2026 Proxy Statement and 2025 Annual Report

Roblox Corporation reported a robust 2025 operating year, with revenue rising 36 % to $4.9 billion and bookings increasing 55 % to $6.8 billion, driven by the addition of roughly 60 million new daily active users (DAUs) and a total DAU base of 144 million. Creator earnings exceeded $1.5 billion, reinforcing the platform’s content‑creation flywheel and supporting a target of 10 % market share in global gaming content. AI integration accelerated, deploying over 400 models and leveraging 12 billion monthly interaction hours to enhance creation tools, discovery, and safety through initiatives such as Roblox Sentinel.

Governance remains strong: the board is 75 % independent, with all committees fully independent and an average tenure of 10.4 years. Executive compensation is heavily equity‑based, with the CEO’s pay tied to bookings and adjusted EBITDA, while other named executives receive 90 % equity. Compensation packages are benchmarked annually against a peer group and include performance‑share units linked to two‑year bookings and margin targets. Director remuneration follows a structured framework of cash retainers, RSUs, and deferred compensation, with clear ownership thresholds.

Financially, the company posted a $1.07 billion net loss in 2025, largely due to rising developer exchange fees and infrastructure costs. However, adjusted EBITDA swung to $124 million, and free cash flow more than doubled to $1.35 billion, supported by a strong liquidity position of $5.5 billion in cash and short‑term investments. Debt remains within covenant limits, with a $1 billion 2030 senior note outstanding.

Risk disclosures highlight regulatory scrutiny over child safety, data privacy, and AI use, as well as exposure to foreign‑currency fluctuations (82 % of DAUs outside the U.S./Canada) and potential cyber‑security incidents. The company maintains extensive IP portfolios but acknowledges litigation risks, while its dual‑class share structure and Nevada reincorporation create barriers to control that may affect shareholder influence. Overall, Roblox continues to invest heavily in platform innovation and safety tools, aiming to sustain growth while navigating significant operational, regulatory, and financial risks.