Roblox
Roblox is an immersive gaming and creation platform (the “Roblox Platform” or “Platform”) that offers people millions of ways to be together, inviting its community to explore, create, and share endless unique experiences.
10-K, Feb 11, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Business
How does Roblox make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$22 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.9B
- Gross profit: $3.8B
- Operating income: −$1.2B
- Net income: −$1.1B
- Free cash flow: $1.4B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“Our vision is to reimagine the way people come together– in a world that’s safe, civil, and optimistic.”
“To achieve this vision, we are building an innovative company that, together with the Roblox community, has the ability to strengthen our social fabric and support economic growth for people around the world.”
“Our Platform consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud.”
Item 1 · Business · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +36%
“Revenue in the year ended December 31, 2025 increased $1,288.6 million, or 36%, compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Number check (revenue): stated $1.3B matches the stored change ($1.3B, ±10%)
Revenue: $4.9B FY2025 · +35.8% vs FY2024 · KPIs
Position (in the company’s words)
“In the year ended December 31, 2025, we had millions of creators across more than 170 countries building on our Platform.”
Item 1 · Business · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
R&D +9%
“Research and development expenses increased $123.5 million, or 9%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Number check (R&D expense): stated $124M matches the stored change ($124M, ±10%)
R&D expense: $1.6B FY2025 · +8.6% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 36% to $4.9B.
Revenue grew 36% YoY to $1.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 89.8%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−25.2% operating margin, up from −29.5%.
78.1% gross margin, up from 77.8%.
Operating income: −$1.2B in FY2025.
Net income: −$1.1B in FY2025.
R&D grew 8.6% to $1.6B.
SG&A grew 42% to $826M.
EPS diluted: −$1.54 in FY2025.
−15.6% operating margin, up from −29.8%.
80.1% gross margin, up from 78.2%.
Operating income: −$229M in FY2026 Q2.
Net income: −$183M in FY2026 Q2.
R&D grew 9.1% YoY to $420M.
SG&A grew 27% YoY to $260M.
EPS diluted: −$0.26 in FY2026 Q2.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $28 of every $100 as free cash.
Operating cash flow grew 118% to $1.8B.
Capex grew 145% to $441M.
Stock-based compensation grew 11% to $1.1B.
Free cash flow grew 68% YoY to $296M.
Operating cash flow grew 60% YoY to $318M.
Capex fell 4.3% YoY to $22.0M.
Stock-based compensation fell 1.0% YoY to $282M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.2B cash vs $1.0B debt.
Total debt grew 0.1% to $1.0B.
Interest expense grew 0.7% to $41.5M.
Total assets grew 33% to $9.6B.
Equity grew 78% to $394M.
Cash fell 0.4% YoY to $991M.
Total debt grew 0.2% YoY to $1.0B.
Interest expense fell 3.3% YoY to $10.0M.
Total assets grew 24% YoY to $9.7B.
Equity fell 57% YoY to $152M.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 29% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Roblox annual report)
10-K · 0001315098-26-000024 · filed Feb 11, 2026
Suppliers named by Roblox
Roblox holds stakes in
No stake in a covered company found in SEC filings.
Others name Roblox
2 competitor mentions (e.g. Reddit, Take-Two) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 56 risk factors, one per theme.
Security, defects and outages
“The lack of comprehensive encryption for communications on our Platform may increase the impact of a security breach or incident.”
Item 1A · Risk Factors · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Regulation and legal proceedings
“We are subject to laws and regulations worldwide that are constantly evolving, which could increase our costs or adversely affect our business, including preventing our ability to operate our Platform in certain jurisdictions.”
Item 1A · Risk Factors · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Users and engagement
“We rely on third-party distribution channels and third-party payment processors to facilitate purchases by our Platform users. If we are unable to maintain a good relationship with such providers, if their terms and conditions change, or if we fail to process or ensure the safety of users’ payments, our business will suffer.”
Item 1A · Risk Factors · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Key people
“The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business.”
Item 1A · Risk Factors · 10-K · 0001315098-26-000024 · filed Feb 11, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 11.9%.
Fmr LLC11.9%
13G/A · as of Jun 30, 2026 · filed Jul 8, 2026
Baszucki David7%
13G/A · as of Jun 30, 2025 · filed Aug 12, 2025
BlackRock, Inc.5.5%
13G · as of Sep 30, 2025 · filed Oct 17, 2025
Vanguard Capital Management LLC5.17%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Fmr LLC13.9%
79.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
BlackRock, Inc.6.7%
38.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.5%
31.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.1%
29.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Capital World Investors4.0%
22.7M shares · 13F filed Aug 12, 2026 · share of 13F-reported
791 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 201 sales · $106M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 34 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | |||||||
| D&A | not reported | not reported | not reported | |||||||
| G&A | not reported | not reported | not reported | |||||||
| Gross profit calc. | not reported | not reported | not reported | |||||||
| Income taxes | not reported | not reported | not reported | |||||||
| Interest expense | not reported | not reported | not reported | |||||||
| Net income | not reported | not reported | not reported | |||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | not reported | |||||||
| Revenue | not reported | not reported | not reported | |||||||
| SG&A calc. | not reported | not reported | not reported | |||||||
| Sales & marketing | not reported | not reported | not reported | |||||||
Balance sheet 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | |||||||
| Current liabilities | not reported | not reported | not reported | not reported | ||||||
| Equity | not reported | not reported | not reported | not reported | ||||||
| Equity incl. NCI | not reported | not reported | ||||||||
| Long-term debt | not reported | not reported | not reported | not reported | ||||||
| Total assets | not reported | not reported | not reported | not reported | ||||||
| Total debt calc. | not reported | not reported | not reported | not reported | ||||||
| Total liabilities & equity | not reported | not reported | not reported | not reported | ||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | |||||||
| Free cash flow calc. | not reported | not reported | not reported | |||||||
| Interest paid | not reported | not reported | not reported | |||||||
| Operating cash flow | not reported | not reported | not reported | |||||||
| Stock-based compensation | not reported | not reported | not reported | |||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | |||||||
| EPS diluted | not reported | not reported | not reported | |||||||
| Wtd. shares basic | not reported | not reported | not reported | |||||||
| Wtd. shares diluted | not reported | not reported | not reported | |||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | |||||||
| Other income (incl. interest) calc. | not reported | not reported | not reported | |||||||
| Pretax income | not reported | not reported | not reported | |||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities | not reported | not reported | not reported | not reported | ||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values