Playboy (PLBY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9.4% YoY to $31.7M; operating income was $4.0M, net income $1.9M and Adjusted EBITDA $7.9M, the seventh consecutive positive quarter.

• 9M revenue increased 8% to $93.2M; operating income was $5.3M versus an operating loss of $10.8M, and net loss narrowed to $1.9M from $16.3M.

• Honey Birdette and China licensing led growth, with media and paid-voting revenue contributing; the planned Miami Beach members club extends the asset-light licensing and hospitality strategy.

Financial highlights

• Q3 revenue increased to $31.7M from $29.0M; gross profit rose 10% to $24.3M and gross margin was 77% versus 76%.

• Q3 operating income rose to $4.0M from $1.4M; net income was $1.9M, or $0.02/share, versus $0.5M, or less than $0.01/share.

• Q3 Adjusted EBITDA was $7.9M versus $4.1M; 9M Adjusted EBITDA increased to $19.9M from $9.9M.

• 9M gross profit increased 13% to $67.8M; gross margin was 73% versus 70%.

• 9M operating cash use was $7.5M versus $1.4M; cash and restricted cash totaled $34.9M, including $29.7M unrestricted cash.

Outlook and guidance

• China licensing growth is expected through Q4 and H1 2027; rest-of-world licensing is expected to return to growth in 2027.

• Honey Birdette reported October comparable-sales growth; swim and activewear expansion and three Playboy collections are planned for 2027.

• Miami Beach hotel acquisition is expected to close by December 15, 2026; ~$5M of cash is committed, with recovery expected through club memberships.

• 2026 capital expenditures and working capital needs are expected to be largely consistent with 2025; liquidity is expected to cover obligations for at least one year after filing.