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Playtika Holding Corp. Reports Q4 and 2025 Financial Results

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Playtika (NASDAQ: PLTK) reported Q4 2025 revenue of $678.8M, up 4.4% year-over-year, and DTC revenue of $250.1M, up 43.2% year-over-year. Q4 net loss was $(309.3M); adjusted EBITDA was $201.4M. FY2025 revenue totaled $2.755B with record free cash flow of $481.6M. The company suspended its quarterly dividend and provided FY2026 guidance of $2.70–2.80B revenue and $730–770M adjusted EBITDA.

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Positive

  • Revenue +4.4% year-over-year in Q4 2025
  • DTC revenue +43.2% year-over-year in Q4 2025
  • Record Free Cash Flow of $481.6M in FY2025
  • FY2025 Adjusted EBITDA of $753.2M (near prior year)

Negative

  • Q4 2025 net loss of $(309.3M)
  • FY2025 net loss of $(206.4M) vs prior-year income
  • Suspension of the quarterly dividend (capital allocation change)
  • Q4 adjusted EBITDA down 7.4% sequentially

Key Figures

Q4 2025 Revenue: $678.8M Q4 2025 DTC Revenue: $250.1M Q4 2025 Net Loss: $(309.3)M +5 more
8 metrics
Q4 2025 Revenue $678.8M Fourth quarter 2025 revenue, up 0.6% sequentially and 4.4% YoY
Q4 2025 DTC Revenue $250.1M Direct-to-Consumer revenue, +19.5% sequentially and +43.2% YoY
Q4 2025 Net Loss $(309.3)M Quarterly net loss, impacted by SuperPlay earnout remeasurement
Q4 2025 Adjusted EBITDA $201.4M Adjusted EBITDA, down 7.4% sequentially, up 9.5% YoY
FY2025 Revenue $2,755.4M Full-year 2025 revenue vs $2,549.3M in prior year
FY2025 Free Cash Flow $481.6M Record high free cash flow vs $396.8M in prior year
FY2026 Revenue Guide $2.70–$2.80B Management outlook for 2026 revenue
FY2026 Adjusted EBITDA Guide $730–$770M Management outlook for 2026 Adjusted EBITDA

Market Reality Check

Price: $3.15 Vol: Volume 1,615,085 is about...
normal vol
$3.15 Last Close
Volume Volume 1,615,085 is about in line with the 1,903,457 20-day average (relative volume 0.85x). normal
Technical Shares at $3.15 are trading below the $4.05 200-day moving average, indicating a longer-term downtrend despite today’s gain.

Peers on Argus

PLTK gained 2.94% pre-news while several gaming peers such as GDEV (+6.2%), GCL ...
2 Up

PLTK gained 2.94% pre-news while several gaming peers such as GDEV (+6.2%), GCL (+4.76%), and others were also positive. Momentum scanner flags GAME (+8.18%) and GDC (+2.91%) up without news, but overall pattern is treated as stock-specific rather than a clean sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Positive)
Same Type Pattern 5 events
Date Event Sentiment Move Catalyst
Nov 06 Q3 2025 earnings Positive +11.5% Revenue and DTC hit records with strong EBITDA and dividend declaration.
Aug 07 Q2 2025 earnings Negative -9.2% Mixed results with EBITDA and GAAP net income down and guidance revised.
May 08 Q1 2025 earnings Positive -7.5% Strong revenue and DTC growth but declining GAAP net income and EBITDA.
Feb 27 Q4 2024 earnings Neutral -16.8% Revenue growth with net loss and new guidance for 2025 provided.
Nov 07 Q3 2024 earnings Neutral +1.8% Slight revenue decline but DTC growth, dividend, and SuperPlay acquisition plan.
Pattern Detected

Earnings have often produced volatile and sometimes negative reactions, even when operational metrics improved or guidance was reaffirmed.

Recent Company History

Over the past five earnings cycles (Nov 2024–Nov 2025), Playtika has reported steady DTC growth, shifting from net income to periodic net losses while maintaining solid Adjusted EBITDA and recurring dividends. Market reactions were mixed: sharp declines followed Q4 2024 and Q1 2025, while Q3 2025 drew a strong positive move. Today’s Q4/FY2025 update, with higher DTC revenue, record free cash flow, and a move from net income to net loss, fits this pattern of fundamentally mixed but financially resilient reports.

Historical Comparison

-4.0% avg move · In the past five earnings releases, PLTK’s average move was -4.05%, reflecting mixed market reaction...
earnings
-4.0%
Average Historical Move earnings

In the past five earnings releases, PLTK’s average move was -4.05%, reflecting mixed market reactions to otherwise steady DTC and EBITDA trends.

Earnings from late 2024 through 2025 show growing DTC contribution, stable Adjusted EBITDA, and a shift from net income to periodic net losses while maintaining capital returns until this new framework.

Market Pulse Summary

This announcement highlights modest top-line growth to $678.8M in Q4, rapid DTC expansion to $250.1M...
Analysis

This announcement highlights modest top-line growth to $678.8M in Q4, rapid DTC expansion to $250.1M, and record full-year free cash flow of $481.6M, offset by a Q4 net loss of $(309.3)M and a shift to a $(206.4)M FY2025 loss. Management updated its capital allocation by suspending the dividend and guiding 2026 revenue to $2.70–$2.80B. Investors may watch DTC mix, Adjusted EBITDA delivery, and execution on the SuperPlay acquisition earnout structure.

Key Terms

direct-to-consumer, adjusted net income, adjusted ebitda, free cash flow, +4 more
8 terms
direct-to-consumer technical
"Direct-to-Consumer (“DTC”) Revenue of $250.1 million"
A direct-to-consumer (DTC) model is when a company sells its products or services straight to customers, skipping middlemen like retailers or wholesalers. For investors, DTC matters because it can mean higher profit margins, closer customer relationships and faster feedback—like a baker who sells directly from the shop instead of through a grocery chain—while also exposing the business to costs for marketing, customer support and logistics that affect growth and profitability.
adjusted net income financial
"Net Loss of $(309.3) million, Adjusted Net Income of $89.0 million"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
adjusted ebitda financial
"Adjusted EBITDA of $201.4 million decreased (7.4)% sequentially"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Record high Free Cash Flow of $481.6 million compared to $396.8 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
contingent consideration financial
"non-cash impact from contingent consideration remeasurement related to the earnout"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
earnout financial
"contingent consideration remeasurement related to the earnout payment tied to the SuperPlay acquisition"
An earnout is a financial agreement in which part of the purchase price for a business is paid later, based on the company's future performance. It acts like a bonus system, where sellers earn extra money if the business hits certain goals, aligning their interests with the buyer’s success. Investors pay attention to earnouts because they influence the total deal value and can affect the company's future financial health.
capital expenditures financial
"Capital expenditures are expected to be $80 million."
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.
effective tax rate financial
"We expect our effective tax rate to be 30%."
The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

AI-generated analysis. Not financial advice.

Revenue of $678.8 million and Direct-to-Consumer (“DTC”) Revenue of $250.1 million
DTC Revenue Increased 19.5% Sequentially and 43.2% Year-Over-Year
Net Loss of $(309.3) million, Adjusted Net Income of $89.0 million, and Adjusted EBITDA of $201.4 million

HERZLIYA, Israel, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights:

  • Revenue of $678.8 million increased 0.6% sequentially and 4.4% year-over-year.
  • DTC platforms revenue of $250.1 million increased 19.5% sequentially and 43.2% year-over-year.
  • Net loss of $(309.3) million and Adjusted net income of $89.0 million.
  • Net loss reflects a non-cash impact from contingent consideration remeasurement related to the earnout payment tied to the SuperPlay acquisition.
  • Adjusted EBITDA of $201.4 million decreased (7.4)% sequentially and increased 9.5% year-over-year.
  • Cash and cash equivalents and short-term investments totaled $820.2 million as of December 31, 2025.

FY2025 Financial Highlights:

  • FY2025 revenue of $2,755.4 million compared to $2,549.3 million in the prior year.
  • DTC platforms revenue of $814.5 million compared to $694.2 million in the prior year.
  • Net loss of $(206.4) million compared to net income of $162.2 million in the prior year.
  • Adjusted net income of $197.5 million compared to $219.5 million in the prior year.
  • Adjusted EBITDA of $753.2 million compared to $757.7 million in the prior year.
  • Record high Free Cash Flow of $481.6 million compared to $396.8 million in the prior year1.

“We delivered a strong finish to 2025, driven by continued momentum in our casual portfolio, record DTC contribution, and another outstanding quarter from SuperPlay,” said Robert Antokol, Chief Executive Officer.   “As we enter 2026, our focus remains on disciplined execution and building a more resilient, diversified business positioned for long-term value creation.”   

“Our results underscore the strength of our portfolio strategy, highlighted by performance ahead of guidance and record free cash flow for the year,” said Craig Abrahams, President and Chief Financial Officer. “The business today reflects a healthier and more balanced mix, one that we believe supports stronger and more sustainable value creation over time.”

Selected Q4 Operational Metrics and Business Highlights

  • Average Daily Paying Users of 357 thousand increased 0.8% sequentially and 5.3% year-over-year.
  • Average Payer Conversion of 4.5%, up from 4.3% in Q3 2025 and 4.2% in Q4 2024.
  • Bingo Blitz revenue of $158.5 million decreased (2.5)% sequentially and flat year-over-year.
  • Disney Solitaire revenue of $71.6 million increased 21.4% sequentially.
  • June’s Journey revenue of $70.0 million increased 2.5% sequentially and down (2.0)% year-over-year.

1 We define Free Cash Flow as net cash provided by operating activities minus capital expenditures.

Updated Capital Allocation Framework

We updated our capital allocation framework to reflect the opportunities ahead and the performance-based nature of the SuperPlay earn-out. To preserve flexibility and prioritize the highest-return uses of capital, we are suspending our quarterly dividend, while keeping buybacks available and continuing to evaluate our capital structure over time.

Financial Outlook

For FY2026, revenue expected to be between $2.70 - $2.80 billion and Adjusted EBITDA between $730 - $770 million. Capital expenditures are expected to be $80 million. We expect our effective tax rate to be 30%.

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 December 31, Year endedDecember 31,
(in millions of dollars, except percentages, Average DPUs, and ARPDAU) 2025   2024   2025   2024 
Revenues$678.8  $650.3  $2,755.4  $2,549.3 
Total cost and expenses$959.8  $595.0  $2,760.5  $2,157.7 
Operating income (loss)$(281.0) $55.3  $(5.1) $391.6 
Net income (loss)$(309.3) $(16.7) $(206.4) $162.2 
Adjusted EBITDA$201.4  $183.9  $753.2  $757.7 
Net income margin(45.6)% (2.6)% (7.5)%  6.4%
Adjusted EBITDA margin 29.7%  28.3%  27.3%  29.7%
        
Non-financial performance metrics       
Average DAUs 7.9   8.0   8.5   8.1 
Average DPUs (in thousands) 357   339   370   312 
Average Daily Payer Conversion 4.5%  4.2%  4.4%  3.8%
ARPDAU$0.93  $0.89  $0.89  $0.86 
Average MAUs 25.1   29.1   28.3   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 refinance our indebtedness or to obtain additional financing on favorable terms or at all;
  • our inability to identify acquisition targets that fit our strategy or complete acquisitions and integrate any acquired businesses successfully or realize the anticipated benefits of such acquisitions 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;
  • the impact of an economic recession or periods of increased inflation, and any reductions to household spending on the types of discretionary entertainment we offer;
  • 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 for per share data)
 
 December 31,
  2025   2024 
ASSETS   
Current assets   
Cash and cash equivalents$684.2  $565.8 
Short-term investments 136.0    
Restricted cash 1.5   1.9 
Accounts receivable 161.8   187.6 
Prepaid expenses and other current assets 80.4   117.5 
Total current assets 1,063.9   872.8 
Property and equipment, net 102.9   115.4 
Operating lease right-of-use assets 124.2   89.9 
Intangible assets other than goodwill, net 425.7   562.2 
Goodwill 1,695.7   1,692.3 
Deferred tax assets, net 173.2   119.0 
Investment in unconsolidated entities 17.5   20.6 
Other non-current assets 115.8   167.0 
Total assets$3,718.9  $3,639.2 
    
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)   
Current liabilities   
Current maturities of long-term debt$11.1  $11.6 
Accounts payable 80.3   58.6 
Contingent consideration 454.0   25.0 
Operating lease liabilities 27.5   25.7 
Accrued expenses and other current liabilities 395.0   438.0 
Total current liabilities 967.9   558.9 
Long-term debt 2,378.0   2,388.5 
Contingent consideration 280.0   354.6 
Operating lease liabilities 115.4   71.4 
Deferred tax liabilities 8.2   24.7 
Other long-term liabilities 380.8   372.2 
Total liabilities 4,130.3   3,770.3 
Commitments and contingencies   
Stockholders' equity (deficit)   
Common stock of US $0.01 par value: 1,600.0 shares authorized; 428.8 and 427.1 shares issued, respectively, and 377.0 and 375.3 shares outstanding, respectively 4.3   4.1 
Treasury stock at cost, 51.8 shares (603.5)  (603.5)
Additional paid-in capital 1,423.1   1,362.7 
Accumulated other comprehensive income (loss) 15.9   (0.2)
Accumulated deficit (1,251.2)  (894.2)
Total stockholders' deficit (411.4)  (131.1)
Total liabilities and stockholders’ deficit$3,718.9  $3,639.2 


PLAYTIKA HOLDING CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions, except for per share data)
 
 Three months ended
December 31,
 Year ended
December 31,
  2025   2024   2025   2024 
Revenues$678.8  $650.3  $2,755.4  $2,549.3 
Costs and expenses       
Cost of revenue 186.9   178.8   758.5   692.1 
Research and development 109.6   96.3   426.7   403.0 
Sales and marketing 214.0   195.3   949.8   705.0 
General and administrative 444.8   92.0   619.1   288.7 
Impairment charges 4.5   32.6   6.4   68.9 
Total costs and expenses 959.8   595.0   2,760.5   2,157.7 
Income (loss) from operations (281.0)  55.3   (5.1)  391.6 
Interest and other, net 36.2   33.7   167.8   111.1 
Income (loss) before income taxes (317.2)  21.6   (172.9)  280.5 
Provision (benefit) for income taxes (7.9)  38.3   33.5   118.3 
Net income (loss) (309.3)  (16.7)  (206.4)  162.2 
Other comprehensive income (loss)       
Foreign currency translation 0.7   (12.8)  23.8   (10.9)
Change in fair value of derivatives (3.6)  5.6   (7.7)  (9.9)
Total other comprehensive income (loss) (2.9)  (7.2)  16.1   (20.8)
Comprehensive income (loss)$(312.2) $(23.9) $(190.3) $141.4 
        
Net income (loss) per share attributable to common stockholders, basic$(0.82) $(0.04) $(0.55) $0.44 
Net income (loss) per share attributable to common stockholders, diluted$(0.82) $(0.04) $(0.55) $0.44 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic 376.4   373.0   375.8   371.8 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted 376.4   374.8   375.8   372.1 


PLAYTIKA HOLDING CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
 
 Year ended December 31,
  2025   2024 
Cash flows from operating activities$567.7  $490.1 
Cash flows from investing activities   
Purchase of property and equipment (36.3)  (40.9)
Capitalization of internal use software costs (28.6)  (31.6)
Purchase of software for internal use (21.2)  (20.8)
Payments for business combination, net of cash acquired    (686.9)
Proceeds from short-term investments 200.6   256.5 
Purchase of short-term investments (336.1)  (256.5)
Investments in unconsolidated entities (1.4)  (2.6)
Other investing activities 1.3   0.7 
Net cash used in investing activities (221.7)  (782.1)
Cash flows from financing activities   
Dividends paid (150.2)  (111.5)
Repayments on bank borrowings (19.0)  (23.8)
Payment of tax withholdings on stock-based payments (2.9)  (2.6)
Payment for share buyback (20.3)  (0.8)
Payment of contingent consideration (37.6)  (28.4)
Net cash used in financing activities (230.0)  (167.1)
Effect of exchange rate changes on cash and cash equivalents 2.0   (4.9)
Net change in cash, cash equivalents and restricted cash 118.0   (464.0)
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$685.7  $567.7 


CALCULATION OF FREE CASH FLOW
(In millions)
 Year ended
December 31,
  2025   2024 
Cash flows from operating activities$567.7  $490.1 
Purchase of property and equipment (36.3)  (40.9)
Capitalization of internal use software costs (28.6)  (31.6)
Purchase of software for internal use (21.2)  (20.8)
Free Cash Flow$481.6  $396.8 


Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP financial measure 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.

Below is a reconciliation of Adjusted EBITDA to net income (loss), the closest GAAP financial measure. Our Credit Agreement defines Adjusted EBITDA as net income (loss) 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.

Adjusted EBITDA and Adjusted EBITDA Margin 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 and Adjusted EBITDA Margin should not be construed as an inference that our future results will be unaffected by unusual or unexpected items.


RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In millions)
 
 Three months ended
December 31,
 Year ended
December 31,
  2025   2024   2025   2024 
Net income (loss)$(309.3) $(16.7) $(206.4) $162.2 
Provision for income taxes (7.9)  38.3   33.5   118.3 
Interest and other, net 36.2   33.7   167.8   111.1 
Depreciation and amortization 55.3   48.6   234.8   165.7 
EBITDA (225.7)  103.9   229.7   557.3 
Stock-based compensation(1) 17.7   29.0   82.5   99.2 
Impairment charges 4.5   32.6   6.4   68.9 
Changes in estimated value of contingent consideration 394.1   6.0   398.8   (9.8)
Acquisition and related expenses(2) 9.6   10.0   25.0   19.7 
Other items(3) 1.2   2.4   10.8   22.4 
Adjusted EBITDA$201.4  $183.9  $753.2  $757.7 
Net income margin(45.6)% (2.6)% (7.5)%  6.4%
Adjusted EBITDA margin 29.7%  28.3%  27.3%  29.7%

_________

(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) The amount for the three months ended December 31, 2025 consists of costs incurred by the Company for severance. The amount for the three months ended December 31, 2024 consists primarily of $1.3 million and $0.7 million incurred by the Company related to severance and restructuring activities, respectively.
The amount for the year ended December 31, 2025 consists primarily of $9.8 million and $2.0 million incurred by the Company related to restructuring activities and severance, respectively, and $1.1 million of reimbursement of a tax assessment paid under protest in 2023. The amount for the year ended December 31, 2024 consists primarily of $14.5 million and $6.9 million incurred by the Company related to severance and restructuring activities, respectively.


RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME
(In millions)
 
The following table sets forth a reconciliation of Adjusted Net Income to net income (loss), the closest GAAP financial measure:
 
 Three months ended December 31, Year ended December 31,
  2025   2024   2025   2024 
Net income (loss)$(309.3) $(16.7) $(206.4) $162.2 
Impairment charge 4.5   32.6   6.4   68.9 
Changes in estimated value of contingent consideration 394.1   6.0   398.8   (9.8)
Income tax impact of adjustments (0.3)  5.1   (1.3)  (1.8)
Adjusted Net Income$89.0  $27.0  $197.5  $219.5 


Contacts

Investor Relations  
Tae Lee  
Tael@playtika.com   
   
   




FAQ

What were Playtika's Q4 2025 revenue and DTC results (PLTK)?

Playtika reported Q4 2025 revenue of $678.8M and DTC revenue of $250.1M. According to the company, DTC revenue rose 19.5% sequentially and 43.2% year-over-year, driven by continued strength in its casual portfolio and SuperPlay performance.

Why did Playtika (PLTK) show a Q4 2025 net loss but positive adjusted income?

Playtika recorded a Q4 net loss of $(309.3M) while adjusted net income was $89.0M. According to the company, the GAAP loss includes a non-cash contingent consideration remeasurement tied to the SuperPlay earn-out.

How much free cash flow did Playtika generate in FY2025 and why does it matter (PLTK)?

Playtika generated record free cash flow of $481.6M in FY2025. According to the company, this reflects stronger cash conversion and supports flexibility for buybacks and capital structure evaluation despite the dividend suspension.

What is Playtika's FY2026 guidance for revenue and adjusted EBITDA (PLTK)?

Playtika expects FY2026 revenue of $2.70–2.80B and adjusted EBITDA of $730–770M. According to the company, capital expenditures are expected at $80M with an effective tax rate of approximately 30%.

How did Playtika's DTC and adjusted EBITDA trends perform in Q4 2025 (PLTK)?

DTC revenue grew strongly while Q4 adjusted EBITDA was $201.4M, down 7.4% sequentially. According to the company, DTC momentum raised revenue contribution, even as adjusted EBITDA softened quarter-over-quarter.
Playtika Holding Corp.

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