Roblox

RBLX · NYSE · Communication Services · Financials, fiscal 2019 to 2025

RBLX · Last close · October 26, 2026

$54.37

Roblox's revenue rose 35.8% to $4.9 billion in fiscal 2025. Its operating margin was −25.2%, up from −29.5% a year earlier. Free cash flow was $1.4 billion, up 110.9%. The diluted share count rose 6.5%.

Roblox Corporation Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001315098-26-000024 Updated October 11, 2026

Revenue

$4.9B

35.8%

Operating margin

−25.2%

4.3 pts

Net income

−$1.1B

Free cash flow

$1.4B

110.9%

Return on equity

—

Market cap

$39.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Roblox does

Roblox runs an online platform where people play and hang out in millions of games and virtual worlds, called experiences, on phones, computers and game consoles. These are built by its community of creators, from students and hobbyists to full-time studios, using Roblox's free building tools. In 2025 an average of 127 million people a day used Roblox, in more than 180 countries.

Most experiences on Roblox are free to play. It makes nearly all of its money by selling Robux, its virtual currency, which players spend on items for their avatars and extras inside experiences. Creators earn Robux from those sales, from ads and from a rewards program, and those who qualify can swap them for cash. Revenue rose by $1,288.6 million in 2025. Purchases through Apple's App Store made up 29% of revenue and Google Play 15%, and about 39% came from outside the US and Canada. Roblox says it competes for people's time with big tech, entertainment and game companies, video and music services, and social media, and for creators with platforms such as Epic Games, Unity, Meta and Valve.

Roblox had 3,065 full-time employees at the end of 2025, most of them at its San Mateo, California headquarters, and it also had thousands of trust and safety agents around the world.

Its biggest risks, as it describes them

It has a history of net losses and may not reach or keep profitability.
Changing laws worldwide that could raise its costs or even stop it from operating in some countries.
Keeping its platform safe and civil, particularly for children, and protecting its reputation.
Its reliance on Apple, Google and other app stores and payment processors, which take fees and set rules.
Many costly lawsuits and legal proceedings.

From Roblox's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Roblox lost money in fiscal 2025: a net loss of $1.1 billion.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Roblox yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Roblox's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Roblox's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.0 times depreciation, which holds its free cash flow down) of $1.6B, net cash of $1.9B at December 31, 2025 and 690 million diluted shares, from its filings. The scenarios are fitted to Roblox: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 30.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Interactive Home Entertainment), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Roblox's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $54.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Roblox's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,004	2,978	2,193	2,410	3,055
Debt incl. finance leases	1,330	1,291	1,252	1,213	1,189
Net debt (negative means net cash)	−1,675	−1,687	−941	−1,196	−1,866
Net debt to EBITDA	—	—	—	—	—
Debt to equity	2.3x	4.2x	—	—	—
Interest coverage	−70.8x	−23.1x	−30.9x	−25.8x	−29.7x
Current ratio	1.7x	1.6x	1.1x	1.0x	1.0x
Quick ratio	1.7x	1.6x	1.1x	1.0x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Roblox shares on the open market, and 10 insiders sold $104.9 million, $48.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Mark ReinstraChief Legal Off. & Corp. Sec.	Sold plan	5,773	$44.80	$258,627	Form 4
Sep 1, 2026	Gregory BaszuckiDirector	Sold plan	16,666	$40.47	$674,410	Form 4
Aug 31, 2026	Andrea L WongDirector	Sold	562	$40.89	$22,980	Form 4
Aug 25, 2026	Amy Marie RawlingsChief Accounting Officer	Sold plan	237	$38.89	$9,217	Form 4
Aug 24, 2026	Sean Jack BuckleyChief People & Systems Officer	Sold plan	4,321	$38.68	$167,136	Form 4
Aug 20, 2026	David BaszuckiPresident & CEO, Director, 10% owner	Sold	52,568	$37.96	$2.0 million	Form 4
Aug 20, 2026	Mark ReinstraChief Legal Off. & Corp. Sec.	Sold	17,934	$37.96	$680,839	Form 4
Aug 20, 2026	Naveen K. ChopraChief Financial Officer	Sold	17,509	$37.96	$664,640	Form 4
Aug 20, 2026	Matthew D KaufmanChief Safety Officer	Sold	14,904	$37.96	$565,771	Form 4
Aug 20, 2026	Sean Jack BuckleyChief People & Systems Officer	Sold	5,607	$37.97	$212,876	Form 4
Aug 20, 2026	Amy Marie RawlingsChief Accounting Officer	Sold	5,061	$37.97	$192,144	Form 4
Aug 19, 2026	Mark ReinstraChief Legal Off. & Corp. Sec.	Sold plan	6,250	$40.00	$250,000	Form 4

The latest 12 of 60 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	6 of 9
Accruals ratio	−27.9%	−26.4%	−34.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Roblox side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6
Pinterest	FY25	15.8%	7.6%	29.6%	13.2%	−7.2x	5	Compare
Take-Two Interactive	FY26	18.2%	−1.6%	6.9%	−2.0%	5.6x	7	Compare
NetEase	FY25	7.0%	31.8%	44.1%	—	—	—	Compare
Liberty Global	FY25	12.4%	−0.5%	−2.7%	−0.1%	6.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	508	924	1,919	2,225	2,799	3,602	4,891
Revenue growth	—	81.7%	107.7%	15.9%	25.8%	28.7%	35.8%
Gross profit	386	684	1,422	1,677	2,150	2,801	3,818
Research and development	107	201	533	874	1,254	1,444	1,568
Operating income	−76	−266	−495	−924	−1,259	−1,063	−1,232
Net income	−71	−253	−492	−924	−1,152	−935	−1,065
Diluted EPS (US$)	−0.44	−1.39	−0.97	−1.55	−1.87	−1.44	−1.54
Diluted shares (millions)	163	182	506	596	616	648	690
Cash flow
Cash from operations	99	524	659	369	458	822	1,796
Capital expenditure	83	104	93	426	321	180	441
Free cash flow	16	420	566	−57	138	643	1,355
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	41	46	13	4	3	0
Stock-based compensation	18	79	342	590	868	1,016	1,129
Balance sheet at fiscal year end
Cash and short-term investments	302	894	3,004	2,978	2,193	2,410	3,055
Debt incl. finance leases	—	0	1,330	1,291	1,252	1,213	1,189
Total assets	—	1,848	4,561	5,376	6,168	7,175	9,557
Total liabilities	—	1,735	3,968	5,070	6,100	6,966	9,182
Shareholders' equity	−113	−252	585	306	76	221	394
Margins and ratios
Gross margin	75.9%	74.0%	74.1%	75.4%	76.8%	77.8%	78.1%
Operating margin	−15.0%	−28.8%	−25.8%	−41.5%	−45.0%	−29.5%	−25.2%
Net margin	−14.0%	−27.4%	−25.6%	−41.5%	−41.1%	−26.0%	−21.8%
Free cash flow margin	3.1%	45.5%	29.5%	−2.6%	4.9%	17.8%	27.7%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−295.8%	−207.5%	—	—	—
Return on assets	—	—	−15.3%	−18.6%	−20.0%	−14.0%	−12.7%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Roblox's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Roblox.