ROKU, INC
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
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10. Leases
- LEASES
The Company has entered into operating leases primarily for office real estate. The leases have remaining terms ranging from less thanone year toeight years and may include options to extend or terminate the lease. The depreciable life of operating lease right-of-use assets is limited by the expected lease term.
The components of lease expense are as follows (in thousands):
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating lease expense | $72,591 | $70,527 | $83,060 |
| Variable lease expense | 25,443 | 22,562 | 23,331 |
| Sublease income | (23,379) | (12,578) | (139) |
| Total operating lease expense | $74,655 | $80,511 | $106,252 |
Supplemental cash flow information related to leases is as follows (in thousands):
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash outflows from operating leases | $103,328 | $92,076 | $74,278 |
| Right-of-use assets obtained in exchange for lease obligations: | |||
| Operating leases | $7,714 | $10,462 | $40,866 |
| Decrease in operating lease right-of-use assets due to impairment (See Note 18 for details) | $2,870 | $22,618 | $131,646 |
Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate):
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating lease right-of-use assets | $260,341 | $304,505 |
| Operating lease liability, current (included in Accrued liabilities) | 87,425 | 79,221 |
| Operating lease liability, non-current | 435,899 | 512,706 |
| Total operating lease liability | $523,324 | $591,927 |
| Weighted-average remaining term for operating leases (in years) | 6.11 | 7.02 |
| Weighted-average discount rate for operating leases | 3.99% | 3.98% |
Future lease payments under operating leases as of December 31, 2025 are as follows (in thousands):
| Year Ending December 31, | Operating Leases (2) |
|---|---|
| 2026 | $106,560 |
| 2027 | 103,494 |
| 2028 | 100,462 |
| 2029 | 96,845 |
| 2030 | 76,446 |
| Thereafter | 110,012 |
| Total future lease payments | 593,819 |
| Less: imputed interest | (67,236) |
| Less: expected tenant improvement allowance | (3,259) |
| Total (1) | $523,324 |
(1) Total lease liabilities include liabilities related to operating lease right-of-use assets which were included in the impairment charges as part of the Company’s restructuring efforts. See Note 18 for additional details.
(2) Non-cancelable sublease proceeds for the fiscal years ending December 31, 2026, 2027, 2028, and 2029 of $18.6 million, $18.8 million, $18.8 million, and $12.0 million, respectively, are not included in the table above.
As of December 31, 2025, the Company had approximately $1.0 million in commitments relating to operating leases that have not yet commenced.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.