Roku, Inc. (ROKU) 53rd Annual Nasdaq Investor Conference December 10, 2025 8:00 AM EST
Company Participants
Dan Jedda – COO & CFO
Conference Call Participants
Thomas Yeh – Morgan Stanley, Research Division
Presentation
Thomas Yeh
Morgan Stanley, Research Division
All right. We can get started. Please note that important disclosures appear as a handout available in the registration area and on the Morgan Stanley public website. With that, I’m Thomas Yeh, media and entertainment analyst at Morgan Stanley. It is my sincere pleasure to welcome Dan Jedda, CFO of Roku. Dan, thanks so much for being here.
Dan Jedda
COO & CFO
Thanks for having us. We’re excited to be here.
Question-and-Answer Session
Thomas Yeh
Morgan Stanley, Research Division
Great. So at a high level, I just wanted to start off with talking about the fundamental growth drivers of the company from here as you see it. You’re exiting this year seeing acceleration in the core platform revenue growth to roughly 20%. Can you just help us unpack the drivers between content distribution, advertising opportunities that support your confidence in being able to sustain that double-digit growth rate into next year?
Dan Jedda
COO & CFO
Yes. The 20% you quote is a number that we’ve said ex political, ex Frndly. Frndly is our new acquisition. So when you back out Frndly for this year, when you back out political for last year, that’s a 20% growth rate number. And to answer your question specifically, there — both our subscription activities or our content distribution activities and our advertising activities are both growing at roughly at very close to that 20% mark, which is exceptional that we see. Within advertising, we have multiple activities that are growing well. When you think about the new ad products that we’ve launched, when you think about the integrations that we’ve done, I’m sure you’ll ask a question on the integration with DSPs
