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Roblox: how the business works

Roblox runs an online platform where people play games made by other users and buy Robux, its virtual currency. FY2025 revenue was $4.89 billion.

By · Checked against filings: . Editorial policy. Corrections

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Roblox Corporation · San Mateo, California · Founded 2004

Updated for Q3 FY2026 · checked

Revenue, FY2025
$4.89B
Net loss, FY2025
$1,065.1M
Daily users, Q3 FY2026 (Roblox's own measure)
138 million
Employees, Dec 31, 2025
3,065
David Baszucki's share of votes, Feb 13, 2026
58.8%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Roblox in 5 points

  1. 1 · What it sells

    Roblox sells Robux, a virtual currency that users spend inside games built by other users on its free platform, with revenue of $4,890.6 million in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, users billed in the US and Canada paid 61% of Roblox's revenue, Europe 19%, Asia-Pacific 11% and the rest of the world 9%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, including $205.8 million of interest and other income, costs were $120.9, so Roblox lost $20.9; its operating loss was $25.2 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Roblox has no operating profit to split: it reports one segment, and its FY2025 operating loss was $1,232.3 million after paying creators $1,503.1 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    In Q3 FY2026, Roblox's revenue rose 16% from a year earlier to $1,572 million, while bookings, its measure of Robux sold, fell 12% to $1,697 million.

    More: the one thing to watch

Sources: From Roblox's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Roblox's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Roblox · FY2025

Receipt for every $100

Where $100 of Roblox's money went in FY2025
Research and development$30.8
Paid to creators (developer exchange fees)$29.5
Servers and safety$22.6
App-store and payment fees (cost of revenue)$21.0
General, administrative, sales and marketing$16.2
Interest and tax, less the partner's share of the loss$0.8
Net loss (costs above money in)−$20.9
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $4,890.6 million + interest and other income $205.8 million = $5,096.4 million), costs were $120.9, so the last line is a net loss of $20.9. Measured on revenue alone, the operating loss was $25.2 per $100. Stock-based compensation of $1,129.0 million sits inside the cost lines.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Roblox do?

Users buy Robux to spend inside games that creators build; Roblox pays creators, app stores, servers and engineers, and in FY2025 its costs were $120.9 for every $100 that came in.

  • Revenue was $4,890.6 million in FY2025. Bookings, Roblox's own measure of Robux sold, were $6,788.4 million, because Roblox counts most Robux sales as revenue over about 27 months.
  • Roblox made a net loss every year from FY2021 to FY2025, yet cash from operations was positive every year and reached $1,796.4 million in FY2025.
Next: Who pays it

03Who pays it

Who pays Roblox?

  • Users in the US and Canada

    61%

    of revenue

    People who buy Robux, billed in the US or Canada. The US alone gave 57% of FY2025 revenue.

  • Users in Europe

    19%

    of revenue

    People who buy Robux, billed in Europe.

  • Users in Asia-Pacific

    11%

    of revenue

    People who buy Robux, billed in Asia-Pacific, including Australia and New Zealand.

  • Users in the rest of the world

    9%

    of revenue

    People who buy Robux, billed elsewhere. No country other than the US gave 10% or more of revenue.

  • Users in the US and Canada61%
  • Users in Europe19%
  • Users in Asia-Pacific11%
  • Users in the rest of the world9%

How spread out the customers are

Revenue comes from millions of users, not a few customers: about 1.8 million average daily unique payers in FY2025. App stores are payment channels, not customers: Robux sold through the Apple App Store gave 29% of FY2025 revenue and Google Play 15%. In Q3 FY2026 the shares were 24% and 15%.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Roblox make money?

Users pay for Robux upfront, so cash arrives long before Roblox counts it as revenue

Roblox spreads revenue from long-lasting items over the estimated paying-user life of 27 months. In FY2025 deferred revenue, cash received but not yet counted, rose $1,935.3 million. With $1,129.0 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, which costs no cash, operating cash flow was $1,796.4 million against a $1,071.6 million total net loss.

Cash from operations per $100 of revenue

$34.3$36.7

FY2021 to FY2025

  1. Creators build games for free in Roblox Studio
  2. Games draw users, who buy Robux upfront
  3. Roblox holds the cash and counts revenue over about 27 months
  4. It pays app stores, creators, servers and engineers
  5. Creators cash out Robux and build more games

↺ Step 5 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has Roblox done?

Revenue

$4.9BFY2025

Revenue grew every year, from $1,919.2 million in FY2021 to $4,890.6 million in FY2025, and was $1,572 million in Q3 FY2026, up 16% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$1.9B
FY2022$2.2B
FY2023$2.8B
FY2024$3.6B
FY2025$4.9B
Q4 FY2024$988M
Q1 FY2025$1.0B
Q2 FY2025$1.1B
Q3 FY2025$1.4B
Q4 FY2025$1.4B
Q1 FY2026$1.4B
Q2 FY2026$1.5B
Q3 FY2026$1.6B

Net profit

−$1.1BFY2025

Roblox reported a net loss in every year and quarter shown: $1,065.1 million in FY2025 and $227 million in Q3 FY2026, which included $49 million of legal settlement costs.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$492M−$0.97
FY2022−$924M−$1.55
FY2023−$1.2B−$1.87
FY2024−$935M−$1.44
FY2025−$1.1B−$1.54
Q4 FY2024−$220M−$0.33
Q1 FY2025−$215M−$0.32
Q2 FY2025−$278M−$0.41
Q3 FY2025−$256M−$0.37
Q4 FY2025−$316M−$0.45
Q1 FY2026−$246M−$0.35
Q2 FY2026−$183M−$0.26
Q3 FY2026−$227M−$0.32

Profit kept per $100 of revenue

−$21.8FY2025

The operating loss per $100 of revenue was $25.8 in FY2021, $45.0 in FY2023 and $25.2 in FY2025; stock-based compensation was $1,129.0 million in FY2025, 23.1% of revenue.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−25.6%−21.9%
FY2022−41.5%−35.7%
FY2023−41.1%−37.5%
FY2024−26.0%−23.2%
FY2025−21.8%−20.6%

Free cash flow

$1.4BFY2025

Cash from operations was positive every year, at $1,796.4 million in FY2025, because users pay for Robux upfront and stock-based pay costs no cash; free cash flow was $1,355.4 million.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$659M$93.3M$566M
FY2022$369M$426M−$56.9M
FY2023$458M$321M$138M
FY2024$822M$180M$643M
FY2025$1.8B$441M$1.4B
See all yearly numbers
Roblox annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$1.9B−$420M−$492M−$0.97−$504M$659M$93.3M$566M
FY2022$2.2B−$794M−$924M−$1.55−$934M$369M$426M−$56.9M
FY2023$2.8B−$1.1B−$1.2B−$1.87−$1.2B$458M$321M$138M
FY2024$3.6B−$837M−$935M−$1.44−$941M$822M$180M$643M
FY2025$4.9B−$1.0B−$1.1B−$1.54−$1.1B$1.8B$441M$1.4B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (Roblox's fiscal year is the calendar year)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: The total net loss includes the 49% share of Roblox China Holding Corp. owned by Songhua, a Tencent affiliate.

Download Roblox's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

06Who runs it

Who runs Roblox, and did they deliver?

  • David Baszucki

    Founder, president, chief executive officer and chair

    Holds all Class B shares and 58.8% of votes (Feb 13, 2026).

  • Naveen Chopra

    Chief financial officer · since 2025

    CFO from Jun 30, 2025, succeeding Michael Guthrie.

  • Dennis Durkin

    Director · since 2026

    Former Activision Blizzard CFO, elected to the board on Mar 19, 2026.

What they said, and what happened

2 delivered · 1 missed · 1 withdrawn · 1 too early to tell

  1. Said on Feb 6, 2025

    FY2025 revenue of $4,245–4,345 million.

    What happened

    FY2025 revenue was $4,890.6 million, above the top of the range.

    Delivered

  2. Said on Feb 6, 2025

    FY2025 total net loss of $995–1,070 million.

    What happened

    The FY2025 total net loss was $1,071.6 million, just above the top of the range.

    Missed

  3. Said on Feb 5, 2026

    FY2026 revenue growth of 23–29%, to $6,019–6,290 million.

    What happened

    Cut to $5,865–6,135 million on Apr 30, 2026, citing safety headwinds, then dropped on Jul 30, 2026, when Roblox moved to quarterly guidance only.

    Withdrawn

  4. Said on Jul 30, 2026

    Q3 FY2026 revenue of $1,413–1,490 million and bookings of $1,576–1,653 million.

    What happened

    Revenue was $1,572 million and bookings $1,697 million, both above the top of the range.

    Delivered

  5. Said on Oct 29, 2026

    Q4 FY2026 revenue of $1,470–1,580 million and bookings of $1,890–2,000 million.

    What happened

    Q4 FY2026 results have not been reported.

    Too early to tell
Sources (9)
Next: What could go wrong

07What could go wrong

What could go wrong for Roblox?

  • Legal

    Lawsuits and investigations over child safety

    Ten states and two California counties are suing, alleging among other things that the platform is unsafe. The FTC is considering claims. Roblox accrued $140 million in nine months for settlement agreements and settlement talks and says it cannot estimate the possible loss.

    Watch Court rulings, new suits or settlements, and legal settlement costs each quarter ($49 million in Q3 FY2026).

  • Demand

    Robux sales are falling

    Bookings fell 12% in Q3 FY2026, and Roblox expects a 10–15% fall in Q4 FY2026. Revenue from long-lasting items is spread over about 27 months, so it lags bookings.

    Watch Q4 FY2026 bookings against the $1,890–2,000 million range given on Oct 29, 2026.

  • Regulation

    Safety rules can slow growth or block the app

    Roblox said age checks restricted chat and slowed new users in Q1 FY2026. Russia banned the platform in December 2025; it was reinstated in June 2026.

    Watch Daily users (138 million in Q3 FY2026) and any country blocking the platform.

  • Concentration

    Dependence on Apple and Google

    Robux bought through the Apple App Store and Google Play gave 24% and 15% of Q3 FY2026 revenue. Roblox pays up to 30% of those sales in fees.

    Watch App-store fee rules and the app stores' share of revenue.

  • Governance

    One person controls the votes

    Class B shares carry 20 votes each and are all held by David Baszucki, who had 58.8% of total votes on Feb 13, 2026.

    Watch Class B conversions, which reduce the class's share of votes (56.9% on Oct 15, 2026).

  • Execution

    Losses and stock-based pay

    Roblox made a net loss every year from FY2021 to FY2025. Stock-based pay was $1,129.0 million in FY2025, 23.1% of revenue, and is paid in shares, not cash.

    Watch Operating loss per $100 of revenue ($25.2 in FY2025) and stock-based pay each quarter.

Sources (6)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year, from $1,919.2 million in FY2021 to $4,890.6 million in FY2025, and rose 16% in Q3 FY2026.
  • Cash from operations was $1,796.4 million in FY2025, and free cash flow $1,355.4 million.
  • Roblox had $6,238 million of cash and investments and $1,015 million of borrowed principal on Sep 30, 2026.
  • Q3 FY2026 revenue of $1,572 million and bookings of $1,697 million were both above the top of Roblox's Jul 30, 2026 ranges.
  • Users outside the US and Canada gave 43% of revenue in Q3 FY2026, against 39% in FY2025.

What critics point to

  • Bookings fell 12% in Q3 FY2026, and Roblox said on Oct 29, 2026 that it expects them to fall 10–15% in Q4 FY2026.
  • Roblox made a net loss every year from FY2021 to FY2025, $1,065.1 million in FY2025.
  • Ten states and two California counties are suing Roblox over youth safety matters, and the FTC said in October 2026 that it is considering claims.
  • Roblox dropped its full-year FY2026 guidance on Jul 30, 2026, after cutting it on Apr 30, 2026.
  • David Baszucki held 58.8% of total votes on Feb 13, 2026, through Class B shares with 20 votes each.
Next: What to watch next

09What to watch next

What should you watch next at Roblox?

Next event

Q4 FY2026 results

Date not announced yet.

  • Q4 FY2026 bookings and revenue

    Reported figures against the ranges Roblox gave on Oct 29, 2026: bookings of $1,890–2,000 million and revenue of $1,470–1,580 million.

  • Daily users

    Average daily users against 138 million in Q3 FY2026, and how far age checks keep affecting new-user growth.

  • Lawsuits and the FTC

    Court rulings in the state cases, further settlements, and whether the FTC, Pennsylvania or Utah file claims.

  • Share buybacks

    Repurchases against the $1.0 billion Roblox intends to buy in the program's first 12 months, after $580 million by Sep 30, 2026.

Next: Key dates

10Key dates

What are the key dates for Roblox?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Roblox
EventDateSource
Q4 FY2026 and fiscal 2026 endThe Q4 FY2026 results date is not announced in the documents read.Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Joint-venture 6.0% notes due$30 million in total, half funded by Roblox and half by Songhua.Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
$1,000 million of 3.875% senior notes dueForm 10-K, fiscal year 2025 (ended Dec 31, 2025); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
Sources (2)
Next: Key facts

11Key facts

Key facts about Roblox

What does Roblox do?
Roblox Corporation runs an online platform where people play, chat and create in games made by other users. Roblox counted an average of 138 million daily active users in Q3 FY2026 (the quarter to Sep 30, 2026), using its own measure.
How does Roblox make money?
Roblox makes money by selling Robux, a virtual currency that users spend on items and experiences inside games. Roblox's revenue was $4,890.6 million in FY2025 (the year to Dec 31, 2025). Roblox paid creators $1,503.1 million of developer exchange fees that year.
What is Roblox's business model?
Roblox's business model is a marketplace: creators build games for free in Roblox Studio, users buy Robux to spend in them, and creators can cash out the Robux they earn. In FY2025 developer exchange fees paid to creators were $1,503.1 million, 30.7% of Roblox's $4,890.6 million revenue.
Is Roblox profitable?
Roblox is not profitable on a GAAP basis: its net loss was $1,065.1 million in FY2025 and $227 million in Q3 FY2026. Roblox's cash from operations was positive, at $1,796.4 million in FY2025, because users pay for Robux upfront and stock-based pay of $1,129.0 million is not paid in cash.
What is Roblox's revenue by segment?
Roblox reports one segment, so it gives no segment revenue or profit. By where users are billed, Roblox's FY2025 revenue was 61% from the US and Canada, 19% from Europe, 11% from Asia-Pacific and 9% from the rest of the world.
Who pays Roblox?
Roblox's revenue comes from users who buy Robux: about 1.8 million average daily unique payers among 127 million average daily users in FY2025. Robux bought through the Apple App Store gave 29% of Roblox's FY2025 revenue, and through Google Play 15%.
How big is Roblox?
Roblox had revenue of $4,890.6 million and a net loss of $1,065.1 million in FY2025, and 3,065 full-time employees on Dec 31, 2025. Roblox's revenue for the 12 months to Sep 30, 2026 was $5,898.0 million (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases).
What are Roblox bookings, and how do they compare with revenue?
Bookings are Roblox's own measure: revenue plus the change in deferred revenue and other items, close to the value of Robux sold in a period. In Q3 FY2026 Roblox's bookings were $1,697 million, down 12% from a year earlier, while GAAP revenue was $1,572 million, up 16%.
Who owns and controls Roblox?
David Baszucki, Roblox's founder, CEO and chair, held all Class B shares and 58.8% of total votes in Roblox's 2026 proxy table (as of Feb 13, 2026). Each Class B share carries 20 votes and each Class A share one vote. Class A shares trade on the NYSE as RBLX.
Sources (4)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Roblox sell?

Roblox is an app where people join games, called experiences, that other users build. Roblox calls its model free to use. Users buy Robux, a virtual currency, to spend on items and access inside those games. Creators earn Robux and can swap them for real money.

  • Robux, the virtual currency

    Users buy Robux through app stores or directly with credit, debit and prepaid cards. They spend them on avatar items and in-game items or access. Revenue was $4,890.6 million in FY2025.

  • The Roblox app (Roblox Client)

    The app people use to play, chat and meet friends in games. Roblox counted 138 million average daily users in Q3 FY2026, by its own measure.

  • Roblox Studio and Roblox Cloud

    Free tools creators use to build and run games, with hosting and services from Roblox. Roblox does not charge creators for them.

  • Developer Exchange (DevEx)

    The program through which creators exchange the Robux they earn for cash. Developer exchange fees were $1,503.1 million in FY2025.

Think of it like this

Like a shopping mall where the shops are built by visitors: entry is free, Roblox sells the currency used inside, and shop builders get a cut.

What it does

  • Does: Sells Robux, a virtual currency spent inside games
  • Does: Pays creators who swap earned Robux for cash
  • Does: Runs its own servers in regional data centers
  • Does: Uses age checks and safety staff to police the platform

What it does not do

  • Does not: Does not make most of the games: users build them
  • Does not: Does not charge to download the app; most experiences are free to join
  • Does not: Does not count most Robux sales as revenue right away: it spreads them over about 27 months
  • Does not: Does not pay a dividend
Sources (2)
13How the money flows

13How the money flows · FY2025

How does money flow through Roblox?

Money in

  • Revenue (Robux spent by users)$4.9B
  • Interest income $201.6M and other income $4.2M$206M

The company

Roblox

$5.1B came in

Money out

  • Research and development$1.6B
  • Developer exchange fees (paid to creators)$1.5B
  • Infrastructure and trust & safety (servers, safety staff)$1.2B
  • Cost of revenue (mostly app-store and payment fees)$1.1B
  • General, administrative, sales and marketing$826M
  • Interest expense $41.5M and tax $3.6M, less the joint-venture partner's $6.6M share of the loss$38.5M
  • Net loss attributable to Roblox's stockholders−$1.1B
  1. Users spent Robux worth $4,890.6 million of revenue in FY2025. Interest on Roblox's cash and investments added $201.6 million.
  2. Roblox paid creators $1,503.1 million of developer exchange fees and spent $1,072.3 million, mostly on app-store and payment fees.
  3. Servers and safety staff cost $1,153.5 million, and research and development $1,567.7 million.
  4. With $826.3 million of general, administrative, sales and marketing costs, the operating loss was $1,232.3 million.
  5. After interest, tax and the joint-venture partner's share, the net loss for Roblox's stockholders was $1,065.1 million.
Sources (1)
14What it needs to run

14What it needs to run

What does Roblox need to run?

  • Its own servers

    Over 150,000 servers in 25 regional data centers on Dec 31, 2025. Roblox also uses Amazon Web Services for some services and for peaks.

  • Hosting commitments

    In June 2026 Roblox committed $845 million to hosting purchases over three annual periods starting Jul 1, 2026.

  • Creators

    Users build the games, and Roblox pays them through the Developer Exchange program: $1,503.1 million in FY2025.

  • App stores

    Apple's App Store and Google Play handled Robux sales worth 29% and 15% of FY2025 revenue. Roblox pays up to 30% of what users pay through them.

  • Staff and safety agents

    3,065 full-time employees on Dec 31, 2025, mostly at its San Mateo headquarters, plus thousands of trust & safety agents.

Sources (2)
15Where it sells

15Where it sells · Q3 FY2026

Where does Roblox sell?

  • US and Canada (by where users are billed)57%
  • Europe21%
  • Asia-Pacific12%
  • Rest of world10%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Roblox compete with?

Roblox's FY2025 10-K says it competes for users' time with game, social media and entertainment companies, and for creators with other game-building tools and platforms.

  • Epic Games

    Named as a rival both for users and for creators.

  • Microsoft (including Activision Blizzard)

    NASDAQ: MSFT

    Named as a rival for users; Activision Blizzard is listed as part of Microsoft.

  • Meta

    NASDAQ: META

    Named as a rival both for users and for creators.

  • Google and YouTube

    NASDAQ: GOOGL

    Both named as rivals for users' time.

  • Unity

    Named as a rival for creators.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Users and creators on one platform4 of 5

    138 million average daily users in Q3 FY2026, and $1,503.1 million paid to creators in FY2025.

  • Own server network3 of 5

    Over 150,000 servers in 25 regional data centers on Dec 31, 2025, with Amazon Web Services for some services.

  • Cash to fund spending4 of 5

    $6,238 million of cash and investments on Sep 30, 2026, against $1,000 million of notes due 2030.

Weak spot

Safety of a platform used by many children

Ten states and two California counties have sued Roblox over youth safety matters. Roblox said age checks slowed new-user growth in Q1 FY2026, and daily users fell 9% from a year earlier in Q3 FY2026.

Sources (4)
17Where growth could come from

17Where growth could come from

Where could Roblox's growth come from?

In its Q3 FY2026 shareholder letter (Oct 29, 2026), Roblox said it expects Q4 FY2026 revenue of $1,470–1,580 million, up 4–12%, and bookings of $1,890–2,000 million, down 10–15%. It said revenue still grows because it includes earlier bookings. Roblox dropped full-year guidance on Jul 30, 2026 and now gives one quarter at a time.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • Daily users

    Mixed

    138 million, Q3 FY2026

    Daily users rose from 123 million in Q2 FY2026, but were 9% below a year earlier. Hours engaged fell 15% from a year earlier.

    Status: Mixed, partly on track.

  • Robux sales (bookings)

    Behind

    $1,697 million, −12%

    Bookings fell 12% in Q3 FY2026 as monthly paying users fell 16% to 30 million. Bookings per paying user rose 5%.

    Status: Behind, behind the company's own plan.

  • Users outside the US and Canada

    Working

    43% of Q3 FY2026 revenue

    Europe, Asia-Pacific and the rest of the world gave 43% of revenue in Q3 FY2026, against 39% in FY2025.

    Status: Working, on track against what the company said.

  • Age checks

    New

    64% of daily users checked

    By Q3 FY2026, 64% of global daily users had completed an age check. Roblox said the rollout restricted chat and slowed new-user growth in Q1 FY2026.

    Status: New, recently announced.

  • Older users

    Early

    29% aged 18 or over

    Users aged 18 or over were 29% of age-checked daily users worldwide in Q3 FY2026, and 37% in the US.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do Roblox's own measures show?

These are Roblox's own measures, shown next to the nearest official (GAAP) figure. They are never added together.

  • Official (GAAP): Revenue, FY2025

    $4.9B

    Company's own measure: Bookings, FY2025

    $6.8B

    Roblox's definition: revenue plus the change in deferred revenue and certain other items, close to the value of Robux sold in the year. Bookings rose 55% in FY2025.

  • Official (GAAP): Revenue, Q3 FY2026

    $1.6B

    Company's own measure: Bookings, Q3 FY2026

    $1.7B

    Revenue $1,572 million + change in deferred revenue $136 million − other $11 million. Bookings fell 12% from a year earlier while revenue rose 16%.

  • Official (GAAP): Total net loss, FY2025

    −$1.1B

    Company's own measure: Adjusted EBITDA, FY2025

    $125M

    Leaves out interest, other income, tax, depreciation and amortization ($225.8 million), stock-based pay ($1,129.0 million) and certain other items. The 10-Ks for FY2021 and FY2022 used a different measure that added back deferred revenue, so only FY2024 onward is comparable.

  • Official (GAAP): Total net loss, Q3 FY2026

    −$230M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $138M

    Same items left out, including $298 million of stock-based pay. Since Q1 FY2026 it also leaves out legal settlement costs, $49 million in Q3 FY2026.

  • Official (GAAP): Net cash from operating activities, FY2025

    $1.8B

    Company's own measure: Free cash flow as Roblox defines it, FY2025

    $1.4B

    Operating cash flow less purchases of property and equipment and of intangible assets. This page's free cash flowCash from operations minus spending on buildings and equipment. Learn more ($1,355.4 million) deducts property and equipment only.

  • Official (GAAP): Revenue, Q3 FY2026 (US$ million)

    $1.6B

    Company's own measure: Average daily active users, Q3 FY2026

    138 million users

    Roblox counts logged-in registered accounts active in a day, averaged over the quarter. Down 9% from a year earlier. Age data from Q1 FY2026 is age-checked and not comparable with earlier self-reported ages.

  • Official (GAAP): Revenue, Q3 FY2026 (US$ million)

    $1.6B

    Company's own measure: Average monthly unique payers, Q3 FY2026

    30 million users

    Users who bought Robux in a month, averaged over the quarter. Down 16% from a year earlier, while bookings per payer rose 5%.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Roblox have?

On Sep 30, 2026 Roblox had $6,238 million of cash and investments and $1,015 million of borrowed principal. Stockholders' equity was negative, at minus $27 million.
  • Total debt$1.0B
  • Cash and investments$6.2B
  • Net cash (cash minus debt)$5.2B
  • Net worth (shareholders' money)−$27M
  • Net cash = cash $1,093 million + short-term investments $2,103 million + long-term investments $3,042 million − $1,000 million of notes − $15 million of joint-venture notes = $5,223 million (Cityfort calculation from the Q3 FY2026 10-Q).
  • The 3.875% senior notes due May 1, 2030 are $1,000 million of principal, carried at $994 million. Roblox was in compliance with their covenants on Sep 30, 2026.
  • Deferred revenue was $7,040 million: cash already received for Robux and not yet counted as revenue. It is most of the $10,072 million of total liabilities, and is not borrowing.
  • Total stockholders' deficit was $27 million, and $1 million attributable to Roblox, after years of losses and $580 million of buybacks in 2026.
  • Not counted as debt: $739 million of non-current operating lease liabilities.
Sources (2)
20Who owns it

20Who owns it · ownership as of Feb 13, 2026

Who owns Roblox?

David Baszucki held all Class B shares and 58.8% of total votes in the 2026 proxy table (Feb 13, 2026). The 16 officers and directors as a group held 3.7% of Class A, all of Class B and 60.2% of votes. The Vanguard Group reported no holding after an internal realignment (filed Mar 27, 2026); Vanguard entities report separately and are not added together.
Officers and directors (as a group), votes
60.2%

Shares vs votes by class

Roblox has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes43.1%
  • Class B common stock: share of all votes56.9%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Roblox share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Oct 15, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)671.31Public and institutional investors; trades on the NYSE as RBLX93.8%43.1%Yes
Class B common stock (Shares outstanding on Oct 15, 2026 (10-Q cover); the proxy table counted 47,070,464 on Feb 13, 2026. Converts into Class A one for one. Share and vote percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)44.420David Baszucki and trusts he or his spouse control6.2%56.9%No
Holders of 5% or more
Roblox holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
David Baszucki (founder, CEO and chair)100.0%58.8%Feb 13, 2026S13100% of Class B (47,070,464 shares) plus 1,207,212 Class A shares, under 1% of that class, in the 2026 proxy table.
FMR LLC7.6%–Sep 30, 2026S1951,055,215 Class A shares, 7.6% of the class, from its Schedule 13G/A filed Nov 5, 2026.
BlackRock, Inc.5.4%2.2%Sep 30, 2025S1335,494,495 Class A shares in the 2026 proxy table, based on its Schedule 13G filed Oct 17, 2025.
Vanguard Capital Management5.2%–Mar 31, 2026S2034,241,683 shares, from its Schedule 13G filed Apr 30, 2026. The percentage is as filed.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
21What it does with profit

21What it does with profit

What does Roblox do with its profit?

Roblox paid no dividends from FY2021 to FY2025 or in the first nine months of 2026. Its 10-Q says it intends to "repurchase up to $1.0 billion over the first 12 months of the program".

  • Buyback · Jun 30, 2026

    Class A shares repurchased in Q2 FY2026 (cash flow statement), under the program of up to $3.0 billion authorized in May 2026, which has no fixed expiry.

    $375M

  • Buyback · Sep 30, 2026

    Class A shares repurchased in Q3 FY2026 (cash flow statement). The 10-Q says 4.4 million shares for $200 million in the quarter, and 12.6 million shares for $580 million in the first nine months.

    $201M

  • Money raised · Oct 29, 2021

    $1,000 million of 3.875% unsecured senior notes due May 1, 2030, issued at par.

    $1.0B

Sources (5)
22Governance signals

22Governance signals

What do Roblox's governance filings show?

Auditor
Deloitte & Touche LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Roblox China Holding Corp. is 51% owned by Roblox and 49% by Songhua, a Tencent affiliate. The two sides each funded half of $30 million of 6.0% notes it issued in May 2023, now due May 10, 2028. Songhua's $15 million half counts as Roblox's debt.
Credit rating
Not checked for this page

Flags to know about

  • other · Feb 13, 2026

    One person controls the votes

    Class B shares carry 20 votes each, against one for Class A. David Baszucki held all Class B shares and 58.8% of total votes on Feb 13, 2026. Class B was 6.2% of shares and 56.9% of votes on Oct 15, 2026 (Cityfort calculation from the Q3 FY2026 10-Q cover).

  • regulatory · Oct 29, 2026

    State lawsuits and an FTC review over youth safety

    As of Oct 29, 2026, ten states and two California counties had sued Roblox, mainly over youth consumer protection, digital safety and privacy. Among other things they allege the platform is unsafe and that Roblox misrepresented its safety. Roblox has settlement agreements with states including Alabama, Mississippi, Nevada, South Dakota, West Virginia and Kansas, and accrued $140 million in nine months for settlements and settlement talks. In October 2026 the FTC, Pennsylvania and Utah said they are considering claims. Roblox says it cannot reasonably estimate the possible loss.

  • disclosure · Jul 30, 2026

    Guidance now one quarter at a time

    Roblox withdrew its full-year FY2026 guidance on Jul 30, 2026 and now guides only the next quarter. From Q1 FY2026 its age data is age-checked and not comparable with earlier quarters.

  • other · Mar 6, 2026

    Senior executive changes

    A new CFO started on Jun 30, 2025. The Chief Product Officer left on Sep 30, 2025, and the Chief People and Systems Officer on Mar 6, 2026.

  • other · May 30, 2025

    Moved from Delaware to Nevada

    Roblox reincorporated in Nevada on May 30, 2025, after incorporating in Delaware in 2004.

Sources (8)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Roblox on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Roblox Class A shares closed at $47.65, from Nasdaq's historical price table; the shares are listed on the NYSE. Market value = $47.65 × 715.71 million Class A and Class B shares (Oct 15, 2026) = about $34,104 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q cover); Class B shares are not listed, so this counts them at the Class A price. P/E (price ÷ earnings per share) is not shown because Roblox reported a loss per share. The same table shows closes of $52.46 on Oct 29, 2026 and $42.99 on Oct 30, 2026.

Share price
$47.65
Market value (market cap)
$34.1B

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 715.71 million ($47.65 × 715.71 million shares ≈ $34.1B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting

Source: RBLX historical prices table (close Nov 5, 2026: $47.65); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)

Sources (8)
24How it got here

24How it got here

How did Roblox get here?

  1. 2004

    Milestone

    Roblox incorporated

    Roblox was incorporated in Delaware in March 2004.

  2. 2021

    Milestone

    Direct listing on the NYSE

    Class A shares began trading on Mar 10, 2021 through a direct listing, without a traditional IPO. In October 2021 Roblox issued $1,000 million of notes due 2030.

  3. 2025

    Milestone

    Bookings rise 55%

    FY2025 bookings reached $6,788.4 million and revenue $4,890.6 million. Average daily users were 127 million.

  4. 2025

    Crisis

    Blocked in Russia

    Russia banned the platform in December 2025. Roblox was reinstated there in June 2026.

  5. 2026

    Business-model change

    Age checks slow new users

    Roblox rolled out age checks, which it said restricted chat and slowed new users in Q1 FY2026. By Q3 FY2026, 64% of daily users had completed one.

  6. 2026

    Milestone

    First share buyback program

    In May 2026 the board authorized up to $3.0 billion of Class A repurchases. Roblox bought 12.6 million shares for $580 million by Sep 30, 2026.

  7. 2026

    Crisis

    Full-year guidance dropped

    Roblox cut its FY2026 guidance on Apr 30, 2026 and dropped it on Jul 30, 2026. Bookings fell 12% in Q3 FY2026.

Sources (7)

25Sources and changes

Where every number on this page comes from

Sources (22 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
  2. S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2024
  3. S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2023
  4. S4Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  5. S5Q3 2026 shareholder letter and earnings release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  6. S6Q2 2026 shareholder letter and earnings release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  7. S7Q1 2026 shareholder letter and earnings release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  8. S8Q4 and full year 2025 shareholder letter and earnings release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
  9. S9Q3 2025 shareholder letter and earnings release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  10. S10Q2 2025 earnings press release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  11. S11Q1 2025 earnings press release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
  12. S12Q4 and full year 2024 earnings press release (8-K Exhibit 99.1) · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  13. S13Definitive proxy statement (DEF 14A), 2026 annual meeting · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 16, 2026
  14. S14Form 8-K (Item 8.01): $3 billion share repurchase program · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
  15. S15Form 8-K (Item 5.02): appointment of Naveen Chopra as CFO · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2025
  16. S16Form 8-K (Item 5.02): election of Dennis Durkin to the board · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
  17. S17Form 8-K (Item 5.02): Chief Product Officer separation · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 17, 2025
  18. S18Form 8-K (Item 5.02): Chief People and Systems Officer resignation · Roblox Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  19. S19Schedule 13G/A, FMR LLC (Class A, as of Sep 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  20. S20Schedule 13G, Vanguard Capital Management (as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  21. S21Schedule 13G/A, The Vanguard Group (0%, event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  22. S22RBLX historical prices table (close Nov 5, 2026: $47.65) · Nasdaq (api.nasdaq.com historical quotes) · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version (US edition), from the FY2025, FY2023 and FY2022 10-Ks, the Q3 FY2026 10-Q, earnings releases from Q4 FY2024 to Q3 FY2026 and the 2026 proxy statement. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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