Playboy Reports $120.9 Million Revenue for Fiscal Year 2025, Reduces Net Loss to $12.7 Million

Playboy, Inc. reported a consolidated revenue of $120.9 million for the fiscal year ending December 31, 2025, marking a 4% increase from $116.1 million in the previous year. The company significantly reduced its net loss to $12.7 million from $79.4 million in 2024, primarily due to a $19.4 million increase in licensing gross profit driven by a new License & Management Agreement (LMA) with Byborg Enterprises SA, which commenced on January 1, 2025. Additionally, Playboy benefited from a $22 million decrease in expenses related to the revamp of its digital business and lower non-cash asset impairment charges.

The company’s strategic developments included the transition of its digital subscriptions and content operations into a licensing model, which has allowed for improved margins and reduced working capital requirements. The LMA with Byborg guarantees minimum royalties of $20 million annually over a 15-year term, contributing significantly to the licensing segment's revenue, which rose 87% to $46.4 million in 2025. The Direct-to-Consumer segment, primarily through the Honey Birdette brand, generated $70.9 million in revenue, a 2% increase from the previous year, supported by improved consumer perception and sales of full-price products.

Operationally, Playboy reported a total employee headcount of 588 as of December 31, 2025, with 51 retail locations for Honey Birdette across Australia, the U.S., and the U.K. The company also resumed publishing the Playboy magazine in 2025, aiming to enhance brand marketing and create new revenue streams. The transition to a capital-light business model is expected to facilitate further geographic expansion and product adoption, particularly in high-potential markets.

Looking ahead, Playboy anticipates continued growth in its licensing business, particularly in China, where it has entered a new joint venture with UTG Brands Management Group Limited. The company expects to receive $10 million over three years for brand support services and annual minimum distributions from the joint venture. Despite the positive outlook, Playboy cautions that ongoing macroeconomic uncertainties could impact its liquidity and operational performance, necessitating careful management of its financial resources and compliance with debt covenants.