Roblox is gentrifying: Q4 2025 earnings - 2.5.2026 (054)

Roblox just delivered a quarter of massive contradictions. On paper, the money looks great-Bookings surged 16% to over $2.2 billion. But for the first time in recent memory, the playground is shrinking: Daily Active Users and Hours Engaged both took a sharp tumble.In this episode, Susie and Miro unpack the "gentrification" of Roblox. Management is explicitly trading volume for value, using mandatory age-checks to filter out low-intent users while aggressively pivoting to the high-spending 18-34 demographic.We discuss the "Safety Tax" on growth, the 40% monetization gap between adults and kids, and the red flag buried in the back of the report: the decision to kill annual guidance after 2026. Is Roblox maturing into a media empire, or just shrinking into a niche? 🧱📉