PLBY Group Reports Q4 Earnings, Highlights Strategic Transformation

Company sees four consecutive quarters of positive adjusted EBITDA, ongoing debt reduction, and expected closing of China licensing deal.

Mar. 19, 2026 at 10:34am

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PLBY Group (NASDAQ:PLBY) executives highlighted a year of strategic change and improving profitability on the company's fourth-quarter and full-year 2025 earnings call. CEO Ben Kohn said 2025 marked a 'defining year' in which the company completed a transformation into a higher-margin, more recurring-revenue platform built around four pillars: media and experiences, licensing, hospitality, and Honey Birdette direct-to-consumer. The company reported higher revenue, lower operating expenses, and a return to net income in Q4 2025.

Why it matters

PLBY Group's strategic shift and improving financial performance demonstrate the company's ability to adapt and capitalize on changing consumer trends and preferences in the media, lifestyle, and intimate products sectors. The pending China licensing deal and debt reduction efforts also position the company for future growth and investment in key initiatives like content, digital subscriptions, and hospitality.

The details

PLBY Group reported Q4 2025 net income of $3.6 million, or $0.03 per share, compared to a net loss of $12.5 million, or ($0.15) per share, in the prior-year quarter. Adjusted EBITDA rose to $7.1 million, marking the company's fourth consecutive quarter of positive adjusted EBITDA. The company also reduced senior debt by nearly $58 million to approximately $160 million since Q3 2024. PLBY expects to further reduce debt by almost $52 million through its UTG China deal, which is expected to close soon.

  • In Q4 2025, PLBY Group reported higher revenue, lower operating expenses, and a return to net income.
  • Since Q3 2024, PLBY Group has reduced its senior debt by nearly $58 million to approximately $160 million.
  • PLBY Group expects its partnership with UTG Brands Management Group to close 'as early as this week'.

The players

Ben Kohn

Chief Executive Officer of PLBY Group.

Marc Crossman

Chief Financial Officer and Chief Operating Officer of PLBY Group.

PLBY Group, Inc.

A global media and lifestyle company best known for its iconic Playboy brand, operating across multiple business segments including consumer products, licensing, subscription commerce, sexual wellness, and digital offerings.

UTG Brands Management Group

A company that PLBY Group is partnering with to sell 50% of its China licensing business for $122 million in total contracted cash payments.

David Miller

President, Media and Brand at PLBY Group.

Phillip Picardi

Chief Brand Officer and Editor-in-Chief at PLBY Group.

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What they’re saying

“2025 marked a 'defining year' in which the company completed a strategic transformation into what he described as a higher-margin, more recurring-revenue platform built around four pillars: media and experiences, licensing, hospitality, and Honey Birdette direct-to-consumer.”

— Ben Kohn, Chief Executive Officer

“The improvement reflected higher gross margins, cost management, deleveraging efforts, and a benefit from income taxes.”

— Marc Crossman, Chief Financial Officer and Chief Operating Officer

What’s next

The company expects its partnership with UTG Brands Management Group to close 'as early as this week', providing additional balance sheet flexibility to invest in growth initiatives including the media rebuild, digital subscriptions, and hospitality development.

The takeaway

PLBY Group's strategic transformation and improving financial performance demonstrate the company's ability to adapt to changing consumer trends and position itself for future growth in the media, lifestyle, and intimate products sectors. The pending China licensing deal and debt reduction efforts provide the company with the resources to invest in key initiatives that can drive long-term value.