Playboy, Inc.PLBY
Playboy, Inc. Segments Disclosure
Segments
As of January 1, 2025, our digital subscriptions and content operations transitioned into a licensing model in conjunction with the LMA. As a result, our previously reported Digital Subscriptions and Content operating and reportable segment was eliminated as of January 1, 2025. As of December 31, 2025, we had two reportable segments: Direct-to-Consumer and Licensing. The Direct-to-Consumer segment derives revenue from sales of consumer products sold directly to customers online or at brick-and-mortar stores through our lingerie business, Honey Birdette, with 51 stores in three countries as of December 31, 2025. The Licensing segment derives revenue from trademark licenses for third-party consumer products and location-based entertainment businesses, and starting January 1, 2025, minimum guaranteed royalties from licensing certain intellectual property and operation of our Playboy Plus, Playboy TV (online and linear) and Playboy Club digital businesses to Byborg pursuant to the LMA.
The prior year comparative period has been recast to include previously reported digital subscriptions and content operations in “All Other”. The “All Other” column in the prior year comparative period table below derived revenue from the subscription of Playboy programming that was distributed through various channels, including websites and domestic and international television, as well as sales of creator content offerings and memberships to consumers through the Playboy Club platform. The “All Other” column for the year ended December 31, 2025 includes amortization of deferred revenue balances related to the previously reported digital subscriptions and content operations that existed as of December 31, 2024 (prior to the LMA effective date of January 1, 2025), the write-off of certain previously capitalized content expenses and transition expenses incurred pursuant to the TSA.
Revenues and expenses associated with Playboy magazine, events and sponsorships, which were previously included in the Digital Subscriptions and Content segment, were not allocated to segments for the year ended December 31, 2025 due to the realignment of the presentation of such revenues and expenses in the financial information our Chief Operating Decision Maker (“CODM”) reviews. Such revenues and expenses were instead presented in our corporate revenue and expense allocations as activities associated with brand marketing and awareness. Our prior year comparative period segment reporting recast such revenues and expenses to conform to our current period segment presentation for comparative purposes. In the first, second and third quarters of 2024, there were no business activities related to Playboy magazine, events and sponsorships.
Our Chief Executive Officer is our CODM. Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. Consolidated operating (loss) income is the measure of segment operating (loss) profit most consistent with GAAP that is regularly reviewed by our CODM. Total asset information is not included in the tables below as it is not provided to and reviewed by our CODM. The “All Other” columns in the tables below primarily include previously reported digital subscriptions and content operations as described above. These operations are no longer reviewed by our CODM due to their transition into a licensing model pursuant to the LMA. The “Corporate” line item in the tables below includes operating revenues associated with Playboy magazine, events and sponsorships and expenses that are not allocated to the reportable segments presented to our CODM. These expenses include legal, human resources, information technology and facilities, accounting/finance and brand marketing costs. Expenses associated with Playboy magazine, events and sponsorships are included in brand marketing costs. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.
The following table sets forth financial information by reportable segment and attributable to corporate and certain other activities (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Direct-to-Consumer | Licensing | Corporate | All Other (3) | Total | |||||||||||||||||||||||||
| Net revenues | $ | 70,854 | $ | 46,406 | $ | 1,315 | $ | 2,353 | $ | 120,928 | |||||||||||||||||||
Cost of sales (1) | (28,461) | (4,536) | (128) | (1,952) | (35,077) | ||||||||||||||||||||||||
| Gross profit | 42,393 | 41,870 | 1,187 | 401 | 85,851 | ||||||||||||||||||||||||
| Personnel | (18,595) | (3,538) | (19,820) | (3,308) | (45,261) | ||||||||||||||||||||||||
| Rent | (7,063) | (12) | (1,389) | — | (8,464) | ||||||||||||||||||||||||
| Marketing | (6,143) | (144) | (2,132) | (34) | (8,453) | ||||||||||||||||||||||||
Other segment items(2) | (10,298) | (6,354) | (13,498) | (1,551) | (31,701) | ||||||||||||||||||||||||
| Operating income (loss) | 294 | 31,822 | (35,652) | (4,492) | (8,028) | ||||||||||||||||||||||||
| Interest expense | (8,225) | ||||||||||||||||||||||||||||
| Other nonoperating expense, net | 2,355 | ||||||||||||||||||||||||||||
| Loss before income taxes | $ | (13,898) | |||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Direct-to-Consumer | Licensing | Corporate | All Other | Total | |||||||||||||||||||||||||
| Net revenues | $ | 69,729 | $ | 24,802 | $ | 662 | $ | 20,942 | $ | 116,135 | |||||||||||||||||||
Cost of sales (1) | (30,345) | (2,310) | — | (9,125) | (41,780) | ||||||||||||||||||||||||
| Gross profit | 39,384 | 22,492 | 662 | 11,817 | 74,355 | ||||||||||||||||||||||||
| Personnel | (16,996) | (2,093) | (16,255) | (12,698) | (48,042) | ||||||||||||||||||||||||
| Rent | (7,238) | — | (2,645) | (28) | (9,911) | ||||||||||||||||||||||||
| Marketing | (6,118) | (138) | (759) | (501) | (7,516) | ||||||||||||||||||||||||
Other segment items(2) | (11,318) | (5,615) | (16,151) | (26,640) | (59,724) | ||||||||||||||||||||||||
| Operating (loss) income | (2,286) | 14,646 | (35,148) | (28,050) | (50,838) | ||||||||||||||||||||||||
| Interest expense | (23,689) | ||||||||||||||||||||||||||||
| Other nonoperating expense, net | (1,722) | ||||||||||||||||||||||||||||
| Loss before income taxes | $ | (76,249) | |||||||||||||||||||||||||||
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of rent for the years ended December 31, 2025 and 2024. | |||||||||||||||||||||||||||||
(2) Includes intercompany expense allocations from our Corporate segment to our Direct-to-Consumer segment of $3.9 million and $3.7 million for the year ended December 31, 2025 and 2024, respectively, that eliminate upon consolidation. | |||||||||||||||||||||||||||||
(3) For the year ended December 31, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we are responsible for during the transition period pursuant to the TSA, reached the $5.0 million threshold, with $1.7 million recorded as cost of sales and $3.3 million recorded as selling and administrative expenses in our consolidated statements of operations for the year ended December 31, 2025. | |||||||||||||||||||||||||||||
Other segment items for the years ended December 31, 2025 and 2024 were primarily comprised of the following:
Direct-to-Consumer: outside consulting and legal fees, as well as technology and equipment expenses.
Licensing: expenses that were attributable to our China joint venture, outside consulting expenses and legal fees.
Corporate: outside consulting expenses, rent expense, insurance expense, and audit and tax fees for the years ended December 31, 2025 and 2024, as well as non-cash impairment charges of $0.5 million and $3.8 million on our artwork held for sale and $1.5 million and $0.6 million on our corporate leases during the years ended December 31, 2025 and 2024, respectively.
All Other: outside consulting expenses for the years ended December 31, 2025 and 2024, as well as non-cash impairment charges of $17.0 million on our goodwill and $4.7 million related to our internally developed software during the year ended December 31, 2024.
The following table sets forth financial information by reportable segment (in thousands):
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Depreciation and amortization: | |||||||||||
| Direct-to-Consumer | $ | (2,329) | $ | (3,583) | |||||||
| Digital Subscriptions and Content | — | (2,705) | |||||||||
| Corporate | (709) | (719) | |||||||||
| Total | $ | (3,038) | $ | (7,007) | |||||||
Refer to Note 7, Intangible Assets and Goodwill, for details on goodwill by reportable segment.
Geographic Information
Revenue by geography is based on where the customer is located. Long-lived assets, net includes property and equipment, net and operating lease right-of-use assets. The following tables set forth revenue and long-lived assets, net by geographic area (in thousands):
Year Ended December 31, | |||||||||||
| Net revenues: | 2025 | 2024 | |||||||||
| United States | $ | 40,160 | $ | 55,926 | |||||||
| Australia | 29,158 | 31,274 | |||||||||
| Luxembourg | 20,000 | — | |||||||||
| China | 12,632 | 11,041 | |||||||||
| United Kingdom | 12,228 | 10,015 | |||||||||
| Other | 6,750 | 7,879 | |||||||||
| Total | $ | 120,928 | $ | 116,135 | |||||||
| December 31, | |||||||||||
| Long-lived assets: | 2025 | 2024 | |||||||||
| United States | $ | 11,376 | $ | 18,025 | |||||||
| Australia | 8,732 | 6,044 | |||||||||
| Other | 138 | 270 | |||||||||
| Total | $ | 20,246 | $ | 24,339 | |||||||
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.