Roblox Corporation

RBLX
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.4B
Q1 FY2026 · +39.3% YoY · Beat consensus by 4.3%
TTM ROIC
66.7%
FY2025 · FCF / Invested Capital (Equity + Financial Debt) · WACC ~10% · Moat spread +56.7pp

Financial Snapshot

ticker: RBLX step: 04 generated: 2026-05-13 source: quick-research

Roblox Corporation (RBLX) — Financial Snapshot

Note: GAAP revenue is deferred; bookings (recognized immediately at purchase) are the primary operating KPI.

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue (GAAP) $2.23B $2.80B $3.60B +29%
Bookings $2.9B ~$3.5B $4.37B +24%
Gross Margin ~72% ~74% ~78% improving
GAAP Operating Margin ~-35% ~-30% ~-22% improving
GAAP Net Income ~-$0.9B ~-$1.2B ~-$0.8B losses narrowing

FY2025: Revenue $4.891B (+36% YoY). Q3 2025: DAUs 151.5M; users 13+ exceeded 101M (+153% vs Q3 2023). Q1 2026: Stock dropped 20%+ as company cut full-year bookings guidance — new age-verification policies created user friction. Creator payouts raised 8.5% (+$95M/year) in FY2025, weighing on margins. Advertising heading toward $1B target by 2026.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow $822M (+79% YoY)
Free Cash Flow $641M (+367% YoY)
Capital Expenditures ~$180M
Cash & Equivalents ~$2.5B
Total Debt ~$1.0B (term loan)

The FY2024 FCF inflection (+367% to $641M) is the most significant financial milestone since IPO — Roblox is transitioning from cash-burning growth to self-funding platform. GAAP losses persist from SBC (~30% of revenue) and infrastructure costs. Analyst projections: FCF grows from $640M (2024) to $3.28B (2029) as monetization (advertising, international) scales.

Key Ratios (approximate)

  • P/E: N/A (GAAP losses) | EV/Sales: ~7–9x | FCF Yield: ~1.5–2%
  • Bookings Growth (TTM): ~24% | Non-GAAP FCF Margin: ~18%

Growth Profile

Roblox's revenue grew from $2.23B (FY2022) to $4.89B (FY2025) — 119% in 3 years — but growth is lumpy due to Robux deferral accounting. The key growth levers: (1) DAU expansion (151M+, growing rapidly); (2) ARPDAU improvement via advertising monetization ($210M in sponsored events Q1 2025 alone); (3) older-user growth (13+ tripled); (4) international ARPU catch-up to North American rates. Q1 2026 guidance cut from age-verification friction is the near-term headwind; analysts expect $12.7B revenue by 2029 if advertising scales.

Forward Estimates

  • FY2026: Revenue ~$5.5–6B+ (guidance cut after Q1 2026 concerns); bookings ~$5B
  • Advertising revenue: targeting $1B by 2026 — Google AdMob integration is key enabler
  • FCF: tracking toward $1B+ in FY2026; $3.28B by FY2029 (analyst projection)
  • Analyst consensus PT: ~$116 (25 Buy ratings); implied significant upside from current levels
  • Long-term: Revenue forecast to reach $12.7B by 2029 as international monetization and advertising scale

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $RBLX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Roblox Corporation (RBLX) — Financial Analysis | Margin of Insight