Electrodeposition and microstructure of thin films close to Pt75Ni25 and Pt25Ni75 stoichiometry are described and their catalytic oxygen reduction reaction performance, dealloying, and strain evolution detailed. Multiple techniques are used to characterize the morphology, crystalline structure, and chemical homogeneity of the as-deposited and dealloyed films. A fine-scale percolating network of lower-density regions is evident in the as-deposited Pt74Ni26 films while the as-deposited Pt26Ni74 films are more homogenous and compact. Electrodeposition is accompanied by development of significant in-plane tensile stress that increases at more negative growth potentials to reach 1.28 GPa for as-deposited Pt26Ni74. Dealloying of the near-surface regions of Pt74Ni26 is accompanied by limited expansion or opening of the low-density regions while massive dealloying of the highly stressed Pt26Ni74 results in shrinkage, extensive cracking, and formation of a bi-continuous nanoporous structure with an average pore diameter close to 5 nm. Relative to electrodeposited Pt, the alloy films exhibit enhanced area-specific oxygen reduction reaction activity (at 0.95 V vs RHE, iR-corrected) that amounts to a factor of 3.4 for dealloyed Pt74Ni26 and 5.1 for dealloyed Pt26Ni74 while the Pt-based mass activity increased by a factor of 5.1 and 12.3, for the respective films.