Playboy (PLBY) Q4 2025 earnings summary

Executive summary

• Achieved fourth consecutive quarter of positive adjusted EBITDA and completed a strategic transformation for sustainable, profitable growth.

• Q4 2025 revenue rose 4% year-over-year to $34.9 million, driven by licensing and Honey Birdette growth.

• Net income for Q4 reached $3.6 million, reversing a $12.5 million loss in Q4 2024.

• Significant deleveraging achieved, with senior debt reduced by nearly $58 million year-over-year.

• Leadership strengthened with new President, Media & Brand and Chief Brand Officer appointments, and business repositioned around four pillars.

Financial highlights

• Q4 2025 revenue increased to $34.9 million from $33.5 million in Q4 2024, driven by licensing and Honey Birdette.

• Net income improved to $3.6 million (3 cents/share) from a net loss of $12.5 million (15 cents/share) in Q4 2024.

• Adjusted EBITDA rose to $7.1 million, or $8.0 million excluding litigation expenses.

• Operating expenses (excluding impairments) decreased to $32.2 million from $37.9 million, reflecting operational efficiency.

• Cash balance at year-end 2025 was $42.8 million, up from $33.3 million a year earlier.

Outlook and guidance

• Entering 2026 with momentum, a clear strategy, and a focus on sustainable long-term value creation.

• Management expects sustainable, profitable growth in 2026, supported by a strong licensing base and the UTG partnership.

• Expecting the UTG China partnership to close imminently, providing immediate accretive impact and flexibility for growth investments.

• $52 million from UTG partnership proceeds to be used for further debt reduction in Q1 2026.