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Roku cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$218M in Q3 2026 · $801M over twelve months

Operating cash flow$219M
Capital spending−$1.4M
Free cash flow+$218M
Cash / net income1.2×
Cash conversion cycle39 days

Analysis

In Q3 2026, Roku generated $219M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of $218M. That is $91.5M more than in Q3 2025 ($126M).

Over the twelve months to Sep 30, 2026, operating cash flow was $811M; the largest uses were buybacks ($263M), taxes on employees’ shares ($217M), other financing ($15.4M); besides operations, cash came from other investing ($583M), shares issued ($59.6M); the cash balance rose by $943M.

Operating cash flow was $219M against net income of $183M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$182M, receivables −$111M, stock-based pay +$79.3M.

Its cash conversion cycle was 39 days (receivables 51 + inventory 15 − payables 28).

Free cash flow

Roku: free cash flow by quarterRoku: free cash flow by quarter$76.8MQ4 2024$137MQ1 2025$109MQ2 2025$126MQ3 2025$107MQ4 2025$196MQ1 2026$281MQ2 2026$218MQ3 2026
Operating cash flow less capital spending.
Roku: operating cash flow against capital spendingRoku: operating cash flow against capital spendingOperating cash flowCapital spending$79.3M$2.5MQ4 2024$139M$1.9MQ1 2025$110M$1.1MQ2 2025$128M$1.1MQ3 2025$108M$1.1MQ4 2025$199M$3.1MQ1 2026$285M$3.8MQ2 2026$219M$1.4MQ3 2026
Latest (Q3 2026): Operating cash flow $219M, Capital spending $1.4M.

Capital allocation, year by year

Roku: where the cash came from (up) and went (down), by fiscal yearRoku: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $228MFY2021: Net borrowing −$5.0MFY2021: Shares issued $1.0BFY2021: Capital spending −$40.0MFY2021: Acquisitions −$137M$1.2BFY2021FY2022: Operating cash flow $11.8MFY2022: Net borrowing −$10.0MFY2022: Shares issued $18.4MFY2022: Capital spending −$162M$30.2MFY2022FY2023: Operating cash flow $256MFY2023: Net borrowing −$80.0MFY2023: Shares issued $18.8MFY2023: Capital spending −$82.6M$275MFY2023FY2024: Operating cash flow $218MFY2024: Shares issued $9.4MFY2024: Capital spending −$5.1M$227MFY2024FY2025: Operating cash flow $484MFY2025: Shares issued $34.7MFY2025: Capital spending −$5.3MFY2025: Acquisitions −$95.1MFY2025: Buybacks −$150M$518MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were capital spending ($295M) and acquisitions ($232M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.7B
Debtnone
Net cash$2.7B

Roku funds itself: free cash flow was $801M over the last twelve months, with $2.7B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Roku: sources (+) and uses (−) of cash, Q3 2026Roku: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$517MOther investing$350MOperating cash flow$219MTaxes on employees’ shares−$56.8MShares issued$6.6MCapital spending−$1.4MExchange rates−$934K
Roku: sources (+) and uses (−) of cash, TTM to Q3 2026Roku: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$943MOperating cash flow$811MOther investing$583MBuybacks−$263MTaxes on employees’ shares−$217MShares issued$59.6MOther financing−$15.4MCapital spending−$9.4MExchange rates−$5.7M

From profit to cash

Roku: net income to operating cash flow, Q3 2026Roku: net income to operating cash flow, Q3 2026Net income$183MDepreciation & amortization$10.7MStock-based pay$79.3MReceivables−$111MInventory−$53.4MPayables$182MAccrued liabilities$1.6MDeferred revenue−$4.3MContract assets$1.7MPrepaid and other assets−$9.8MOther liabilities−$2.1MOperating cash flow$219M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202651152839
Q2 202651151947
Q1 202659141954
Q4 202554151950
Q3 202552172247
Q2 202552182744
Q1 202564233751
Q4 202459234042

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$219M−$1.4M—$6.6M−$517M$218M
Q2 2026$285M−$3.8M−$62.7M$34.8M−$352M$281M
Q1 2026$199M−$3.1M−$100M$1.8M−$62.8M$196M
Q4 2025$108M−$1.1M−$100M$16.4M−$11.6M$107M
Q3 2025$128M−$1.1M−$50.0M$15.4M$678M$126M
Q2 2025$110M−$1.1M—$510K$3.3M$109M
Q1 2025$139M−$1.9M—$2.4M−$95.9M$137M
Q4 2024$79.3M−$2.5M—$399K−$31.8M$76.8M

Roku: income statement and cash flow

Roku, Q3 2026: revenue $1.5B (+24% year over year), operating margin 10.9%. The chart follows the revenue to costs, profit and cash.

Roku: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.