10-Q · May 11, 2026
For Q1 2026, Playboy, Inc. reported a revenue of $30.2 million, falling short of the estimated $30.5 million, but showcasing a significant improvement in EPS to -$0.03 from -$0.10 YoY. Operating cash flow saw a notable…
Earnings analysis · 10-Q
PLBY earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Playboy delivered Q2 revenue of $31.218 million and EPS of $0.00, improving both sequentially and year over year and exceeding consensus estimates. Debt declined by $15.0 million to $144.9 million, but cash also fell to…
Read full summary
Playboy delivered Q2 revenue of $31.218 million and EPS of $0.00, improving both sequentially and year over year and exceeding consensus estimates. Debt declined by $15.0 million to $144.9 million, but cash also fell to $31.9 million from $37.8 million at year-end while the company initiated a $17.419 million share repurchase obligation. The principal concerns are ineffective disclosure controls, substantial variable-rate debt, and growing foreign-currency exposure; no quantitative forward guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
What stood out
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Revenue grew sequentially and year over year
Q2 revenue was $31.218 million, up approximately 4.1% from $30 million in Q1 2026 and 11.5% from $28 million in Q2 2025. Revenue also exceeded the $29.611 million consensus estimate by approximately 5.4%.
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EPS improved to breakeven
Reported EPS was $0.00 versus $(0.03) in Q1 2026 and $(0.08) in Q2 2025, and exceeded the $(0.01) consensus estimate.
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Debt balance declined
Outstanding debt declined to $144.9 million as of June 30, 2026, from $159.9 million at December 31, 2025, a reduction of $15.0 million.
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Internal-control remediation progressed
Management reported progress across multiple remediation areas, including IT general controls, accounting policies, management review controls, and inventory controls, although the program remains incomplete.
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Share repurchase activity began
The company repurchased 1,904,762 shares during June 2026 at an average price of $1.05 per share, with $15.419 million remaining under the repurchase agreement at quarter-end.
What to watch
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Material control weaknesses remain
Management concluded that disclosure controls and procedures were not effective as of June 30, 2026. The company said continued validation and testing over sustained reporting cycles are required before the material weaknesses can be considered fully remediated.
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Variable-rate debt creates interest risk
Variable-rate debt totaled $144.9 million and accrued interest at 10.09% as of June 30, 2026. A 1% change in underlying rates would increase or decrease annual interest expense by approximately $1.4 million.
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Foreign-exchange exposure increased
Approximately 69% of Q2 revenue came from international customers, with 62% denominated in foreign currency; management states that a 10% currency movement would materially affect results, and the company has no active foreign-exchange hedging program.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; the filing states that risk factors had no material changes since the March 16, 2026 Form 10-K.
Earlier filings 4
10-K · March 16, 2026
Playboy reported consolidated revenue of $120.9 million in 2025 (up from $116.1 million in 2024) and materially narrowed its net loss to $12.7 million in 2025 from $79.4 million in 2024, driven by a licensing model…
10-Q · November 12, 2025
Playboy, Inc. reported Q3 2025 revenue of $28.994 million, roughly flat vs prior-year Q3 (down $0.444 million) while gross margin expanded to 76.0% and the company returned to operating profitability with operating…
10-Q · May 15, 2025
PLBY reported slight revenue growth to $28,875 (in thousands) for Q1 2025 versus $28,319 in Q1 2024, while operating loss narrowed to $6,260 (in thousands) and net loss improved to $9,041 (in thousands) or $(0.10) per…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.