Playboy, Inc. Goodwill & Intangibles Disclosure
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Digital assets, net | $ | 2 | $ | 5 | |||||||
| Total amortizable intangible assets, net | 9,565 | 10,316 | |||||||||
| Total indefinite-lived intangible assets | 146,315 | 145,652 | |||||||||
| Total | $ | 155,882 | $ | 155,973 | |||||||
| Weighted- Average Life (Years) | Gross Carrying Amount | Accumulated Amortization | Accumulated Impairments | Net Carrying Amount | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Trade names | 12 | $ | 71,124 | $ | (10,775) | $ | (50,825) | $ | 9,524 | ||||||||||||||||||||
| Distribution agreements | 15 | 3,720 | (3,679) | — | 41 | ||||||||||||||||||||||||
| Total | $ | 74,844 | $ | (14,454) | $ | (50,825) | $ | 9,565 | |||||||||||||||||||||
| Weighted- Average Life (Years) | Gross Carrying Amount | Accumulated Amortization | Accumulated Impairments | Net Carrying Amount | |||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Trade names | 12 | $ | 69,709 | $ | (8,857) | $ | (50,825) | $ | 10,027 | ||||||||||||||||||||
| Distribution agreements | 15 | 3,720 | (3,431) | — | 289 | ||||||||||||||||||||||||
| Total | $ | 73,429 | $ | (12,288) | $ | (50,825) | $ | 10,316 | |||||||||||||||||||||
| 2026 | $ | 1,270 | |||
| 2027 | 1,229 | ||||
| 2028 | 1,229 | ||||
| 2029 | 1,229 | ||||
| 2030 | 1,229 | ||||
| Thereafter | 3,379 | ||||
| Total | $ | 9,565 | |||
| Gross Goodwill | Impairments | Net Goodwill | |||||||||||||||
| Balance at December 31, 2023 | $ | 238,999 | $ | (184,100) | $ | 54,899 | |||||||||||
| Foreign currency translation adjustment in relation to Honey Birdette | (1,876) | — | (1,876) | ||||||||||||||
| Impairments | — | (17,016) | (17,016) | ||||||||||||||
| Balance at December 31, 2024 | $ | 237,123 | $ | (201,116) | $ | 36,007 | |||||||||||
| Foreign currency translation adjustment in relation to Honey Birdette | 1,460 | — | 1,460 | ||||||||||||||
| Balance at December 31, 2025 | $ | 238,583 | $ | (201,116) | $ | 37,467 | |||||||||||
| Direct-to-Consumer | Licensing | Digital Subscriptions and Content | |||||||||||||||
| Balance at December 31, 2024 | $ | 19,923 | $ | — | $ | 16,084 | |||||||||||
| Reclassification to reflect segment restructuring | — | 16,084 | (16,084) | ||||||||||||||
| Foreign currency translation and other adjustments | 1,460 | — | — | ||||||||||||||
| Balance at December 31, 2025 | $ | 21,383 | $ | 16,084 | $ | — | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 16, 2022 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.