Playboy Reports Third Quarter 2026 Financial Results
Playboy, Inc. (PLBY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Playboy Reports Third Quarter 2026 Financial Results Third Quarter Revenue of $31.7 Million, an Increase of 9.4%; Net Income of $1.9 Million, an Increase of 305%; and Adjusted EBITDA of $7.9 Million, an Increase of 95% Playboy Signs Agreement to Acquire Property for
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The earnings beat and strong profit margin expansion provide a catalyst for short‑term price movement, while the property acquisition signals longer‑term strategic expansion.
Market read
First‑report earnings for a micro‑cap; potential short‑term upside for traders.
What to watch
Share repurchase funding and the upcoming Miami Beach club acquisition could strain cash if membership sales lag.
Playboy Q3 2026 revenue rose 9.4% to $31.7 million, operating income reached $4.0 million (up 193%), and adjusted EBITDA was $7.9 million (up 95%), the seventh consecutive quarter of positive adjusted EBITDA
Revenue grew 9.4% year-over-year, Honey Birdette and licensing both grew, GAAP operating income and net income were positive for the quarter, and adjusted EBITDA rose 95%. Offsetting this, the nine-month GAAP net loss was $(1,901) thousand, interest expense rose year-over-year, and total cash fell to $34.9 million after share repurchases and a planned Miami Beach property commitment of approximately $5.0 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, Q3 2026GAAP | $31.7M | – | 9.4% |
| Net revenues, Q3 2026 (statement line)GAAP | $31.71M | – | – |
| Net revenues, nine months 2026GAAP | $93.17M | – | – |
| Cost of sales, Q3 2026GAAP | −$7.41M | – | – |
| Cost of sales, nine months 2026GAAP | −$25.35M | – | – |
| Selling and administrative expenses, Q3 2026GAAP | −$21.16M | – | – |
| Selling and administrative expenses, nine months 2026GAAP | −$64.15M | – | – |
| Impairments, Q3 2026GAAP | nil | – | – |
| Impairments, nine months 2026GAAP | nil | – | – |
| Other operating income (expense), net, Q3 2026GAAP | $864K | – | – |
| Other operating income (expense), net, nine months 2026GAAP | $1.67M | – | – |
| Total operating expenses, Q3 2026GAAP | $27.7M | – | – |
| Total operating expenses, Q3 2026 (statement line)GAAP | −$27.71M | – | – |
| Total operating expenses, nine months 2026GAAP | −$87.83M | – | – |
| Operating income, Q3 2026GAAP | $4M | – | 193% |
| Operating income, Q3 2026 (statement line)GAAP | $4.00M | – | 193% |
| Operating income (loss), nine months 2026GAAP | $5.34M | – | – |
| Interest expense, net, Q3 2026GAAP | −$2.56M | – | – |
| Interest expense, net, nine months 2026GAAP | −$7.28M | – | – |
| Other income, net, Q3 2026GAAP | $628K | – | – |
| Other income, net, nine months 2026GAAP | $2.15M | – | – |
| Total nonoperating expense, Q3 2026GAAP | −$1.94M | – | – |
| Total nonoperating expense, nine months 2026GAAP | −$5.13M | – | – |
| Income (loss) before income taxes, Q3 2026GAAP | $2.07M | – | – |
| Income (loss) before income taxes, nine months 2026GAAP | $210K | – | – |
| (Expense) benefit from income taxes, Q3 2026GAAP | −$202K | – | – |
| (Expense) benefit from income taxes, nine months 2026GAAP | −$2.11M | – | – |
| Net income, Q3 2026GAAP | $1.9M | – | 305% |
| Net income, Q3 2026 (statement line)GAAP | $1.86M | – | 305% |
| Net income (loss), nine months 2026GAAP | −$1.90M | – | – |
| Net income per share, basic and diluted, Q3 2026GAAP | $0.02 per share | – | – |
| Net income (loss) per share, basic and diluted, nine months 2026GAAP | $(0.02) per share | – | – |
| EBITDA, Q3 2026non-GAAP | $5.36M | – | – |
| EBITDA, nine months 2026non-GAAP | $9.87M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $7.9M | – | 95% |
| Adjusted EBITDA, Q3 2026 (reconciliation line)non-GAAP | $7.92M | – | 95% |
| Adjusted EBITDA, nine months 2026non-GAAP | $19.91M | – | – |
| Direct-to-consumer revenue (Honey Birdette), Q3 2026GAAP | $18.4M | – | 12.1% |
| Direct-to-consumer gross margin, Q3 2026GAAP | 62.2% | – | approximately 140 basis points |
| Licensing revenue, Q3 2026GAAP | $12.6M | – | 5.3% |
| Licensing segment operating income, Q3 2026GAAP | $10.9M | – | 41.1% |
| China licensing royalty revenue increase, Q3 2026GAAP | $1.2 million increase | – | nearly 40% |
| Total cash incl. restricted cash, September 30, 2026GAAP | $34.9M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Direct-to-consumer (Honey Birdette)The company states the growth was driven by continued strong full-price sales of Honey Birdette products, particularly e-commerce sales in the United States and retail sales in Australia. Gross margin improved to 62.2% from 60.8%, which the company attributes to higher levels of operating leverage. | $18.4M | – | 12.1% |
| LicensingThe company states the increase was primarily due to $1.2 million of higher royalty revenues from the Company's licensing business in China, driven by three new licensing agreements. Licensing segment operating income increased by 41.1% to $10.9 million. | $12.6M | – | 5.3% |
Capital returns
- Through September 30, 2026, the Company repurchased 4.8 million shares of its stock for $5.0 million, representing the first two of four scheduled installments.
- The company states it funded the $3.0 million share repurchase installment in August 2026.
- Subsequent to quarter-end, The Million S.a.r.l., an affiliate of Byborg Enterprises SA and one of the Company's backstop purchasers and largest investors, purchased 4.8 million shares comprising the third installment directly from the sellers at $1.05 per share. The filing does not state that the Company itself repurchased these shares.
- No dividend is reported in the filing.
What drove it
- The company states that revenue growth was primarily due to continued strong performance of Honey Birdette, higher licensing royalties from China, and higher magazine and paid-voting revenue.
- The company states that operating income increased primarily reflecting higher gross profit from revenue growth, lower legal expenses and the release of a U.S. sales tax reserve.
- The company states that the Playboy by Honey Birdette model search drew roughly 48,000 contestants and more than 200,000 paying voters, with revenue surpassing $1 million. The company states that, based on the deal structure, it recognized net profit, not total revenue, from the contest.
- The company states it signed an agreement to acquire a Miami Beach property, currently operated as the Freehand Hotel, to develop a private members club, and a term sheet with two partners to develop and operate it.
Concerns
- Interest expense, net was $(2,565) thousand in Q3 2026 against $(1,926) thousand in Q3 2025, and $(7,282) thousand for nine months 2026 against $(5,721) thousand for nine months 2025.
- The nine-month GAAP net loss was $(1,901) thousand in 2026, against a net loss of $(16,260) thousand in the prior-year nine months, and the nine-month GAAP operating income was $5,337 thousand.
- Nine-month transaction expenses of $3,364 thousand are added back in the adjusted EBITDA reconciliation.
- Total cash fell to $34.9 million at September 30, 2026, after share repurchase installments, and the company has committed approximately $5.0 million of balance sheet cash to the Miami Beach club.
- The filing's forward-looking statements list the high concentration of licensing revenue from a small number of licensees as a risk factor.
What to watch
- Delivery of the remaining two of four scheduled share repurchase installments.
- Conversion of the Miami Beach property agreement and term sheet with the two partners into definitive arrangements, and the expected recovery of the approximately $5.0 million commitment through membership sales.
- Whether the three new China licensing agreements, with a combined contract value of approximately $15.0 million, continue to add royalty revenue.
- Honey Birdette full-price sales and U.S. e-commerce momentum, and whether direct-to-consumer gross margin continues to expand from 62.2%.
- Interest expense trend, given the rise from $(1,926) thousand to $(2,565) thousand in the quarter.
- The 2026 Great Playmate Search and Playboy magazine relaunch, which the company cites as content and fan-engagement drivers.
Balance sheet and cash flow
- As of September 30, 2026, the Company had $34.9 million in total cash, including $5.2 million of restricted cash, after funding the $3.0 million share repurchase installment in August.
- The Company states it has committed to using approximately $5.0 million of cash from its balance sheet for the Miami Beach property and club.
- The Company cites $324.0 million of contractual minimum guarantees anchoring the licensing business.
- Operating cash flow, free cash flow, total assets, total debt and total equity are not reported in the filing.
Analysis
Playboy reported Q3 2026 net revenues of $31,714 thousand, up 9.4% from $28,994 thousand in the prior-year quarter, with the company citing Honey Birdette, China royalties and magazine and paid-voting revenue as the main contributors. Direct-to-consumer revenue rose 12.1% to $18.4 million and licensing revenue rose 5.3% to $12.6 million. Within direct-to-consumer, gross margin was 62.2% against 60.8%, a change the company describes as approximately 140 basis points. Licensing segment operating income increased 41.1% to $10.9 million, and the company states that three new China licensing agreements with a combined contract value of approximately $15.0 million drove the royalty increase of $1.2 million, or nearly 40%.
GAAP operating income was $4,003 thousand, up 193% from $1,366 thousand, and net income was $1,864 thousand against $460 thousand. Cost of sales rose to $(7,411) thousand from $(6,954) thousand, while selling and administrative expenses rose to $(21,164) thousand from $(20,434) thousand, and total operating expenses were $(27,711) thousand against $(27,628) thousand. Other operating income, net was $864 thousand against $5 thousand. The company attributes the operating income increase to higher gross profit from revenue growth, lower legal expenses and the release of a U.S. sales tax reserve. Adjusted EBITDA, a non-GAAP measure, was $7,924 thousand against $4,065 thousand, up 95%, and the company describes this as its seventh consecutive quarter of positive adjusted EBITDA.
The nine-month picture is weaker. Revenue for nine months 2026 was $93,168 thousand against $86,017 thousand, and the GAAP net loss was $(1,901) thousand, compared with $(16,260) thousand a year earlier. Interest expense, net rose to $(7,282) thousand from $(5,721) thousand for nine months, and the adjusted EBITDA reconciliation adds back $3,364 thousand of nine-month transaction expenses. Nine-month adjusted EBITDA of $19,907 thousand compares with $9,913 thousand.
On capital allocation, the company repurchased 4.8 million shares for $5.0 million through September 30, 2026, as the first two of four scheduled installments, and total cash was $34.9 million including $5.2 million of restricted cash. A subsequent third installment of 4.8 million shares was bought by The Million S.a.r.l., an affiliate of Byborg Enterprises SA, at $1.05 per share. The company has also committed approximately $5.0 million of balance sheet cash to a Miami Beach property that will become a members club, with a term sheet signed with two partners who will also invest.
The filing contains no guidance for Q4 2026 or full-year 2026, and no prior outlook was supplied for comparison. The figures that merit attention are the widening of interest expense, the gap between strong quarterly GAAP profit and the nine-month GAAP loss, and the decline in cash as capital returns and the club commitment proceed. The quarter's operating income is supported by three items the company names: revenue growth, lower legal expenses and a sales tax reserve release. The filing does not quantify the size of the legal expense decline or of the reserve release, so their contribution cannot be separated from the core result.
Management, verbatim
Our third quarter results not only showed our revenue growth potential, with revenue growing 9.4%, but also our operating leverage inherent to our asset light model, with operating income increasing to $4.0 million from $1.4 million a year ago, net income rising to $1.9 million from $0.5 million, and adjusted EBITDA of $7.9 million, our seventh consecutive quarter of positive adjusted EBITDA.
Ben Kohn, Chief Executive Officer
While we have committed to using approximately $5.0 million of cash from our balance sheet, we expect to recoup that investment from the sale of memberships in the future
Ben Kohn, Chief Executive Officer
Not in the filing
stated, not guessed- No guidance for Q4 2026 or full-year 2026 is provided in the filing, and no prior outlook was supplied.
- Prior-year and sequential percentage changes are not printed for nine-month revenue, cost of sales, selling and administrative expenses, total operating expenses, nine-month operating income, interest expense, other income, tax lines, nine-month EPS, nine-month adjusted EBITDA or EBITDA.
- Prior-year Licensing segment operating income is not printed; only the 41.1% change and the $10.9 million current figure are given.
- Total operating expenses change is printed as a dash in the summary table and as 'essentially unchanged' in the text, with no percentage.
- Revenue change is printed as 9% in the summary table and 9.4% in the headline and text; the 9.4% figure is used.
- Q3 2025 EPS is printed as a dash in the statement of operations and as 'less than a cent per share' in the text; the text wording is used.
- Magazine and paid-voting revenue has no printed dollar figure.
- Operating cash flow, free cash flow, total assets, total debt and total equity are not reported.
- Quarter-over-quarter comparisons are not provided.
- Share price reaction and analyst consensus are not in the document.
- The Q3 2026 non-GAAP reconciliation items other than the adjusted EBITDA total are not included as key metrics by design.
- Impairments and other statement lines printed as a dash are shown as nil, as the filing does not print a numeric value.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Playboy, a niche consumer‑brand company, filed its quarterly 8‑K with detailed financials and operational highlights.
Ticker impact
Playboy reported Q3 2026 revenue of $31.7M (+9.4%) and net income of $1.9M (+305%) in its 8‑K filing.
likely upward pressure as investors price in higher earnings and margin expansion
The surprise profit jump and revenue growth exceed prior expectations for a micro‑cap, prompting short‑term buying interest.
Market effects
Positive signal for niche licensing and lifestyle consumer brands.
Minimal, limited to U.S. small‑cap investors.
Low, confined to Playboy's shareholder base.
Counterpoint
The earnings surge may be temporary; growth relies heavily on licensing deals that could be non‑recurring.
Key entities
- CompanyPlayboy, Inc.
NASDAQ‑listed consumer‑brand company reporting Q3 2026 results.
