Here are the 10-K annual reports from Playboy, Inc. (PLBY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PLBY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PLBY filings page.
Playboy, Inc. reports 2025 revenue of $120.9 million and a sharply reduced net loss of $12.7 million, compared with a $79.4 million net loss in 2024. The improvement is driven by a $19.4 million increase in licensing gross profit from its License & Management Agreement with Byborg, lower digital revamp expenses by $22.0 million, and $24.0 million less in non‑cash impairment charges.
The Honey Birdette direct‑to‑consumer segment generated $70.9 million of revenue and $0.3 million of operating income in 2025, while the Licensing segment produced $46.4 million of revenue and $31.8 million of operating income. Byborg was the largest licensee, contributing $20.0 million, or 17% of consolidated revenue, under a 15‑year deal with $300 million in minimum guaranteed payments and total licensing contract future royalty revenue of about $343.1 million through 2034.
Strategically, Playboy is shifting to a capital‑light, high‑margin model centered on licensing, media, experiences and hospitality. A new China joint venture with UTG Brands Management Group includes a $45,000,000 sale of 50% of its China licensing business over three closings, with all proceeds earmarked for debt repayment, plus expected brand support fees and minimum annual distributions. Key risks include dependence on the Playboy brand, adult‑content regulatory pressure, material weaknesses in internal control over financial reporting, significant international exposure and sensitivity to interest rates and foreign exchange.