Revenue growth accelerated to 8.1% YoY in Q2 2026, but operating margin fell to 18.4% from 22.4% a year earlier as SG&A consumed 42% of revenue.
Playtika Holding Corp. (PLTK) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 2.83B | 2.76B | 2.55B | 2.57B | 2.62B | 2.58B | 2.37B | 1.89B | 1.49B |
| Revenue Growth % | 5.84% | 8.08% | -0.69% | -1.85% | 1.26% | 8.92% | 25.64% | 26.63% | - |
| Cost of Goods Sold | 750.4M | 758.5M | 692.1M | 718.5M | 735.7M | 729M | 712.2M | 566.3M | 437M |
| COGS % of Revenue | - | 27.53% | 27.15% | 27.99% | 28.13% | 28.22% | 30.03% | 30% | 29.32% |
| Gross Profit | 2.08B | 2B | 1.86B | 1.85B | 1.88B | 1.85B | 1.66B | 1.32B | 1.05B |
| Gross Margin % | 73.48% | 72.47% | 72.85% | 72.01% | 71.87% | 71.78% | 69.97% | 70% | 70.68% |
| Gross Profit Growth % | - | 7.52% | 0.47% | -1.67% | 1.39% | 11.73% | 25.58% | 25.4% | - |
| Operating Expenses | 2.06B | 2B | 1.47B | 1.35B | 1.41B | 1.29B | 1.27B | 823.9M | 621.1M |
| OpEx % of Revenue | - | 72.66% | 57.49% | 52.47% | 53.85% | 50.01% | 53.64% | 43.65% | 41.66% |
| Selling, General & Admin | 1.77B | 1.57B | 993.7M | 889.2M | 936.1M | 905.1M | 1B | 613.4M | 472.8M |
| SG&A % of Revenue | - | 56.94% | 38.98% | 34.64% | 35.79% | 35.04% | 42.3% | 32.5% | 31.72% |
| Research & Development | 402.8M | 426.7M | 403M | 406.4M | 472.3M | 386.7M | 268.9M | 210.5M | 148.3M |
| R&D % of Revenue | - | 15.49% | 15.81% | 15.83% | 18.06% | 14.97% | 11.34% | 11.15% | 9.95% |
| Other Operating Expenses | 500K | 6.4M | 68.9M | 51.3M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 19.7M | 1.3M | 391.6M | 501.6M | 471.4M | 562.2M | 387.2M | 497.4M | 432.6M |
| Operating Margin % | 0.7% | 0.05% | 15.36% | 19.54% | 18.02% | 21.77% | 16.33% | 26.35% | 29.02% |
| Operating Income Growth % | - | -99.67% | -21.93% | 6.41% | -16.15% | 45.2% | -22.16% | 14.98% | - |
| EBITDA | 393.4M | 236.1M | 557.3M | 659.6M | 633.4M | 707.7M | 506.4M | 570.4M | 470.3M |
| EBITDA Margin % | 13.91% | 8.57% | 21.86% | 25.7% | 24.22% | 27.4% | 21.35% | 30.22% | 31.55% |
| EBITDA Growth % | -26.92% | -57.64% | -15.51% | 4.14% | -10.5% | 39.75% | -11.22% | 21.28% | - |
| D&A (Non-Cash Add-back) | 373.7M | 234.8M | 165.7M | 158M | 162M | 145.5M | 119.2M | 73M | 37.7M |
| EBIT | -118.9M | -101.7M | 435.7M | 546.3M | 478.3M | 557.6M | 392.7M | 497.4M | 432.6M |
| Net Interest Income | -119.9M | -59.7M | -99.5M | -110.8M | -103.4M | -148.1M | -198.2M | -61.1M | -1.9M |
| Interest Income | 25.6M | 11.5M | 55.7M | 42.7M | 14.1M | 1.1M | 100K | 0 | 0 |
| Interest Expense | 145.5M | 71.2M | 155.2M | 153.5M | 117.5M | 149.2M | 198.3M | 61.1M | 1.9M |
| Other Income/Expense | -284.1M | -174.2M | -111.1M | -109.5M | -110.6M | -153.8M | -192.8M | -61.1M | -1.9M |
| Pretax Income | -264.4M | -172.9M | 280.5M | 392.1M | 360.8M | 408.4M | 194.4M | 436.3M | 430.7M |
| Pretax Margin % | -9.35% | -6.28% | 11% | 15.27% | 13.79% | 15.81% | 8.2% | 23.11% | 28.89% |
| Income Tax | 15.3M | 33.5M | 118.3M | 157.1M | 85.5M | 99.9M | 102.3M | 147.4M | 92.7M |
| Effective Tax Rate % | -5.79% | -19.38% | 42.17% | 40.07% | 23.7% | 24.46% | 52.62% | 33.78% | 21.52% |
| Net Income | -279.7M | -206.4M | 162.2M | 235M | 275.3M | 308.5M | 92.1M | 288.9M | 338M |
| Net Margin % | -9.89% | -7.49% | 6.36% | 9.15% | 10.53% | 11.94% | 3.88% | 15.31% | 22.67% |
| Net Income Growth % | -423.73% | -227.25% | -30.98% | -14.64% | -10.76% | 234.96% | -68.12% | -14.53% | - |
| Net Income (Continuing) | -279.7M | -206.4M | 162.2M | 235M | 275.3M | 308.5M | 92.1M | 288.9M | 338M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.73 | -0.55 | 0.44 | 0.64 | 0.69 | 0.75 | 0.24 | 0.71 | 0.83 |
| EPS Growth % | -410.64% | -225% | -31.25% | -7.25% | -8% | 212.5% | -66.2% | -14.46% | - |
| EPS (Basic) | - | -0.55 | 0.44 | 0.64 | 0.69 | 0.75 | 0.24 | 0.71 | 0.83 |
| Diluted Shares Outstanding | 382.2M | 376.4M | 372.1M | 366.8M | 401.6M | 411M | 384.7M | 409.59M | 409.59M |
| Basic Shares Outstanding | 380.6M | 376.4M | 371.8M | 366.3M | 401M | 408.9M | 384.7M | 409.59M | 409.59M |
| Dividend Payout Ratio | - | - | 68.74% | - | 219.22% | - | - | 818.93% | 118.34% |
Quick answers to the most common questions about buying PLTK stock.
For fiscal year 2025, Playtika Holding Corp. (PLTK) reported total revenue of $2.76B. This represents a 84.8% increase compared to $1.49B in 2018.
Playtika Holding Corp. (PLTK) reported a net loss of $206.4M for the fiscal year ending 2025.
Playtika Holding Corp. (PLTK) reported an operating income of $1.3M, resulting in an operating profit margin of 0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Playtika Holding Corp. (PLTK) generated $2.00B in gross profit for the year, representing a gross profit margin of 72.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from high SG&A
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates After Slump
Playtika's revenue growth accelerated to 8.1% YoY in Q2 2026, up from 5.0% in the prior quarter, according to the latest financial statements, suggesting renewed momentum in its live-service portfolio.
The 8.1% YoY growth in Q2 2026 marks a clear acceleration from the 5.0% in Q1 2026 and the 4.4% in Q4 2025, indicating that the company's focus on player retention is translating into top-line expansion. This uptick appears driven by organic engagement rather than M&A, as no major acquisitions were disclosed in the period. However, the growth rate remains below the double-digit levels seen in mid-2025, suggesting the acceleration may be a recovery rather than a new high-growth phase.
Gross Margin Stability Masks Profitability Erosion
Gross margin held steady at 73.6% in Q2 2026, per reported figures, but operating margin collapsed to 18.4% from 22.4% a year earlier, highlighting that cost pressures are concentrated below the gross line.
The stability of gross margin around 72-74% across the past ten quarters indicates that platform fees and direct costs are well-controlled, consistent with the company's data-driven optimization. However, the operating margin of 18.4% in Q2 2026, while recovering from the negative prints in Q4 2025, remains below the 22.4% achieved in Q2 2024. This suggests that the company is either investing heavily in user acquisition or facing structural cost inflation in SG&A, which warrants close monitoring.
Operating Leverage Reverses as SG&A Swells
Operating income scaled at only 0.25x the growth in gross profit in Q2 2026, based on reported data, as SG&A surged to $306.7M, indicating that overhead is consuming the benefits of revenue growth.
In Q2 2026, gross profit grew by $38M YoY, but operating income actually declined by $24.9M, implying negative operating leverage. The SG&A line, which includes user acquisition and corporate overhead, jumped from $275.6M in Q2 2025 to $306.7M, a 11.3% increase that outpaced the 5.0% revenue growth. This suggests that the company is spending more to achieve incremental revenue, which may reflect rising customer acquisition costs in a competitive mobile gaming market.
Earnings Quality Clouded by One-Time Charges
Net income swung to a $309.3M loss in Q4 2025, per financial statements, driven by a $658.8M SG&A charge, likely an impairment, which distorts the underlying earnings power of the business.
The Q4 2025 SG&A expense of $658.8M is nearly triple the typical quarterly level, indicating a significant non-recurring charge, possibly related to asset impairments or restructuring. Excluding this anomaly, the company's net income would have been positive, as seen in other quarters. Investors should adjust for such items to assess normalized profitability, but the recurrence of negative quarters (Q1 2026 and Q4 2024) suggests that earnings quality may be volatile.
SG&A Dominates Cost Structure, R&D Stable
SG&A accounted for 42% of revenue in Q2 2026, according to the income statement, while R&D remained at 13%, indicating that marketing and overhead are the primary levers for margin recovery.
The cost structure is heavily weighted toward SG&A, which includes user acquisition and corporate expenses, and its volatility is the main driver of operating margin swings. R&D spending has been relatively stable at around $96-114M per quarter, suggesting a consistent investment in game development and platform enhancements. The spike in SG&A in Q4 2025 and Q1 2026 (to $658.8M and $504.1M, respectively) appears to be the primary cause of the margin collapse, and management's ability to control these costs will be critical for profitability.
Margin Recovery May Be Elusive
Despite revenue growth, operating margin in Q2 2026 at 18.4% remains below the 22.4% seen two years ago, based on reported data, suggesting that cost pressures are not fully abating.
Short-sellers could argue that the company's reliance on user acquisition spending to drive growth is unsustainable, especially as privacy changes increase customer acquisition costs. The negative net income in Q4 2025 and Q1 2026, even if partly due to one-time charges, indicates that the business model is vulnerable to cost inflation. Furthermore, the high cash balance of $684M may be a buffer, but it also suggests that the company is not generating sufficient internal cash flow to fund growth without drawing down reserves.