Playboy, Inc. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Playboy Inc reported second quarter 2026 revenue of approximately $31.2 million, up about 11% year over year.
- Adjusted EBITDA was approximately $7 million, nearly double the prior year, including $700,000 of litigation expenses.
- The company achieved positive operating income of roughly $3 million compared to an operating loss a year ago, and net income was essentially breakeven, swinging nearly $8 million from a net loss in the same quarter last year.
- Honey Birdette net revenue grew 18% year over year to $19.5 million, with 15% comparable store growth and double-digit growth in every region.
- Licensing revenue increased 2% to $11.2 million, led by the Supreme collaboration and the Misguided partnership.
- Selling and administrative expenses decreased 12% to $19.8 million despite revenue growth.
- Operating cash flow was positive at approximately $2 million, reflecting ongoing operations post-UTG transaction costs.
- Total debt was $144.9 million at quarter end, down from $159.9 million at year end 2025, with $37.1 million in cash including restricted cash.
- The company agreed to repurchase approximately 16.6 million shares at $1.05 per share, totaling about $17 million, below the prior conversion price and current trading price.
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Transcript
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Good afternoon. Thank you for standing by. Welcome to Playboy Inc.'s second quarter 2026 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, Monday, August 7, 2026, and the earnings press release in Form 10-Q, from which information may be referenced during this conference call, were issued after the market closed today. On our call today are Playboy Inc.'s Chief Executive Officer, Ben Kohn, and Chief Financial Officer and Chief Operating Officer, Marc Crossman. I would like to remind you that the information discussed today is qualified in its entirety by the Form 8-K and Form 10-Q filed today by Playboy Inc., which may be accessed on the SEC's website and on playboy.com.
Please note that statements made during this call, financial projections, and other statements that are not historical in nature may constitute forward-looking statements. Such statements are made on the basis of Playboy Inc.'s reviews and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update them. Forward-looking statements are subject to risk, which could cause the company's actual results to differ from its historical results and forecasts, including those that are set forth in the SEC filings, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements.
In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes provides helpful information to investors about the performance of the business on an ongoing basis. Reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measure is included in today's earnings release, which is available on Playboy Inc.'s investor relations website. At this time, I would like to turn the call over to Playboy Chief Executive Officer, Ben Kohn. Ben, the floor is yours.
Thank you, operator, and good afternoon, everyone. I appreciate you joining us. Two years ago, we articulated a clear strategy: make the Playboy brand culturally relevant, build a profitable asset-light business model with significant growth potential around three verticals, licensing, media and experiences, and hospitality, alongside Honey Birdette, all while deleveraging the balance sheet. Two years on, we are executing, and the balance sheet is dramatically stronger. The second quarter is the clearest evidence yet that the strategy is working. We are culturally relevant. We are profitable. We have set the stage for significant growth. Testing, measuring what actually converts, leaning into what works, and being fiscally responsible with every dollar. Let me take the pieces one at a time, starting with the results, because they are the truest test of any strategy. Revenue grew to approximately $31.2 million, up roughly 11% year-over-year.
Adjusted EBITDA was approximately $7 million, including more than $700,000 of litigation expenses, nearly double a year ago, and our sixth consecutive quarter of positive adjusted EBITDA. Adjusted EBITDA on a trailing 12-month basis is now $23.2 million and would have been approximately $28 million excluding litigation expenses. Just as important, we swung to positive operating income of roughly $3 million, compared with an operating loss a year ago, and we reached essentially break even at the bottom line, a swing of nearly $8 million from the net loss we reported in the same quarter last year. It is turning into cash.
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