Roblox Corporation
Communication Services · Interactive Home Entertainment
Structural read: RBLX is a two-sided UGC platform - ~80M DAU (Q4 2025) and >2M monthly active creators - with bookings growth re-accelerating to mid-20% YoY as international and over-13 cohorts mix up. The economic engine is Robux: developers earned >$900M in 2025, and RBLX keeps the spread between Robux sold and Robux paid out.
Advertising (immersive ads, video ads, branded experiences via Shopify/IPs) is the second leg, still <5% of revenue but the highest-incremental-margin lane. Capex (data centers + AI tooling for creators) is the swing factor on FCF conversion.
- DAU growth >20% YoY with over-13 cohort now >60% of hours - ad-monetizable demo
- Developer Exchange payouts >$900M in 2025 = strong creator flywheel
- Bookings growth re-accelerated to mid-20s after 2023 deceleration scare
- Adjusted EBITDA inflecting positive on operating leverage; FCF positive 2025
- Optionality on immersive ads + IP integrations (concerts, brand worlds)
- Cash content costs (~25% of bookings) cap take-rate expansion
- Persistent GAAP net losses; stock-based comp >$700M/yr dilutes holders
- Platform safety/moderation headlines = recurring regulatory + parental risk
- Teen demographic = competitive vs Fortnite, TikTok, Minecraft for attention
- Capex re-acceleration on AI/datacenter spend could re-defer FCF leverage
No major news in the last 7 days for RBLX - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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