Summary
- Revenue rose 15.8% year-over-year, down from 22.0% in Q4. EBITDA growth also decelerated, landing at 36.9% compared to 62.5% the previous quarter.
- In Q4, Total Reach Campaign usage was up 82%, but that surge hasn’t been mirrored in top-line growth – a gap that continued into Q1. That suggests ad yield and efficiency aren’t fully dialed in yet.
- The bull case strengthens if EBITDA margins continue climbing toward (or past) 10%, ARPU keeps growing in the double digits, and Roku begins closing the gap between TRC engagement and monetization.
- Roku is growing slightly faster, yet trades at under 2x price-to-sales, while TTD sits around 9.5x.
Takeaways from the Roku’s 1Q25 earnings release
Yes, Roku’s revenue and EBITDA growth slowed in Q1 2025 – and it’s not just a seasonal blip. Revenue rose 15.8% year-over-year, down from 22.0% in Q4. EBITDA growth also decelerated, landing at 36.9% compared to 62.5% the previous quarter. The slowdown is
Ex-trading desk at tradfi bankHead of Investment Research at KRIMaster in Finance
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