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Playboy (PLBY) investor relations material
Playboy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved first positive net income since going public, with Q3 2025 net income of $0.5 million, reflecting a successful shift to a high-margin, asset-light model and improved operating income from a $33.8 million loss in Q3 2024.
Q3 2025 revenue was $29.0 million, nearly flat year-over-year, with licensing revenue growth offsetting declines from one-time items and store closures.
Adjusted EBITDA reached $4.1 million, up $4.7 million year-over-year, including $2.5 million in litigation expenses; excluding these, Adjusted EBITDA would have been $6.6 million.
Transitioned to a capital-light model, licensing digital operations to Byborg, resulting in two reportable segments: Direct-to-Consumer and Licensing, effective January 1, 2025.
Strategic focus is on growth through licensing, media/experiences, and hospitality, with minimal required investment.
Financial highlights
Q3 2025 revenue: $29.0 million (down 2% year-over-year); net income: $0.5 million; adjusted EBITDA: $4.1 million (or $6.6 million excluding litigation expenses).
Licensing revenue rose 61% year-over-year to $12.0 million, driven by minimum guaranteed royalties and new deals.
Direct-to-consumer revenue was $16.4 million, down 1% year-over-year, with Honey Birdette gross margins improving from 54% to 61%.
Ended Q3 with over $32 million in cash and extended senior debt maturity to May 2028, with potential interest rate reductions.
Gross margin improved to 76% in Q3 2025 from 61% in Q3 2024.
Outlook and guidance
Management is optimistic about future growth, focusing on expanding global reach and recurring high-margin revenue streams, with media and experiential business potentially surpassing licensing over time.
Hospitality revenue (e.g., Miami club) not expected to be meaningful until 2027; media and subscription revenue could ramp in 2025.
Management expects capital expenditures and working capital requirements in 2025 to be consistent with 2024.
Existing liquidity sources are expected to be sufficient to meet obligations for at least one year.
Focus remains on measured investments, deleveraging, and capitalizing on content-driven brand strategy.
Why were litigation costs not adjusted from EBITDA?
How do media and hospitality contribute to revenue?
Detail debt prepayment terms for interest reduction
Honey Birdette capital raise strategy
China $81M award collection timeline
Paid voting monetization beyond contests
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Frequently asked questions
PLBY Group, Inc. operates as a pleasure and leisure company worldwide. It owns and operates multiple brands across various industries in Australia, Canada, Germany, Italy, New Zealand, Norway, the Philippines, Singapore, the United Kingdom, and the United States. The company's brands include Hotels.com LP, Booking.com BV, Priceline Group, Agoda Pte. Ltd., and Hostelworld BV. It also holds a minority ownership interest in Regency Hospitality Trust. The company was founded in 1953 and is headquartered in Los Angeles, California.
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