Roblox reported a billion-dollar loss. Its cash balance grew.
2025: a $1.07B net loss. Yet operations generated $1.8B in cash, and the cash balance rose by $0.49B.
More
Profit and cash run on different clocks. Virtual currency is paid for upfront, while revenue is recognized later. Stock-based pay is also an expense without an equivalent cash payment.
Three signed measures on one dollar scale. First: the accounting net result. Second: cash generated by operations after their cash costs. Third: the change in the balance after all activities. Do not add the bars.
- Consolidated net result US dollars
−1,071,618,000 (2025)
- Operating cash flow US dollars
1,796,358,000 (2025)
- Noncash stock compensation US dollars
1,129,004,000 (2025)
- Change in deferred revenue US dollars
1,935,318,000 (2025)
- Cash at end-2024 US dollars
711,683,000 (2024)
- Cash at end-2025 US dollars
1,205,319,000 (2025)
One Roblox 2025 annual filing, filed 2026-02-11. Consolidated net loss includes noncontrolling interests. Cash balances: $0.71B → $1.21B. Reconciliation to operating cash: $1.13B in noncash stock compensation and $1.94B in deferred revenue changes; remaining adjustments total $−0.2B.
The balance includes cash and cash equivalents, not the whole investment portfolio. Operating cash flow differs from the balance change because investing, financing and exchange-rate effects are separate. Deferred revenue is an obligation to deliver services; its increase is not annual virtual-currency sales. Stock compensation is a real cost to shareholders. No prediction about future profit or the share price.
A question for this picture
What happens to this gap if growth in advance payments slows?