Playtika Holding Corp. Reports Q3 2025 Financial Results

Rhea-AI Summary

Playtika (NASDAQ: PLTK) reported Q3 2025 results for the quarter ended September 30, 2025.

Key figures: Revenue $674.6M (down 3.1% sequentially, up 8.7% YoY); DTC revenue $209.3M (record; +19.0% sequential, +20.0% YoY); Adjusted EBITDA $217.5M (+30.2% sequential, +10.3% YoY); GAAP net income $39.1M; cash, cash equivalents and short-term investments $640.8M. Board declared a $0.10 per share quarterly cash dividend payable Jan 9, 2026 (record date Dec 26, 2025). Company reaffirmed 2025 guidance: revenue $2.70–2.75B and Adjusted EBITDA $715–740M.

Positive

• Revenue $674.6M, +8.7% year-over-year
• Record DTC revenue $209.3M, +20.0% year-over-year
• Adjusted EBITDA $217.5M, +10.3% year-over-year
• Cash and short-term investments $640.8M at quarter-end
• Quarterly dividend $0.10 per share declared

Negative

• Revenue down 3.1% sequentially versus prior quarter
• Slotomania revenue down 46.7% year-over-year
• Average Daily Paying Users decreased 6.3% sequentially
• Long-term debt $2.38B on the balance sheet

Insights

Mobile gaming financial analyst

Playtika reports YoY revenue and adjusted EBITDA growth, record DTC revenue, and a quarterly dividend; some flagship titles softened.

Playtika generated $674.6 million in revenue, up 8.7% year over year, with record Direct‑to‑Consumer revenue of $209.3 million (up 20.0% YoY). Adjusted EBITDA rose to $217.5 million, a 10.3% YoY increase, and Adjusted Net Income improved to $65.8 million. The company declared a cash dividend of $0.10 per share payable on January 9, 2026.

The operating model shows clearer monetization via a higher DTC mix and improved payer conversion (4.3%), which supported margin expansion despite mixed title performance. Key dependencies and risks disclosed include reliance on a few top games and third‑party distribution platforms, material indebtedness and covenant items tied to a revolving facility extension, and title‑level variability—e.g., Slotomania declined 46.7% YoY while Bingo Blitz and DTC platforms grew.

Watch near term for progress on the revolving credit facility extension and any updates on covenants before March 2026, the cadence of marketing step‑down versus growth in DTC revenue, and title performance in the next quarter (ARPDAU and Average DPUs). These items will clarify whether margin gains sustain through the remainder of fiscal 2025 and into the guidance range of $2.70–$2.75 billion revenue and Adjusted EBITDA of $715–$740 million.

Revenue of $674.6 million and Direct-to-Consumer (“DTC”) Revenue of $209.3 million
Revenue Decreased (3.1)% Sequentially and Increased 8.7% Year Over Year
DTC Platforms Revenue Increased 19.0% Sequentially and 20.0% Year Over Year

HERZLIYA, Israel, Nov. 06, 2025 (GLOBE NEWSWIRE) --  Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its third quarter for the period ending September 30, 2025.

Financial Highlights

• Revenue of $674.6 million decreased (3.1)% sequentially and increased 8.7% year over year.
• Record DTC platforms revenue of $209.3 million increased 19.0% sequentially and 20.0% year over year.
• GAAP Net Income of $39.1 million increased 17.8% sequentially and decreased (0.5)% year over year.
• Adjusted Net Income of $65.8 million increased 912.3% sequentially and 16.3% year over year.
• Adjusted EBITDA of $217.5 million increased 30.2% sequentially and 10.3% year over year.
• Cash, cash equivalents, and short-term investments totaled $640.8 million as of September 30, 2025.

“As we close 2025, Playtika continues to execute with focus and discipline,” said Robert Antokol, Chief Executive Officer. “We delivered another record in direct-to-consumer revenue, with broad-based contribution from Bingo Blitz, June’s Journey, Solitaire Grand Harvest, and our SuperPlay portfolio. Our strategy to deepen player relationships, grow DTC mix, and reallocate resources toward highest return opportunities is strengthening our portfolio and positioning us to enhance long-term cash generation.”

“Our third-quarter results highlight the leverage in our model,” said Craig Abrahams, President and Chief Financial Officer.  “A growing direct-to-consumer mix is protecting margins, and SuperPlay’s strong performance validates our acquisition strategy.  We are investing with discipline in our pipeline and platform capabilities while executing a planed step-down in marketing, and we remain on track to finish the year within our guidance.”

Selected Operational Metrics and Business Highlights

• Average Daily Paying Users of 354K decreased (6.3)% sequentially and increased 17.6% year over year.
• Average Payer Conversion of 4.3%, up from 4.0% in Q3 2024 and consistent with Q2 2025 conversion.
• Bingo Blitz revenue of $162.6 million increased 1.5% sequentially and 1.7% year over year.
• Slotomania revenue of $68.5 million decreased (20.8)% sequentially and (46.7)% year over year.
• June’s Journey revenue of $68.3 million decreased (1.2)% sequentially and (2.7)% year over year.
• All-time high in DTC platforms revenue. Sequential and year over year growth across majority of titles.

Playtika Announces Quarterly Dividend

Playtika’s Board of Directors declared a cash dividend of $0.10 per share of our outstanding common stock, payable on January 9, 2026 to stockholders of record as of the close of business on December 26, 2025. Future dividends are subject to market conditions and approval by our Board of Directors.

Financial Outlook

We are reaffirming our guidance of revenue between $2.70 and $2.75 billion and maintaining our Adjusted EBITDA between $715 and $740 million.

Conference Call

Playtika management will host a conference call at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) today to discuss the company’s results. The conference call can be accessed via a webcast accessible at investors.playtika.com. A replay of the call will be available through the website one hour following the call and will be archived for one year.

Summary Operating Results of Playtika Holding Corp.

	Three months ended September 30,								Nine months ended September 30,
(in millions, except percentages, Average DPUs, and ARPDAU)		2025				2024				2025				2024
Revenues	$	674.6			$	620.8			$	2,076.6			$	1,899.0
Total costs and expenses	$	576.2			$	523.3			$	1,800.7			$	1,562.7
Operating income	$	98.4			$	97.5			$	275.9			$	336.3
Net income	$	39.1			$	39.3			$	102.9			$	178.9
Adjusted EBITDA	$	217.5			$	197.2			$	551.8			$	573.8
Net income margin		5.8	%			6.3	%			5.0	%			9.4	%
Adjusted EBITDA margin		32.2	%			31.8	%			26.6	%			30.2	%
Non-financial performance metrics
Average DAUs		8.2				7.6				8.7				8.1
Average DPUs (in thousands)		354				301				374				303
Average Daily Payer Conversion		4.3	%			4.0	%			4.3	%			3.7	%
ARPDAU	$	0.89			$	0.89			$	0.88			$	0.85
Average MAUs		26.4				26.4				29.4				29.0

About Playtika Holding Corp.

Playtika (NASDAQ: PLTK) is a mobile gaming entertainment and technology market leader with a portfolio of multiple game titles. Founded in 2010, Playtika was among the first to offer free-to-play social games on social networks and, shortly after, on mobile platforms. Headquartered in Herzliya, Israel, and guided by a mission to entertain the world through infinite ways to play, Playtika has employees across offices worldwide.

Forward Looking Information

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this press release, including statements regarding our business strategy, plans and our objectives for future operations, are forward-looking statements. Further, statements that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “intent,” “may,” “might,” “potential,” “present,” “preserve,” “project,” “pursue,” “should,” “will,” or “would,” or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties and assumptions, including, but not limited to, the risks and uncertainties discussed in our filings with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment and industry. As a result, it is not possible for our management to assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated, predicted or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include without limitation:

• actions of our majority shareholder or other third parties that influence us;
• our reliance on third-party platforms, such as the iOS App Store and Google Play Store, to distribute our games and collect revenues, and the risk that such platforms may adversely change their policies;
• our reliance on a limited number of games to generate the majority of our revenue;
• our reliance on a small percentage of total users to generate a majority of our revenue;
• our free-to-play business model, and the value of virtual items sold in our games, is highly dependent on how we manage the game revenues and pricing models;
• our inability to integrate SuperPlay into our operations successfully or realize the anticipated benefits of this acquisition, along with our inability to identify acquisition targets that fit our strategy or complete acquisitions and integrate any acquired businesses successfully, could limit our growth, disrupt our plans and operations, or impact the amount of capital allocated to mergers and acquisitions;
• our ability to compete in a highly competitive industry with low barriers to entry;
• our ability to retain existing players, attract new players and increase the monetization of our player base;
• our ability to develop and/or launch new products and content or otherwise execute against our product roadmap strategy;
• we have significant indebtedness and are subject to the obligations and restrictive covenants under our debt instruments;
• our inability to obtain additional financing on favorable terms or at all;
• the extension of the maturity date of our senior secured revolving credit facility from March 2026 to September 2027 remains subject to the satisfaction of certain conditions, including a regulatory approval in China, and a failure to satisfy such conditions could result in the termination of our revolving credit facility in March 2026;
• our controlled company status;
• legal or regulatory restrictions or proceedings could adversely impact our business and limit the growth of our operations;
• risks related to our international operations and ownership, including our significant operations in Israel and Ukraine and the fact that our controlling stockholder is a Chinese-owned company;
• geopolitical events such as the Wars in Israel and Ukraine;
• our reliance on key personnel;
• market conditions or other factors affecting the payment of dividends, including the decision whether or not to pay a dividend;
• uncertainties regarding the amount and timing of repurchases under our stock repurchase program;
• security breaches or other disruptions could compromise our information or our players’ information and expose us to liability; and
• our inability to protect our intellectual property and proprietary information could adversely impact our business.

PLAYTIKA HOLDING CORP. CONSOLIDATED BALANCE SHEETS (In millions, except par value)
	September 30,				December 31,
		2025				2024
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	587.9			$	565.8
Short-term investments		52.9				—
Restricted cash		1.5				1.9
Accounts receivable		168.0				187.6
Prepaid expenses and other current assets		182.9				117.5
Total current assets		993.2				872.8
Property and equipment, net		105.2				115.4
Operating lease right-of-use assets		131.2				89.9
Intangible assets other than goodwill, net		453.0				562.2
Goodwill		1,706.3				1,692.3
Deferred tax assets, net		117.1				119.0
Investments in unconsolidated entities		21.1				20.6
Other non-current assets		161.3				167.0
Total assets	$	3,688.4			$	3,639.2
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Current maturities of long-term debt	$	10.8			$	11.6
Accounts payable		56.6				58.6
Operating lease liabilities, current		24.4				25.7
Accrued expenses and other current liabilities		611.3				463.0
Total current liabilities		703.1				558.9
Long-term debt		2,381.0				2,388.5
Contingent consideration		130.0				354.6
Other long-term liabilities		419.2				372.2
Operating lease liabilities, long-term		123.2				71.4
Deferred tax liabilities		6.7				24.7
Total liabilities		3,763.2				3,770.3
Commitments and contingencies
Stockholders' equity (deficit)
Common stock of $0.01 par value; 1,600.0 shares authorized; 376.5 and 375.3 shares outstanding at September 30, 2025 and December 31, 2024, respectively		4.1				4.1
Treasury stock at cost (51.8 shares at both September 30, 2025 and December 31, 2024)		(603.5	)			(603.5	)
Additional paid-in capital		1,409.9				1,362.7
Accumulated other comprehensive income		18.8				(0.2	)
Accumulated deficit		(904.1	)			(894.2	)
Total stockholders' deficit		(74.8	)			(131.1	)
Total liabilities and stockholders’ deficit	$	3,688.4			$	3,639.2

PLAYTIKA HOLDING CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except for per share data) (Unaudited)
	Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Revenues	$	674.6			$	620.8			$	2,076.6			$	1,899.0
Costs and expenses
Cost of revenue		178.4				168.1				571.6				513.3
Research and development		98.8				99.2				317.1				306.7
Sales and marketing		206.3				149.9				735.8				509.7
General and administrative		91.2				76.8				174.3				196.7
Impairment charges		1.5				29.3				1.9				36.3
Total costs and expenses		576.2				523.3				1,800.7				1,562.7
Income from operations		98.4				97.5				275.9				336.3
Interest and other, net		40.3				33.8				131.6				77.4
Income before income taxes		58.1				63.7				144.3				258.9
Provision for income taxes		19.0				24.4				41.4				80.0
Net income		39.1				39.3				102.9				178.9
Other comprehensive income (loss)
Foreign currency translation		0.4				7.4				23.1				1.9
Change in fair value of derivatives		(5.2	)			(17.9	)			(4.1	)			(15.5	)
Total other comprehensive income (loss)		(4.8	)			(10.5	)			19.0				(13.6	)
Comprehensive income	$	34.3			$	28.8			$	121.9			$	165.3
Net income per share attributable to common stockholders, basic	$	0.11			$	0.11			$	0.28			$	0.48
Net income per share attributable to common stockholders, diluted	$	0.11			$	0.11			$	0.28			$	0.48
Weighted-average shares used in computing net income per share attributable to common stockholders, basic		367.9				372.2				372.9				371.4
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted		368.2				372.5				373.1				371.7

PLAYTIKA HOLDING CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
	Nine months ended September 30,
		2025				2024
Cash flows from operating activities	$	281.8			$	337.0
Cash flows from investing activities
Purchase of property and equipment		(25.6	)			(28.1	)
Capitalization of internal use software costs		(21.0	)			(25.1	)
Purchase of software for internal use		(17.3	)			(15.5	)
Purchase of short-term investments		(200.6	)			(256.5	)
Proceeds from short-term investments		148.1				200.7
Other investing activities		0.6				(1.0	)
Net cash used in investing activities		(115.8	)			(125.5	)
Cash flows from financing activities
Dividend paid		(112.5	)			(74.3	)
Repayments on bank borrowings		(14.3	)			(19.0	)
Payment for share buyback		(16.1	)			—
Payment of tax withholdings on stock-based payments		(2.3	)			(2.1	)
Net cashout flow for business acquisitions		—				(0.7	)
Net cash used in financing activities		(145.2	)			(96.1	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		0.9				0.3
Net change in cash, cash equivalents and restricted cash		21.7				115.7
Cash, cash equivalents and restricted cash at the beginning of the period		567.7				1,031.7
Cash, cash equivalents and restricted cash at the end of the period	$	589.4			$	1,147.4

CALCULATION OF FREE CASH FLOW (In millions)
	Nine months ended September 30,
		2025				2024
Cash flows from operating activities	$	281.8			$	337.0
Purchase of property and equipment		(25.6	)			(28.1	)
Capitalization of internal use software costs		(21.0	)			(25.1	)
Purchase of software for internal use		(17.3	)			(15.5	)
Free Cash Flow	$	217.9			$	268.3

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures and should not be construed as an alternative to net income as an indicator of operating performance, nor as an alternative to cash flow provided by operating activities as a measure of liquidity, or any other performance measure in each case as determined in accordance with GAAP.

Our Credit Agreement defines Adjusted EBITDA as net income before (i) interest expense, (ii) interest income, (iii) provision for income taxes, (iv) depreciation and amortization expense, (v) impairment charges, (vi) stock-based compensation, (vii) contingent consideration, (viii) acquisition and related expenses, and (ix) certain other items. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues.

We define Adjusted Net Income as net income before (i) impairment charges, and (ii) contingent consideration.

Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income as calculated herein may not be comparable to similarly titled measures reported by other companies within the industry and are not determined in accordance with GAAP. Our presentation of Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income should not be construed as an inference that our future results will be unaffected by unusual or unexpected items.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(In millions)

The following table sets forth a reconciliation of Adjusted EBITDA to net income, the closest GAAP financial measure:

	Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Net income	$	39.1			$	39.3			$	102.9			$	178.9
Provision for income taxes		19.0				24.4				41.4				80.0
Interest expense and other, net		40.3				33.8				131.6				77.4
Depreciation and amortization		59.3				39.2				179.5				117.1
EBITDA		157.7				136.7				455.4				453.4
Stock-based compensation(1)		21.8				23.6				64.8				70.2
Impairment charge		1.5				29.3				1.9				36.3
Changes in estimated value of contingent consideration		30.8				(2.4	)			4.7				(15.8	)
Acquisition and related expenses(2)		5.3				7.0				15.4				9.7
Other items(3)		0.4				3.0				9.6				20.0
Adjusted EBITDA	$	217.5			$	197.2			$	551.8			$	573.8
Net income margin		5.8	%			6.3	%			5.0	%			9.4	%
Adjusted EBITDA margin		32.2	%			31.8	%			26.6	%			30.2	%

⁽¹⁾ Reflects stock-based compensation expense related to the issuance of equity awards to our employees and Directors.
⁽²⁾ Includes costs incurred to evaluate and pursue acquisition activities as well as costs incurred by the Company in connection with the evaluation of strategic alternatives.
⁽³⁾ Amounts for the three and nine months ended September 30, 2025 consists of $1.3 million and $9.8 million, respectively, incurred by the Company related to restructuring activities and $1.1 million of reimbursement of a tax assessment paid under protest in 2023.
Amounts for the three and nine months ended September 30, 2024 consist primarily of $2.0 million and $16.7 million, respectively, incurred by the Company for severance. The amount for the nine months ended September 30, 2024 also includes $6.2 million incurred by the Company related to restructuring.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
(In millions)

The following table sets forth a reconciliation of Adjusted Net Income to net income, the closest GAAP financial measure:

	Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Net income	$	39.1			$	39.3			$	102.9			$	178.9
Impairment charge		1.5				29.3				1.9				36.3
Changes in estimated value of contingent consideration		30.8				(2.4	)			4.7				(15.8	)
Income tax impact of adjustments		(5.6	)			(9.6	)			(1.0	)			(6.9	)
Adjusted Net Income	$	65.8			$	56.6			$	108.5			$	192.5

Contacts

Investor Relations
Tae Lee
Tael@playtika.com

FAQ

What were Playtika's Q3 2025 revenues and year-over-year change (PLTK)?

Playtika reported $674.6M in Q3 2025 revenue, up 8.7% YoY.

How much DTC revenue did Playtika report in Q3 2025 (PLTK)?

Playtika recorded a record $209.3M in DTC revenue in Q3 2025 (+20.0% YoY).

What dividend did Playtika declare and when is it payable (PLTK)?

The board declared a $0.10 per share cash dividend payable on January 9, 2026 to holders of record on December 26, 2025.

What guidance did Playtika reaffirm for full-year 2025 (PLTK)?

Playtika reaffirmed 2025 guidance of $2.70–2.75B revenue and $715–740M Adjusted EBITDA.

How did Playtika's Adjusted EBITDA perform in Q3 2025 (PLTK)?

Adjusted EBITDA was $217.5M in Q3 2025, up 30.2% sequentially and 10.3% YoY.

Which Playtika title showed the largest year-over-year revenue decline in Q3 2025 (PLTK)?

Slotomania revenue declined 46.7% year-over-year in Q3 2025.