Roblox Corporation
Interactive Entertainment and User-Generated Content PlatformsFounded 2004- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Roblox Corporation
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$3.6B
Market Cap
$45.0B
Employees
2,100
Bookings of $4.124 billion in FY2024 versus GAAP revenue of $3.604 billion in the same period — the $520 million gap is the Robux deferred revenue balance changing, because the company recognizes the currency purchases over two years rather than immediately. Understanding Roblox's true financial performance requires tracking bookings, not just GAAP revenue, because the deferred recognition policy creates a systematic lag between cash received and revenue reported. Revenue grew from $2.799 billion in 2023 to $3.604 billion in 2024, with 2025 projected at $4.5 billion. The growth trajectory is real and consistent, driven by daily active user expansion from 65 million in 2022 to 97.8 million in 2024 — users who each spend 2.4 hours per day on the platform generating advertising-equivalent engagement value that is not yet fully monetized through traditional ad products. The cost structure breakdown from the 2024 10-K is unusually specific and revealing: 24 percent of bookings to app stores (Apple and Google), 18 percent to developer exchange, 12 percent to trust and safety, 13 percent to infrastructure. App store fees alone consumed nearly a quarter of gross bookings — a dependency on Apple and Google that creates structural vulnerability if those fee arrangements change, and one reason platforms like Roblox have strategic interest in alternative distribution mechanisms. Net loss of $1.15 billion in 2024 against $3.604 billion in revenue reflects a 32 percent loss margin — a company still investing in infrastructure and safety systems at a rate that exceeds current operating leverage. The path to profitability requires revenue growth to outpace the relatively fixed cost base of trust and safety, infrastructure, and app store fees, which scale with users rather than linearly with additional revenue.
Revenue Trend Analysis
YoY Change
+24.9%
2-Year CAGR
+26.8%
Peak Year
2025
Trend
Consistent Growth
Roblox Corporation has reported revenue across 3 fiscal years, compounding at +26.8% annually over 2 years. The most recent year saw a 24.9% increase versus the prior year. Revenue peaked in 2025 at $4.5B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2025 | $4.5B | +24.9% |
| FY2024 | $3.6B | +28.8% |
| FY2023 | $2.8B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Roblox reported full-year 2024 revenue of approximately $3.6 billion, up roughly 29 percent from $2.8 billion in 2023, and bookings of approximately $4.37 billion, up about 24 percent from $3.5 billion. The company reported a GAAP net loss of approximately $935 million in 2024, an improvement from a $1.15 billion net loss in 2023 but still well in the red. Free cash flow, however, was positive at roughly $641 million in 2024 versus $124 million in 2023, reflecting the cash-flow-friendly mechanics of pre-paid Robux purchases. Daily active users reached 85.3 million in the fourth quarter of 2024, up roughly 19 percent year over year, and hours engaged for the full year exceeded 73 billion. Developer exchange payouts to creators totaled approximately $923 million to $1 billion across the year, depending on classification. The improving free cash flow trajectory and rising daily active user base supported a stock recovery in 2024 from a low near $30 in mid-2023 to closing levels near $58 by year-end, though the share price remained well below the November 2021 peak above $134.
Roblox's persistent GAAP net losses are driven by four structural items: large stock-based compensation expense, app-store fees paid to Apple and Google, developer exchange payouts to creators, and ongoing investment in infrastructure, trust and safety, and AI. Stock-based compensation expense ran approximately $935 million in 2024 and routinely runs above $700 million per year, which alone accounts for a substantial share of the reported loss. App-store fees, mostly to Apple's App Store and Google Play, consume roughly 25 to 27 percent of bookings before any other cost. Developer exchange fees to creators run another 20 to 25 percent of bookings. Infrastructure cost of revenue, including cloud computing, networking, and content delivery, is another major line. Together these costs sit close to or above the company's revenue line on a GAAP basis. Free cash flow has trended sharply higher because much of the loss is non-cash stock compensation and because Robux purchases are pre-paid in cash but recognized as revenue over the user-life period. The pattern is similar to other platform businesses that have prioritized scale and creator monetization over GAAP profitability.
Roblox direct-listed on March 10, 2021 at a reference price of $45 and an opening trade of $64.50. The stock peaked at $134.72 on November 19, 2021 during the broader high-multiple tech rally and the height of post-pandemic engagement. The 2022 macro reset and engagement normalization drove RBLX below $25 by late 2022, a roughly 80 percent drawdown from the peak. Through 2023 the stock recovered modestly into the $30 to $50 range as user growth resumed and management committed to free-cash-flow positive operations. Through 2024 the stock climbed back into the $50 to $70 range on accelerating bookings, expanding daily active users, and Hindenburg Research short reports that the market largely shrugged off. The market capitalization at year-end 2024 was approximately $40 to $45 billion, roughly 60 to 70 percent below the November 2021 peak in market value but well above the mid-2022 trough. The stock trades on bookings rather than revenue or GAAP earnings, and management's quarterly bookings guidance is the primary near-term price driver.
Roblox ended 2024 with approximately $3.6 billion in cash, short-term investments, and long-term investments, providing substantial liquidity to fund operations and capital expenditures without external financing. The company has long-term debt in the form of 0.0 percent convertible senior notes due 2030 with a principal balance of $1 billion, issued in October 2023 at a conversion price of approximately $35 per share. The convertible notes were intended to lock in very low cost of capital and may convert into equity at maturity if the stock remains above the conversion price. Roblox does not pay a dividend, and the company has not historically conducted material share repurchases at the equity level, though it did announce a $200 million repurchase program in early 2024 to partially offset stock-based compensation dilution. Capital expenditures run roughly $250 to $350 million per year, primarily for data-center build-out and infrastructure for AI workloads. The combination of $3.6 billion of liquidity, $1 billion of convertible debt, and positive free cash flow gives Roblox roughly five to seven years of runway at current burn levels without further capital raises.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Roblox Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/roblox/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Roblox Corporation reported $5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/roblox/financials" target="_blank" rel="noopener">CorpDigest — Roblox Corporation financials</a></div>