Roku's streaming hours rose 9% to 39.9 billion as the Justice Department reviews its sale to Fox

Roku said on November 2, 2026, that viewers streamed 39.9 billion hours on its platform in the three months to September 30, up 9% from 36.5 billion a year earlier. Platform revenue, which combines advertising and subscriptions, rose 23% to $1.31 billion, and net income rose to $183.3 million from $24.8 million.

Fox Corporation agreed in June to buy the company, and Roku wrote in its shareholder letter that “we will not host an earnings call and will not provide a financial outlook.” It said it remains on track for the second-half forecast in its proxy statement.

Money is growing faster than viewing

Platform revenue has outrun viewing all year. Streaming hours rose 8% in the first quarter, to 38.7 billion, 7% in the second, to 37.9 billion, and 9% in the third, while platform revenue rose 28%, 25% and 23%. Dividing platform revenue by hours gives about 3.3 cents an hour, up from 2.9 cents a year earlier (our calculation). A year ago, viewing was growing faster: third-quarter hours in 2025 were 4.5 billion above 2024, a rise of about 14% (our calculation).

Advertising rose 23% to $727 million, which Roku called its ninth straight quarter of double-digit growth, and the company said political advertising beat the comparable quarter of the 2024 presidential cycle. Subscriptions also rose 23%, to $581 million, at a lower margin, mainly because of a shift in mix toward Premium Subscriptions, the services viewers buy through their Roku account. Roku said its sports hub drove more than one million subscription sign-ups during the World Cup, across services including Peacock, Paramount+, FOX One and ViX. In September it launched Premium Subscription bundles, with more than 35 combinations and savings of up to 30%.

Hardware grew at a loss. Devices revenue rose 33% to $194 million, but gross margin was minus 25.1%, driven mainly by elevated memory costs, Roku said. Citing Circana retail data for July to September, it said Roku-made TVs approached 8% of U.S. TV unit sales. It also argues that its TV operating system needs significantly less memory than rivals, which it says lowers costs for TV makers as memory prices rise.

Where the Fox deal stands

When the deal was announced on June 15, Fox valued it at $160 a share in cash and stock, or about $22 billion in enterprise value. Each Roku share converts into $96 in cash and 0.9693 of a Fox Class A share, which would leave Roku's holders with about 27% of the combined company. The companies said they expected to close in the first half of 2027.

Roku's stockholders adopted the agreement at a special meeting on October 14, with 241.0 million votes for and 0.5 million against. The open question is antitrust review. On September 8, the Justice Department sent both companies a Second Request for more information, according to Roku's quarterly report. That extends the waiting period until 30 days after both have substantially complied, unless the department ends it sooner or the companies agree to extend it.

The agreement can be terminated if the deal is not completed by June 14, 2027, a date that can move to December 14, 2027, and then March 14, 2028, in certain circumstances. In specified cases, including termination after an antitrust injunction, Fox would owe Roku a $1.2 billion fee.

The companies' case rests on scale. They describe the combination, which would put Fox's Tubi alongside The Roku Channel, as the third-largest player in U.S. television by share of viewing on a pro forma basis, and they say Roku would stay an open, partner-friendly platform. Roku reports more than 100 million households worldwide, and it said The Roku Channel was the No. 2 app on its platform by engagement in the quarter, in the U.S. and globally.