Roblox (RBLX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 21% year-over-year to $1.08 billion, with bookings up 51% to $1.44 billion and DAUs up 41% to 111.8 million, driven by viral experiences and strong international growth.

• Net loss widened to $279.8 million, with adjusted EBITDA at $18.4 million, reflecting higher operating expenses and developer exchange fees.

• Hours engaged reached 27.4 billion, up 58% year-over-year, with international users comprising 82% of the DAU base.

• Monthly unique payers hit a record 23.4 million, up 42%, with average bookings per payer up 6%.

• Executive transitions included a new CFO and the Chief Product Officer stepping down, with continued investment in growth and safety initiatives.

Financial highlights

• Q2 2025 revenue: $1.08 billion, up 21% year-over-year; bookings: $1.44 billion, up 51% year-over-year.

• Developer exchange fees reached $316.4 million, up 52% year-over-year.

• Free cash flow for Q2 was $176.7 million, up 58% year-over-year; net liquidity at quarter-end was $3.73 billion.

• Bookings per DAU rose 7% year-over-year to $12.86; average monthly unique payers increased 42% to 23.4 million.

• Gross margin was 78% in Q2 2025, flat year-over-year.

Outlook and guidance

• Full-year 2025 revenue guidance: $4.39–$4.49 billion (up 22–25% YoY); bookings: $5.87–$5.97 billion (up 34–37% YoY).

• Q3 2025 revenue guidance: $1.11–$1.16 billion; bookings: $1.59–$1.64 billion.

• Net loss expected to widen in Q3 and FY25; adjusted EBITDA guidance for FY25 is $(5) million to $55 million.

• Free cash flow for 2025 projected at $1.03–$1.09 billion.

• Guidance assumes normalization of viral hit engagement and tougher comps in Q3 and Q4.