Roku just turned in its strongest quarter on the books — and did it while preparing to be bought.

The streaming and smart-TV company reported Q2 2026 revenue of $1.35 billion, up 22% from a year earlier and ahead of the $1.3 billion Wall Street had expected, according to Variety. Net income hit a record $164.2 million, compared with $10.5 million in the same quarter of 2025. Diluted earnings came in at $1.08 per share.

It was Roku's fifth straight quarter in the black — a turnaround for a company that spent years burning cash to chase audience. Trailing 12-month free cash flow reached an all-time high of $704 million, the same Variety report noted.

The numbers landed less than two months after Fox Corporation announced it would acquire Roku for roughly $22 billion. The deal, disclosed on 15 June 2026, includes about $14.6 billion in cash and the remainder in stock, and would add approximately $8.3 billion in debt to Fox's balance sheet, according to Reuters. It is expected to close in the first half of calendar 2027.

Because the purchase is pending, Roku said it would not hold an earnings call and would not issue forward financial guidance — the standard practice for companies in the middle of an acquisition. Fox CEO Lachlan Murdoch reiterated his rationale for the deal on Fox's own earnings call, Variety reported. Roku founder, chairman and CEO Anthony Wood will keep an ongoing role at the combined company and join the Fox board after the deal closes.

Roku's business splits into two parts: devices (the streaming sticks and TVs it sells) and platform (the advertising, subscriptions and licensing that run on top). Platform is where the money is. It grew 25% to $1.22 billion in the quarter, with a gross margin of 53.0%. Advertising brought in $673 million, up 25%. Subscription revenue — the cut Roku takes from services like Netflix and Disney+ carried through its platform — rose 26% to $548 million.

Behind those figures sits an audience of more than 100 million households, a milestone Roku said it crossed in April 2026. They streamed 37.9 billion hours of content in the quarter, up 7% year over year.

In late May, Roku began rolling out a redesigned home screen — its biggest update in more than a decade, the company said. More than half of U.S. broadband households now use it, and Roku completed the U.S. rollout early in the third quarter. For context, the home screen is where Roku makes most of its ad money: it is the first thing viewers see when they turn on the TV, and every tile a service gets placed on has commercial value.

Roku had already raised its full-year outlook in April, lifting its adjusted EBITDA forecast to $675 million from $635 million and projecting net income of $360 million. It expected full-year platform revenue of about $5.0 billion — near 21% growth — with devices revenue of $535 million and total net revenue of roughly $5.5 billion, up 16% versus 2025.

What makes this quarter stand out is the gap between the performance and the silence around it. A company posting record profit and record cash flow would normally put its chief executive and chief financial officer in front of analysts to explain what is driving the growth and what comes next. Dan Jedda, who serves as both CFO and COO, and Wood instead let the numbers speak. The pending Fox deal is the reason — and it means the next time Roku's results appear, they may arrive as part of Fox's own ledger rather than a standalone filing.