Q2 2026 Playboy Inc Earnings Call Transcript
Key Points
- Revenue grew approximately 11% year-over-year to $31.2 million, with adjusted EBITDA nearly doubling to $7 million.
- Achieved sixth consecutive quarter of positive adjusted EBITDA and swung to positive operating income of $3 million.
- Reduced total debt from a peak of $218 million to $145 million, with a clear path to $108 million by January 2028.
- Honey Birdette delivered double-digit growth with a 15% like-for-like comparable store sales increase and strong full-price selling.
- Launched a share repurchase program to buy back 16.6 million shares at $1.05, below the conversion price, enhancing shareholder value.
- Licensing revenue growth was modest at 2% due to a transition in China, with a reduction of a couple hundred thousand dollars per quarter.
- The company incurred over $700,000 in litigation expenses during the quarter, impacting adjusted EBITDA.
- The share repurchase program requires installment payments, with $3 million due by August 31, potentially straining cash flow.
- Honey Birdette's growth is partly dependent on online sales, which may face challenges as retail comps become more difficult.
- The media and experiences business is still in early stages, with subscription and sponsorship revenues not yet fully scaled.
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
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