Playboy, Inc.PLBY
Playboy, Inc. Revenue Disclosure
Revenue Recognition
Contract Balances
Our contract assets relate to our trademark licensing revenue stream where arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract liabilities are classified as deferred revenue in the consolidated balance sheets as of December 31, 2025 and 2024.
The following table summarizes our contract assets and certain contract liabilities (in thousands):
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Accounts receivable, net | $ | 4,120 | $ | 7,271 | $ | 7,496 | |||||||||||
Contract Balances: | |||||||||||||||||
| Contract assets, current portion | $ | 1,733 | $ | 1,531 | $ | 1,547 | |||||||||||
| Contract assets, net of current portion | 7,467 | 7,848 | 8,716 | ||||||||||||||
| Contract liabilities, current portion | (11,015) | (9,693) | (9,205) | ||||||||||||||
| Contract liabilities, net of current portion | (14,252) | (5,762) | (4,641) | ||||||||||||||
| Contract liabilities, net | $ | (16,067) | $ | (6,076) | $ | (3,583) | |||||||||||
The following table provides a roll-forward of our netted contract assets and contract liabilities (in thousands):
| Contract Liabilities, Net | |||||
| Balance at December 31, 2023 | $ | (3,583) | |||
| Revenues recognized that were included in gross contract liabilities at December 31, 2023 | 25,977 | ||||
| Contract assets reclassified to accounts receivable in 2024 | (25,111) | ||||
| Cash received in advance since prior year and remained in net contract liabilities at December 31, 2024 | (3,936) | ||||
| Billed but unearned revenue that remained in net contract liabilities at December 31, 2024 | (110) | ||||
| Contract impairments, modifications and terminations in 2024 | 687 | ||||
| Balance at December 31, 2024 | $ | (6,076) | |||
| Revenues recognized that were included in gross contract liabilities at December 31, 2024 | 27,580 | ||||
| Contract assets reclassified to accounts receivable in 2025 | (20,259) | ||||
| Cash received in advance since prior year and remained in net contract liabilities at December 31, 2025 | (17,552) | ||||
| Contract modifications and terminations in 2025 | 240 | ||||
| Balance at December 31, 2025 | $ | (16,067) | |||
Future Performance Obligations
As of December 31, 2025, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $348.1 million, of which $343.1 million related to trademark licensing, including minimum guaranteed royalties from licensed digital operations per the LMA, $2.4 million pertained to December 31, 2024 deferred revenue balances from our legacy digital subscriptions and products operations and $2.6 million related to direct-to-consumer products.
Unrecognized revenue of the trademark licensing revenue stream will be recognized over the next 14 years, of which 47% will be recognized in the first five years. Such unrecognized revenue does not include variable consideration determined based on the customer’s subsequent sale or usage. Unrecognized revenue of the digital subscriptions and products revenue stream, which pertains to related deferred revenue balances as of December 31, 2024, will be recognized over the next four years, of which 52% will be recognized in the first year.
Disaggregation of Revenue
The following table disaggregates revenue by type (in thousands):
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Licensing | Direct-to- Consumer | Corporate | Other | Total | |||||||||||||||||||||||||
| Consumer products | $ | — | $ | 70,854 | $ | 118 | $ | — | $ | 70,972 | |||||||||||||||||||
| Trademark licensing | 46,406 | — | — | — | 46,406 | ||||||||||||||||||||||||
| Digital subscriptions and products | — | — | 961 | 2,353 | 3,314 | ||||||||||||||||||||||||
| Events and sponsorships | — | — | 236 | — | 236 | ||||||||||||||||||||||||
| Total revenues | $ | 46,406 | $ | 70,854 | $ | 1,315 | $ | 2,353 | $ | 120,928 | |||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Licensing | Direct-to- Consumer | Corporate | Other | Total | |||||||||||||||||||||||||
| Consumer products | $ | — | $ | 69,729 | $ | — | $ | — | $ | 69,729 | |||||||||||||||||||
| Trademark licensing | 24,802 | — | — | — | 24,802 | ||||||||||||||||||||||||
| Digital subscriptions and products | — | — | 264 | 14,154 | 14,418 | ||||||||||||||||||||||||
| Events and sponsorships | — | — | 398 | — | 398 | ||||||||||||||||||||||||
| TV and cable programming | — | — | — | 6,788 | 6,788 | ||||||||||||||||||||||||
| Total revenues | $ | 24,802 | $ | 69,729 | $ | 662 | $ | 20,942 | $ | 116,135 | |||||||||||||||||||
The following table disaggregates revenue by point in time versus over time (in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Point in time | $ | 71,956 | $ | 76,150 | |||||||
| Over time | 48,972 | 39,985 | |||||||||
| Total revenues | $ | 120,928 | $ | 116,135 | |||||||
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 Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.