Roku CEO Wood Sells $10M ROKU, Keeps 16M Class B Shares

On the surface, the May 11, 2026 Form 4 from Anthony Wood looks dramatic: the Roku founder's directly held Class A common stock fell to zero after the day's transactions. Read only the first table and you might conclude that Roku's chief executive had cleared out his position. He had not. The same filing shows Wood still holds 16,193,111 shares of Class B common stock — the high-vote class that carries his control of the company — making the day a routine convert-and-sell rather than an exit.

The mechanics are worth spelling out because they are the entire story. Wood converted 75,000 Class B shares into Class A (transaction code C) and then sold an equal 75,000 Class A shares (code S) on the open market for roughly $9.6 million at prices between about $128 and $131. The Class A balance nets to zero per Form 4 only because the converted shares are sold the same day; the underlying ownership lives in the Class B block that never moves. The Wood trading record shows this exact pattern repeating monthly through 2026.

What the Form 4 actually shows

The May 11 filing (accession 0001716837-26-000016, viewable on SEC EDGAR) records the convert-and-sell sequence: 75,000 Class B converted to Class A, then four sale lots totaling 75,000 shares at $128.17 to $130.82. April followed the same script — 25,000 shares sold near $110 on April 16, and roughly 48,000 shares sold near $100 on April 10. Across the spring, Wood has monetized well under $20 million while the 16.2 million-share Class B position has barely moved. Because Roku's Class B carries ten votes per share, that retained block keeps founder voting control firmly intact regardless of how many Class A shares pass through the conversion pipeline.

This is the trap the headline math sets. A reader who stops at "Class A shares after: 0" misreads a tax-efficient, scheduled liquidity program as a loss of faith. The accurate framing is the opposite: Wood is taking modest, regular liquidity off a controlling stake while keeping the votes — the behavior of a founder managing personal cash flow, not one stepping away.

Selling into a profitability inflection

The timing makes the small sales even harder to read bearishly. Roku reported first-quarter 2026 revenue of $1.25 billion, up 22% year over year, with platform revenue of $1.13 billion, up 28%. More importantly, the company swung to a net income of $85.7 million — 57 cents per diluted share — against a $27.4 million net loss a year earlier, and adjusted EBITDA jumped 165% to $148 million. Roku raised its full-year platform revenue growth outlook to nearly 21% and guided to $675 million of adjusted EBITDA, reiterating a target of $1 billion in free cash flow by 2028. Streaming hours reached 38.7 billion, up 8%.

Wood's own commentary was bullish: Roku, he said, is "well-positioned to drive sustained double-digit Platform growth." Selling a sliver of stock into that backdrop, while retaining control and a 16-million-share economic interest, is consistent with that optimism rather than at odds with it. There is no guidance cut, governance dispute, or earnings disappointment in the record to support a darker interpretation of the spring sales.

Who owns the other side

Roku's institutional register mixes index money, active growth, and trading desks. FMR (Fidelity) and BlackRock top the 13F holder list, followed by Vanguard Portfolio Management and Vanguard Capital Management. Notably, ARK Investment Management — a high-conviction active growth manager — remains a meaningful holder, while Susquehanna International Group appears as a market maker whose position reflects hedged options inventory rather than a directional view. The full institutional breakdown lives on the ROKU holder page.

What to watch next

Two checkpoints frame the read from here. First, Roku's second-quarter 2026 earnings report, typically released in late July or early August, will test whether the raised ~21% platform growth guide and the $675 million adjusted-EBITDA target are tracking — and whether the new profitability holds. Second, the conversion cadence: Wood has now converted and sold on a near-monthly schedule, so a continuation at the spring pace reads as routine, while a sharp acceleration or a sudden move against the Class B block itself would be the genuinely meaningful signal. As always, the place to confirm it is the primary Form 4 filings, not the day's net-zero Class A line.

FAQ

Did Roku CEO Anthony Wood sell all his shares in May 2026?
No. His Class A balance netted to zero per Form 4 only because converted shares were sold the same day. Wood still holds 16,193,111 Class B shares — the high-vote class — retaining both an economic stake and voting control.

How much Roku stock did Anthony Wood sell on May 11, 2026?
Wood sold 75,000 shares for roughly $9.6 million at prices between about $128 and $131, after converting an equal number of Class B shares into Class A.

Why is Roku's founder selling stock?
The sales follow a near-monthly convert-and-sell pattern consistent with scheduled personal liquidity, not a change in view. They came as Roku swung to profitability and raised full-year guidance, and Wood publicly reiterated confidence in sustained double-digit platform growth.

What did Roku report for Q1 2026?
Revenue of $1.25 billion, up 22% year over year, net income of $85.7 million versus a prior-year loss, adjusted EBITDA up 165% to $148 million, and raised full-year platform growth guidance to nearly 21%.