Playtika ends strategic sale review as Q3 revenue holds flat at $674m
Published 5 Nov 2026 · Games Atlas Editorial · Financial Results · Companies: Playtika
Games Atlas summary: Playtika concluded its strategic review launched April 6 with Morgan Stanley as advisor. The board decided to remain an independent, publicly traded company. Q3 revenue held flat at $673.8m as adjusted EBITDA hit a record $252.1m. D2C revenue growth and a 19% UA pullback offset a 13% drop in daily active users.
How to cite this page
Games Atlas — Games Industry Intelligence (2026). Playtika ends strategic sale review as Q3 revenue holds flat at $674m. Published 5 Nov 2026. https://gamesatlas.app/article/playtika-ends-strategic-sale-review-as-q3-revenue-holds-flat-at-674m
Review ends, board bets on independence
- Playtika's board launched the strategic review on April 6, hiring Morgan Stanley to explore options.
- The company confirmed the review concluded with no sale, divestiture or merger.
- Playtika said staying independent "best positions the company to create long-term value for shareholders."
- "With the strategic review complete, we are moving forward as an independent company." - Robert Antokol, CEO
D2C margin expansion funds record profitability
- Sales and marketing spend fell 19% YoY to $167.8m as marketing "stepped down as planned."
- D2C revenue grew 31% to $275.1m, reaching 41% of total revenue.
- Third-party platform revenue fell 14%, shifting the mix toward owned channels.
- Adjusted EBITDA reached a record $252.1m, up 16% YoY, at a 37.4% margin.
Shrinking audience, rising monetization
- Average daily active users fell 13% YoY to 7.1m.
- Monthly active users dropped from 26.4m to 21.5m.
- Daily paying users fell 6% to 333,000, while ARPDAU rose from $0.89 to $1.03.
- Disney Solitaire revenue rose 88% YoY to $111.2m but fell 22% versus Q2, while Bingo Blitz fell 18% to $133m.
Cash flow sustains earlier M&A earnouts
- Playtika has paid $350m in contingent consideration for past acquisitions so far this year.
- $450m of earnout obligations remain on the balance sheet.
- "We set a plan for 2026, and we are delivering on it." - Tae Lee, CFO
- Playtika reaffirmed full-year guidance of $2.75bn to $2.85bn revenue and $750m to $790m adjusted EBITDA, expecting the midpoint.
What this means
- For Investors & VC: Remove this buyer from 2026 exit plans for casual and social-casino studios.
- For UA & Marketing: Re-forecast casual and casino CPIs lower while a top bidder holds budgets back.
- For Service Vendors: Pitch webshop and payments builds to mid-size casino publishers copying this margin playbook.