Playtika (NASDAQ:PLTK) executives highlighted a “strong fourth quarter” and an ongoing strategic pivot toward a more balanced portfolio on the company’s Q4 2025 earnings call, pointing to direct-to-consumer (D2C) growth, an increasing mix of casual games, and record results at SuperPlay as key drivers.
Fourth-quarter results and the portfolio shift
Co-founder and CEO Robert Antokol said the company ended 2025 with “bright spots,” reporting fourth-quarter revenue of $678.8 million and Adjusted EBITDA of $201.4 million. Antokol emphasized that Playtika is building “a balanced set of assets,” with more revenue coming from “long life casual games with broad reach,” while D2C has become “core to how we run the business.” He added that legacy titles still generate meaningful cash flow, but are being managed as part of a broader portfolio rather than as the foundation of a single-category business.
D2C reaches $1 billion annual run rate
Management repeatedly pointed to D2C as a key driver of performance and mix. Antokol said D2C represented 36.8% of Q4 revenue and that the company ended the year at roughly a $1 billion annual D2C revenue level. Abrahams reported Q4 D2C revenue of $250.1 million, up 19.5% sequentially and 43.2% year-over-year, attributing the growth to broad-based contributions across games.
In the Q&A, Antokol said the company’s D2C advantage is rooted in offering a better experience and a closer relationship with players, which he said can help retention and long-term engagement. Abrahams added that Playtika now has broad D2C penetration across its portfolio and that it has seen increases through platform changes, including link-outs as an additional means of growing D2C. When asked about longer-term targets, management reiterated its prior target of D2C reaching 40% of revenue, noting that the company is taking a measured view of potential impacts from evolving platform policies and is not assuming any single policy outcome.
SuperPlay momentum and key game performance
Antokol said SuperPlay delivered record revenue in Q4, calling its growth “nothing short of amazing,” and described the studio as one of the fastest-growing mobile gaming studios at its scale. Abrahams said Disney Solitaire revenue rose 21.4% sequentially to $71.6 million in Q4 and had scaled rapidly since its April 2025 global launch, approaching a $300 million annualized run rate by the end of the quarter. He attributed performance to “product execution and steady tuning,” including feature launches, game economy updates, and improved unit economics through D2C, and said the title has also gained traction internationally, including Japan.
For the full year, Abrahams said SuperPlay generated about $573 million of revenue, representing a 67.5% increase versus the $342 million baseline tied to the earn-out. He added that the studio remained focused on fundamentals including engagement, retention, and live operations, and that Playtika has expanded its collaboration with Disney and Pixar Games and is developing a new title in SuperPlay’s pipeline.
Playtika also reviewed performance of other major titles in the quarter:
- Bingo Blitz revenue was $158.5 million, down 2.5% sequentially and essentially flat year-over-year. Abrahams cited engagement efforts including a Bingo Blitz and Garfield collaboration and an “innovative experience” offering eight bingo cards per session instead of four.
- June’s Journey revenue was $70.0 million, up 2.5% sequentially and down 2% year-over-year. Abrahams said the game maintained its position as the highest-grossing hidden object game worldwide and benefited from content cadence and seasonal programming, including a Wicked IP collaboration. He noted D2C is relatively new for June’s Journey and has been scaled across iOS and Android.
2025 financial recap and GAAP loss tied to contingent consideration
For the full year 2025, Abrahams reported revenue of $2.755 billion, up 8.1% year-over-year. The company generated a net loss of $206.4 million, adjusted net income of $197.5 million, and Adjusted EBITDA of $753.2 million, down 0.6% year-over-year. Playtika produced record free cash flow of $481.6 million, up 21.4% year-over-year, which Abrahams said reflected tight management of capital expenditures and working capital.
In Q4, Playtika posted a net loss of $309.3 million, compared with net income of $39.1 million in Q3. Abrahams said the quarterly net loss was primarily driven by the non-cash remeasurement of contingent consideration related to the SuperPlay earn-out, which impacts GAAP results but is excluded from adjusted net income and Adjusted EBITDA. He said Playtika ended the year with $820.2 million in cash equivalents and short-term bank deposits, and expects to fund the SuperPlay earn-out from cash on hand.
On operating metrics, Playtika reported average daily paying users (DPU) of 357,000, up 0.8% sequentially and 5.3% year-over-year, while average DAU declined to 7.9 million, down 3.7% sequentially and 1.3% year-over-year. ARPDAU was $0.93, up 4.5% sequentially and year-over-year.
2026 guidance and capital allocation changes
For 2026, management guided to revenue of $2.7 billion to $2.8 billion and Adjusted EBITDA of $730 million to $770 million, with capital expenditures of $80 million and an effective tax rate of 30%. Abrahams said marketing spend will be weighted to the first half of the year—particularly Q1—leading to lower Adjusted EBITDA in the first quarter and higher Adjusted EBITDA in subsequent quarters. He also said Playtika’s guidance does not assume any single incremental benefit tied to evolving platform policy changes.
Management said upside in the guidance could come from continued outperformance from SuperPlay titles, while downside risk could come from continued declines in the social casino portfolio. Abrahams reiterated that Playtika’s goal in social casino is to “slow the decline and get full value from these assets,” and said the company was pleased to see early signs of stabilization in Slotomania. Antokol added that Slotomania grew quarter-over-quarter in Q4 after “many, many quarters,” and said the company is still evaluating KPIs for its newly launched Jackpot Tour and is not yet sure it will be “open[ed] strongly” in the coming weeks.
On capital allocation, Abrahams said the company is suspending its quarterly dividend to preserve flexibility, citing both opportunities ahead and the performance-based nature and potential size of the SuperPlay earn-out. He said Playtika intends to keep share repurchases available within its framework and will continue evaluating its capital structure, including potential debt reduction, while maintaining balance sheet capacity for obligations and investment in growth. In response to questions, management said M&A remains a core part of its strategy, while emphasizing that investing behind SuperPlay and related earn-out obligations is currently a top priority for capital deployment.
About Playtika (NASDAQ:PLTK)
Playtika Ltd. (NASDAQ: PLTK) is a leading developer and publisher of free-to-play mobile and social games. Established in 2010 and headquartered in Herzliya, Israel, the company has built a reputation for creating engaging, social casino and casual gaming experiences. Playtika’s platform leverages data-driven analytics and in-game community features to drive player retention and monetization across multiple titles.
The company’s diverse portfolio includes flagship social casino games such as Slotomania, Bingo Blitz and Caesars Casino, as well as skill-based and casual offerings like World Series of Poker and House of Fun.
