**Bullish Points:**
1. Revenue for the year ended December 31, 2025, increased by 36% to $4.89 billion compared to $3.60 billion in 2024.
2. Developer exchange fees increased by 63% to $1.50 billion in 2025.
3. Interest income increased by $22.1 million for the year ended December 31, 2025.
4. The company had cash and cash equivalents and short-term and long-term investments of $5.5 billion as of December 31, 2025, compared to $4.0 billion as of December 31, 2024.
5. Net cash and cash equivalents provided by operating activities was $1,796.4 million for the year ended December 31, 2025.
6. Deferred revenue increased to $6,505.9 million as of December 31, 2025, from $4,571.0 million as of December 31, 2024.
7. The company expects its existing cash and cash equivalents and short-term investments, together with expected cash to be provided by future operations, to be sufficient to meet its needs for the next 12 months.
**Bearish Points:**
1. Cost of revenue increased by 34% to $1.07 billion in 2025.
2. Infrastructure and trust & safety expenses increased by 26% to $1.15 billion in 2025.
3. Research and development expenses increased by 9% to $1.57 billion in 2025.
4. General and administrative expenses increased by 42% to $580.1 million in 2025.
5. Sales and marketing expenses increased by 41% for the year ended December 31, 2025.
6. The estimated average lifetime of a paying user decreased to 27 months in the second quarter of 2024.
7. Net cash and cash equivalents used in investing activities was $1,392.6 million for the year ended December 31, 2025.
8. The company had a consolidated net loss of $1,071.6 million for the year ended December 31, 2025, compared to a net loss of $940.6 million for the year ended December 31, 2024.
**Summary:**
Roblox Corporation (RBLX) has shown significant revenue growth and an increase in developer exchange fees, indicating strong operational performance. The company also has a robust cash position and positive cash flow from operating activities, which is a positive sign for its financial health. However, the increase in various expenses, including cost of revenue, infrastructure, R&D, and general administrative expenses, along with a higher net loss, are areas of concern. The decrease in the average lifetime of a paying user could also impact future revenue. Overall, while the company is growing, it faces challenges in managing its costs and achieving profitability.
For more information, you can read the original text of Roblox Corporation(RBLX)'s financial report.
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