Despite maintaining gross margins as high as 76.0% in 2025Q3, the company consistently fails to achieve operating profitability, recording a -21.7% operating margin in 2025Q1.
| Sales/Revenue | 122.29M | 120.93M | 116.14M | 142.95M | 185.54M | 246.59M | 147.66M | 78.11M | 100.87M |
| Revenue Growth % | -18.44% | 4.13% | -18.76% | -22.95% | -24.76% | 66.99% | 89.04% | -22.57% | - |
| Cost of Goods Sold | 35.57M | 35.08M | 41.78M | 54.78M | 82.94M | 108.66M | 73.18M | 33.64M | 50.61M |
| COGS % of Revenue | - | 29.01% | 35.98% | 38.32% | 44.71% | 44.07% | 49.56% | 43.06% | 50.17% |
| Gross Profit | 86.72M | 85.85M | 74.36M | 88.17M | 102.59M | 137.92M | 74.48M | 44.47M | 50.27M |
| Gross Margin % | 70.91% | 70.99% | 64.02% | 61.68% | 55.29% | 55.93% | 50.44% | 56.94% | 49.83% |
| Gross Profit Growth % | - | 15.46% | -15.67% | -14.05% | -25.62% | 85.18% | 67.48% | -11.53% | - |
| Operating Expenses | 89.82M | 91.79M | 125.19M | 278.54M | 398.69M | 206.78M | 60.87M | 50.51M | 37.13M |
| OpEx % of Revenue | - | 75.91% | 107.8% | 194.85% | 214.89% | 83.86% | 41.22% | 64.66% | 36.81% |
| Selling, General & Admin | 88.8M | 91.03M | 98.72M | 123.55M | 150.53M | 22.95M | 60.87M | 1.5M | 31.89M |
| SG&A % of Revenue | - | 75.28% | 85% | 86.43% | 81.14% | 9.31% | 41.22% | 1.93% | 31.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 93K | 763K | 26.48M | 154.99M | 248.16M | 183.82M | 0 | 49M | 0 |
| Operating Income | -3.1M | -5.94M | -50.84M | -190.37M | -296.1M | -68.85M | 13.61M | -6.04M | 18.38M |
| Operating Margin % | -2.53% | -4.91% | -43.77% | -133.17% | -159.59% | -27.92% | 9.22% | -7.73% | 18.22% |
| Operating Income Growth % | - | 88.31% | 73.3% | 35.71% | -330.05% | -605.82% | 325.51% | -132.84% | - |
| EBITDA | 5.4M | 2.41M | -36.79M | -177.53M | -283.38M | -61.56M | 15.87M | -2.94M | 22.42M |
| EBITDA Margin % | 4.42% | 1.99% | -31.68% | -124.19% | -152.74% | -24.97% | 10.75% | -3.77% | 22.23% |
| EBITDA Growth % | 113.9% | 106.55% | 79.27% | 37.35% | -360.32% | -487.88% | 639.28% | -113.13% | - |
| D&A (Non-Cash Add-back) | 8.5M | 8.35M | 14.04M | 12.84M | 12.72M | 7.29M | 2.26M | 3.09M | 4.04M |
| EBIT | -1.19M | -5.67M | -52.56M | -176.93M | -47.46M | -48.25M | 13.61M | -952K | 18.38M |
| Net Interest Income | -8.84M | -8.22M | -23.69M | -23.29M | -17.72M | -13.31M | -13.46M | 14M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 9.19M |
| Interest Expense | 8.84M | 8.22M | 23.69M | 23.29M | 17.72M | 13.31M | 13.46M | 0 | 0 |
| Other Income/Expense | -5.97M | -7.96M | -25.41M | -9.85M | -10.29M | -11.6M | -11.81M | -12.69M | -14.44M |
| Pretax Income | -9.06M | -13.9M | -76.25M | -200.22M | -306.39M | -80.45M | 1.8M | -18.73M | 3.94M |
| Pretax Margin % | -7.41% | -11.49% | -65.66% | -140.06% | -165.14% | -32.63% | 1.22% | -23.97% | 3.91% |
| Income Tax | -1.47M | -1.23M | 3.15M | -13.77M | -55.7M | -2.78M | 7.07M | 4.85M | 2.26M |
| Effective Tax Rate % | 16.23% | 8.82% | -4.13% | 6.88% | 18.18% | 3.45% | 392.67% | -25.9% | 57.35% |
| Net Income | -7.59M | -12.67M | -79.4M | -180.42M | -277.7M | -77.68M | -5.27M | -23.58M | 1.68M |
| Net Margin % | -6.21% | -10.48% | -68.37% | -126.21% | -149.68% | -31.5% | -3.57% | -30.18% | 1.67% |
| Net Income Growth % | 89.45% | 84.04% | 55.99% | 35.03% | -257.52% | -1373.65% | 77.64% | -1501.66% | - |
| Net Income (Continuing) | -7.59M | -12.67M | -79.4M | -186.45M | -250.69M | -77.68M | -5.27M | -23.58M | 1.68M |
| Discontinued Operations | 0 | 0 | 0 | 6.03M | -27.01M | 0 | 0 | 0 | 0 |
| Minority Interest | 593K | -208K | -208K | -208K | -208K | -208K | -208K | -208K | -208K |
| EPS (Diluted) | -0.07 | -0.13 | -1.04 | -2.53 | -5.86 | -2.04 | -0.24 | -0.00 | 0.44 |
| EPS Growth % | 91.8% | 87.5% | 58.89% | 56.83% | -187.25% | -750% | - | -100.02% | - |
| EPS (Basic) | - | -0.13 | -1.04 | -2.53 | -5.86 | -2.04 | -0.24 | -0.00 | 0.33 |
| Diluted Shares Outstanding | 114.18M | 100.26M | 76.05M | 71.32M | 47.42M | 38.11M | 22.2M | 7.54M | 3.82M |
| Basic Shares Outstanding | 114.18M | 100.26M | 76.05M | 71.32M | 47.42M | 38.11M | 22.2M | 7.54M | 3.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High debt leverage exposure
As reported in financial statements, PLBY's revenue trajectory remains highly erratic, with quarterly growth rates swinging from a 125.4% expansion in 2025Q3 to a 58.1% contraction in 2025Q4, suggesting that the underlying business model lacks the predictable, recurring revenue base required for consistent long-term growth.
The extreme variance in top-line performance appears to be driven by the lumpiness of licensing renewals and the inherent volatility of the DTC segment. Investors should monitor whether the company can stabilize its revenue base, as the current fluctuations suggest a reliance on non-recurring events rather than sustainable organic demand.
Based on reported figures, the company maintains a robust gross margin profile, peaking at 76.0% in 2025Q3, yet this high-margin potential is consistently undermined by operating inefficiencies, as evidenced by the persistent negative operating margins observed throughout the majority of the last ten quarters.
The significant spread between gross and operating margins indicates that the cost of maintaining the brand's retail and digital infrastructure is currently too high relative to the gross profit generated. This suggests that the licensing-led business model is struggling to achieve the necessary scale to cover its fixed corporate overhead.
According to recent SEC filings, the company's inability to scale operating income alongside gross profit suggests a lack of operating leverage, with operating margins frequently dipping into double-digit negative territory, such as the -21.7% margin recorded in 2025Q1 despite a 68.6% gross margin.
The failure to convert high gross margins into positive operating income implies that SG&A expenses are not being managed with sufficient discipline. This trend warrants further investigation into whether the current cost structure is fundamentally misaligned with the company's revenue-generating capacity.
While the licensing segment is often touted as a high-margin engine, the historical income statement data suggests that the company's reliance on these royalties may be masking deeper operational weaknesses, as evidenced by the recurring net losses and the volatility in quarterly earnings performance.
Short-sellers would likely focus on the potential for impairment of the brand's intangible assets if licensing demand in key markets like China were to soften. The current financial narrative appears to hinge on the assumption that the brand's legacy value can indefinitely support the company's high-leverage capital structure.
Quick answers to the most common questions about buying PLBY stock.
For fiscal year 2025, Playboy, Inc. (PLBY) reported total revenue of $120.9M. This represents a 19.9% increase compared to $100.9M in 2018.
Playboy, Inc. (PLBY) reported a net loss of $12.7M for the fiscal year ending 2025.
Playboy, Inc. (PLBY) reported an operating income of $-5.9M, resulting in an operating profit margin of -4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Playboy, Inc. (PLBY) generated $85.9M in gross profit for the year, representing a gross profit margin of 71.0%. This demonstrates the company's core pricing power and production efficiency.