Playtika Q4 Revenue Up 4.4% to $678.8 M, DTC Sales Surge 43%
Q4 revenue reached $678.8 million (+4.4% y/y) with DTC revenue up 43.2% to $250.1 million, yet net loss was $309.3 million after SuperPlay earn-out remeasurement. Full-year revenue climbed to $2.755 billion with record free cash flow of $481.6 million as the company suspends its dividend and guides 2026 revenue to $2.7–2.8 billion.
1. Q4 2025 Financial Results
Playtika posted Q4 revenue of $678.8 million, up 0.6% sequentially and 4.4% year-over-year, driven by Direct-to-Consumer (DTC) revenue of $250.1 million, which rose 19.5% sequentially and 43.2% year-over-year. The company recorded a net loss of $309.3 million, reflecting a non-cash contingent consideration remeasurement, while adjusted net income was $89.0 million and adjusted EBITDA totaled $201.4 million.
2. Full-Year 2025 Performance
For fiscal 2025, revenue increased to $2,755.4 million from $2,549.3 million in the prior year, with DTC platforms contributing $814.5 million versus $694.2 million. The year produced a net loss of $206.4 million compared to prior net income of $162.2 million, adjusted net income of $197.5 million and adjusted EBITDA of $753.2 million, while free cash flow hit a record $481.6 million.
3. Operational Metrics and Cash Position
Average Daily Paying Users reached 357,000, up 5.3% year-over-year, and average payer conversion rose to 4.5%. Key titles generated mixed results: Bingo Blitz delivered $158.5 million, Disney Solitaire $71.6 million and June’s Journey $70.0 million. Cash and short-term investments totaled $820.2 million at December 31, 2025.
4. Capital Allocation and Guidance
Playtika updated its capital allocation framework by suspending its quarterly dividend to preserve flexibility and maintain share buybacks. For FY2026, management forecasts revenue of $2.70–2.80 billion, adjusted EBITDA of $730–770 million, $80 million in capital expenditures and an effective tax rate of 30%.