Playtika (PLTK) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached $2,755.4 million, up 8.1% year-over-year, with Q4 revenue at $678.8 million and Adjusted EBITDA of $201.4 million, driven by D2C and SuperPlay performance.

• Net loss for FY2025 was $206.4 million; adjusted net income was $197.5 million.

• D2C revenue grew 43.2% year-over-year in Q4, reaching $250.1 million, and annual D2C revenue was $1 billion, reflecting a strategic shift.

• Casual games comprised 74% of Q4 revenue and 70.8% of FY25 revenue, highlighting portfolio evolution.

• SuperPlay delivered record revenue, with Disney Solitaire up 21.4% quarter-over-quarter, now the second largest game.

Financial highlights

• Full-year 2025 revenue was $2,755.4 million, up 8.1% year-over-year.

• Net loss for the year was $206.4 million; adjusted net income was $197.5 million.

• Adjusted EBITDA for the year was $753.2 million, down 0.6% year-over-year; Adjusted EBITDA margin was 27.3%.

• Q4 net loss was $309.3 million, mainly due to non-cash remeasurement of SuperPlay earn-out; adjusted net income was $89 million.

• Record free cash flow of $481.6 million for the year, up 21.4% year-over-year.

Outlook and guidance

• FY2026 revenue guidance: $2.7–$2.8 billion; Adjusted EBITDA: $730–$770 million; CapEx: $80 million; effective tax rate: 30%.

• Adjusted EBITDA margin projected at 27–27.5%.

• Marketing spend will be weighted toward H1 2026, impacting Q1 EBITDA.

• D2C remains a core growth driver, with a long-term target of 40% of revenue.