# Roblox Corporation (RBLX) Q2 2025 Financial Results Summary
Roblox Corporation (NYSE: RBLX) released its financial results for the second quarter of 2025 on July 31, 2025. The results highlighted significant growth in key operational and financial metrics, alongside an increase in guidance for the upcoming fiscal year.
### Financial and Operational Highlights
– **Revenue:**
– $1,080.7 million, up **21%** year-over-year.
– Growth was consistent, showing a **21%** increase on a constant currency basis.
– **Bookings:**
– $1,437.6 million, up **51%** year-over-year.
– Up **49%** year-over-year on a constant currency basis.
– **Net Loss:**
– Net loss attributable to common stockholders was **$278.4 million**; consolidated net loss was **$279.8 million**.
– **Adjusted EBITDA:**
– Reported at **$18.4 million**, excluding adjustments for deferred revenue and deferred costs totaling **$301.5 million**.
– **Cash Flow and Liquidity:**
– Net cash provided by operating activities totaled **$199.3 million**, reflecting a **32%** increase year-over-year.
– Free cash flow was reported at **$176.7 million**, marking a **58%** increase year-over-year.
– Total cash and cash equivalents, including short and long-term investments, amounted to **$4,738.5 million**.
– Net liquidity was **$3,731.4 million**.
– **User Engagement:**
– Average Daily Active Users (DAUs) reached **111.8 million**, increasing **41%** year-over-year.
– Total hours engaged were **27.4 billion**, reflecting a **58%** increase year-over-year.
– Average monthly unique payers rose to **23.4 million**, up **42%** year-over-year, with average bookings per monthly unique payer at **$20.48**.
– Average bookings per DAU (ABPDAU) stood at **$12.86**, up **7%** year-over-year.
### Guidance
Roblox has raised its guidance for the upcoming quarters:
– **Third Quarter 2025 Guidance:**
– Revenue projected between **$1,110 million** and **$1,160 million**.
– Bookings expected between **$1,590 million** and **$1,640 million**.
– Consolidated net loss anticipated between **($396) million** and **($366) million**.
– Adjusted EBITDA projected between **($58) million** and **($28) million**.
– **Updated Full Year 2025 Guidance:**
– Revenue estimated between **$4,390 million** and **$4,490 million**.
– Bookings expected between **$5,870 million** and **$5,970 million**.
– Consolidated net loss forecasted between **($1,261) million** and **($1,201) million**.
– Adjusted EBITDA anticipated between **($5) million** and **$55 million**.
– Free cash flow expected between **$1,025 million** and **$1,085 million**.
### Executive Changes
– Manuel Bronstein, the Chief Product Officer, announced his resignation effective September 30, 2025, to pursue other interests. He will assist in transitioning until April 2026.
### Notes on Dividends and Share Repurchase
– No quarterly dividends were declared, nor were there any mentions of share repurchase in the released financial report.
### Conclusion
Roblox Corporation’s second quarter results indicate strong growth across various metrics, reinforcing its strategic initiatives and investments aimed at enhancing user engagement and platform offerings. The company’s continued improvement in financial performance, liquidity, and user metrics suggests a robust trajectory as it navigates the gaming content market.
| Three Months Ended | June 30, 2025 | June 30, 2024 | Six Months Ended | June 30, 2025 | June 30, 2024 |
|---|---|---|---|---|---|
| Revenue(1) | $ 1,080,677 | $ 893,543 | $ 2,115,884 | $ 1,694,843 | |
| Cost and expenses: | |||||
| Cost of revenue(1)(2) | 236,113 | 198,557 | 460,838 | 377,423 | |
| Developer exchange fees | 316,371 | 208,270 | 597,935 | 410,675 | |
| Infrastructure and trust & safety | 260,684 | 221,064 | 502,811 | 447,998 | |
| Research and development | 384,996 | 361,684 | 759,596 | 723,749 | |
| General and administrative | 152,166 | 105,627 | 271,298 | 203,451 | |
| Sales and marketing | 52,807 | 36,290 | 100,575 | 71,824 | |
| Total cost and expenses | 1,403,137 | 1,131,492 | 2,693,053 | 2,235,120 | |
| Loss from operations | -322,460 | -237,949 | -577,169 | -540,277 | |
| Interest income | 48,844 | 44,383 | 95,167 | 86,553 | |
| Interest expense | -10,342 | -10,204 | -20,692 | -20,567 | |
| Other income/(expense), net | 5,131 | -3,315 | 8,390 | -3,661 | |
| Loss before income taxes | -278,827 | -207,085 | -494,304 | -477,952 | |
| Provision for/(benefit from) income taxes | 973 | 110 | 1,836 | 1,163 | |
| Consolidated net loss | -279,800 | -207,195 | -496,140 | -479,115 | |
| Net loss attributable to noncontrolling interest | -1,425 | -1,312 | -2,709 | -2,628 | |
| Net loss attributable to common stockholders | $ -278,375 | $ -205,883 | $ -493,431 | $ -476,487 | |
| Net loss per share attributable to common stockholders, basic and diluted | $ -0.41 | $ -0.32 | $ -0.73 | $ -0.75 | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 684,837 | 642,814 | 678,307 | 638,917 |
(1) At the onset of the second quarter of 2024, we updated our estimated paying user life from 28 months to 27 months. Based on the carrying amount of deferred revenue and deferred cost of revenue as of March 31,2024, the change resulted in an increase in revenue and cost of revenue during the three months ended June 30, 2024 of $58.9 million and $12.4 million, respectively. Refer to “Basis of Presentation and Summary of Significant Accounting Policies — Revenue Recognition” as described in the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 18, 2025, for further background on the Company’s process to estimate the average lifetime of a paying user.
(2) Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety.
| As of | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 994,570 | $ 711,683 |
| Short-term investments | 1,632,626 | 1,697,862 |
| Accounts receivable—net of allowances | 524,488 | 614,838 |
| Prepaid expenses and other current assets | 100,562 | 75,415 |
| Deferred cost of revenue, current portion | 694,377 | 628,232 |
| Total current assets | 3,946,623 | 3,728,030 |
| Long-term investments | 2,111,258 | 1,610,215 |
| Property and equipment—net | 613,707 | 659,589 |
| Operating lease right-of-use assets | 634,624 | 665,885 |
| Deferred cost of revenue, long-term | 350,052 | 321,824 |
| Intangible assets, net | 25,827 | 34,153 |
| Goodwill | 142,610 | 141,688 |
| Other assets | 20,870 | 13,619 |
| Total assets | $ 7,845,571 | $ 7,175,003 |
| Liabilities and Stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $ 61,796 | $ 42,885 |
| Accrued expenses and other current liabilities | 317,150 | 275,754 |
| Developer exchange liability | 314,174 | 339,600 |
| Deferred revenue—current portion | 3,365,460 | 3,004,969 |
| Total current liabilities | 4,058,580 | 3,663,208 |
| Deferred revenue—net of current portion | 1,749,480 | 1,567,007 |
| Operating lease liabilities | 641,132 | 670,051 |
| Long-term debt, net | 992,377 | 1,006,371 |
| Other long-term liabilities | 66,346 | 59,712 |
| Total liabilities | 7,507,915 | 6,966,349 |
| Stockholders’ equity | ||
| Common stock, $0.0001 par value; 5,000,000 authorized as of June 30, 2025 and December 31, 2024, 693,161 and 666,419 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; Class A common stock—4,935,000 shares authorized as of June 30, 2025 and December 31, 2024, 644,947 and 618,116 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; Class B common stock—65,000 shares authorized as of June 30, 2025 and December 31, 2024, 48,214 and 48,303 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 64 | 62 |
| Additional paid-in capital | 4,828,393 | 4,220,916 |
| Accumulated other comprehensive income/(loss) | 13,832 | -3,895 |
| Accumulated deficit | -4,489,068 | -3,995,637 |
| Total Roblox Corporation Stockholders’ equity | 353,221 | 221,446 |
| Noncontrolling interest | -15,565 | -12,792 |
| Total Stockholders’ equity | 337,656 | 208,654 |
| Total Liabilities and Stockholders’ equity | $ 7,845,571 | $ 7,175,003 |
