Playboy, Inc. (NASDAQ: PLBY) is a pleasure and leisure company that monetizes the Playboy brand and its Honey Birdette lingerie brand through licensing, direct-to-consumer retail, and digital content. Revenue comes primarily from trademark licensing arrangements that generate minimum guaranteed royalty payments plus excess royalties, and from direct-to-consumer sales of Honey Birdette luxury lingerie online and in physical stores. The Playboy brand has product and content availability in approximately 180 countries, per the FY2025 10-K filed March 16, 2026. Consolidated revenue was $120.9 million in FY2025, up from $116.1 million in FY2024, with a net loss of $12.7 million in FY2025 versus a net loss of $79.4 million in FY2024. The Licensing segment generated $31.8 million in operating income in FY2025, making it the only profitable reportable segment on an unadjusted basis. CEO is Ben Kohn and CFO and COO is Marc Crossman, both as of the March 16, 2026 filing date. The company was formerly named PLBY Group, Inc. from February 10, 2021 through June 24, 2025.

Revenue model

Trademark licensing under multi-year agreements (initial terms of one to 15 years) with non-refundable minimum guarantees recognized straight-line plus excess royalties when earned. A 15-year License and Management Agreement with Byborg, beginning January 1, 2025, covers Playboy Plus, Playboy TV, and Playboy Club digital businesses for $300.0 million in minimum guaranteed payments over the term. Direct-to-consumer revenue from Honey Birdette lingerie sales online and in physical retail stores. Prior to January 1, 2025, the company also operated digital subscription and content businesses directly.

Products and services

Playboy brand licensing (consumer products, online entertainment, location-based entertainment); Honey Birdette luxury lingerie sold direct-to-consumer online and in stores in Australia, the United States, and the United Kingdom; Playboy Plus and Playboy TV digital content (licensed to Byborg as of January 1, 2025); Playboy Club digital membership (licensed to Byborg as of January 1, 2025).

Customers and end markets

Business-to-business licensees in consumer products and entertainment who pay royalties to use the Playboy trademark. End consumers purchasing Honey Birdette luxury lingerie. Digital content subscribers served through Byborg under the LMA. China licensing business operated through a joint venture arrangement, described as a material part of overall business; a new joint venture with UTG was in process as of the filing date.

Value-chain role

Brand owner and licensor. Playboy contributes intellectual property and trademarks; licensees manufacture, distribute, and operate businesses under the brand. For Honey Birdette, the company is a direct retailer operating its own e-commerce and physical stores.

Geographic exposure

Playboy-branded products and content available in approximately 180 countries (FY2025 10-K). Honey Birdette physical retail in Australia, the United States, and the United Kingdom. China licensing business described as a material part of overall business.

Source: SEC 10-K, filed 2026-03-16

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