Playtika Holding Corp. (NASDAQ: PLTK) reported fourth‑quarter and full‑year 2025 results on February 26, 2026, showing revenue of $678.8 million, a net loss of $309.3 million, adjusted net income of $89.0 million, and adjusted EBITDA of $201.4 million. Record direct‑to‑consumer (DTC) revenue reached $250.1 million, up 19.5% sequentially and 43.2% year‑over‑year, underscoring the strength of the company’s casual gaming portfolio.
The revenue beat of $11.7 million over the consensus estimate of $667.1 million was driven by robust demand in the casual segment and a 43.2% jump in DTC sales, which offset a modest decline in legacy casino‑related revenue. Compared with Q4 2024, revenue grew 4.4% to $678.8 million from $650.3 million, while adjusted EBITDA rose 9.5% to $201.4 million from $183.9 million, reflecting improved operating leverage and a favorable mix shift toward higher‑margin casual titles.
GAAP earnings per share fell to a loss of $0.82, missing the consensus estimate of $0.14. The miss was largely due to a non‑cash contingent‑consideration remeasurement related to the SuperPlay acquisition, which added a $309.3 million charge to the income statement. Adjusted EPS, however, was $0.24, beating the estimate of $0.14 by $0.10, indicating that core operating performance remained strong once the one‑time acquisition impact was excluded.
For 2026, management guided revenue to $2.70 billion–$2.80 billion and adjusted EBITDA to $730 million–$770 million, a slight upward revision from prior guidance. The guidance signals confidence in sustaining the growth trajectory of the casual portfolio and the expanding DTC channel, while acknowledging the ongoing integration of SuperPlay and the associated accounting adjustments.
"We delivered a strong finish to 2025, driven by continued momentum in our casual portfolio, record DTC contribution, and another outstanding quarter from SuperPlay. As we enter 2026, our focus remains on disciplined execution and building a more resilient, diversified business positioned for long-term value creation," said CEO Robert Antokol. CFO Craig Abrahams added, "Our results underscore the strength of our portfolio strategy, highlighted by performance ahead of guidance and record free cash flow for the year. The business today reflects a healthier and more balanced mix, one that we believe supports stronger and more sustainable value creation over time."
Market reaction was mixed: some investors focused on the GAAP EPS miss and the suspension of the quarterly dividend, while others highlighted the revenue beat, strong DTC growth, and the adjusted EPS beat as positive indicators of operational resilience.
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