RBLX NYSE Russell 1000 Earnings call

Roblox Corporation (RBLX) · Q2 2026 results and valuation

Share price: $52.61 · 2026-11-11

Roblox Corporation operates an immersive gaming and creation platform where users can explore, create, and share content. The platform provides tools for a global community of creators to build experiences and items for a worldwide audience across mobile, desktop, and console devices. Source: 10-K annual report (2026-02-11)

Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026

Net loss narrowed on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

1 · Numbers

Loss narrowed

Net income vs Q1 2026

Outlook given

Net income -183.0M vs -246.0M

Revenue +1.9%

Net income -183.0M vs -278.0M in Q2 2025 and -246.0M last quarter.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Roblox forecasts Q3 bookings between $1.58 billion and $1.65 billion, representing a year-over-year decline of 14% to 18% due to tough comparisons.

Valuation

Is Roblox Corporation undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 20.0% growth a year (3-year revenue growth), the model's fair value is $96.30 a share — the stock trades 45% below it. Today's price assumes 11.4% growth a year.

Current price

$52.61

close of 2026-11-11

Market implies growth of i

+11.4% for 10 yrs

Fair value / share

$96.30

Buy below

$72.22

Price vs fair value

Undervalued 45%

Price vs buy-below price

Undervalued 27%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

Roblox forecasts Q3 bookings between $1.58 billion and $1.65 billion, which represents a year-over-year decline of 14% to 18% due to tough comparisons.
Figure

Revenue grew 36% to $1.5 billion and bookings grew 8% to $1.6 billion for the quarter.

Source quote
“For the quarter, revenue grew 36% to $1.5 billion and bookings grew 8% to $1.6 billion.”
Figure

Daily active users in Japan grew 67% and in India grew 64%, indicating increased user engagement in those specific regions.

Source quote
“For example, DAUs in Japan grew 67%, and DAUs in India grew 64%.”
Guidance

The company reported that results were inconsistent with original plans due to unexpected weakness in monetization.
Key theme

The cost of infrastructure will initially be offset by subscription revenue.

Source quote
“And the cost of infra here will initially be offset by subscription.”

3 more

Guidance

Q3 guidance indicates pressure in the short to medium term due to the need for incremental cloud GPU capacity.
Figure

The top 10 games' share of total hours engaged on Roblox decreased from 30% three years ago to approximately 20% today.

Source quote
“Case in point, 3 years ago, our top 10 games accounted for about 30% of all the hours engaged on Roblox. Today, top 10 games account for approximately 20% of hours.”
Figure

Roblox aims to power growth of 18 and up through increasing paid acquisition and improved product market fit in addition to its viral growth worldwide in 18.

Source quote
“In addition to our viral growth worldwide in 18, we have the opportunity to power 18 and up growth with increasing paid acquisition as we continue to improve product market fit.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was typical)

Answers to analysts Restrained (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“In addition to our viral growth worldwide in 18, we have the opportunity to power 18 and up growth with increasing paid acquisition as we continue to improve product market...”

“And we have we have really churned our discovery system from something that is baked in to something that in a way is constantly self improving and self estimating our...”

“And as a result, we forecast Q3 bookings to be between $1.58 billion and $1.65 billion which, given the tough comparisons, translates to a year over year decline of 14%...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	1.47B	1.44B	+1.9%	1.08B	+35.9%
Gross profit	1.18B	1.15B	+2.5%	845.0M	+39.3%
Operating income	-229.0M	-294.0M	Loss narrowed	-322.0M	Loss narrowed
Net income	-183.0M	-246.0M	Loss narrowed	-278.0M	Loss narrowed
EPS	-0.26	-0.35	Loss narrowed	-0.41	Loss narrowed
P/E	12-mo loss	12-mo loss	—	12-mo loss	—

Topics

Most discussed now

To its filters, industry leading safety, Roblox does not allow image sharing in chat.
Up until today, Roblox has been focused on 3D and it has held back on initiatives to support high performance...
New Pretty clear with respect to Roblox's capital allocation strategy
New However, there is a pretty immediate hit to dollars per hour.
From a margin perspective, the reduction in bookings will result in fixed cost deleveraging.

Faded since Q1 2026

Fading Monthly unique payers increased to 31 million, up 52% compared to a year ago, and Roblox had strong payer growth...
Fading DAUs did come in weaker than anticipated—Roblox will talk about that more in a minute—but very importantly, user metrics like...
Fading Roblox now betters understand the second-order impacts of reduced communications engagement on things like word of mouth and organic…
Fading Roblox does have additional safety features, including kids and select accounts, rolling out later this year.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-29 Results of operations; Regulation FD disclosure · SEC 8-K
2026-07-30 Results of operations; Regulation FD disclosure · SEC 8-K
The company reported revenue of $1.5 billion, up 36% year-over-year, and operating cash flow of $318 million, up 60% year-over-year.
2026-05-29 Shareholder vote results · SEC 8-K · routine
2026-05-19 Other events · SEC 8-K
Roblox Corporation announced its inaugural share repurchase program to buy up to $3 billion of common stock, with $1 billion planned for the next twelve months.
2026-04-30 Results of operations; Regulation FD disclosure · SEC 8-K
In Q1 2026, revenue grew 39% year-over-year to $1.4 billion, while bookings increased 43% year-over-year to $1.7 billion.
2026-03-20 Director or officer change · SEC 8-K
Roblox Corporation announced the appointment of Dennis Durkin as an independent director to its Board of Directors on March 20, 2026.
2026-03-02 Director or officer change · SEC 8-K
Roblox Corporation announced that Arvind K. Chakravarthy resigned as Chief People and Systems Officer, effective March 6, 2026, to pursue other opportunities.
2026-02-05 Results of operations; Regulation FD disclosure · SEC 8-K
Fiscal 2025 revenue reached $4.9 billion, up 36% year-over-year, while bookings grew 55% year-over-year to $6.8 billion.

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

Q3

forecasted bookings

Source quote
“And as a result, we forecast Q3 bookings to be between $1.58 billion and $1.65 billion which, given the tough comparisons, translates to a year over year decline of 14% to 18%.”
Q3

deploying in-experience friend chat

Source quote
“And as a first step in Q3, we will be deploying in-experience friend chat which brings real time text messaging directly into any Roblox game.”