Playboy, Inc. reported preliminary, unaudited results for the fourth quarter ended December 31 2025, showing revenue of $34.0 million to $35.0 million, a net income of $2.5 million to $3.5 million, and adjusted EBITDA of $6.6 million to $7.0 million. The figures represent a turnaround from a $12.5 million net loss in the same quarter of 2024 and a $0.1 million loss in Q4 2024.
Revenue rose from $33.5 million in Q4 2024, while net income swung from a $12.5 million loss to a positive $2.5 million to $3.5 million, and adjusted EBITDA moved from a $0.1 million loss to $6.6 million to $7.0 million. The results beat consensus revenue estimates of $33.52 million and suggest a significant improvement in profitability.
The turnaround is driven primarily by the licensing business, which has benefited from a new joint venture with UTG Brands Management Group in China, and by the Honey Birdette direct‑to‑consumer segment, which achieved sales growth and margin expansion despite reduced promotional activity. Cost‑management initiatives across the organization have also helped lift margins, while transaction costs related to the China joint venture and litigation expenses are reflected in the net income figure.
Ben Kohn, CEO, said, “Our preliminary fourth quarter results demonstrate the significant progress we have made executing our strategic transformation. 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.”
Investors reacted positively to the earnings, citing the turnaround in profitability, the revenue beat, and the margin expansion. The company will release final, audited results in March 2026, and it continues to focus on an asset‑light model that leverages licensing for recurring, high‑margin revenue streams while managing headwinds such as transaction and litigation costs.
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