices such as game consoles, DVD players, and set-top boxes that leverage their own operating systems;

• streaming applications that enable users to stream content on phones, tablets, and laptop computers;

7 unchanged sentences

A number of leading content publishers have launched ad-supported subscription tiers and FAST channels, which offer consumers access to content either for free or for a lower subscription fee.

As the TV streaming market continues to develop, we may become subject to additional competition as we introduce or develop new products and services, as our existing products and services evolve, or as other companies introduce competing products and services.

As the TV streaming marketplace continues to develop, we may become subject to additional competition as we introduce or develop new products and services, as our existing products and services evolve, or as other companies introduce competing products and services.

Human Capital Management

2 unchanged sentences

Only our employees in Brazil are represented by a labor union with respect to their employment.

The majority of our employees have adopted a hybrid work schedule (consisting of both in-person work and working from home).

Most of our employees have a hybrid work schedule (consisting of both in-person work and working from home).

We want our employees to be proud to work at Roku.

4 unchanged sentences

Because our employees are trusted and encouraged to make decisions, our leadership communicates plans, milestones, and strategic context broadly, and our employees are trusted to maintain the confidentiality of such information.

Our employees are encouraged to leverage our broad talent base for diverse points of view when making decisions.

Our employees are encouraged to leverage our broad talent base for varied points of view when making decisions.

As we grow our business, our goal is to ensure that Roku continues to be a great place to work and thrive.

We are committed to fostering an inclusive workplace to spark innovation, strengthen teamwork, equip us to build exceptional products, and drive us to deliver the best TV streaming content.

We believe our employees should feel respected, valued, and empowered to contribute, collaborate, and thrive.

Our Inclusion Strategy team partners across Roku to implement coordinated programs that advance inclusion, supports our employee resource groups, and collaborates with our Talent Acquisition team to expand our talent community and share our employer brand story.

In addition, as a global TV streaming platform, we seek to delight our consumers through inclusive content, services, and partnerships that enrich the Roku Experience for our audiences everywhere.

Our Inclusion Strategy and Roku Media teams partner to elevate storytelling that authentically represents and resonates with audiences from different backgrounds.

We seek to make purposeful investments in developing future talent across our industry through our Social Impact program.

Our employees partner with nonprofits to share their expertise and provide young people with valuable industry insights and hands-on experiences.

We also collaborate with external organizations to connect a broad range of talent with real-world opportunities in media and entertainment.

Our Learning and Talent Development team provides our employees with the training and development needed to support our strategic priorities and growth.

We are committed to fostering an inclusive workplace to strengthen teamwork, build exceptional products, and deliver the best TV streaming content.

We believe our employees should feel valued and empowered to contribute, collaborate, and thrive.

Our Inclusion Strategy team partners across Roku to advance inclusion through strategic programs, support our employee resource groups, expand talent communities, and amplify our employer brand story.

Beyond the employee experience, as a global TV streaming platform, we seek to delight our consumers through inclusive content, services, and partnerships that enrich the Roku Experience for our audiences everywhere.

Our Inclusion Strategy and Roku Media teams elevate storytelling that authentically represents and resonates with audiences from different backgrounds.

Purposeful investments in developing future talent across our industry are made through our Social Impact program.

Through collaboration with educational and workforce development organizations, employees share their

expertise to offer young people valuable industry insights and hands-on experiences.

We also work with industry partners to connect a broad range of talent to real-world opportunities in media and entertainment.

Our Learning and Growth team provides our employees with the training and development needed to support our strategic priorities and growth.

Our employee development programs begin with a comprehensive new hire onboarding experience covering our culture, business, and the resources needed to increase our new hires’ speed to productivity.

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business