Playboy, Inc. reported preliminary, unaudited results for the fourth quarter ended December 31 2025, showing a revenue range of $34.0 million to $35.0 million and a net income of $2.5 million to $3.5 million. Adjusted EBITDA is expected to rise to $6.6 million to $7.0 million, a turnaround from a $0.1 million loss in Q4 2024. The company’s earnings move from a $12.5 million loss in the same quarter of 2024 to a positive net income in 2025 signals a significant shift in profitability.
The quarter’s performance also outpaced the prior year’s results. Q3 2025 revenue was $29.0 million and net income was $460 k, so the current quarter’s revenue is up roughly 17% and net income is up more than 500% year‑over‑year. The jump is driven by a stronger licensing business and a healthier direct‑to‑consumer channel, while the company’s cost discipline has helped convert revenue growth into profit.
Playboy’s licensing segment, led by the Byborg agreement, contributed a large portion of the revenue lift. The company also reported continued growth and margin expansion at its Honey Birdette subsidiary, which has reduced promotional spend while maintaining full‑price sales. These two segments together account for the bulk of the company’s top‑line growth and the improvement in adjusted EBITDA.
Ben Kohn, CEO, said, "Our preliminary fourth quarter results demonstrate the significant progress we have made executing our strategic transformation." He added, "We delivered revenue growth, meaningful strides towards sustainable profitability, and a substantial improvement in adjusted EBITDA as compared to the prior year period. These results reflect the strength of our licensing business, which will be further supported by our partnership with UTG in China, and our disciplined approach to managing costs across the organization." Kohn also noted, "Further, we are growing sales and expanding margins at our Honey Birdette subsidiary despite reducing our promotions. As we enter 2026, we remain focused on leveraging our iconic brand to drive sustainable, profitable growth. We look forward to providing complete results and additional commentary when we report our full fourth quarter and fiscal 2025 earnings."
Analysts had expected Q4 2025 revenue of $33.52 million and an EPS of $0.01. The company’s revenue range of $34.0 million to $35.0 million therefore beats consensus by $0.48 million to $1.48 million, while the shift from a loss to a positive net income represents a clear earnings beat relative to the prior year’s $12.5 million loss. The positive net income also signals that the company has moved from a negative to a positive earnings per share, a significant milestone for investors.
The results reinforce Playboy’s asset‑light strategy, which focuses on licensing and digital content rather than traditional physical retail. The company’s ability to generate profit from licensing and direct‑to‑consumer sales, coupled with ongoing debt reduction, positions it for sustainable growth. Management’s emphasis on cost discipline and margin expansion at Honey Birdette suggests that the company is building a resilient business model that can weather future market fluctuations.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.