0001828016-26-000010 | 10-K | XBRL Viewer

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OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Long-term tax reserves	$ 378.9	$ 369.9
Unrecognized loss on interest rate swaps	1.5	0.0
Other	0.4	2.3
Total other long-term liabilities	$ 380.8	$ 372.2

REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Balances (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 161.8	$ 187.6
Contract assets	5.5	9.4
Contract liabilities	$ 28.8	$ 36.4

INTANGIBLE ASSETS OTHER THAN GOODWILL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization and impairment of intangible assets				$ 188.0	$ 119.2	$ 112.3
Impairment of intangible assets	$ 29.9	$ 41.6	$ 9.7	$ 1.4
Impairment Intangible Asset, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag		true

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Weighted Average Remaining Lease Terms

The following is a summary of weighted average remaining lease terms and discount rates for all of the Company's operating leases:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years)	6.8		6.3
Weighted average discount rates	4.7	%	4.5	%

Summary of Lease Maturities

Maturities of lease liabilities are as follows (in millions):


2026	$	33.0
2027	27.8
2028	22.0
2029	21.3
2030	17.9
Thereafter	43.3
Total undiscounted cash flows	165.3
Less: imputed interest	(22.4)
Present value of lease liabilities	$	142.9

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN - Narrative (Details)										1 Months Ended	3 Months Ended			12 Months Ended
	Feb. 19, 2026	Jan. 09, 2026 $ / shares	Jan. 01, 2026 shares	Nov. 12, 2025	Jan. 01, 2025 shares	Jan. 01, 2024 shares	Oct. 10, 2022 USD ($) shares	Aug. 29, 2022 $ / shares shares	Feb. 07, 2022 USD ($) $ / shares shares	Jan. 31, 2021	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025 $ / shares	Jun. 30, 2025 $ / shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	May 09, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes common shares are entitled \| vote														1
Number of shares authorized (in shares)											75,600,000			75,600,000
Number of shares available for grant (in shares)											8,400,000			8,400,000
Common stock, par or stated value per share (in dollars per share) \| $ / shares								$ 0.01			$ 0.01			$ 0.01	$ 0.01
Cash dividend paid (in dollars per share) \| $ / shares											$ 0.10	$ 0.10	$ 0.10
Dividend payable \| $											$ 37,700,000			$ 37,700,000	$ 37,300,000
Share repurchase program, authorized, amount \| $																	$ 150,000,000
Repurchase of common stock (in shares)														4,400,000
Shares acquired, average cost per share (in dollars per share) \| $ / shares														$ 4.61
Share repurchase program, remaining authorized, amount \| $											129,000,000.0			$ 129,000,000.0
Number of options exercised (in shares)														0	0	0
Number of options granted (in shares)														0	0
Capitalization of stock-based compensation costs \| $														$ 1,000,000.0	$ 2,000,000.0	$ 3,000,000.0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)							51,813,472	51,813,472
Public offering price (in dollars per share) \| $ / shares								$ 11.58
Aggregate net proceeds from stock offering \| $							$ 600,000,000
Shares sold as a percent of outstanding shares							12.60%
Repurchase of common stock (in shares)														4,400,000	100,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options modified (in shares)									5,303,242
Options modified, exercise price (in dollars per share) \| $ / shares									$ 18.71
Options modified, incremental compensation expense to be recorded over remaining vesting period \| $									$ 8,800,000
Expected term														10 years
Exercisable, weighted average remaining contractual term (in years)														10 years
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $											300,000			$ 300,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition														10 months 24 days
Stock options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)														25.00%
Stock options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)														75.00%
Vesting period														3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $											103,000,000.0			$ 103,000,000.0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition														2 years 7 months 6 days
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term														2 years 3 months 18 days	2 years 3 months 18 days
Vesting period														3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term														3 years 1 month 6 days	3 years 7 months 6 days
Vesting period														4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)				33.33%					25.00%
Minimum number of shares to vest during each performance period (in shares)									25
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $											$ 20,100,000			$ 20,100,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition														1 year 9 months 18 days
PSUs \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Revenue growth achievement percentage											50.00%			50.00%
Potential expense recognized or will be recognized (as a percent)											50.00%			50.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term														1 year	1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term														3 years	3 years
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend paid (in dollars per share) \| $ / shares		$ 0.10
Subsequent Event \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	100.00%
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares outstanding percent										0.035
Number of additional shares authorized (in shares)					12,200,000	7,200,000
2020 Incentive Award Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)			4,600,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ (206.4)	$ 162.2	$ 235.0
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation	46.8	46.5	45.7
Amortization of intangible assets	188.0	119.2	112.3
Impairment charges	6.4	68.9	51.3
Stock-based compensation	82.5	99.2	110.0
Change in deferred taxes, net	(68.0)	(46.5)	(46.6)
Amortization of loan discount	8.1	7.5	7.0
Change in contingent consideration	398.6	(9.8)	1.4
Loss (gain) from foreign currency	7.0	1.1	(2.8)
Non-cash lease expenses (benefit), net	10.6	(1.4)	3.5
Payment of excess acquisition date fair value of contingent consideration	(7.9)	0.0	0.0
Other operating activities	(0.4)	0.0	0.0
Changes in operating assets and liabilities:
Accounts receivable	28.6	10.1	(25.6)
Prepaid expenses and other current and non-current assets	87.0	10.3	(35.0)
Accounts payable	24.2	(21.3)	(9.3)
Accrued expenses and other current and non-current liabilities	(37.4)	44.1	68.7
Net cash provided by operating activities	567.7	490.1	515.6
Cash flows from investing activities
Purchase of property and equipment	(36.3)	(40.9)	(32.6)
Capitalization of internal use software costs	(28.6)	(31.6)	(37.4)
Purchase of software for internal use	(21.2)	(20.8)	(9.2)
Payments for business combination, net of cash acquired	0.0	(686.9)	(159.6)
Proceeds from short-term investments	200.6	256.5	0.0
Purchase of short-term investments	(336.1)	(256.5)	0.0
Investments in unconsolidated entities	(1.4)	(2.6)	(1.8)
Other investing activities	1.3	0.7	0.4
Net cash used in investing activities	(221.7)	(782.1)	(240.2)
Cash flows from financing activities
Dividends paid	(150.2)	(111.5)	0.0
Repayments on bank borrowings	(19.0)	(23.8)	(14.3)
Payment of tax withholdings on stock-based payments	(2.9)	(2.6)	(3.9)
Payment for share buyback	(20.3)	(0.8)	0.0
Payment of contingent consideration	(37.6)	(28.4)	0.0
Net cash used in financing activities	(230.0)	(167.1)	(18.2)
Effect of exchange rate changes on cash and cash equivalents	2.0	(4.9)	4.1
Net change in cash, cash equivalents and restricted cash	118.0	(464.0)	261.3
Cash, cash equivalents and restricted cash at the beginning of the period	567.7	1,031.7	770.4
Cash, cash equivalents and restricted cash at the end of the period	685.7	567.7	1,031.7
Supplemental cash flow disclosures
Cash paid for income taxes	103.3	92.6	169.8
Cash paid for interest	137.2	146.6	146.0
Non-cash financing and investing activities
Right-of-use assets acquired under operating leases	54.0	8.8	14.6
Accrued dividend	37.7	37.3	0.0
Accrued purchases of property and equipment and intangible assets	7.6	11.0	17.0
Capitalization of stock-based compensation costs	1.0	2.0	3.0
Recognition of contingent consideration liability upon business acquisition	$ 0.0	$ 350.0	$ 65.4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2025
Minimum
Organization and Summary of Significant Accounting Polices [Line Items]
Estimated average life	6 months
Maximum
Organization and Summary of Significant Accounting Polices [Line Items]
Estimated average life	12 months

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation Expense (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	10 years
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	2 years 3 months 18 days	2 years 3 months 18 days
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	3 years 1 month 6 days	3 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - Deferred income tax valuation allowance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 51.9	$ 60.3	$ 45.0	$ 39.4
Increase	4.3	15.5	5.8
Decrease	(12.7)	(0.2)	(0.2)
Balance at End of Period	$ 51.9	$ 60.3	$ 45.0

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net at December 31, 2025 and 2024 are as follow (in millions):


	December 31,
	2025		2024
Computers and peripheral equipment	$	249.7	$	240.3
Office furniture and equipment	20.3		19.0
Vehicles and aircraft	9.0		9.0
Leasehold improvements	70.3		69.8
Total property and equipment, gross	349.3		338.1
Accumulated depreciation	(246.4)		(222.7)
Total property and equipment, net	$	102.9	$	115.4

Depreciation expense was $46.8 million, $46.5 million and $45.7 million in the years ended December 31, 2025, 2024 and 2023, respectively.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Short-term Investments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Credit loss	$ 0	$ 0	$ 0

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

Interest rate swap agreements

In March 2021, the Company entered into two interest rate swap agreements, each with a notional value of $250 million. Each of these swap agreements is with a different financial institution as the counterparty to reduce the Company’s counterparty risk. The initial terms of each swap required the Company to pay a fixed interest rate of 0.9275% in exchange for receiving one-month LIBOR. In June 2023 these two interest rate swap agreements were amended so that effective July 31, 2023, the Company pays a fixed interest rate of 0.85% in exchange for receiving on-month Term SOFR. The amendment did not impact the hedge effectiveness.

The interest rate swap agreements settle monthly commencing in April 2021 through their termination dates on April 30, 2026. The estimated fair value of the Company’s interest rate swap agreements is derived from a discounted cash flow analysis.

In January 2023, the Company entered into two additional interest rate swap agreements, each with a notional value of $250 million. Each of these swap agreements is with a different financial institution, and each swap requires the Company to pay a fixed interest rate of 3.435% in exchange for receiving one-month LIBOR for six months and one-month Term SOFR afterwards. The interest rate swap agreements settle monthly commencing in February 2023 through their termination dates on February 28, 2028. The estimated fair value of the Company’s interest rate swap agreements is derived from a discounted cash flow analysis.

The aggregate fair value of the Company’s interest rate swap agreements was a net asset of $2.8 million as of December 31, 2025 and an asset of $29.2 million as of December 31, 2024 and was recorded in the accompanying consolidated balance

sheets based upon the timing of the underlying expected cash flows in amounts detailed in Note 16, Fair Value Measurements.

Foreign currency hedge agreements

At December 31, 2025, the Company had outstanding derivative contracts to purchase certain foreign currencies, including EUR, ILS, RON, and PLN at future dates. The amount of future salary and certain operating expenses the Company had hedged was approximately $206.6 million, and all contracts are expected to mature during the upcoming 12 months. The aggregate fair value of the Company’s derivative contracts was a net asset of $12.8 million as of December 31, 2025 and a net liability of $2.2 million as of December 31, 2024 and was recorded in the accompanying consolidated balance sheets in amounts detailed in Note 16, Fair Value Measurements.

The following table summarizes the volume of derivative instrument activity (in millions):


	Year ended December 31,
	2025		2024		2023
Derivative instruments - foreign currency derivative contracts	$	225.9	$	198.4	$	302.3
Derivative instruments - interest rate swaps	—		—		500.0
Derivative instruments - others (non-hedging)	—		—		1.6

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss carry-forwards	$ 63.5	$ 54.2
Research and development expenses	114.3	83.1
Operating lease liabilities	21.3	18.3
Stock-based compensation	28.1	19.1
Interest expense	22.4	21.2
Foreign tax credit carryforward	24.5	37.2
Other	24.2	17.9
Deferred tax assets	298.3	251.0
Valuation allowances	(51.8)	(60.3)
Net deferred tax assets	246.5	190.7
Deferred tax liabilities
Intangible assets	(48.1)	(59.9)
Property and equipment	(7.1)	(8.0)
Derivative instruments	(0.7)	(6.8)
Operating lease right-of-use assets	(19.5)	(17.7)
Other	(6.1)	(4.0)
Deferred tax liabilities	(81.5)	(96.4)
Net deferred tax assets (liabilities)	$ 165.0	$ 94.3

DEBT - Narrative (Details) $ in Millions					12 Months Ended
DEBT - Narrative (Details) $ in Millions	Apr. 23, 2025 USD ($) step_down	Jun. 19, 2023	Mar. 11, 2021 USD ($)	Dec. 10, 2019 USD ($) fiscal_quarter	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 15, 2021 USD ($)	Jun. 15, 2020 USD ($)
Debt Instrument [Line Items]
Deferred financing costs					$ 20.7	$ 28.7
Face value					$ 2,409.8	2,428.8
Line of credit facility, unused capacity, commitment fee (percentage)		0.50%
Mandatory and voluntary prepayments of a percentage of excess cash flow				50.00%
Debt instrument, step down, based on company's net total secured leverage				25.00%
Excess cash flow value which triggers mandatory prepayments				$ 10.0
Mandatory and voluntary prepayments from proceeds from debt issuance, percentage				100.00%
Pledge of capital stock from Company and domestic guarantors				65.00%
Pledge of capital stock from certain domestic guarantors				100.00%
Covenant compliance, number of fiscal quarters \| fiscal_quarter				4
Percent of Intellectual property rights that generate EBITA				5.00%
Net senior secured leverage ratio					1.31
Adjusted EBITDA					$ 753.2
Net debt					$ 989.6
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 550.0
Number of step-downs per annum \| step_down	3
Step-down per annum (as a percent)	0.25%
Number of step-downs per quarter \| step_down	2
Step-down per quarter (as a percent)	0.125%
Floor interest rate	0.00%
Line of credit facility, unused capacity, commitment fee (percentage)	0.50%
Measurement Input, EBITDA Multiple
Debt Instrument [Line Items]
Minimum EBITDA percentage generated from company and guarantors				80.00%
Minimum
Debt Instrument [Line Items]
Unused commitments of lender subject to step-downs		0.375%
Debt instrument, step down, based on company's net total secured leverage				0.00%
Maximum
Debt Instrument [Line Items]
Unused commitments of lender subject to step-downs		0.25%
Net senior secured leverage ratio					6.25
Fed Funds Effective Rate Overnight Index Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.50%
Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.00%
One-Month Term SOFR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.00%
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.00%
Senior Secured Credit Facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,750.0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 600.0	250.0			$ 550.0	$ 350.0
Face value					$ 0.0
Line of credit facility, increase (decrease), net				$ 800.0
EBITDA calculated threshold				100.00%
Covenant, leverage ratio, maximum				3.50
Covenant, fixed charge coverage ratio, minimum				2.00
Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,500.0
Face value					$ 1,809.8	1,828.8
Interest rate					6.78%
Senior Secured First Lien Term Loans
Debt Instrument [Line Items]
Face value			$ 1,900.0
Percentage of original aggregated principal amount of term loan due in quarterly principal payments (percentage)			0.25%
Senior Notes
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 600.0
Face value					$ 600.0	$ 600.0
Number of days of subsidiaries in excess of a specified amount that remains unpaid					45 days
Interest rate			4.25%		4.25%
Change of control repurchase price percentage			101.00%
Period of payment of interest on the notes					30 days
Covenants in the indenture period					60 days
Covenant period of provision of financial reports					120 days
Aggregate principal amount of the notes percentage					25.00%
Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage			101.063%
Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage			100.00%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Other than Goodwill (Details)	Dec. 31, 2025
Internal use software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	3 years
Minimum \| Developed games and acquired technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	1 year
Minimum \| Trademarks and user base
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum \| Developed games and acquired technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	10 years
Maximum \| Trademarks and user base
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible asset, useful life	5 years

CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents

Cash equivalents at December 31, 2025 and 2024 are as follow (in millions):


	December 31,
	2025		2024
Money market funds	$	291.3	$	331.4
Term deposits	198.5		93.1
Commercial papers	39.8		10.0
Total cash equivalents	$	529.6	$	434.5

FAIR VALUE MEASUREMENTS - Contingent Consideration Payable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Contingent Consideration [Roll Forward]
Recorded in connection with SuperPlay acquisition		$ 0.0	$ 350.0	$ 65.4
Fair value adjustments based upon post-acquisition performance		398.6	(9.8)	1.4
SuperPlay Ltd.
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance		354.6
Fair value adjustments based upon post-acquisition performance		379.4
Ending balance		734.0	354.6
InnPlay
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance		25.0
Fair value adjustments based upon post-acquisition performance	$ (12.0)
Ending balance			25.0
Level 3
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance		379.6	66.8
Recorded in connection with SuperPlay acquisition			350.0
Payment of contingent consideration		(44.2)	(26.7)
Fair value adjustments based upon post-acquisition performance		398.6	(9.8)
Reclassification to accrued expenses			(0.7)
Ending balance	$ 66.8	$ 734.0	$ 379.6	$ 66.8

FAIR VALUE MEASUREMENTS - Asset and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short-term investments	$ 136.0	$ 0.0
Prepaid expenses and other current assets	4.9	19.4
Other non-current assets	0.0	9.8
Other long-term liabilities	1.5	0.0
Interest rate swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities	0.6	0.0
Interest rate swaps \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Prepaid expenses and other current assets	4.9	19.4
Other non-current assets	0.0	9.8
Other long-term liabilities	1.5	0.0
Foreign currency derivative contracts \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Prepaid expenses and other current assets	12.9	1.1
Accrued expenses and other current liabilities	0.1	3.3
Term deposits \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short-term investments	71.8	0.0
Commercial papers \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short-term investments	64.2	0.0
Money market funds \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	291.3	331.4
Term deposits \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	198.5	93.1
Commercial papers \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents	$ 39.8	$ 10.0

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Long-term tax assets	$	107.5	$	153.1
Deposits	4.3		4.1
Unrecognized gain on interest rate swaps	—		9.8
Other	4.0		—
Total other non-current assets	$	115.8	$	167.0

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table provides information about disaggregated revenue by geographic location of the Company's players and type of platform (in millions):


	Year ended December 31,
	2025		2024		2023
Geographic location
USA	$	1,741.9	$	1,700.6	$	1,777.5
EMEA	647.0		495.9		431.9
APAC	204.0		176.8		180.9
Other	162.5		176.0		176.7
Total	$	2,755.4	$	2,549.3	$	2,567.0

Revenues through third-party platforms and through the Company’s own Direct-to-Consumer platforms were as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Revenues
Third-party platforms	$	1,940.9	$	1,855.1	$	1,927.6
Direct-to-Consumer platforms	814.5		694.2		639.4
Total	$	2,755.4	$	2,549.3	$	2,567.0

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

Balances of the Company’s contract assets and liabilities are as follows (in millions):


	December 31,
	2025		2024
Accounts receivable	$	161.8	$	187.6
Contract assets (1)	5.5		9.4
Contract liabilities (2)	28.8		36.4

_______

(1) Contract assets are included within prepaid expenses and other current assets in the Company’s consolidated balance sheets.

(2) Contract liabilities are included within accrued expenses and other current liabilities as “deferred revenues” in the Company’s consolidated balance sheets.

DEBT - Schedule of Principal Payments of Long Term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 19.0
2027	19.0
2028	1,771.8
2029	600.0
Total	$ 2,409.8

INCOME TAXES - Income Tax Provisions - Federal, State and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. Federal
Current	$ 74.9	$ 32.4	$ 63.1
Deferred	(18.7)	(30.1)	(30.8)
Total	56.2	2.3	32.3
U.S. State
Current	3.6	10.7	9.9
Deferred	1.1	(0.8)	0.2
Total	4.7	9.9	10.1
Foreign
Current	9.3	109.9	141.0
Deferred	(36.7)	(3.8)	(26.3)
Total	$ (27.4)	$ 106.1	$ 114.7

CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS

Cash equivalents at December 31, 2025 and 2024 are as follow (in millions):


	December 31,
	2025		2024
Money market funds	$	291.3	$	331.4
Term deposits	198.5		93.1
Commercial papers	39.8		10.0
Total cash equivalents	$	529.6	$	434.5

As of December 31, 2025, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did not recognize an allowance for credit losses.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule Of Prepaid Expenses And Other Current Assets

Prepaid expenses and other current assets at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Government authorities	$	34.4	$	55.3
Prepaid expenses	21.6		28.2
Deferred charges	5.5		9.4
Derivative instruments - interest rate swaps	4.9		19.4
Other	14.0		5.2
Total prepaid expenses and other current assets	$	80.4	$	117.5

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN - RSUs and PSUs Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs
Shares
Beginning balance (in shares)	19.6	21.3	14.9
Granted (in shares)	8.4	7.4	13.8
Vested (in shares)	(6.6)	(5.7)	(6.4)
Forfeited (in shares)	(3.0)	(3.4)	(1.0)
Ending balance (in shares)	18.4	19.6	21.3
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 8.70	$ 12.24	$ 18.69
Granted (in dollars per share)	3.68	6.36	8.81
Vested (in dollars per share)	10.08	16.98	19.00
Forfeited (in dollars per share)	8.54	11.75	17.67
Ending balance (in dollars per share)	$ 5.94	$ 8.70	$ 12.24
Total fair value of shares vested	$ 29.8	$ 42.2	$ 61.6
PSUs
Shares
Beginning balance (in shares)	10.9	2.2	3.2
Granted (in shares)	0.5	9.8	0.0
Vested (in shares)	(0.1)	(0.1)	(0.4)
Forfeited (in shares)	(0.6)	(1.1)	(0.6)
Ending balance (in shares)	10.8	10.9	2.2
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 5.33	$ 9.72	$ 9.72
Granted (in dollars per share)	3.50	4.86	0
Vested (in dollars per share)	9.72	9.72	9.72
Forfeited (in dollars per share)	9.72	9.72	9.72
Ending balance (in dollars per share)	$ 5.02	$ 5.33	$ 9.72
Total fair value of shares vested	$ 0.1	$ 0.1	$ 4.2

LEASES - Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 33.0
2027	27.8
2028	22.0
2029	21.3
2030	17.9
Thereafter	43.3
Total undiscounted cash flows	165.3
Less: imputed interest	(22.4)
Present value of lease liabilities	$ 142.9

DERIVATIVE INSTRUMENTS - Derivative Instrument Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Foreign currency derivative contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative instruments	$ 225.9	$ 198.4	$ 302.3
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative instruments	0.0	0.0	500.0
Other \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative instruments	$ 0.0	$ 0.0	$ 1.6

INCOME TAXES - Deferred Tax on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Deferred tax assets, net	$ 173.2	$ 119.0
Deferred tax liabilities, net	(8.2)	(24.7)
Net deferred tax assets (liabilities)	$ 165.0	$ 94.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	19.5	15.9	13.1
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	10.8	10.9	2.2

CASH EQUIVALENTS - Schedule of Cash Equivalents (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Total cash equivalents	$ 529,600,000	$ 434,500,000
Allowance for credit loss	0	0	$ 0
Money market funds
Cash and Cash Equivalents [Line Items]
Total cash equivalents	291,300,000	331,400,000
Term deposits
Cash and Cash Equivalents [Line Items]
Total cash equivalents	198,500,000	93,100,000
Commercial papers
Cash and Cash Equivalents [Line Items]
Total cash equivalents	$ 39,800,000	$ 10,000,000.0

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets
Net operating loss carry-forwards	$	63.5	$	54.2

Research and development expenses	114.3		83.1
Operating lease liabilities	21.3		18.3
Stock-based compensation	28.1		19.1
Interest expense	22.4		21.2
Foreign tax credit carryforward	24.5		37.2
Other	24.2		17.9
Deferred tax assets	298.3		251.0
Valuation allowances	(51.8)		(60.3)
Net deferred tax assets	246.5		190.7
Deferred tax liabilities
Intangible assets	(48.1)		(59.9)


Property and equipment	(7.1)		(8.0)
Derivative instruments	(0.7)		(6.8)
Operating lease right-of-use assets	(19.5)		(17.7)
Other	(6.1)		(4.0)
Deferred tax liabilities	(81.5)		(96.4)
Net deferred tax assets (liabilities)	$	165.0	$	94.3

Deferred taxes are reported in the accompanying consolidated balance sheets as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets, net	$	173.2	$	119.0
Deferred tax liabilities, net	(8.2)		(24.7)
Net deferred tax assets (liabilities)	$	165.0	$	94.3

Schedule of Income (Loss) Before Income Tax, Domestic and Foreign

Income (loss) before income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Domestic (U.S.)	$	133.5	$	92.9	$	97.2
Foreign	(306.4)		187.6		294.9
Income (loss) before taxes on income	$	(172.9)	$	280.5	$	392.1

Schedule of Effective Income Tax Rate Reconciliation

Effective income tax rate reconciliations are as follows:


	Year ended December 31,
	2025				2024				2023
US Statutory Tax Rate	$	(36.4)	21.0	%	$	58.9	21.0	%	$	82.3	21.0	%
State taxes, net of federal benefit(1)	3.8		(2.2)	%	7.8		2.8	%	8.0		2.0	%
Foreign tax effects:
Israel
Foreign Rate Differential	(8.8)		5.1	%	4.7		1.7	%	3.6		0.9	%
Jurisdictional Tax Incentives	6.3		(3.6)	%	(8.2)		(2.9)	%	(18.1)		(4.6)	%
Nondeductible Stock-based Compensation	3.2		(1.8)	%	8.2		2.9	%	5.4		1.4	%
Valuation of Contingent Consideration	44.6		(25.8)	%	(5.7)		(2.0)	%	0.3		0.1	%
Change in Valuation Allowances	3.6		(2.1)	%	7.3		2.6	%	4.5		1.1	%
Repatriation of Undistributed Dividends	—		—	%	(11.0)		(3.9)	%	11.0		2.8	%
Other	(1.3)		0.8	%	3.6		1.3	%	(3.0)		(0.8)	%
United Kingdom
Impairment	—		—	%	6.3		2.2	%	—		—	%
Other	1.9		(1.1)	%	1.4		0.5	%	2.1		0.5	%
Germany
Foreign Rate Differential	6.3		(3.6)	%	5.1		1.8	%	6.2		1.6	%
Other	—		—	%	0.9		0.3	%	1.0		0.3	%
Finland
Change in Valuation Allowances	0.5		(0.3)	%	8.1		2.9	%	—		—	%
Other	1.3		(0.7)	%	(0.1)		—	%	0.6		0.2	%
Other Jurisdictions
Other	0.4		(0.2)	%	2.3		0.8	%	0.9		0.2	%

Cross-border tax laws
GILTI and other international adjustments	17.7		(10.2)	%	11.0		3.9	%	13.1		3.3	%


Nontaxable or nondeductible items
162(m) Limitation	4.5		(2.6)	%	3.4		1.2	%	3.8		1.0	%
Other	0.5		(0.3)	%	2.7		1.0	%	1.1		0.3	%
Changes in UTBs	(15.3)		8.9	%	14.0		5.0	%	34.9		8.9	%
Other reconciling items
Other	0.7		(0.6)	%	(2.4)		(0.9)	%	(0.6)		(0.1)	%
Total tax expense/Effective tax rate	$	33.5	(19.3)	%	$	118.3	42.2	%	$	157.1	40.1	%

__________

(1) For 2025, state taxes in Pennsylvania, New York, Minnesota, California, Maryland, Georgia, Illinois, and Tennessee made up the majority (greater than 50 percent) of the tax effect in this category.

For 2024, state taxes in Pennsylvania, California, New York, Minnesota, Illinois, Georgia, and Maryland made up the majority (greater than 50 percent) of the tax effect in this category.

For 2023, state taxes in Pennsylvania, California, Minnesota, Georgia, Florida, New York, Maryland, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Current	$	87.8	$	153.0	$	214.0
Deferred	(54.3)		(34.7)		(56.9)
Total	$	33.5	$	118.3	$	157.1

Domestic (U.S.)	$	60.9	$	12.2	$	42.4
Foreign	(27.4)		106.1		114.7
Total	$	33.5	$	118.3	$	157.1


	Year ended December 31,
	2025		2024		2023
U.S. Federal
Current	$	74.9	$	32.4	$	63.1
Deferred	(18.7)		(30.1)		(30.8)
Total	$	56.2	$	2.3	$	32.3
U.S. State
Current	$	3.6	$	10.7	$	9.9
Deferred	1.1		(0.8)		0.2
Total	$	4.7	$	9.9	$	10.1
Foreign
Current	$	9.3	$	109.9	$	141.0
Deferred	(36.7)		(3.8)		(26.3)
Total	$	(27.4)	$	106.1	$	114.7

Schedule of Cash Paid for Income Taxes

The cash paid for income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Federal	$	72.6	$	25.5	$	22.0
State and local	5.8		12.8		15.8
Foreign
Israel	(40.3)		5.4		70.8
Germany	32.1		15.5		10.6
Austria	16.2		11.6		28.5
United Kingdom	11.1		16.2		19.8
All other foreign	5.8		5.6		2.3
Income taxes paid, net of amounts refunded	$	103.3	$	92.6	$	169.8

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the opening and closing balances of total unrecognized tax benefits is as follows (in millions):


	Year ended December 31,
	2025		2024
Balance as of January 1	$	294.0	$	261.0
Increases in respect of tax positions related to the current year	44.1		38.9
Increases in respect of tax positions related to prior years	20.1		0.8
Increases in respect to exchange rate fluctuations	40.5		—
Reductions in respect of settlements with authorities	—		(5.2)
Reductions in respect of expirations of statute of limitations	(81.8)		—

Reductions in respect of exchange rate fluctuations	—		(1.5)
Balance as of December 31	$	316.9	$	294.0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.40	$ 0.40

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to ordinary stockholders (in millions, except per share data):


	Year ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	(206.4)	$	162.2	$	235.0
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	375.8		371.8		366.3
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	375.8		372.1		366.8
Net income (loss) per share, basic	$	(0.55)	$	0.44	$	0.64
Net income (loss) per share, diluted	$	(0.55)	$	0.44	$	0.64

The following outstanding employee equity awards were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in millions):


	Year ended December 31,
	2025	2024	2023
Stock options	1.1	1.5	2.2
RSUs	18.4	14.4	10.9
Total	19.5	15.9	13.1

For the years ended December 31, 2025, 2024 and 2023, 10.8 million, 10.9 million and 2.2 million PSUs, respectively, were excluded from the calculation of diluted net income per share, because the minimum performance measures were not yet met.

SUBSEQUENT EVENTS (Details)	Jan. 14, 2026
Subsequent Event
Subsequent Event [Line Items]
Expected reduction in workforce (as a percent)	15.00%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We use the NIST Cybersecurity Framework and CIS Critical Security Controls as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet any particular technical standards, specifications, or requirements. Our cybersecurity risk management program comprises one component of our overall enterprise risk management program which is organized by discipline areas. Our cybersecurity risk management program shares common reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes the following key elements: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; •integration with software development procedures and processes throughout the lifecycles of our products. •a team comprised of IT security, IT engineering and IT compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents; •the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness, including annual mandatory training for all employees and contractors in addition to monthly phishing simulations and the use of designated security champions throughout the Company’s departments; •a cybersecurity incident response plan and Security Operations Center (SOC) to respond to cybersecurity incidents; •insurance coverage for cybersecurity matters; and •a comprehensive third-party risk management process for service providers which requires critical vendors to provide security certifications such as SOC 2 Type II and includes continuous monitoring of vendor security postures and annual security audits to ensure ongoing compliance with our standards. There can be no assurance that our cybersecurity risk management program, including our controls, procedures and processes, will be fully complied with or that our program will be fully effective in protecting the confidentiality, integrity and availability of our information systems, product and network. See “Risk Factors – Our success depends on the security and integrity of the games we offer, and security breaches or other disruptions could compromise our information or the information of our players and expose us to liability, which would cause our business and reputation to suffer.” During the reporting period, we did not experience any cybersecurity incident that has materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized and material, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – If we sustain cyber-attacks or other privacy or data security incidents that result in security breaches, we could suffer a loss of sales and increased costs, exposure to significant liability, reputational harm and other negative consequences.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees management’s design, implementation and enforcement of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees management’s design, implementation and enforcement of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Information Security Officer (CISO) periodically reports to the Board and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CISO on our cybersecurity risks, including briefings on our cyber risk management program and any cybersecurity incidents. Board members also receive periodic presentations on cybersecurity topics from our CISO or our Chief Technology Officer (CTO).
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer (CISO) periodically reports to the Board and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CISO on our cybersecurity risks, including briefings on our cyber risk management program and any cybersecurity incidents. Board members also receive periodic presentations on cybersecurity topics from our CISO or our Chief Technology Officer (CTO). Our CISO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers, and alerts and reports produced by security tools deployed in the IT environment. Our CISO oversees our internal cybersecurity personnel and external cybersecurity service providers. Our CISO has over twenty years of experience in managing and leading IT and cybersecurity teams, including approximately ten years in senior security leadership roles at a global fintech company prior to joining the Company. Our CISO reports directly to our CTO who has over twenty years of experience in technology and IT including roles at large global companies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer (CISO) periodically reports to the Board and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CISO on our cybersecurity risks, including briefings on our cyber risk management program and any cybersecurity incidents. Board members also receive periodic presentations on cybersecurity topics from our CISO or our Chief Technology Officer (CTO).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO reports directly to our CTO who has over twenty years of experience in technology and IT including roles at large global companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Information Security Officer (CISO) periodically reports to the Board and leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports from our CISO on our cybersecurity risks, including briefings on our cyber risk management program and any cybersecurity incidents. Board members also receive periodic presentations on cybersecurity topics from our CISO or our Chief Technology Officer (CTO). Our CISO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers, and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Outstanding beginning balance (in shares)	1,300,000
Granted (in shares)	0	0
Exercised (in shares)	0	0	0
Forfeited (in shares)	(200,000)
Expired (in shares)	0
Outstanding ending balance (in shares)	1,100,000	1,300,000
Exercisable at ending balance (in shares)	1,000,000.0
Weighted average remaining term, Outstanding	5 years 8 months 12 days	6 years 8 months 12 days
Weighted average remaining term, Exercisable	5 years 7 months 6 days
Weighted Average Exercise Price
Outstanding at beginning balance (in dollars per share)	$ 17.42
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	18.61
Expired (in dollars per share)	0
Outstanding at ending balance (in dollars per share)	17.16	$ 17.42
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 17.65
Intrinsic Value, Outstanding	$ 0.0	$ 0.0
Intrinsic Value, Exercisable	$ 0.0

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 349.3	$ 338.1
Accumulated depreciation	(246.4)	(222.7)
Property and equipment, net	102.9	115.4
Depreciation	46.8	46.5	$ 45.7
Computers and peripheral equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	249.7	240.3
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20.3	19.0
Vehicles and aircraft
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9.0	9.0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 70.3	$ 69.8

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 294.0	$ 261.0
Increases in respect of tax positions related to the current year	44.1	38.9
Increases in respect of tax positions related to prior years	20.1	0.8
Increases in respect to exchange rate fluctuations	40.5	0.0
Reductions in respect of settlements with authorities	0.0	(5.2)
Reductions in respect of expirations of statute of limitations	(81.8)	0.0
Reductions in respect of exchange rate fluctuations	0.0	(1.5)
Ending balance	$ 316.9	$ 294.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Revenues	$ 2,755.4	$ 2,549.3	$ 2,567.0
Costs and expenses
Cost of revenue	758.5	692.1	718.5
Research and development	426.7	403.0	406.4
Sales and marketing	949.8	705.0	585.7
General and administrative	619.1	288.7	303.5
Impairment charges	6.4	68.9	51.3
Total costs and expenses	2,760.5	2,157.7	2,065.4
Income (loss) from operations	(5.1)	391.6	501.6
Interest and other, net	167.8	111.1	109.5
Income (loss) before income taxes	(172.9)	280.5	392.1
Provision for income taxes	33.5	118.3	157.1
Net income (loss)	(206.4)	162.2	235.0
Other comprehensive income (loss)
Foreign currency translation	23.8	(10.9)	5.6
Change in fair value of derivatives	(7.7)	(9.9)	(2.6)
Total other comprehensive income (loss)	16.1	(20.8)	3.0
Comprehensive income (loss)	$ (190.3)	$ 141.4	$ 238.0
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ (0.55)	$ 0.44	$ 0.64
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ (0.55)	$ 0.44	$ 0.64
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	375.8	371.8	366.3
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares)	375.8	372.1	366.8

ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table shows a summary of changes in accumulated other comprehensive income (loss), net of tax, for the respective periods (in millions):


	Foreign Currency Translation		Interest Rate Swaps		Foreign Currency Derivative Contracts		Total
Balance as of January 1, 2024	$	(10.0)	$	27.8	$	2.8	$	20.6
Other comprehensive income (loss) before reclassifications	(10.9)		18.3		(5.3)		2.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		(23.6)		0.7		(22.9)
Balance as of December 31, 2024	(20.9)		22.5		(1.8)		(0.2)
Other comprehensive income (loss) before reclassifications	23.8		(3.9)		23.4		43.3
Amounts reclassified from accumulated other comprehensive income (loss)	—		(16.7)		(10.5)		(27.2)
Balance as of December 31, 2025	$	2.9	$	1.9	$	11.1	$	15.9

The amounts in the summary of changes in accumulated other comprehensive income (loss) tables, above, are net of tax expense/(benefits) as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Interest rate swaps	$	(6.1)	$	(1.6)	$	(3.0)
Foreign currency derivative contracts	2.4		(0.9)		1.4

Amounts reclassified from accumulated other comprehensive income for interest rate swaps and foreign currency derivative contracts were reclassified to interest expense and operating expenses, respectively, in the Company’s consolidated statements of comprehensive income during the years ended December 31, 2025 and 2024.

INTANGIBLE ASSETS OTHER THAN GOODWILL - Schedule of Acquired Intangible Assets Other than Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Historical cost basis	$ 1,295.1	$ 1,242.4
Accumulated amortization	(869.4)	(680.2)
Total	$ 425.7	562.2
Developed games and acquired technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted average remaining useful life (in years)	4 years 7 months 6 days
Historical cost basis	$ 972.2	948.7
Accumulated amortization	$ (623.6)	(518.1)
Trademarks and user base
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted average remaining useful life (in years)	1 year
Historical cost basis	$ 94.1	94.1
Accumulated amortization	$ (94.0)	(43.6)
Internal use software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted average remaining useful life (in years)	2 years 7 months 6 days
Historical cost basis	$ 228.8	199.6
Accumulated amortization	$ (151.8)	$ (118.5)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Employees and related expenses	$	142.3	$	153.7
Accrued expenses	113.9		113.3
Media buy	57.2		47.9
Dividend payable	37.7		37.3
Deferred revenues	28.8		36.4
Tax accruals	15.1		49.4

Total accrued expenses and other current liabilities	$	395.0	$	438.0

REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregated Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 2,755.4	$ 2,549.3	$ 2,567.0
Third-party platforms
Disaggregation of Revenue [Line Items]
Revenues	1,940.9	1,855.1	1,927.6
Direct-to-Consumer platforms
Disaggregation of Revenue [Line Items]
Revenues	814.5	694.2	639.4
USA
Disaggregation of Revenue [Line Items]
Revenues	1,741.9	1,700.6	1,777.5
EMEA
Disaggregation of Revenue [Line Items]
Revenues	647.0	495.9	431.9
APAC
Disaggregation of Revenue [Line Items]
Revenues	204.0	176.8	180.9
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 162.5	$ 176.0	$ 176.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Impairment of long-lived assets held or used	$ 1.8	$ 2.7	$ 0.0
Impairment Long Lived Asset Held For Use, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag		true

OTHER LONG-TERM LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Long-term tax reserves	$	378.9	$	369.9
Unrecognized loss on interest rate swaps	1.5		—
Other	0.4		2.3
Total other long-term liabilities	$	380.8	$	372.2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Employees and related expenses	$	142.3	$	153.7
Accrued expenses	113.9		113.3
Media buy	57.2		47.9
Dividend payable	37.7		37.3
Deferred revenues	28.8		36.4
Tax accruals	15.1		49.4

Total accrued expenses and other current liabilities	$	395.0	$	438.0

FAIR VALUE MEASUREMENTS - Narrative (Details) - SuperPlay Ltd.	Dec. 31, 2025	Nov. 20, 2024
Measurement Input, Revenue Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent consideration, measurement input	0.20	0.20
Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent consideration, measurement input	0.123	0.143
Measurement Input, Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of contingent consideration, measurement input	0.048	0.047

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 684.2	$ 565.8
Short-term investments	136.0	0.0
Restricted cash	1.5	1.9
Accounts receivable	161.8	187.6
Prepaid expenses and other current assets	80.4	117.5
Total current assets	1,063.9	872.8
Property and equipment, net	102.9	115.4
Operating lease right-of-use assets	124.2	89.9
Intangible assets other than goodwill, net	425.7	562.2
Goodwill	1,695.7	1,692.3
Deferred tax assets, net	173.2	119.0
Investment in unconsolidated entities	17.5	20.6
Other non-current assets	115.8	167.0
Total assets	3,718.9	3,639.2
Current liabilities
Current maturities of long-term debt	11.1	11.6
Accounts payable	80.3	58.6
Contingent consideration	454.0	25.0
Operating lease liabilities	27.5	25.7
Accrued expenses and other current liabilities	395.0	438.0
Total current liabilities	967.9	558.9
Long-term debt	2,378.0	2,388.5
Contingent consideration	280.0	354.6
Operating lease liabilities	115.4	71.4
Deferred tax liabilities	8.2	24.7
Other long-term liabilities	380.8	372.2
Total liabilities	4,130.3	3,770.3
Commitments and contingencies (Note 17)
Stockholders' equity (deficit)
Common stock of US $0.01 par value: 1,600.0 shares authorized; 428.8 and 427.1 shares issued, respectively, and 377.0 and 375.3 shares outstanding, respectively	4.3	4.1
Treasury stock at cost, 51.8 shares	(603.5)	(603.5)
Additional paid-in capital	1,423.1	1,362.7
Accumulated other comprehensive income (loss)	15.9	(0.2)
Accumulated deficit	(1,251.2)	(894.2)
Total stockholders' deficit	(411.4)	(131.1)
Total liabilities and stockholders’ deficit	$ 3,718.9	$ 3,639.2

OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

OTHER LONG-TERM LIABILITIES

Other long-term liabilities at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Long-term tax reserves	$	378.9	$	369.9
Unrecognized loss on interest rate swaps	1.5		—
Other	0.4		2.3
Total other long-term liabilities	$	380.8	$	372.2

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 72.6	$ 25.5	$ 22.0
State and local	5.8	12.8	15.8
Income taxes paid, net of amounts refunded	103.3	92.6	169.8
Israel
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	(40.3)	5.4	70.8
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	32.1	15.5	10.6
Austria
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	16.2	11.6	28.5
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	11.1	16.2	19.8
Other Jurisdictions
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 5.8	$ 5.6	$ 2.3

APPRECIATION AND RETENTION PLANS	12 Months Ended
APPRECIATION AND RETENTION PLANS	Dec. 31, 2025
Deferred Compensation Arrangements [Abstract]
APPRECIATION AND RETENTION PLANS	APPRECIATION AND RETENTION PLANS In August 2019, the Board approved the 2021-2024 Retention Plan. Under the 2021-2024 Retention Plan, eligible employees may be granted retention awards that let them receive their pro rata portion of a retention pool of $25 million per year for each of the plan years, and may also be granted appreciation units which allow the employee to receive their pro-rata portion of an appreciation pool calculated as a specified percentage of Retention Plan Adjusted EBITDA in each of the plan years, determined as follows: For 2021, (A) 14% of the 2021-2024 Retention Plan Adjusted EBITDA for such calendar year, less (B) $25,000,000. For 2022, (A) 14.5% of the 2021-2024 Retention Plan Adjusted EBITDA for such calendar year, less (B) $25,000,000. For each of 2023 and 2024, (A) 15.0% of the 2021-2024 Retention Plan Adjusted EBITDA for such calendar year, less (B) $25,000,000. Initial awards were granted under the 2021-2024 Retention Plan in August 2019, with subsequent awards to employees or consultants hired or retained after such date granted at the discretion of the administrator. In October 2020, 43,000 appreciation units held under the 2021-2024 Retention Plan were cancelled. Pursuant to an amendment to the 2021-2024 Retention Plan adopted in October 2020, these cancelled appreciation units are considered “retired units” for purposes of the plan, and will be deemed to be outstanding and eligible for payment solely for purposes of determining the per unit value to be paid to participants, but no amounts will be paid with respect to such retired units. Retention Plan Adjusted EBITDA represents Adjusted EBITDA further adjusted to reflect certain elements of cash-based compensation including retention unit awards and appreciation unit awards under the 2021-2024 Plan and retention awards to key individuals with acquired companies. The Company recognized compensation expenses in respect of retention bonus and appreciation unit awards under the 2021-2024 Plan of $92.5 million and $111.9 million during the years ended December 31, 2024 and 2023 respectively. No awards were granted or expense recognized during the year ended December 31, 2025 due to conclusion of the plan in 2024. The Company has also granted retention awards to key individuals associated with acquired companies as an incentive to retain those individuals on a long-term basis. The Company recognized compensation expenses associated with these development-related retention payments of $0.4 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively. No compensation expense associated with these development-related retention payments was recognized during the year ended December 31, 2025.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Government authorities	$	34.4	$	55.3
Prepaid expenses	21.6		28.2
Deferred charges	5.5		9.4
Derivative instruments - interest rate swaps	4.9		19.4
Other	14.0		5.2
Total prepaid expenses and other current assets	$	80.4	$	117.5

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long-term tax assets	$ 107.5	$ 153.1
Unrecognized gain on interest rate swaps	0.0	9.8
Deposits	4.3	4.1
Other	4.0	0.0
Other non-current assets	$ 115.8	$ 167.0

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN

Common stock

The following are the rights and privileges of the Company’s common shares:

Dividends - The holders of outstanding shares of the Company’s common stock are entitled to receive dividends out of funds legally available at the times and in the amounts which its board of directors may determine.

Voting rights – Holders of the Company’s common shares are entitled to one vote per share.

Liquidation – Upon the Company’s liquidation, dissolution or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of the Company’s common shares.

Preemptive or similar rights – None of the Company’s common shares is entitled to preemptive rights or subject to redemption.

Overview of Stock Incentive Plan

On May 26, 2020, the Board of Directors of the Company approved the Playtika Holding Corp. 2020 Incentive Award Plan (the “Plan”). The Plan authorizes the issuance of stock options, restricted stock, RSUs, PSUs, dividend equivalents, stock appreciation rights, performance bonus awards and other incentive awards. The Plan authorizes the grant of awards to employees, non-employee directors and consultants of the Company.

As of December 31, 2025, a total of 75.6 million shares of the Company’s common stock had been allocated to awards granted under the Plan and 8.4 million shares remained available for future grants. If, on January 1st of each year through January 2030, the number of shares available for grant is less than 3.5% of the total shares of the Company’s outstanding common stock, then the number of shares available for grant will increase to an amount equal to the lesser of (i) 3.5% of the total shares of the Company’s outstanding common stock or (ii) such number of shares determined by the Board of Directors. On January 1, 2026, 2025 and 2024, the number of shares of issuance under the Plan increased by 4.6 million, 12.2 million and 7.2 million, respectively.

Option Repricing

On February 7, 2022, the Compensation Committee of the Board of Directors of the Company approved an amendment to 5,303,242 options granted in 2021 that were scheduled to vest after the first anniversary of the grant date (the “Adjusted Portion”). The Adjusted Portion was amended to reduce the per share exercise prices of such Adjusted Portion to $18.71. The Company accounted for the repricing as a modification and is recording incremental compensation expense of approximately $8.8 million from the time of the repricing through the remaining vesting period. There were no awards included in this repricing to any named executive officers or other executives defined as insiders according to Section 16 of the Securities Exchange Act of 1934.

Tender Offer

On August 29, 2022, the Company announced a tender offer for the purchase of up to 51,813,472 shares of its issued and outstanding common stock, par value $0.01 per share (each, a “Share” and collectively, “Shares”) or such lesser number of Shares as are properly tendered and not properly withdrawn, at a price of $11.58 per Share (the "Tender Offer"). On October 10, 2022, the Company announced that it accepted for purchase 51,813,472 Shares for an aggregate cost of $600 million, excluding fees and expense related to the Tender Offer. The number of shares that the Company has accepted for purchase in the Tender Offer represented approximately 12.6% of the total number of shares that were outstanding as of September 30, 2022. The Company’s shares outstanding and treasury stock are presented, and both basic and diluted earnings per share have been calculated, as if the entire 51,813,472 shares accepted in the Tender Offer were purchased on the closing date of the Tender Offer.

Cash Dividend

On April 4, July 7 and October 10, 2025, in accordance with approval by the Board of Directors of the Company (“the Board”), the Company paid cash dividends of $0.10 per share of the Company’s outstanding common stock. Additionally, the Board declared a cash dividend of $0.10 per share of the Company’s outstanding common stock, that was paid on January 9, 2026 to stockholders of record as of the close of business on December 26, 2025. The dividend payable amount of $37.7 million is recorded in accrued expenses and other current liabilities at December 31, 2025.

Stock Repurchase Program

On May 9, 2024, the Company announced that its Board of Directors authorized a stock repurchase program for up to $150 million of the Company’s common stock. Under the repurchase program, repurchases can be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the year ended December 31, 2025, the Company repurchased approximately 4.4 million shares of its common stock at an average cost of $4.61 per share. As of December 31, 2025, $129.0 million remains available under the Company’s stock repurchase program.

Stock options

The following table summarizes the Company’s stock option activity:


	Stock	Weighted	Weighted
	Options	Average	Average		Intrinsic
	Outstanding	Remaining	Exercise		Value
	(in millions)	Term (in years)	Price		(in millions)





Outstanding at January 1, 2025	1.3	6.7	$	17.42	$	—
Granted	—		$	—
Exercised	—		$	—
Forfeited	(0.2)		$	18.61
Expired	—		$	—
Outstanding at December 31, 2025	1.1	5.7	$	17.16	$	—
Exercisable at December 31, 2025	1.0	5.6	$	17.65	$	—

There were no stock options exercised during the years ended December 31, 2025, 2024 or 2023. There were no stock options granted during the years ended December 31, 2025 and 2024.

The Company will issue new shares of common stock upon exercise of stock options.

For options, 25% of the options generally vest on the first anniversary of the grant date, and the remaining 75% of the options vest in equal quarterly installments during the three years following the first anniversary of the grant date. The stock options have a contractual term of ten years. Except as provided in an option agreement between the Company and the employee, if an employee is terminated (voluntarily or involuntarily), any unvested awards as of the date of termination will be forfeited.

RSUs

The following table summarizes the Company’s RSU activity:


		Weighted		Total Fair
		Average		Value of
	Shares	Grant Date		Shares Vested
	(in millions)	Fair Value		(in millions)
Outstanding at January 1, 2023	14.9	$	18.69
Granted	13.8	$	8.81
Vested	(6.4)	$	19.00	$	61.6
Forfeited	(1.0)	$	17.67
Outstanding at December 31, 2023	21.3	$	12.24
Granted	7.4	$	6.36
Vested	(5.7)	$	16.98	$	42.2
Forfeited	(3.4)	$	11.75
Outstanding at December 31, 2024	19.6	$	8.70
Granted	8.4	$	3.68
Vested	(6.6)	$	10.08	$	29.8
Forfeited	(3.0)	$	8.54
Outstanding at December 31, 2025	18.4	$	5.94

The table below summarizes the assumptions used for the RSUs granted in the years ended December 31, 2025 and 2024:


	Year ended December 31,
	2025	2024
Risk-free interest rate	3.52% - 4.22%	3.67% - 4.57%
Expected dividend yield	5.42% - 10.58%	4.87% - 5.67%
Expected term in years	2.3 - 3.1	2.3 - 3.6

RSUs generally vest over three to four years from the grant date with a portion vesting on the first anniversary of the grant date and the remaining vesting in quarterly installments. RSUs granted to the Board of Directors of the Company vest immediately. Except as provided in an award agreement between the Company and the employee, if an employee is terminated (voluntarily or involuntarily), any unvested awards as of the date of termination will be forfeited. RSUs settle for outstanding shares of the Company’s common stock upon vesting.

PSUs

On February 7, 2022, the Compensation Committee of the Board of Directors of the Company approved the grant of PSUs to certain employees pursuant to the Plan (the “2022 PSUs”). For each annual performance period consisting of calendar years 2022 through 2025, up to 25% of the 2022 PSUs will be eligible to vest based on the Company’s annual revenue growth rate during the applicable performance period relative to threshold, target and maximum achievement levels.

If the Company’s annual revenue growth rate for a performance period is between two achievement levels, the achievement percentage will be determined by linear interpolation between the applicable achievement levels. Notwithstanding the foregoing, in no event shall less than 25 PSUs vest during each performance period for Israeli participants.

On November 10, 2022, the Compensation Committee of the Board of Directors of the Company approved an amendment to the 2022 PSU agreement resulting in a modification of the PSU awards and stock-based compensation expense.

On December 18, 2024, the Compensation Committee of the Board of Directors of the Company approved PSU grants to certain employees pursuant to the Plan (collectively, the “2024 PSUs”). For each annual performance period consisting of calendar years 2025 through 2027, up to one-third of the 2024 PSUs will be eligible to vest based on certain performance criteria:

–Adjusted EBITDA PSUs - The Company’s Adjusted EBITDA target during the applicable performance periods relative to three defined targets. If the Company’s Adjusted EBITDA for a performance period does not equal or exceed the target set forth, no Adjusted EBITDA PSUs shall vest.

–AGR PSUs - The Company’s annual revenue growth rate (“AGR”) during the applicable performance periods relative to three defined achievement levels.

–TSR PSUs - The Company’s total shareholder return (“TSR”) during the applicable performance periods relative to the three defined achievement levels.

On November 12, 2025, the Compensation Committee of the Board of Directors of the Company approved AGR PSU grants to certain employees pursuant to the Plan (the “2025 PSUs”). For each annual performance period consisting of calendar years 2026 through 2028, up to one-third of the 2025 PSUs will be eligible to vest based on the performance criteria above.

If the Company’s AGR and TSR results for a performance period are between two achievement levels, the achievement percentage of the AGR PSUs and TSR PSUs will be determined by linear interpolation between the applicable achievement levels.

The following table summarizes the Company’s PSU activity:


		Weighted		Total Fair
		Average		Value of
	Shares(1)	Grant Date		Shares Vested
	(in millions)	Fair Value		(in millions)
Outstanding at January 1, 2023	3.2	$	9.72
Granted	—	$	—
Vested	(0.4)	$	9.72	$	4.2
Forfeited	(0.6)	$	9.72
Outstanding at December 31, 2023	2.2	$	9.72
Granted	9.8	$	4.86
Vested	*	$	9.72	*
Forfeited	(1.1)	$	9.72
Outstanding at December 31, 2024	10.9	$	5.33
Granted	0.5	$	3.50
Vested	*	$	9.72	*
Forfeited	(0.6)	$	9.72
Outstanding at December 31, 2025	10.8	$	5.02

__________

(1) The number of shares for the PSUs listed as granted represent the total number of PSUs granted to each recipient eligible to vest if the Company meets its highest specified performance goals for the applicable period.

* Represents an amount less than 0.1 or $0.1

The table below summarizes the assumptions used for the PSUs granted in the years ended December 31, 2025 and 2024:


	Year ended December 31,
	2025	2024
Risk-free interest rate	3.52% - 3.62%	4.25% - 4.31%
Expected dividend yield	9.48%	5.62%
Expected term in years	1.0 - 3.0	1.0 - 3.0

As of December 31, 2025, the Company believed it probable that the 2026, 2027 and 2028 performance targets of the 2024 PSUs and 2025 PSUs, as outlined in the amended award agreements, would achieve 50% achievement of their respective performance criteria, as defined. Therefore, 50% of the potential expense associated with these awards was recognized or will be recognized over the applicable performance period of the respective tranche.

On February 19, 2026, the Compensation Committee of the Board of Directors of the Company ratified the Company’s Adjusted EBITDA, AGR and TSR performance for 2025 and approved the vesting of 100% of the Adjusted EBITDA PSU and AGR PSU awards eligible to vest for the 2025 performance period. On February 17, 2025, and February 7, 2024, the Board of Directors of the Company ratified the Company’s annual revenue growth rate during 2024 and 2023, respectively. None of the PSU awards eligible to vest for the 2024 or 2023 performance periods were approved to vest.

Stock-based compensation

The following table summarizes stock-based compensation costs by award type (in millions):


	Year ended December 31,
	2025		2024		2023
Stock options	$	0.9	$	3.2	$	3.4
RSUs	58.8		97.8		106.7
PSUs	23.8		0.2		2.9
Total stock-based compensation costs	$	83.5	$	101.2	$	113.0

The following table summarizes stock-based compensation costs, net of amounts capitalized, as reported on the Company’s consolidated statements of comprehensive income (in millions):


	Year ended December 31,
	2025		2024		2023
Research and development expenses	$	16.8	$	30.1	$	37.4
Sales and marketing expenses	3.5		6.5		9.1
General and administrative expenses	62.2		62.6		63.5
Total stock-based compensation costs, net of amounts capitalized	$	82.5	$	99.2	$	110.0

During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $1.0 million, $2.0 million and $3.0 million of stock-based compensation cost, respectively.

As of December 31, 2025, the Company’s unrecognized stock-based compensation expenses related to stock options, RSUs and PSUs was approximately $0.3 million, $103.0 million and $20.1 million, respectively. The expense related to stock options, RSUs and PSUs are expected to be recognized over a weighted average period of 0.9 years, 2.6 years and 1.8 years, respectively.

INTEREST AND OTHER, NET (Tables)

12 Months Ended

Dec. 31, 2025

Interest Income (Expense), Operating [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Interest and other, net for the years ended December 31, 2025, 2024 and 2023, are as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Interest expense	$	143.3	$	155.2	$	154.2
Interest income	(25.3)		(56.1)		(43.9)
Foreign currency translation differences, net	49.5		11.6		(1.3)
Other	0.3		0.4		0.5
Total interest expense and other, net	$	167.8	$	111.1	$	109.5

INTANGIBLE ASSETS OTHER THAN GOODWILL

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

INTANGIBLE ASSETS OTHER THAN GOODWILL

The carrying amounts and accumulated amortization expenses of the acquired intangible assets other than goodwill, net, including the impact of foreign currency exchange translation, at December 31, 2025 and 2024 were as follows (in millions):


	December 31, 2025
	Weighted average remaining useful life (in years)	Balance		December 31, 2024
Historical cost basis:
Developed games and acquired technology	4.6	$	972.2	$	948.7
Trademarks and user base	1.0	94.1		94.1
Internal use software	2.6	228.8		199.6
		1,295.1		1,242.4
Accumulated amortization
Developed games and acquired technology		(623.6)		(518.1)
Trademarks and user base		(94.0)		(43.6)
Internal use software		(151.8)		(118.5)
		(869.4)		(680.2)
Intangible assets other than goodwill, net		$	425.7	$	562.2

The Company has included amortization of acquired intangible assets directly attributable to revenue-generating activities in cost of revenue. The Company has included amortization of acquired intangible assets not directly attributable to revenue-generating activities in operating expenses.

During the years ended December 31, 2025, 2024 and 2023, the Company recorded amortization expense in the amounts of $188.0 million, $119.2 million and $112.3 million, respectively.

There was $1.4 million of impairment to intangible assets in the year ended December 31, 2025.

In the fourth quarter of 2024, the Company recorded an impairment charge of $29.9 million related to the Redecor game title based upon continued lower than expected performance of that title. The Company had previously recorded an impairment of $41.6 million on this title in the third quarter of 2023.

In the second quarter of 2023, the Company recorded an intangible asset impairment of $9.7 million related to JustPlay.LOL Ltd’s game title.

As of December 31, 2025, the total expected future amortization related to intangible assets was as follows (in millions):


2026	$	133.5
2027	84.7
2028	67.2
2029	52.2
2030	47.2
Thereafter	40.9
Total	$	425.7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Tax benefit percentage of largest cumulative basis (percentage)	50.00%

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the fair value measurement of the Company’s long-term debt (in millions):


	December 31, 2025
	Face Value		Fair Value		Fair Value Hierarchy
Term Loan	$	1,809.8	$	1,746.5	Level 2
Senior Notes	600.0		539.3		Level 2
Total debt	$	2,409.8	$	2,285.8


	December 31, 2024
	Face Value		Fair Value		Fair Value Hierarchy
Term Loan	$	1,828.8	$	1,831.1	Level 2
Senior Notes	600.0		541.5		Level 2
Total debt	$	2,428.8	$	2,372.6

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated balance sheet (in millions):


		Fair Value at
	Pricing Category	December 31, 2025		December 31, 2024
Cash equivalents
Money market funds	Level 1	$	291.3	$	331.4
Term deposits	Level 2	198.5		93.1
Commercial papers	Level 2	39.8		10.0

Short-term investments
Term deposits	Level 1	$	71.8	$	—
Commercial papers	Level 2	64.2		—

Prepaid expenses and other current assets
Derivative instruments - interest rate swaps	Level 2	$	4.9	$	19.4
Derivative instruments - foreign currency derivative contracts	Level 2	12.9		1.1

Other non-current assets:
Derivative instruments - interest rate swaps	Level 2	$	—	$	9.8


Accrued expenses and other current liabilities:
Derivative instruments - interest rate swaps	Level 2	$	0.6	$	—
Derivative instruments - foreign currency derivative contracts	Level 2	*		3.3

Other long-term liabilities
Derivative instruments - interest rate swaps	Level 2	$	1.5	$	—

__________

* Represents an amount less than 0.1 or 0.1

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The change in fair value of contingent consideration payable was valued using significant unobservable inputs (Level 3), was included in the general and administrative expenses in the Company’s consolidated statements of comprehensive income and consisted of the following (in millions):








Balance as of January 1, 2024	$	66.8
Recorded in connection with SuperPlay acquisition	350.0
Payment of contingent consideration	(26.7)
Fair value adjustments based upon post-acquisition performance	(9.8)
Reclassification to accrued expenses	(0.7)
Balance as of December 31, 2024(1)	379.6

Payment of contingent consideration	(44.2)
Fair value adjustments based upon post-acquisition performance	398.6

Balance as of December 31, 2025(2)	$	734.0

_______

(1) Amount comprised of $354.6 million and $25.0 million for SuperPlay and InnPlay acquisitions, respectively.

(2) Amount comprised of $734.0 million for SuperPlay acquisition.

OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER NON-CURRENT ASSETS

Other non-current assets at December 31, 2025 and 2024 are as follows (in millions):


	December 31,
	2025		2024
Long-term tax assets	$	107.5	$	153.1
Deposits	4.3		4.1
Unrecognized gain on interest rate swaps	—		9.8
Other	4.0		—
Total other non-current assets	$	115.8	$	167.0

LEASES - Supplemental Lease Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term (years)	6 years 9 months 18 days	6 years 3 months 18 days
Weighted average discount rates	4.70%	4.50%

INCOME TAXES - Income (Loss) Before Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic (U.S.)	$ 133.5	$ 92.9	$ 97.2
Foreign	(306.4)	187.6	294.9
Income (loss) before income taxes	$ (172.9)	$ 280.5	$ 392.1

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The depreciation periods for the Company's property and equipment are as follows:


			Useful life
Computers and peripheral equipment			2 to 11 years
Office furniture and equipment			4 to 14 years
Vehicles and aircraft			3 to 7 years
Leasehold improvements			Shorter of the estimated useful life or remaining term of lease

Property and equipment, net at December 31, 2025 and 2024 are as follow (in millions):


	December 31,
	2025		2024
Computers and peripheral equipment	$	249.7	$	240.3
Office furniture and equipment	20.3		19.0
Vehicles and aircraft	9.0		9.0
Leasehold improvements	70.3		69.8
Total property and equipment, gross	349.3		338.1
Accumulated depreciation	(246.4)		(222.7)
Total property and equipment, net	$	102.9	$	115.4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax Expense/(Benefits) (Details) - Derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax expense (benefit)	$ (6.1)	$ (1.6)	$ (3.0)
Foreign currency derivative contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax expense (benefit)	$ 2.4	$ (0.9)	$ 1.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

BUSINESS COMBINATIONS - Narrative (Details) € in Millions, $ in Millions					3 Months Ended	12 Months Ended
	Nov. 20, 2024 USD ($)	Sep. 28, 2023 USD ($)	Aug. 28, 2023 USD ($)	Aug. 28, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 18, 2024 USD ($)
Business Combination [Line Items]
Change in contingent consideration						$ 398.6	$ (9.8)	$ 1.4
Contingent consideration						454.0	25.0
Contingent consideration						280.0	354.6
Adjustment to purchase price allocation						(10.0)	0.0
SuperPlay Ltd.
Business Combination [Line Items]
Cash consideration	$ 700.0
Contingent consideration arrangements, range of outcomes, value, high	1,250.0
Amount of consideration granted to employees	$ 50.0
Employee grants, vesting period	4 years
Revenue							47.6
Net loss							(8.8)
Change in contingent consideration						379.4
Contingent consideration liability						734.0	354.6
Contingent consideration						454.0
Contingent consideration						$ 280.0
Intangible assets other than goodwill	$ 352.0
Total consideration	$ 1,054.9
SuperPlay Ltd. \| General and administrative expenses
Business Combination [Line Items]
Acquisition related costs							13.4
SuperPlay Ltd. \| Measurement Input, Revenue Volatility
Business Combination [Line Items]
Fair value of contingent consideration, measurement input	0.20					0.20
SuperPlay Ltd. \| Measurement Input, Discount Rate
Business Combination [Line Items]
Fair value of contingent consideration, measurement input	0.143					0.123
SuperPlay Ltd. \| Measurement Input, Risk Free Rate
Business Combination [Line Items]
Fair value of contingent consideration, measurement input	0.047					0.048
SuperPlay Ltd. \| Developed Game
Business Combination [Line Items]
Weighted average remaining useful life (in years)	7 years
InnPlay
Business Combination [Line Items]
Cash consideration		$ 80.0
Contingent consideration arrangements, range of outcomes, value, high		$ 220.0							$ 170.0
Acquisition related costs							1.3
Change in contingent consideration					$ (12.0)
Contingent consideration liability							$ 25.0
Contingencies, earnout period		2 years
Adjustment to purchase price allocation					(12.0)
Intangible assets other than goodwill		$ 14.8			14.8			$ 14.8
Change in goodwill					$ (14.8)
Total consideration		$ 140.5
Youda Games
Business Combination [Line Items]
Cash consideration \| €				€ 81.3
Acquisition related costs						$ 1.6
Intangible assets other than goodwill			$ 45.3
Total consideration			$ 89.9	€ 150.0
Youda Games \| Developed Game
Business Combination [Line Items]
Weighted average remaining useful life (in years)			8 years	8 years

SEGMENT INFORMATION - Long-Lived Assets By Country of Domicile (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 227.1	$ 205.3
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	90.7	95.4
USA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	57.0	58.4
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	33.4	5.9
Ukraine
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	22.6	15.4
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 23.4	$ 30.2

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (131.1)	$ (221.5)
Other comprehensive income (loss) before reclassifications	43.3	2.1
Amounts reclassified from accumulated other comprehensive income (loss)	(27.2)	(22.9)
Ending balance	(411.4)	(131.1)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.2)	20.6
Ending balance	15.9	(0.2)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(20.9)	(10.0)
Other comprehensive income (loss) before reclassifications	23.8	(10.9)
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Ending balance	2.9	(20.9)
Derivatives \| Interest Rate Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	22.5	27.8
Other comprehensive income (loss) before reclassifications	(3.9)	18.3
Amounts reclassified from accumulated other comprehensive income (loss)	(16.7)	(23.6)
Ending balance	1.9	22.5
Derivatives \| Foreign Currency Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1.8)	2.8
Other comprehensive income (loss) before reclassifications	23.4	(5.3)
Amounts reclassified from accumulated other comprehensive income (loss)	(10.5)	0.7
Ending balance	$ 11.1	$ (1.8)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company's leases include office real estate and data center leases for its facilities worldwide, which are all classified as operating leases, and which expire on various dates, the latest of which is December 2035. Certain lease agreements include rental payments that are adjusted periodically for the consumer price index ("CPI"). The Company’s ROU assets and lease liabilities were calculated using the initial CPI and will not be subsequently adjusted. Any increases or decreases in lease payments resulting from subsequent changes in the CPI are expensed as incurred. Certain leases include renewal options that management believes are reasonably certain to be exercised.

The following is a summary of weighted average remaining lease terms and discount rates for all of the Company's operating leases:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years)	6.8		6.3
Weighted average discount rates	4.7	%	4.5	%

Total operating lease expense was $27.8 million, $23.9 million and $23.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $28.1 million, $24.6 million and $18.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company recognized $1.0 million, $0.6 million and $0.1 million of income in December 31, 2025, 2024 and 2023 respectively, related to the subleases for office space with a weighted average remaining lease term of 3.1 years.

Maturities of lease liabilities are as follows (in millions):


2026	$	33.0
2027	27.8
2028	22.0
2029	21.3
2030	17.9
Thereafter	43.3
Total undiscounted cash flows	165.3
Less: imputed interest	(22.4)
Present value of lease liabilities	$	142.9

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On April 10, 2023, Playtika Holding UK II Limited, the Company’s controlling shareholder, and certain officers of the Company were sued (Kormos v Playtika Holding UK II Limited, et al.) in the Delaware Chancery Court. The lawsuit alleges generally that the defendants breached fiduciary duties owed to the Company and its stockholders with respect to the controlling shareholder’s indication of an interest in selling some or all of its shares, and the resulting strategic review process and self-tender offer. On August 18, 2023, defendants filed with the Court motions to dismiss the claims. A hearing on the motions to dismiss was held on November 21, 2023. On January 18, 2024, the court denied Playtika Holding UK II Limited’s motion to dismiss in an oral ruling. The court issued a written opinion on May 3, 2024 granting the motion to dismiss the claims against the Company’s officers. The plaintiffs and the remaining defendant agreed to a settlement agreement and submitted the settlement agreement to the Court for approval on October 8, 2025. The Court approved the settlement agreement on January 21, 2026. The terms of the settlement do not involve any financial obligation of the Company and are not expected to have any financial impact to the Company’s financial statements as a whole. On November 13, 2023, plaintiff Gina Burt filed a lawsuit against the Company and its subsidiary, Playtika Ltd., in the Circuit Court of Coffee County, Tennessee, alleging that the Company’s social casino-themed games are unlawful gambling under Tennessee law. The lawsuit seeks to recover all amounts paid by Tennessee residents to the Company in connection with its games during the period beginning one year before the filing of the lawsuit until the case is resolved but excluding any residents who spent $75,000 or more during such time period. The plaintiff filed an amended complaint on August 28, 2025. The Company removed the case to federal court on September 29, 2025. In response to a joint motion of the parties, on January 28, 2026, the court entered an order compelling arbitration of plaintiff’s claims. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On March 8, 2023, plaintiff Gayla Hamilton Mills filed a lawsuit against the Company and its subsidiary, Playtika Ltd., in the Circuit Court of Franklin County, Alabama, alleging that the Company’s social casino-themed games are unlawful gambling under Alabama law. The lawsuit seeks to recover all amounts paid by Alabama residents to the Company in connection with its games during the period beginning one year before the filing of the lawsuit until the case is resolved. After the Company removed the case to the U.S. District Court for the Northern District of Alabama, plaintiff dismissed the complaint and filed a very similar new complaint in the Circuit Court of Franklin County, Alabama on August 25, 2023. The new complaint asserted the same cause of action and bases for relief, but limited the requested recovery to the amounts paid to the Company in connection with its games only by those Alabama residents who spent less than $75,000 during the one year before the filing of the lawsuit until the case is resolved. The court ordered arbitration and stayed the case on August 20, 2025. The parties held a preliminary arbitration conference call on December 5, 2025. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On June 6, 2025, plaintiff Stuart Mills filed a putative class action lawsuit against the Company and its subsidiary, Playtika Ltd., on behalf of all Alabama-based players of the Company’s games in the Circuit Court of Franklin County, Alabama. The suit, like the suit brought by Gayla Hamilton Mills, alleges that the Company’s casino-themed social games are unlawful gambling under Alabama law. The lawsuit seeks to recover all amounts paid by Alabama residents to the Company in connection with its games during the period beginning one year before the filing of the lawsuit until the case is resolved. The suit was filed by the same counsel who represent Gayla Hamilton Mills. The Company removed the case to the U.S. District Court for the Northern District of Alabama on July 11, 2025. Plaintiff’s motion to remand to state court was filed on August 11, 2025. The court denied the motion to remand and compelled the parties to arbitration on January 20, 2026. Plaintiff filed a petition seeking permission for interlocutory review by the Eleventh Circuit U.S. Court of Appeals of the denial of his motion to remand on January 30, 2026. The Company filed its response to the petition on February 9, 2026. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows On August 22, 2024, plaintiff Dianne Fuqua filed a lawsuit against the Company and its subsidiary, Playtika Ltd., in the District Court for the Western District of Kentucky, alleging that the Company’s casino-themed social games are unlawful gambling under Kentucky law. The lawsuit seeks to recover three times the amount paid by Kentucky residents to the Company from its games during the period from August 2019 through June 2023 plus interest, costs and any other relief to which plaintiff is entitled to. The Company filed a motion to compel arbitration on July 11, 2025. Plaintiff filed an opposition to the renewed motion on July 25, 2025 and the Company filed its reply on August 8, 2025. The motion remains pending. In addition, on November 21, 2025, the court on its own initiative ordered both parties to submit briefs addressing whether plaintiff possesses Article III (constitutional) standing for purposes of jurisdiction in federal court. The parties submitted simultaneous briefs on December 22, 2025, in response to that order. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On October 27, 2025, plaintiff Andrew Wright filed a putative class action lawsuit against the Company and its subsidiary, Playtika Ltd., in the U.S. District Court for the District of Utah, alleging that the Company’s social casino-themed games are unlawful gambling under Utah law. The lawsuit seeks to recover twice the amount of economic losses suffered by Utah residents to the Company in connection with its social casino-themed games plus interest and attorneys’ fees. The Company filed a motion to compel arbitration on February 17, 2026. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On October 29, 2025, plaintiff William Barbarino filed a putative class action lawsuit against the Company and its subsidiary, Playtika Ltd., in the U.S. District Court for the District of New Jersey, alleging that the Company’s social casino-themed games are unlawful gambling under federal and New Jersey law. The lawsuit seeks to recover up to three times the amount of economic losses suffered by New Jersey residents to the Company in connection with its social casino-themed games plus interest, attorneys’ fees and other relief the plaintiff and the putative class may be entitled to. The parties filed a joint stipulation and proposed order submitting the claims to arbitration, staying the case and preserving the parties’ positions on January 27, 2026. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On June 24, 2025, we received a letter from the Attorney General of the State of Washington alleging that our social casino-themed and bingo-themed games violate state gambling and consumer protection laws, and requesting that we pay certain monetary penalties and prevent those games from being available to play in the state in the future. The Attorney General initiated a lawsuit in King County Superior Court in the State of Washington on February 3, 2026, against the Company and several of its subsidiaries asserting those same allegations. The Attorney General is seeking injunctive and declaratory relief, recovery of monies spent by Washington players in the games, civil statutory penalties, costs and fees, and other relief. As the case is in preliminary stages, the Company cannot estimate what impact, if any, the litigation may have on its results of operations, financial condition or cash flows. The Company intends to defend this case vigorously. On July 8, 2025, the Company received pre-arbitration notices from another law firm purporting to represent 3,860 claimants who have played the Company’s games and intend to file arbitration demands alleging that the Company’s social casino-themed games violate state laws against gambling and that the games use false, deceptive and misleading practices. The notice demands the payment of the greater of $5,000 or the actual amount of in-game losses for the claimants, plus punitive and other damages and attorneys’ fees as well as the cessation of the alleged unlawful conduct. On August 5, 2025, we were notified that the law firm was continuing to solicit claimants and that they now represented 4,688 claimants. On November 4, 2025, the law firm filed arbitration demands on behalf of 1,642 claimants. As of the date hereof, the Company lacks adequate information to assess the nature or validity of these claims. As such, the Company cannot estimate what impact, if any, these claims may have on its results of operations, financial condition or cash flows. The Company intends to defend these claims vigorously. On February 10, 2026, the Company received pre-arbitration notices from another law firm purporting to represent 3,061 claimants who have played the Company’s games and intend to file arbitration demands alleging that the Company’s games violate state laws against gambling, that the games use unfair and deceptive practices and that the Company has been unjustly enriched. The notice demands the full restitution of all amounts expended by the claimants, restitution and disgorgement, interest, and other damages and attorneys’ fees. As of the date hereof, the Company lacks adequate information to assess the nature or validity of these claims. As such, the Company cannot estimate what impact, if any, these claims may have on its results of operations, financial condition or cash flows. The Company intends to defend these claims vigorously. On December 8, 2025, Toni Morrow filed a putative class action complaint in the United States District Court for the Western District of Washington against SuperPlay Ltd., relating to the game Dice Dreams. The complaint alleges, among other things, that the game constitutes unlawful gambling under Washington law and includes unfair and deceptive practices in connection with in-game purchase offers and purported “sales”, and seeks, inter alia, injunctive relief and restitution. The matter is in its preliminary stages. Accordingly, the Company cannot estimate what impact, if any, it may have on its results of operations, financial condition or cash flows. The Company intends to defend this matter vigorously. On December 10, 2025, Maor Ben Shoshan filed a Motion for Certification of a class action lawsuit in the District Court in Central Lod, Israel, against Playtika Group Israel Ltd. (“PGI”), alleging misleading price presentation in connection with in-app purchases offered to Israeli users in U.S. dollars in several Playtika games, including Slotomania, House of Fun, Caesars Slots, and others, resulting in higher final charges due to undisclosed foreign currency conversion rates and related fees. The lawsuit seeks NIS 18,357 in personal damages to the petitioner and approximately NIS 28 million in damages to the tentative class or approximately USD $8.8 million, using the exchange rate of NIS 3.19: USD $1.00, which was the exchange rate in effect on December 31, 2025. A pre-trial hearing on the motion is scheduled for September 9, 2026, and PGI is required to submit its response to the motion within 90 days. As these claims are in preliminary stages, the Company cannot estimate what impact, if any, they may have on its results of operations, financial condition or cash flows. The Company intends to defend these claims vigorously. On January 5, 2026, Daniela Beninati filed a putative class action in the Federal Court of Australia (Victoria Registry) against the Company, alleging that certain of our social casino-themed games constitute unlawful interactive gambling services under the Australian Interactive Gambling Act 2001 (Cth), and that the Company engaged in misleading or deceptive conduct and unconscionable conduct in violation of the Australian Consumer Law in connection with the marketing and monetization of such games. The complaint seeks, inter alia, declaratory and injunctive relief, restitution of amounts paid for in-game virtual currency by Australian-based users, damages, interest and costs. The matter is in its preliminary stages. Accordingly, the Company cannot estimate what impact, if any, it may have on its results of operations, financial condition or cash flows. The Company intends to defend this matter vigorously. On March 26, 2024, the Tel Aviv 3 Tax Office (the “ITA”) issued an assessment order (the “2017 Assessment Order”) to Playtika Ltd. for tax year 2017 alleging that Playtika Ltd. should have applied a higher tax rate to certain income and denying certain tax credits. The 2017 Assessment Order claimed that, as of March 26, 2024, Playtika Ltd. was obliged to pay additional taxes (including interest and CPI linkage) for tax year 2017 in the amount of approximately NIS 72.9 million. On April 14, 2024, Playtika Ltd. filed a notice of appeal in the Tel Aviv District Court challenging the 2017 Assessment Order. On May 15, 2024, the ITA filed its statement of assessment grounds, and on December 1, 2024, Playtika Ltd. filed its statement of appeal grounds. On June 12, 2025, the ITA issued an assessment order (the “2018 Assessment Order”) for tax year 2018 in which it repeated similar arguments to those raised in the 2017 Assessment Order and also disallowed certain aircraft-related business expenses. The 2018 Assessment Order claimed that, as of June 12, 2025, Playtika Ltd. was obliged to pay additional taxes (including interest and CPI linkage) for tax year 2018 in the amount of approximately NIS 85.8 million. On June 26, 2025, Playtika Ltd. filed a notice of appeal and a case was opened in the Tel Aviv District Court. On July 14, 2025, the ITA filed its statement of assessment grounds, and on September 29, 2025, Playtika Ltd. filed its statement of appeal grounds. On December 14, 2025, the cases relating to the 2017 Assessment Order and 2018 Assessment Order were consolidated and a preliminary hearing occurred. At the preliminary hearing, the Court determined that, in light of the expected imminent issuance of assessment orders for additional years, the deadlines for filing affidavits and the evidentiary hearing date for witness examinations would be set after the arguments are filed in connection with the additional assessment orders for tax years 2019-2021. In this hearing, the ITA informed the Court that it was rescinding its claims disallowing the aircraft-related business expenses. On December 11, 2025, the ITA issued an assessment order (the “2019-2021 Assessment Order”) to Playtika Ltd. for tax years 2019-2021. In that order, the ITA repeated similar arguments to those raised in the 2017 Assessment Order and the 2018 Assessment Order and also denied foreign tax credits in the amount of approximately NIS 19 million for tax years 2019-2021. In addition, in the 2019-2021 Assessment Order, the ITA alleged that the interest rate set for intercompany loans Playtika Ltd. provided should have been higher under transfer pricing principles. The ITA also claimed a “secondary adjustment” in the form of interest on a deemed debt balance in favor of Playtika Ltd., due to the additional deemed income owed to Playtika Ltd. per the ITA’s claims. The 2019-2021 Assessment Order claimed that, as of December 11, 2025, Playtika Ltd. was obliged to pay additional taxes (including interest and CPI linkage) for tax years 2019-2021 in the amount of approximately NIS 312.9 million. On December 31, 2025, Playtika Ltd.filed a notice of appeal regarding the 2019-2021 Assessment Order and a case was opened in the Tel Aviv District Court. On January 28, 2026, the ITA filed its statement of assessment grounds. Playtika Ltd.’s current deadline for filing its appeal arguments is March 1, 2026 (subject to extensions). The total amount of the assessments under the 2017 Assessment Order, the 2018 Assessment Order and the 2019-2021 Assessment Order was approximately USD $148 million as of the respective dates of the assessment orders, using the exchange rate of NIS 3.19: USD $1.00, which was the exchange rate in effect on December 31, 2025. This amount remains subject to continued accrual interest and linkage of the Israeli CPI until paid. The Company intends to pursue this case vigorously. See Note 22, Income Taxes, for additional information.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company operates its business as one operating segment and one reportable segment. The Company has identified its Chief Executive Officer as its Chief Operating Decision Maker (“CODM”.) The CODM uses revenues and net income for purposes of assessing performance and deciding how to allocate resources. In addition to revenues and net income, the following significant expense categories and amounts are regularly provided to the CODM for use when allocating resources: advertising expense (as disclosed in Note 1, Organization and Summary of Significant Accounting Policies,) and interest

expense (as disclosed in Note 21, Interest and Other, Net). Asset information as presented on the consolidated balance sheets is provided to the CODM.

The Company’s long-lived assets, net, by country of domicile are as follows (in millions):


	December 31,
	2025		2024
Israel	$	90.7	$	95.4
USA	57.0		58.4
Germany	33.4		5.9
Ukraine	22.6		15.4
Other	23.4		30.2
Total long-lived assets, net	$	227.1	$	205.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments


	December 31, 2025						December 31, 2024
(in millions, except interest rates)	Maturity	Interest rate	Book value		Face value		Book value
Term Loan	2028	6.780%	$	1,793.2	$	1,809.8	$	1,805.4
Senior Notes	2029	4.250%	595.9		600.0		594.7
Revolving Credit Facility	2027	n/a	—		—		—
Total debt			2,389.1		2,409.8		2,400.1
Less: Current portion of long-term debt			(11.1)		(19.0)		(11.6)
Long-term debt			$	2,378.0	$	2,390.8	$	2,388.5

Schedule of Maturities of Long-term Debt

The scheduled principal payments due on long-term debt are as follows (in millions):


2026	$	19.0
2027	19.0
2028	1,771.8
2029	600.0

Total	$	2,409.8

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2025 reporting_unit
Accounting Policies [Abstract]
Number of reporting units	1

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property Plant and Equipment (Details)	Dec. 31, 2025
Computers and peripheral equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Computers and peripheral equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	11 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	4 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	14 years
Vehicles and aircraft \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Vehicles and aircraft \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 760.8	$ 563.8	$ 451.8

INCOME TAXES - Income Tax Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current	$ 87.8	$ 153.0	$ 214.0
Deferred	(54.3)	(34.7)	(56.9)
Total tax expense	33.5	118.3	157.1
Domestic (U.S.)	60.9	12.2	42.4
Foreign	$ (27.4)	$ 106.1	$ 114.7

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to ordinary stockholders (in millions, except per share data):


	Year ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	(206.4)	$	162.2	$	235.0
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	375.8		371.8		366.3
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	375.8		372.1		366.8
Net income (loss) per share, basic	$	(0.55)	$	0.44	$	0.64
Net income (loss) per share, diluted	$	(0.55)	$	0.44	$	0.64

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year ended December 31,
	2025	2024	2023
Stock options	1.1	1.5	2.2
RSUs	18.4	14.4	10.9
Total	19.5	15.9	13.1

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	1,054.9
Less: Cash acquired	(19.9)
Total consideration, net of cash acquired	1,035.0
Less: Acquisition date fair value of contingent consideration	(350.0)
Less: Deferred consideration	1.9
Consideration paid as of November 20, 2024	$	686.9

Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable	$	27.5
Other current assets	33.9
Property and equipment	9.8
Intangible assets other than goodwill	352.0
Goodwill	701.5
Deferred tax asset	22.1
Deferred consideration	1.9
Deferred tax liability	(47.6)
Contingent consideration	(350.0)
Liabilities assumed	(64.2)
Total identifiable assets acquired and liabilities assumed or incurred	$	686.9

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	140.5
Less: Cash acquired	(0.8)
Total consideration, net of cash acquired	139.7
Less: Deferred consideration	(3.7)
Less: Acquisition date fair value of contingent consideration	(63.0)
Consideration paid as of September 28, 2023	$	73.0

Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable	$	3.9
Other current assets	0.3
Property and equipment	0.2
Intangible assets other than goodwill	14.8
Goodwill	127.6
Deferred tax asset	3.4
Deferred consideration	(3.7)
Contingent consideration	(63.0)
Deferred tax liability	(3.4)
Liabilities assumed	(7.1)

Total identifiable assets acquired and liabilities assumed or incurred	$	73.0

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	89.9


Less: Acquisition date fair value of contingent consideration	(2.4)
Consideration paid as of August 28, 2023	$	87.5

Identifiable assets acquired and liabilities assumed or incurred


Intangible assets other than goodwill	$	45.3
Goodwill	44.6
Contingent consideration	(2.4)



Total identifiable assets acquired and liabilities assumed or incurred	$	87.5

Schedule of Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the results of operations of the Company as if the SuperPlay acquisition had occurred on January 1, 2023, and includes adjustments primarily related to recognition of transaction and retention costs, amortization of acquired intangible assets, and recognition of stock-based compensation associated with PSU awards that would have been achieved based on 2023 pro forma financial results. The unaudited pro

forma financial information is based on preliminary estimates and assumptions and on the information available at the time of the preparation thereof. Any of these preliminary estimates and assumptions may change, be revised or prove to be materially different, and the estimates and assumptions may not be representative of facts existing at the time of the SuperPlay acquisition.

The information has been prepared by management for illustrative purposes only and does not purport to represent what the results of operations, financial condition or other financial information of the Company would have been if SuperPlay acquisition had occurred as of the dates assumed, nor are they necessarily indicative of future consolidated results of operations.


	Year ended December 31,
(In millions)	2024		2023
Pro forma revenues	$	2,776.0	$	2,736.4
Pro forma net income (loss)	(54.1)		87.9

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Software Development Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Capitalized computer software, gross	$ 28.8	$ 32.9	$ 40.4
Amortization of capitalized software costs	$ 33.3	$ 30.7	$ 31.7
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Useful life	3 years

INTANGIBLE ASSETS OTHER THAN GOODWILL - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2026	$ 133.5
2027	84.7
2028	67.2
2029	52.2
2030	40.9
Thereafter	47.2
Total	$ 425.7	$ 562.2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KOST FORER GABBAY & KASIERER
Auditor Location	Tel-Aviv, Israel
Auditor Firm ID	1281

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Deferred tax assets and liabilities

Deferred taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recorded for tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets
Net operating loss carry-forwards	$	63.5	$	54.2

Research and development expenses	114.3		83.1
Operating lease liabilities	21.3		18.3
Stock-based compensation	28.1		19.1
Interest expense	22.4		21.2
Foreign tax credit carryforward	24.5		37.2
Other	24.2		17.9
Deferred tax assets	298.3		251.0
Valuation allowances	(51.8)		(60.3)
Net deferred tax assets	246.5		190.7
Deferred tax liabilities
Intangible assets	(48.1)		(59.9)


Property and equipment	(7.1)		(8.0)
Derivative instruments	(0.7)		(6.8)
Operating lease right-of-use assets	(19.5)		(17.7)
Other	(6.1)		(4.0)
Deferred tax liabilities	(81.5)		(96.4)
Net deferred tax assets (liabilities)	$	165.0	$	94.3

Deferred taxes are reported in the accompanying consolidated balance sheets as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets, net	$	173.2	$	119.0
Deferred tax liabilities, net	(8.2)		(24.7)
Net deferred tax assets (liabilities)	$	165.0	$	94.3

Based on available evidence, management believes it is not more-likely-than-not that $51.9 million U.S., Israel, and Finland deferred tax assets will be fully realizable. Accordingly, in those jurisdictions, the Company has recorded a valuation allowance against these assets. The Company regularly reviews the deferred tax assets for recoverability based on all of the available positive and negative evidence, with a focus on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies by jurisdiction.

The Company considers all undistributed earnings of its non-U.S. subsidiaries to be indefinitely reinvested, with the exception of certain subsidiaries that can repatriate tax-free. Determination of the amount of any deferred income or withholding tax liability on these earnings is not practicable.

Net operating loss carry-forwards

The Company has net operating loss carryforwards in certain jurisdictions, including Israel and Finland of $258.9 million and $43.8 million, respectively. The net operating losses in Israel are carried forward indefinitely. The net operating losses in Finland expire from 2031 through 2035.

The Company’s income tax return is subject to examination by federal, state and non-U.S. tax authorities. The 2022 through 2024 U.S. federal income tax filings are currently open tax years available for examination by the IRS. The IRS is currently examining tax year 2022. U.S. state tax jurisdictions have statutes of limitation generally ranging from three to five years, with the earliest open tax year for the Company being 2020. Years still open to examination by tax authorities in Israel, which is the main jurisdiction other than the U.S., are 2017 through 2024, which years are currently under examination.

Income (loss) before income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Domestic (U.S.)	$	133.5	$	92.9	$	97.2
Foreign	(306.4)		187.6		294.9
Income (loss) before taxes on income	$	(172.9)	$	280.5	$	392.1

Effective income tax rate reconciliations are as follows:


	Year ended December 31,
	2025				2024				2023
US Statutory Tax Rate	$	(36.4)	21.0	%	$	58.9	21.0	%	$	82.3	21.0	%
State taxes, net of federal benefit(1)	3.8		(2.2)	%	7.8		2.8	%	8.0		2.0	%
Foreign tax effects:
Israel
Foreign Rate Differential	(8.8)		5.1	%	4.7		1.7	%	3.6		0.9	%
Jurisdictional Tax Incentives	6.3		(3.6)	%	(8.2)		(2.9)	%	(18.1)		(4.6)	%
Nondeductible Stock-based Compensation	3.2		(1.8)	%	8.2		2.9	%	5.4		1.4	%
Valuation of Contingent Consideration	44.6		(25.8)	%	(5.7)		(2.0)	%	0.3		0.1	%
Change in Valuation Allowances	3.6		(2.1)	%	7.3		2.6	%	4.5		1.1	%
Repatriation of Undistributed Dividends	—		—	%	(11.0)		(3.9)	%	11.0		2.8	%
Other	(1.3)		0.8	%	3.6		1.3	%	(3.0)		(0.8)	%
United Kingdom
Impairment	—		—	%	6.3		2.2	%	—		—	%
Other	1.9		(1.1)	%	1.4		0.5	%	2.1		0.5	%
Germany
Foreign Rate Differential	6.3		(3.6)	%	5.1		1.8	%	6.2		1.6	%
Other	—		—	%	0.9		0.3	%	1.0		0.3	%
Finland
Change in Valuation Allowances	0.5		(0.3)	%	8.1		2.9	%	—		—	%
Other	1.3		(0.7)	%	(0.1)		—	%	0.6		0.2	%
Other Jurisdictions
Other	0.4		(0.2)	%	2.3		0.8	%	0.9		0.2	%

Cross-border tax laws
GILTI and other international adjustments	17.7		(10.2)	%	11.0		3.9	%	13.1		3.3	%


Nontaxable or nondeductible items
162(m) Limitation	4.5		(2.6)	%	3.4		1.2	%	3.8		1.0	%
Other	0.5		(0.3)	%	2.7		1.0	%	1.1		0.3	%
Changes in UTBs	(15.3)		8.9	%	14.0		5.0	%	34.9		8.9	%
Other reconciling items
Other	0.7		(0.6)	%	(2.4)		(0.9)	%	(0.6)		(0.1)	%
Total tax expense/Effective tax rate	$	33.5	(19.3)	%	$	118.3	42.2	%	$	157.1	40.1	%

__________

For 2024, state taxes in Pennsylvania, California, New York, Minnesota, Illinois, Georgia, and Maryland made up the majority (greater than 50 percent) of the tax effect in this category.

For 2023, state taxes in Pennsylvania, California, Minnesota, Georgia, Florida, New York, Maryland, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

The Company believes that certain of its Israeli subsidiaries qualify as Preferred Technology Enterprises, entitled to a special tax track, under the Israeli Investment Law, 5719-1959 (the “Investment Law”) and accordingly are eligible for a reduced corporate tax rate of 12% on their preferred technology income, as defined in the Investment Law, beginning from tax year 2017 and onwards. A Preferred Technology Enterprise becomes a Special Preferred Technology Enterprise and is entitled to a reduced corporate tax rate of 6% on their preferred technology income when the worldwide revenues reach ILS 10 billion

annually. Income not eligible for Preferred Technology Enterprise benefits is taxed at the regular corporate tax rate at 23% beginning in 2018. Consistent with final assessment received for tax year 2017 in 2024, during 2025, the Company received final assessments from the Israel Tax Authority for tax years 2018 through 2021, similarly asserting that a smaller proportion of the Company’s earnings for these years qualified for reduced tax rates under the Preferred Technology Enterprise regime than what the Company had asserted on its tax return. As such, the Company has filed a tax appeal with the Israeli district court during 2025, resulting in tax years 2018 through 2021 being consolidated with ongoing court litigation for tax year 2017. Applying the Israeli Tax Authority’s assertion to all open tax years 2017 through 2025, the Company believes that its associated reserves are adequate based on available information. However, it is possible that any final amounts payable in connection with this tax assessment could exceed the Company’s current reserves.

The One Big Beautiful Bill Act (“OBBBA”), was signed into law on July 4, 2025. The OBBBA did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2025.

The provision for income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Current	$	87.8	$	153.0	$	214.0
Deferred	(54.3)		(34.7)		(56.9)
Total	$	33.5	$	118.3	$	157.1

Domestic (U.S.)	$	60.9	$	12.2	$	42.4
Foreign	(27.4)		106.1		114.7
Total	$	33.5	$	118.3	$	157.1


	Year ended December 31,
	2025		2024		2023
U.S. Federal
Current	$	74.9	$	32.4	$	63.1
Deferred	(18.7)		(30.1)		(30.8)
Total	$	56.2	$	2.3	$	32.3
U.S. State
Current	$	3.6	$	10.7	$	9.9
Deferred	1.1		(0.8)		0.2
Total	$	4.7	$	9.9	$	10.1
Foreign
Current	$	9.3	$	109.9	$	141.0
Deferred	(36.7)		(3.8)		(26.3)
Total	$	(27.4)	$	106.1	$	114.7

The cash paid for income taxes is comprised as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Federal	$	72.6	$	25.5	$	22.0
State and local	5.8		12.8		15.8
Foreign
Israel	(40.3)		5.4		70.8
Germany	32.1		15.5		10.6
Austria	16.2		11.6		28.5
United Kingdom	11.1		16.2		19.8
All other foreign	5.8		5.6		2.3
Income taxes paid, net of amounts refunded	$	103.3	$	92.6	$	169.8

Uncertain tax positions

A reconciliation of the opening and closing balances of total unrecognized tax benefits is as follows (in millions):


	Year ended December 31,
	2025		2024
Balance as of January 1	$	294.0	$	261.0
Increases in respect of tax positions related to the current year	44.1		38.9
Increases in respect of tax positions related to prior years	20.1		0.8
Increases in respect to exchange rate fluctuations	40.5		—
Reductions in respect of settlements with authorities	—		(5.2)
Reductions in respect of expirations of statute of limitations	(81.8)		—

Reductions in respect of exchange rate fluctuations	—		(1.5)
Balance as of December 31	$	316.9	$	294.0

Included in the balance of total unrecognized tax benefits at December 31, 2025 is $129.8 million of tax benefits that if recognized, would affect the Company’s effective tax rate. The balance of the accrual relating to interest and penalties as of December 31, 2025 and 2024 is $27.6 million and $26.4 million, respectively. The amount of interest and penalties included in the Company’s consolidated statements of comprehensive income for the years ended December 31, 2025, 2024 and 2023 is $1.2 million, $6.7 million and $7.2 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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+ Details

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS - Antidilutive Shares (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	19.5	15.9	13.1
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	1.1	1.5	2.2
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	18.4	14.4	10.9

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

Acquisition of SuperPlay Ltd.

On November 20, 2024, Playtika Holding Corp. (the “Company”) and Playtika Ltd. (“Playtika Limited”), a wholly owned subsidiary of the Company, completed Playtika Limited’s previously announced acquisition (the “Transaction”) of all of the issued and outstanding share capital of SuperPlay Ltd. (“SuperPlay”) pursuant to that certain Share Purchase Agreement (the “Purchase Agreement”), dated September 18, 2024 by and among the Company, Playtika Limited, SuperPlay, the shareholders of SuperPlay (the “Sellers”) and Gigi Levy-Weiss, as the shareholder representative, for an aggregate purchase price equal to (i) $700.0 million, payable at the closing of the Transaction, subject to certain post-closing adjustments, plus (ii) earnout payments of up to $1.250 billion, the amounts of which will be based on certain gross revenue growth and Adjusted EBITDA metrics of SuperPlay (“SuperPlay Adjusted EBITDA”) during the calendar years 2025, 2026 and 2027, in each case, payable following the end of the applicable measurement period. In addition, the Company granted approximately $50 million to SuperPlay’s employees in accordance with the Transaction terms, which is expected to vest and be expensed over up to four years.

Management has accounted for this acquisition as a business combination. As such, management has recorded the identified assets and liabilities at their respective fair value. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities was recorded as goodwill. The purchase consideration also included a liability classified contingent consideration, measured at fair value through earnings. The Company finalized the purchase accounting valuation in the fourth quarter of 2025.

During the year ended December 31, 2025, the Company adjusted goodwill, other current assets and deferred tax asset. Other than these adjustments, there were no other material changes to the initial purchase price allocation.

The goodwill, which is non-deductible for tax purposes, is generally attributable to synergies between the Company's and SuperPlay's respective studio operations and games.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	1,054.9
Less: Cash acquired	(19.9)
Total consideration, net of cash acquired	1,035.0
Less: Acquisition date fair value of contingent consideration	(350.0)
Less: Deferred consideration	1.9
Consideration paid as of November 20, 2024	$	686.9

Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable	$	27.5
Other current assets	33.9
Property and equipment	9.8
Intangible assets other than goodwill	352.0
Goodwill	701.5
Deferred tax asset	22.1
Deferred consideration	1.9
Deferred tax liability	(47.6)
Contingent consideration	(350.0)
Liabilities assumed	(64.2)
Total identifiable assets acquired and liabilities assumed or incurred	$	686.9

The developed game assets acquired and included in the above table are being amortized on a straight-line basis over their estimated useful life of seven years, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

The Company estimated the fair value of its contingent consideration as of the acquisition date using a Monte Carlo simulation. The significant assumptions used in the model include revenue volatility of 20%, discount rate of 14.3% and a risk free rate of 4.7%.

Transaction costs incurred by the Company in connection with the SuperPlay acquisition, were approximately $13.4 million for the year ended December 31, 2024, and were recorded within general and administrative expenses in the consolidated statements of comprehensive income. The Company’s statement of comprehensive income for the year ended December 31, 2024, includes $47.6 million of revenue and $8.8 million of net loss attributed to SuperPlay from the date of acquisition through December 31, 2024.

In May 2025, the Share Purchase Agreement was amended to adjust certain covenants. During the year ended December 31, 2025, the Company recorded $379.4 million of expense to adjust contingent consideration associated with the SuperPlay Acquisition to its estimated fair value of $734.0 million as of December 31, 2025, which is comprised of $454.0 million in current Contingent consideration and $280.0 million in long-term Contingent consideration on the accompanying consolidated balance sheet.

Pro Forma Financial Information (Unaudited)


	Year ended December 31,
(In millions)	2024		2023
Pro forma revenues	$	2,776.0	$	2,736.4
Pro forma net income (loss)	(54.1)		87.9

Acquisition of G.S InnPlay Labs Ltd.

On September 14, 2023, the Company entered into a Share Purchase Agreement (the “InnPlay Purchase Agreement”) pursuant to which the Company agreed to acquire all of the issued and outstanding share capital of G.S InnPlay Labs Ltd. (“InnPlay”) for an aggregate purchase price equal to (i) $80 million, subject to customary closing adjustments, and (ii) earnout payments of up to $220 million, the amounts of which will be based on certain revenue growth performance metrics of InnPlay during the two years following the closing of the transaction. The acquisition transaction closed on September 28, 2023 and was accounted for as a business combination. On June 18, 2024, the Company and InnPlay signed the first amendment to the InnPlay Purchase Agreement which reduces the maximum cap on the total potential earnout consideration from $220 million to $170 million and adjusted certain of the associated underlying performance metrics.

The acquisition is consistent with the Company’s strategy to increase its breadth of entertainment genres and leverage the Company’s technology platforms and live operations expertise to enhance game operations.

Within the accompanying consolidated financial statements, management has recorded the assets acquired and liabilities assumed or incurred in the acquisition, along with an estimate of the fair value for contingent consideration payable, based upon management’s financial models for this acquisition, and upon similar allocations from prior acquisitions. This valuation was finalized during the fourth quarter 2023.

Based upon the final valuation procedures, the estimated fair value of contingent consideration at the acquisition date was decreased from the Company’s initial estimates by $12 million, with a corresponding decrease to goodwill. The formal valuation also allowed the Company to conclude on and record the value of the intangible assets acquired other than goodwill of $14.8 million, with a corresponding decrease to goodwill. Other than these two measurement period adjustments, there were no other material changes to the initial purchase price allocation resulting from the finalization of the valuation process within the measurement period.

The goodwill, which is non-deductible for tax purposes, is generally attributable to synergies between the Company's and InnPlay's respective studio operations and games.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	140.5
Less: Cash acquired	(0.8)
Total consideration, net of cash acquired	139.7
Less: Deferred consideration	(3.7)
Less: Acquisition date fair value of contingent consideration	(63.0)
Consideration paid as of September 28, 2023	$	73.0

Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable	$	3.9
Other current assets	0.3
Property and equipment	0.2
Intangible assets other than goodwill	14.8
Goodwill	127.6
Deferred tax asset	3.4
Deferred consideration	(3.7)
Contingent consideration	(63.0)
Deferred tax liability	(3.4)
Liabilities assumed	(7.1)

Total identifiable assets acquired and liabilities assumed or incurred	$	73.0

Transaction costs incurred by the Company in connection with the InnPlay acquisition were approximately $1.3 million for the year ended December 31, 2023, and were recorded within general and administrative expenses in the consolidated statements of comprehensive income. Pro forma results of operations for this acquisition subsequent to the September 28, 2023 acquisition date have not been presented because the incremental results from InnPlay, both individually and when aggregated with Youda pro forma results of operations, are not material to the consolidated statements of comprehensive income presented herein.

Acquisition of Youda Games

On August 28, 2023, the Company completed the acquisition of the Youda Games (the “Youda Games”) portfolio from Azerion Group N.V. consistent with the Company’s strategy to increase its breadth of entertainment genres and leverage the Company’s technology platforms and live operations. Terms of the acquisition agreement include initial cash consideration of EUR 81.3 million plus an earnout based on the performance of the acquired business, with a maximum total consideration of EUR 150 million, subject to customary adjustments. The acquisition was accounted for as a business combination.

Within the accompanying consolidated financial statements, management has recorded the assets acquired and liabilities assumed or incurred in the acquisition, along with its estimate of the fair value for contingent consideration payable, based upon management’s financial models for this acquisition, and upon similar allocations from prior acquisitions. This valuation was finalized during the fourth quarter 2023 with no material adjustments from the Company’s initial estimates.

The goodwill, which is deductible for tax purposes, is generally attributable to synergies between the Company's and Youda Game's respective studio operations and games.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed or incurred (in millions):


Consideration
Total Consideration	$	89.9


Less: Acquisition date fair value of contingent consideration	(2.4)
Consideration paid as of August 28, 2023	$	87.5

Identifiable assets acquired and liabilities assumed or incurred


Intangible assets other than goodwill	$	45.3
Goodwill	44.6
Contingent consideration	(2.4)



Total identifiable assets acquired and liabilities assumed or incurred	$	87.5

The developed game assets acquired and included in the above table are being amortized on a straight-line basis over their estimated useful life of eight years, which approximates the pattern in which the economic benefits of the intangible assets are expected to be realized.

Transaction costs incurred by the Company in connection with the Youda Games acquisition, were approximately $1.6 million for the year ended December 31, 2025, and were recorded within general and administrative expenses in the consolidated statements of comprehensive income. Pro forma results of operations for this acquisition subsequent to the August 28, 2023 acquisition date have not been presented because the incremental results from Youda Games, both individually and when aggregated with InnPlay pro forma results of operations, are not material to the consolidated statements of comprehensive income presented herein.

Other development transactions

During 2025, 2024 and 2023, the Company made a small number of minority investments in early-stage high-growth potential game developers, all of which are accounted for as investments in unconsolidated affiliates.

- Definition

The entire disclosure for business combination.

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+ Details

BUSINESS COMBINATIONS - Schedule of Pro Forma Financial Information (Details) - SuperPlay Ltd. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Pro forma revenues	$ 2,776.0	$ 2,736.4
Pro forma net income (loss)	$ (54.1)	$ 87.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.52%	3.67%
Risk-free interest rate, maximum	4.22%	4.57%
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	5.42%	4.87%
Expected term in years	2 years 3 months 18 days	2 years 3 months 18 days
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	10.58%	5.67%
Expected term in years	3 years 1 month 6 days	3 years 7 months 6 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.52%	4.25%
Risk-free interest rate, maximum	3.62%	4.31%
Expected dividend yield	9.48%	5.62%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	1 year	1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	3 years	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount:
US Statutory Tax Rate	$ (36.4)	$ 58.9	$ 82.3
State taxes, net of federal benefit	3.8	7.8	8.0
GILTI and other international adjustments	17.7	11.0	13.1
162(m) Limitation	4.5	3.4	3.8
Other nontaxable or nondeductible items	0.5	2.7	1.1
Changes in UTBs	(15.3)	14.0	34.9
Total tax expense	$ 33.5	$ 118.3	$ 157.1
Percent:
US Statutory Tax Rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	(2.20%)	2.80%	2.00%
GILTI and other international adjustments	(10.20%)	3.90%	3.30%
162(m) Limitation	(2.60%)	1.20%	1.00%
Other Nontaxable or nondeductible items	(0.30%)	1.00%	0.30%
Changes in UTBs	8.90%	5.00%	8.90%
Effective tax rate	(19.30%)	42.20%	40.10%
Israel
Amount:
Foreign Rate Differential	$ (8.8)	$ 4.7	$ 3.6
Jurisdictional Tax Incentives	6.3	(8.2)	(18.1)
Nondeductible Stock-based Compensation	3.2	8.2	5.4
Valuation of Contingent Consideration	44.6	(5.7)	0.3
Change in Valuation Allowances	3.6	7.3	4.5
Repatriation of Undistributed Dividends	0.0	(11.0)	11.0
Other reconciling items	$ (1.3)	$ 3.6	$ (3.0)
Percent:
Foreign Rate Differential	5.10%	1.70%	0.90%
Jurisdictional Tax Incentives	(3.60%)	(2.90%)	(4.60%)
Nondeductible Stock-based Compensation	(1.80%)	2.90%	1.40%
Valuation of Contingent Consideration	(25.80%)	(2.00%)	0.10%
Change in Valuation Allowances	(2.10%)	2.60%	1.10%
Repatriation of Undistributed Dividends	0.00%	(3.90%)	2.80%
Other reconciling items	0.80%	1.30%	(0.80%)
United Kingdom
Amount:
Other reconciling items	$ 1.9	$ 1.4	$ 2.1
Impairment	$ 0.0	$ 6.3	$ 0.0
Percent:
Other reconciling items	(1.10%)	0.50%	0.50%
Impairment	0.00%	2.20%	0.00%
Germany
Amount:
Foreign Rate Differential	$ 6.3	$ 5.1	$ 6.2
Other reconciling items	$ 0.0	$ 0.9	$ 1.0
Percent:
Foreign Rate Differential	(3.60%)	1.80%	1.60%
Other reconciling items	0.00%	0.30%	0.30%
Finland
Amount:
Change in Valuation Allowances	$ 0.5	$ 8.1	$ 0.0
Other reconciling items	$ 1.3	$ (0.1)	$ 0.6
Percent:
Change in Valuation Allowances	(0.30%)	2.90%	0.00%
Other reconciling items	(0.70%)	0.00%	0.20%
Other Jurisdictions
Amount:
Other reconciling items	$ 0.4	$ 2.3	$ 0.9
Percent:
Other reconciling items	(0.20%)	0.80%	0.20%
USA
Amount:
Other reconciling items	$ 0.7	$ (2.4)	$ (0.6)
Percent:
Other reconciling items	(0.60%)	(0.90%)	(0.10%)

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT


	December 31, 2025						December 31, 2024
(in millions, except interest rates)	Maturity	Interest rate	Book value		Face value		Book value
Term Loan	2028	6.780%	$	1,793.2	$	1,809.8	$	1,805.4
Senior Notes	2029	4.250%	595.9		600.0		594.7
Revolving Credit Facility	2027	n/a	—		—		—
Total debt			2,389.1		2,409.8		2,400.1
Less: Current portion of long-term debt			(11.1)		(19.0)		(11.6)
Long-term debt			$	2,378.0	$	2,390.8	$	2,388.5

Book value of debt in the table above is reported net of deferred issuance costs and original issue discount of $20.7 million and $28.7 million at December 31, 2025 and 2024, respectively.

Credit Agreement

On December 10, 2019, the Company entered into $2,750 million of senior secured credit facilities (the "Credit Facilities"), consisting of a $250 million revolving credit facility (the "Revolving Credit Facility"), and a $2,500 million first lien term loan (the "Old Term Loan"). The Credit Facilities were provided pursuant to a Credit Agreement, dated as of December 10, 2019 (the "Credit Agreement"), by and among Playtika, the lenders party thereto, and UBS AG, Stamford Branch (as successor in interest to Credit Suisse, AG, Cayman Islands Branch), as administrative agent (in such capacity, the "Administrative Agent") and collateral agent (in such capacity, the "Collateral Agent"). Proceeds borrowed under the Credit Facilities on the closing date were used to pay off the outstanding balance on the Company’s prior debt facility. On June 15, 2020, the Company increased the capacity of the Revolving Credit Facility to $350 million. On January 15, 2021, the Company increased the borrowing capacity of the Revolving Credit Facility from $350 million to $550 million.

On March 11, 2021, the Company amended the Credit Agreement pursuant to an Incremental Assumption Agreement No. 3 and Second Amendment to Credit Agreement (the “Second Amendment”). The Second Amendment, among other things, effected a refinancing of the Old Term Loan with a new $1.9 billion senior secured first lien term loan borrowed under the Credit Agreement (the “New Term Loan”), increased the Revolving Credit Facility to $600 million and extended the maturity of the Revolving Credit Facility to March 11, 2026. The New Term Loan matures on March 11, 2028 and requires scheduled quarterly principal payments in amounts equal to 0.25% of the original aggregate principal amount of the New Term Loan, with the balance due at maturity.

On April 23, 2025, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to the Credit Agreement which, among other things, (a) amended the Pricing Grid (as defined in the Credit Agreement) for the Company’s revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”), and (b) decreased the aggregate principal amount of the Revolving Credit Facility from $600 million to $550 million. The Fourth Amendment was also intended to extend the maturity of the Revolving Credit Facility to September 11, 2027, subject to the Credit Agreement being filed and registered with the National Development and Reform Commission of the People’s Republic of China (the “NDRC”) unless the NDRC states in writing that such registration is not required. This filing requirement with the NDRC is required of the Company’s controlling shareholder due to the fact that the controlling shareholder is controlled by a citizen of the People’s Republic of China. On December 9, 2025, the Company’s controlling shareholder elected to withdraw its filing of the Credit Agreement with the NDRC and, as a result, the maturity of the Revolving Credit Facility was not extended under the Fourth Amendment.

On February 16, 2026, the Company entered into an Incremental Assumption Agreement No. 4 and Fifth Amendment (the “Fifth Amendment”) to the Credit Agreement which, among other things, will effect a refinancing of the Company’s existing $550 million revolving credit facility under the Credit Agreement (the “New Revolving Credit Facility”) on March 11, 2026 subject to the satisfaction of certain conditions set forth therein. The New Revolving Credit Facility will mature on March 6,

2027. Other than the revised maturity date, the New Revolving Credit Facility retains the same material terms as the Company’s existing revolving credit facility immediately prior to the effectiveness of the Fifth Amendment.

The Credit Agreement allows the Company to request one or more incremental term loan facilities, incremental revolving credit facilities and/or increases to the New Term Loan or the Revolving Credit Facility in an aggregate amount of up to the sum of (x) the greater of (1) $800 million and (2) 1.00 times EBITDA (as defined in the Credit Agreement) plus (y) the amount of certain voluntary prepayments of indebtedness plus (z) such additional amount so long as, (i) in the case of loans under additional credit facilities that are secured by liens on the collateral securing the Credit Agreement, the Company's net total secured leverage ratio on a pro forma basis would not exceed 3.50 to 1.00 (or in the case of incremental facilities to fund certain investments and acquisitions, the net total secured leverage ratio immediately prior to such incurrence) and (iii) in the case of any other loans under additional credit facilities, the Company's fixed charge coverage ratio on a pro forma basis would not be less than 2.00 to 1.00 (or in the case of incremental facilities to fund certain investments and acquisitions, the fixed charge coverage ratio immediately prior to such incurrence), in each case, subject to certain conditions and receipt of commitments by existing or additional financial institutions or institutional lenders.

All future borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties, subject to certain exceptions.

Interest and Fees

Pursuant to the terms of the Fourth Amendment in 2025, borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a forward-looking term rate based on the secured overnight financing rate for the applicable interest period (“Term SOFR”), subject to a floor of 0.00% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by the administrative agent and (iii) the one-month Term SOFR plus 1.00% per annum, in each case plus an applicable margin. Such applicable margin with respect to the Revolving Credit Facility is 3.00% per annum in the case of any Term SOFR loan and 2.00% per annum in the case of any base rate loan, subject to three 0.25% step-downs based on the Company’s first lien net leverage ratio.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a commitment fee in respect of any unused commitments under the Revolving Credit Facility in the amount of 0.50% of the principal amount of the unused commitments of such lender, subject to two 0.125% step-downs based on the Company’s first lien net leverage ratio. The Company is also required to pay customary agency fees as well as letter of credit participation fees on outstanding letters of credit.

On June 19, 2023, the Company amended the Credit Agreement pursuant to a Third Amendment to Credit Agreement (the “Third Amendment”). The Third Amendment amended the Credit Agreement to bear interest or incur fees and other amounts denominated in Dollars to be based on the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus an applicable spread adjustment, rather than the previously permitted Adjusted Eurocurrency Rate, starting in the third quarter of 2023. The amendment did not have an impact on the Company’s consolidated financial statements or the effectiveness of the Company’s interest rate swap agreements.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a commitment fee in respect of any unused commitments under the Revolving Credit Facility in the amount of 0.50% of the principal amount of the daily unused commitments of such lender, subject to step-downs to 0.375% and 0.25% based upon the Company's senior secured leverage ratio. The Company is also required to pay customary agency fees as well as letter of credit participation fees on outstanding letters of credit.

The Credit Agreement permits voluntary prepayments and requires mandatory prepayments in certain events including among others, 50% (subject to step-downs to 25% and 0% based upon the Company’s net total secured leverage ratio) of the Company’s excess cash flow to the extent such amount exceeds $10 million, certain net cash proceeds from non-ordinary asset sale transactions (subject to reinvestment rights), and 100% of net proceeds of any issuance of debt (except for debt permitted to be incurred by the Credit Agreement). The Company is not required to make an excess cash flow payment based upon its secured leverage ratio for 2025.

Collateral and Guarantors

The borrowings under the Credit Agreement are guaranteed by certain material, wholly-owned restricted subsidiaries of the Company, and are secured by a pledge of substantially all of the existing and future property and assets of the Company and the guarantors (subject to exceptions), including a pledge of the capital stock of the domestic subsidiaries held by the Company and the domestic guarantors and 65% (or 100% in the case of certain of the guarantors) of the capital stock of the first-tier foreign subsidiaries held by the Company and the domestic guarantors, in each case subject to exceptions.

The Credit Agreement requires that the Company and the guarantors (a) generate at least 80.0% of the EBITDA of the Company and its restricted subsidiaries for the four fiscal quarters most recently ended prior to the end of each fiscal quarter and (b) own all “Material Intellectual Property” (defined as any intellectual property rights consisting of registered trademarks or copyrights subsisting in the name or logo of any game that generates more than 5% of the EBITDA of the Company and its restricted subsidiaries for the then most recently ended four fiscal quarters) on the last day of the four fiscal quarters most recently ended prior to the end of each fiscal quarter. If the Company and the guarantors do not satisfy such requirement, then the Company must cause sufficient additional subsidiaries (which, subject to certain limitations, may include guarantors located in jurisdictions other than the United States, England and Wales and the State of Israel) to become guarantors in order to satisfy such requirement. During the year ended December 31, 2021, the Company voluntarily designated certain subsidiaries in Germany, Austria and Finland as additional guarantors. As of December 31, 2025, the Company was in compliance with these requirements.

Restrictive Covenants

The Revolving Credit Facility includes a maximum first-priority net senior secured leverage ratio financial maintenance covenant of 6.25 to 1.00, calculated as total first lien senior secured net debt divided by Adjusted EBITDA. At December 31, 2025, the Company’s first-priority net senior secured leverage ratio was 1.31 to 1.00 based upon Adjusted EBITDA of $753.2 million and net debt (as defined in the Credit Agreement) of $989.6 million.

In addition, the Credit Agreement includes negative covenants, subject to certain exceptions, restricting or limiting the Company's ability and the ability of its restricted subsidiaries to, among other things: (i) make non-ordinary course dispositions of assets; (ii) make certain mergers and acquisitions; (iii) complete dividends and stock repurchases and optional redemptions (and optional prepayments) of subordinated debt; (iv) incur indebtedness; (v) make certain loans and investments; (vi) incur liens and certain fixed charges; (vii) transact with affiliates; (viii) change the business of the Company and its restricted subsidiaries; (ix) enter into sale/leaseback transactions; (x) allow limitations on negative pledges and the ability of restricted subsidiaries to pay dividends or make distributions; (xi) change the fiscal year and (xii) modify subordinated debt documents. Under the Credit Agreement, the Company may be required to meet specified leverage ratios or fixed charge coverage ratios in order to take certain actions, such as incurring certain debt or liens or making certain investments.

The Company was in compliance with its financial and other covenants under the Credit Agreement as of December 31, 2025.

Offering of 4.250% Senior Notes due 2029

Indenture

On March 11, 2021, the Company issued $600.0 million aggregate principal amount of its 4.250% senior notes due 2029 (the “Notes”) under an indenture, dated March 11, 2021 (the “Indenture”), among the Company, the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (the “Trustee”).

Maturity and Interest

The Notes mature on March 15, 2029. Interest on the Notes will accrue at a rate of 4.250% per annum. Interest on the Notes is payable semi-annually in cash in arrears on March 15 and September 15 of each year.

Guarantees

The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future restricted subsidiaries that guarantee the obligations under the Credit Agreement (the “subsidiary guarantors”).

Ranking

The Notes and the note guarantees rank equally in right of payment to all of the Company’s and the subsidiary guarantors’ existing and future senior indebtedness and senior in right of payment to all of the Company’s and the subsidiary guarantors’ future subordinated indebtedness. The Notes and the note guarantees are effectively subordinated to any of the Company’s and the subsidiary guarantors’ existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, including indebtedness outstanding under the Credit Agreement. In addition, the Notes and the note guarantees are structurally subordinated to the existing and future liabilities of the Company’s non-guarantor subsidiaries.

Redemption

The Company may redeem the Notes at any time on or after March 15, 2024, in whole or in part, at a redemption price equal to (i) 101.063% of the principal amount thereof, should such redemption occur before March 15, 2026, and (ii) 100.000% of the principal amount thereof, should such redemption occur on or after March 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Covenants

The Indenture contains customary covenants that limit the Company’s ability and, in certain instances, the ability of the Company’s subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the Indenture.

Change of Control

In the event of a change of control, the Company must offer to repurchase the Notes at a repurchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Events of Default

Events of default under the Indenture include, among others, the following with respect to the Notes: default which continues for 30 days in the payment of interest on the Notes; default in payment of the principal of, or premium, if any, on the Notes; failure to comply with certain covenants in the Indenture for 60 days (or 120 days with respect to the covenant relating to the provision of financial reports) upon the receipt of notice from the Trustee or holders of at least 25% in aggregate principal amount of the Notes; acceleration or payment default of indebtedness of the Company or certain of its subsidiaries in excess of a specified amount that remains uncured following the applicable grace period provided in such indebtedness; final judgments against the Company or certain of its subsidiaries in excess of a specified amount that remains unpaid for 45 days; and certain events of bankruptcy or insolvency with respect to the Company or certain of its subsidiaries. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company or certain of its subsidiaries, all Notes then outstanding will become due and payable immediately without further action or notice. If any other event of default occurs with respect to the Notes, the Trustee or holders of at least 25% in aggregate principal amount of the Notes may declare all Notes then outstanding to be due and payable immediately.

Scheduled principal payments of long-term debt

The scheduled principal payments due on long-term debt are as follows (in millions):


2026	$	19.0
2027	19.0
2028	1,771.8
2029	600.0

Total	$	2,409.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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+ Details

INTEREST AND OTHER, NET (Details) - USD ($) $ in Millions	12 Months Ended
INTEREST AND OTHER, NET (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest Income (Expense), Operating [Abstract]
Interest expense	$ 143.3	$ 155.2	$ 154.2
Interest income	(25.3)	(56.1)	(43.9)
Foreign currency translation differences, net	49.5	11.6	(1.3)
Other	0.3	0.4	0.5
Total interest expense and other, net	$ 167.8	$ 111.1	$ 109.5

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN - Stock Based Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	$ 83.5	$ 101.2	$ 113.0
Share-based compensation expense, net of amounts capitalized	82.5	99.2	110.0
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net of amounts capitalized	16.8	30.1	37.4
Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net of amounts capitalized	3.5	6.5	9.1
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net of amounts capitalized	62.2	62.6	63.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	0.9	3.2	3.4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	58.8	97.8	106.7
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	$ 23.8	$ 0.2	$ 2.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE MEASUREMENTS - Long Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face Value	$ 2,409.8	$ 2,428.8
Fair Value	2,285.8	2,372.6
Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face Value	1,809.8	1,828.8
Term Loan \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,746.5	1,831.1
Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face Value	600.0	600.0
Senior Notes \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 539.3	$ 541.5

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The following table summarizes the major accounts receivable of the Company as a percentage of the total accounts receivable as of the dates indicated:


	December 31,
	2025	2024
	%
Apple	56	60
Google	28	29

Schedule of Property, Plant and Equipment

The depreciation periods for the Company's property and equipment are as follows:


			Useful life
Computers and peripheral equipment			2 to 11 years
Office furniture and equipment			4 to 14 years
Vehicles and aircraft			3 to 7 years
Leasehold improvements			Shorter of the estimated useful life or remaining term of lease

Property and equipment, net at December 31, 2025 and 2024 are as follow (in millions):


	December 31,
	2025		2024
Computers and peripheral equipment	$	249.7	$	240.3
Office furniture and equipment	20.3		19.0
Vehicles and aircraft	9.0		9.0
Leasehold improvements	70.3		69.8
Total property and equipment, gross	349.3		338.1
Accumulated depreciation	(246.4)		(222.7)
Total property and equipment, net	$	102.9	$	115.4

Schedule of Intangible Assets Other than Goodwill Estimated Useful Lives

Intangible assets other than goodwill are amortized over their estimated useful lives using the straight-line method, using the following ranges of useful lives:


			Useful life
Developed games and acquired technology			1 to 10 years
Trademarks and user base			1 to 5 years
Internal use software			3 years

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instrument Activity

The following table summarizes the volume of derivative instrument activity (in millions):


	Year ended December 31,
	2025		2024		2023
Derivative instruments - foreign currency derivative contracts	$	225.9	$	198.4	$	302.3
Derivative instruments - interest rate swaps	—		—		500.0
Derivative instruments - others (non-hedging)	—		—		1.6

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

All other schedules have been omitted because they are not applicable or the required information is otherwise included.

PLAYTIKA HOLDING CORP.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(in millions)


	Balance at Beginning of Period		Increase		Decrease		Balance at End of Period
Deferred income tax valuation allowance:
Year ended December 31, 2025	$	60.3	$	4.3	$	(12.7)	$	51.9
Year ended December 31, 2024	45.0		15.5		(0.2)		60.3
Year ended December 31, 2023	39.4		5.8		(0.2)		45.0

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Contract receivable collection period	30 days
Contract liabilities recognized	$ 34.7

GOODWILL

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

Changes in goodwill for the years ended December 31, 2025 and 2024 were as follows (in millions):


	Year ended December 31,
	2025		2024
Balance at beginning of period	$	1,692.3	$	987.2
Foreign currency translation adjustments	13.4		(6.5)
Goodwill acquired during the year	—		711.6
Adjustment to purchase price allocation	(10.0)		—
Balance at end of period	$	1,695.7	$	1,692.3

As of October 1 of each year, the Company performed its annual goodwill impairment analysis. Accordingly, during the years ended December 31, 2025, 2024 and 2023, no impairment charge was recognized.

- Definition

The entire disclosure for goodwill.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment in Unconsolidated Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Equity investments, impairments	$ 4.6	$ 36.3

INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets Other Than Goodwill


	December 31, 2025
	Weighted average remaining useful life (in years)	Balance		December 31, 2024
Historical cost basis:
Developed games and acquired technology	4.6	$	972.2	$	948.7
Trademarks and user base	1.0	94.1		94.1
Internal use software	2.6	228.8		199.6
		1,295.1		1,242.4
Accumulated amortization
Developed games and acquired technology		(623.6)		(518.1)
Trademarks and user base		(94.0)		(43.6)
Internal use software		(151.8)		(118.5)
		(869.4)		(680.2)
Intangible assets other than goodwill, net		$	425.7	$	562.2

Schedule of Expected Future Amortization

As of December 31, 2025, the total expected future amortization related to intangible assets was as follows (in millions):


2026	$	133.5
2027	84.7
2028	67.2
2029	52.2
2030	47.2
Thereafter	40.9
Total	$	425.7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Employee Related Benefits (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Severance costs		$ 10,800,000	$ 8,400,000	$ 7,600,000
2021-2024 Retention Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation arrangement with individual, contributions by employer	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000

APPRECIATION AND RETENTION PLANS (Details) - USD ($) shares in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Aug. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2021-2024 Retention Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation arrangement with individual, contributions by employer		$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
Retention plan adjusted EBITDA (percentage)				15.00%	15.00%	14.50%	14.00%
Deferred compensation arrangement with individual, appreciation units cancelled (in shares)	43
Deferred compensation arrangement with individual, distribution paid	$ 0
Deferred compensation arrangement with individual, compensation expense			0	$ 92,500,000	$ 111,900,000
Development-related Retention Payments of Key Individuals
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation arrangement with individual, compensation expense			$ 0	$ 400,000	$ 300,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,600.0	1,600.0
Common stock, shares issued	428.8	427.1
Common stock, shares outstanding	377.0	375.3
Treasury stock, shares	51.8	51.8

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Mar. 11, 2021
Debt Instrument [Line Items]
Total debt	$ 2,389.1	$ 2,400.1
Less: Current portion of long-term debt	(11.1)	(11.6)
Long-term debt	2,378.0	2,388.5
Face value	2,409.8	2,428.8
Face value, Current portion of long-term debt	(19.0)
Face value, Long-term debt	$ 2,390.8
Term Loan
Debt Instrument [Line Items]
Interest rate	6.78%
Total debt	$ 1,793.2	1,805.4
Face value	$ 1,809.8	1,828.8
Senior Notes
Debt Instrument [Line Items]
Interest rate	4.25%		4.25%
Total debt	$ 595.9	594.7
Face value	600.0	600.0
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0.0	$ 0.0
Face value	$ 0.0

GOODWILL (Details) - USD ($)	12 Months Ended
GOODWILL (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Goodwill [Roll Forward]
Balance at beginning of period	1,692,300,000	987,200,000
Foreign currency translation adjustments	13,400,000	(6,500,000)
Goodwill acquired during the year	0	711,600,000
Adjustment to purchase price allocation	(10,000,000.0)	0
Balance at end of period	$ 1,695,700,000	$ 1,692,300,000	$ 987,200,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk and Significant Customers (Details)	12 Months Ended
	Dec. 31, 2025 platform
Accounting Policies [Abstract]
Number of platforms	2

SHORT-TERM INVESTMENTS - Schedule of Short-Term Investments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 136,000,000.0	$ 0
Allowance for credit loss	0	$ 0	$ 0
Unrealized gains, gross	0
Unrealized losses, gross	0
Term deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	71,800,000
Allowance for credit loss	0
Unrealized gains, gross	0
Unrealized losses, gross	0
Commercial papers
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	64,200,000
Allowance for credit loss	0
Unrealized gains, gross	0
Unrealized losses, gross	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in goodwill for the years ended December 31, 2025 and 2024 were as follows (in millions):


	Year ended December 31,
	2025		2024
Balance at beginning of period	$	1,692.3	$	987.2
Foreign currency translation adjustments	13.4		(6.5)
Goodwill acquired during the year	—		711.6
Adjustment to purchase price allocation	(10.0)		—
Balance at end of period	$	1,695.7	$	1,692.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands								1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Feb. 10, 2026 claimant	Nov. 04, 2025 claimant	Aug. 05, 2025 claimant	Jul. 08, 2025 USD ($) claimant	Nov. 13, 2023 USD ($)	Aug. 25, 2023 USD ($)	Mar. 08, 2023	Dec. 31, 2025 USD ($)	Dec. 31, 2025 ILS (₪)	Dec. 11, 2025 ILS (₪)	Oct. 29, 2025	Jun. 12, 2025 ILS (₪)	Aug. 22, 2024	Mar. 26, 2024 ILS (₪)
Loss Contingencies [Line Items]
Foreign currency exchange rate								3.19
Tel Aviv 3 Tax Office, 2017, 2018 And 2019-2021 Assessment Order
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $								$ 148,000
Tel Aviv 3 Tax Office, 2017 Assessment Order
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss														₪ 72,900,000
Tel Aviv 3 Tax Office, 2018 Assessment Order
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss												₪ 85,800,000
Tel Aviv 3 Tax Office, 2019-2021 Assessment Order
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss										₪ 312,900,000
Denied Foreign Tax Credits, Tax Years 2019-2021
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss										₪ 19,000,000
Gina v. Burt vs Playtika Ltd.
Loss Contingencies [Line Items]
Lawsuit recovery period					1 year
Lawsuit coverage \| $					$ 75
Gayla Hamilton Mills vs. Playtika Ltd.
Loss Contingencies [Line Items]
Lawsuit recovery period						1 year	1 year
Lawsuit coverage \| $						$ 75
Dianne Fuqua Lawsuit
Loss Contingencies [Line Items]
Damages sought, multiplier													3
William Barbarino Lawsuit
Loss Contingencies [Line Items]
Damages sought, multiplier											3
Pre-arbitration Notice For Unlawful Games
Loss Contingencies [Line Items]
Number of claims \| claimant			4,688	3,860
Loss contingency, estimate of possible loss \| $				$ 5
Pre-arbitration Notice For Unlawful Games \| Subsequent Event
Loss Contingencies [Line Items]
Number of claims \| claimant	3,061
Arbitration Demands Filed
Loss Contingencies [Line Items]
Number of claims \| claimant		1,642
Class Action Lawsuit By Maor Ben Shoshan vs Playtika Group Israel Ltd.
Loss Contingencies [Line Items]
Loss contingency, damages sought, value								$ 8,800	₪ 28,000,000
Class Action Lawsuit By Maor Ben Shoshan vs Playtika Group Israel Ltd. \| Class Action Lawsuit, Personal Damages To Petitioner
Loss Contingencies [Line Items]
Loss contingency, damages sought, value									₪ 18,357

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investments

Short-term investments at December 31, 2025 are as follows (in millions):


	December 31, 2025
	Amortized cost		Allowance for credit losses		Unrealized gains, gross		Unrealized losses, gross
Term deposits	$	71.8	$	—	$	—	$	—
Commercial papers	64.2		—		—		—
Total short-term investments	$	136.0	$	—	$	—	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

EQUITY TRANSACTIONS AND STOCK INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:


	Stock	Weighted	Weighted
	Options	Average	Average		Intrinsic
	Outstanding	Remaining	Exercise		Value
	(in millions)	Term (in years)	Price		(in millions)





Outstanding at January 1, 2025	1.3	6.7	$	17.42	$	—
Granted	—		$	—
Exercised	—		$	—
Forfeited	(0.2)		$	18.61
Expired	—		$	—
Outstanding at December 31, 2025	1.1	5.7	$	17.16	$	—
Exercisable at December 31, 2025	1.0	5.6	$	17.65	$	—

Summary of RSU Activity

The following table summarizes the Company’s RSU activity:


		Weighted		Total Fair
		Average		Value of
	Shares	Grant Date		Shares Vested
	(in millions)	Fair Value		(in millions)
Outstanding at January 1, 2023	14.9	$	18.69
Granted	13.8	$	8.81
Vested	(6.4)	$	19.00	$	61.6
Forfeited	(1.0)	$	17.67
Outstanding at December 31, 2023	21.3	$	12.24
Granted	7.4	$	6.36
Vested	(5.7)	$	16.98	$	42.2
Forfeited	(3.4)	$	11.75
Outstanding at December 31, 2024	19.6	$	8.70
Granted	8.4	$	3.68
Vested	(6.6)	$	10.08	$	29.8
Forfeited	(3.0)	$	8.54
Outstanding at December 31, 2025	18.4	$	5.94

Summary of Assumptions Used in RSUs and PSUs

The table below summarizes the assumptions used for the RSUs granted in the years ended December 31, 2025 and 2024:


	Year ended December 31,
	2025	2024
Risk-free interest rate	3.52% - 4.22%	3.67% - 4.57%
Expected dividend yield	5.42% - 10.58%	4.87% - 5.67%
Expected term in years	2.3 - 3.1	2.3 - 3.6

The table below summarizes the assumptions used for the PSUs granted in the years ended December 31, 2025 and 2024:


	Year ended December 31,
	2025	2024
Risk-free interest rate	3.52% - 3.62%	4.25% - 4.31%
Expected dividend yield	9.48%	5.62%
Expected term in years	1.0 - 3.0	1.0 - 3.0

Summery of PSU Activity

The following table summarizes the Company’s PSU activity:


		Weighted		Total Fair
		Average		Value of
	Shares(1)	Grant Date		Shares Vested
	(in millions)	Fair Value		(in millions)
Outstanding at January 1, 2023	3.2	$	9.72
Granted	—	$	—
Vested	(0.4)	$	9.72	$	4.2
Forfeited	(0.6)	$	9.72
Outstanding at December 31, 2023	2.2	$	9.72
Granted	9.8	$	4.86
Vested	*	$	9.72	*
Forfeited	(1.1)	$	9.72
Outstanding at December 31, 2024	10.9	$	5.33
Granted	0.5	$	3.50
Vested	*	$	9.72	*
Forfeited	(0.6)	$	9.72
Outstanding at December 31, 2025	10.8	$	5.02

__________

* Represents an amount less than 0.1 or $0.1

Summary of Stock Based Compensation Cost By Award

The following table summarizes stock-based compensation costs by award type (in millions):


	Year ended December 31,
	2025		2024		2023
Stock options	$	0.9	$	3.2	$	3.4
RSUs	58.8		97.8		106.7
PSUs	23.8		0.2		2.9
Total stock-based compensation costs	$	83.5	$	101.2	$	113.0

Summary of Stock Based Compensation Costs, Net Of Amounts Capitalized

The following table summarizes stock-based compensation costs, net of amounts capitalized, as reported on the Company’s consolidated statements of comprehensive income (in millions):


	Year ended December 31,
	2025		2024		2023
Research and development expenses	$	16.8	$	30.1	$	37.4
Sales and marketing expenses	3.5		6.5		9.1
General and administrative expenses	62.2		62.6		63.5
Total stock-based compensation costs, net of amounts capitalized	$	82.5	$	99.2	$	110.0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Description of business and organization

Playtika Holding Corp. (“Playtika”) and its subsidiaries (together with Playtika, the “Company”) is one of the world’s leading developers of mobile games creating fun, innovative experiences that entertain and engage its users. It has built best-in-class live game operations services and a proprietary technology platform to support its portfolio of games which enable it to drive strong user engagement and monetization. The Company’s games are free-to-play, and the Company seeks to provide novel, curated in-game content and offers to its users, at optimal points in their game journeys to drive user engagement and monetization. As of December 31, 2025, the Company has leased facilities in Austria, Finland, Germany, Israel, Netherlands, Poland, Romania, Ukraine, the United Kingdom and the United States.

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include Playtika and all subsidiaries in which the Company has a controlling financial interest. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where the Company has determined that it has significant influence over the entities; and (iii) investments in affiliates of 20% or less, without readily determinable fair value, are generally accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In the opinion of management, all adjustments considered necessary for a fair presentation have been recorded within the accompanying financial statements, consisting of normal, recurring adjustments, and all intercompany balances and transactions have been eliminated in the consolidation.

Reclassifications

Certain comparative figures have been reclassified to conform to the current year presentation.

Investment in unconsolidated entities/ Short-term investments

Investment in unconsolidated entities

Investments with maturities of more than three months but less than one year from the date of purchase are included in short-term investments. Such short-term investments include investments in term deposits and commercial papers.

The Company accounts for investments in debt securities in accordance with ASC No. 320, "Investments - Debt Securities". The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses, net of tax, reported in accumulated other comprehensive

income (loss) in shareholders' equity (deficit). Gains and losses are determined using the specific identification method and recognized when realized in the consolidated statements of comprehensive loss.

The Company periodically evaluates its available-for-sale debt securities for impairment in accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. If the amortized cost of an individual security exceeds its fair value, the Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the Company writes down the security to its fair value and records the impairment charge in the Consolidated Statements of Comprehensive Loss. If neither of these criteria are met, the Company assesses whether credit loss exists. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Financial statements in United States dollars

The currency of the primary economic environment in which the operations of Playtika and certain subsidiaries are conducted is the U.S. dollar ("dollar"); thus, the dollar is the functional currency of Playtika and certain subsidiaries.

Playtika and certain subsidiaries' transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to dollars in accordance with ASC 830, Foreign Currency Matters. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of comprehensive income as financial income or expenses, as appropriate.

For those consolidated subsidiaries whose functional currency has been determined to be a non-dollar currency, assets and liabilities are translated at year-end exchange rates and statement of income items are translated using the date of the transaction exchange rate or at the average exchange rates prevailing during the year. Such translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in stockholders' equity (deficit).

Concentration of credit risk and significant customers

Financial instruments, which potentially expose the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term investments, restricted cash, accounts receivable and derivative contracts. The Company’s investment policy imposes certain maturity limits on the Company’s portfolio and restricts the permitted investments to the purchase of bank deposits and highly rated fixed income securities.

Apple and Google are significant distribution, marketing, promotion and payment platforms for the Company's games. A significant portion of the Company’s revenues has been generated from players who accessed the Company's games through these platforms. Therefore, the Company's accounts receivable are derived mainly from sales through these two platforms.

Accounts Receivable

Accounts receivable are recorded at their transaction amounts and do not bear interest. The Company bases its allowance for credit losses on management's best estimate of the amount of probable credit losses in the Company's existing accounts receivable based on historical collection experience and current and expected future economic and market conditions.

Cash and cash equivalents

Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less from the date of purchase. Cash equivalents include investments in term deposits, commercial papers and money market funds that can be redeemed immediately at the current net asset value.

Restricted cash

Restricted cash primarily consists of deposits to secure obligations under the Company's operating lease agreements and to secure company-issued credit cards

Property and equipment, net

The Company states property and equipment at cost. The Company computes depreciation using the straight-line method over the estimated useful lives of the respective assets or, in the case of leasehold improvements, the lease term of the respective assets, whichever is shorter. The Company examines fully depreciated assets annually and writes off those no longer in use.

The depreciation periods for the Company's property and equipment are as follows:


			Useful life
Computers and peripheral equipment			2 to 11 years
Office furniture and equipment			4 to 14 years
Vehicles and aircraft			3 to 7 years
Leasehold improvements			Shorter of the estimated useful life or remaining term of lease

Software development costs

The Company reviews internal use software development costs associated with infrastructure and new games or significant updates to existing games to determine if the costs qualify for capitalizing in accordance with ASC 350-40, Internal-Use Software. The development costs incurred during the application development stage that are related to infrastructure are capitalized. Internal use software is included in intangible assets other than goodwill, net in the accompanying consolidated balance sheets. Capitalization of such costs begins when the preliminary project stage is completed and ceases at the point in which the project is substantially complete and is ready for its intended purpose. For new games or updates to existing games, the development costs are expensed as incurred to research and development in the consolidated statements of comprehensive income, as the preliminary project stage continues until just prior to worldwide launch.

Business combinations

The Company applies the provisions of ASC 805, Business Combinations and allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed or incurred, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed or incurred, management makes significant estimates and assumptions, especially with respect to intangible assets.

Significant estimates in valuing certain intangible assets include, but are not limited to future expected cash flows from acquired technology, acquired trademarks and user base from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable.

When business combinations include an earnout payment or contingent consideration that embodies an unconditional obligation for the Company to transfer assets on a specific agreed-upon date, that liability is measured at estimated fair value as of the acquisition date and as of each reporting date until the obligation is resolved. Significant estimates in valuing such liabilities include, but are not limited to, future financial models and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. Under ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill is not amortized, but rather is subject to an annual impairment test.

The Company tests goodwill for impairment as of October 1st of each year, or more frequently if events or changes in circumstances indicate that this asset may be impaired. For the purposes of impairment testing, the Company has determined that it has one reporting unit. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit.

Intangible assets other than goodwill, net

Intangible assets other than goodwill are amortized over their estimated useful lives using the straight-line method, using the following ranges of useful lives:


			Useful life
Developed games and acquired technology			1 to 10 years
Trademarks and user base			1 to 5 years
Internal use software			3 years

Impairment of long-lived assets

The Company’s long-lived assets to be held or used, including right-of-use (“ROU”) assets, and identifiable intangible assets that are subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, in accordance with ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets. Impairment indicators include any significant changes in the manner of the Company’s use of the assets and significant negative industry or economic trends. When impairment indicators exist, the Company evaluates recoverability of an asset group by a comparison of the aggregate undiscounted projection future cash flows to the carrying amounts of the asset group. If such evaluation indicates that the carrying amount of the asset group is not recoverable, an impairment loss is calculated based on the excess of the carrying amount of the assets group over its estimated fair value. Fair value is generally estimated based on a discounted cash flow analysis.

Leases

The Company is the lessee under non-cancelable office real estate and data center leases. The Company accounts for its leases under ASC 842, Leases, and determines if a contract contains a lease at inception or modification of a contract. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments and lease incentives received over the defined lease term. As the Company’s leases do not generally provide an implicit rate, the Company uses its incremental borrowing rate which is estimated based upon the capital structure of the Company and upon the other information available at the lease commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. The Company’s lease terms may include options to extend the lease. These options are included in the lease terms when management believes it is reasonably certain they will be exercised. The ROU assets also include any prepaid lease payments and net of lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s real estate lease agreements and data center leases do not contain any material residual value guarantees, restrictions or covenants. The Company’s lease agreements with lease and non-lease components are accounted for separately. The Company does not record an asset or liability for operating leases with a term of 12 months or less.

Revenue recognition

The Company primarily derives revenue from the sale of virtual items associated with online games. The Company distributes its games to the end customer through various web and mobile platforms such as Apple, Google, and other web and mobile platforms, as well as through its own Direct-to-Consumer platform. Through these platforms, users can download the Company’s free-to-play games and can purchase virtual currency which is redeemed in the game for virtual goods, or players can purchase virtual goods directly (collectively referred to as virtual items) to enhance their game-playing

experience.

The initial download of the games does not create a contract under ASC 606, Revenue from Contracts with Customers; however, the separate election by the player to make an in-application purchase satisfies the ASC 606 criterion for creating a contract.

Players can pay for their virtual item purchases through various widely accepted payment methods offered in the games. Payments from players for virtual items are required at the time of purchase, are non-refundable and relate to non-cancellable contracts that specify the Company’s obligations and cannot be redeemed for cash nor exchanged for anything other than virtual items within the Company’s games. The purchase price is a fixed amount which reflects the consideration that the Company expects to be entitled to receive in exchange for use of virtual items by its customers. The platform providers collect proceeds from the game players and remit the proceeds to the Company after deducting their respective platform fees.

The Company is primarily responsible for providing the virtual items, has control over the content and functionality of games and has the discretion to establish the virtual items’ prices. Therefore, the Company is the principal and, accordingly revenues are recorded on a gross basis. Payment processing fees paid to platform providers are recorded within cost of revenue. The Company’s performance obligation is to display the virtual items within the game over the estimated life of the paying player or until the virtual item is consumed in game play based upon the nature of the virtual item.

The Company categorizes its virtual items as either consumable or durable. The substantial majority of the Company’s games sell only consumable virtual items. Consumable virtual items represent items that can be consumed by a specific player action and do not provide the player any continuing benefit following consumption. For the sale of consumable virtual items, the Company recognizes revenue as the items are consumed which is usually over a period of time of up to one month. The Company has determined through a review of game play behavior that players generally do not purchase additional consumable virtual currency until their existing consumable virtual currency balances have been substantially consumed. This review, performed on a game-by-game basis, includes an analysis of game players’ historical play behavior, purchase behavior, and the amount of virtual currency outstanding. Based upon this analysis, the Company has estimated the rate at which virtual currency is consumed during game play. Accordingly, revenue is recognized using a user-based revenue model using these estimated consumption rates. The Company monitors its analysis of customer play behavior on a quarterly basis.

Durable virtual items represent items that are accessible to the player over an extended period of time. The Company recognizes revenue from the sale of durable virtual items ratably over the estimated average life of the paying player, which is estimated on an individual game basis and generally ranges from six months to twelve months. The Company estimates the average life of the paying player based on historical paying player patterns and playing behaviors within each of the specific games that offer durable virtual items. The Company monitors its operational data and player patterns and re-assesses its estimates on a quarterly basis.

Deferred revenues, which represent a contract liability, represent mostly unrecognized fees collected for virtual items which are not consumed at the balance sheet date, or for players that are still active in the games.

Sales and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or operating expenses.

The Company has elected to apply the practical expedient such that it does not evaluate payment terms of one year or less for the existence of a significant financing component.

The Company also has relationships with certain advertising service providers for advertisements within its games and revenue from these advertising providers is generated through impressions, clickthroughs, banner ads and offers. The Company has determined that displaying the advertisements within the mobile games is identified as a single performance obligation. The transaction price in advertising arrangements is established by our advertising service providers and is generally the product of the number of advertising units delivered (e.g. impressions, offers completed, etc.) and the contractually agreed upon price per unit. Revenue from advertisements and offers are recognized at a point-in-time when the advertisements are displayed in the game or the offer has been completed by the user. The Company has determined that it is generally acting as an agent in its advertising arrangements as the advertising service providers maintain the relationship with

the customers, control the pricing of the advertising such that the Company does not know the total price paid by the customer to the service providers, and control the advertising product through the time the advertisements are displayed in the Company’s games. Therefore, the Company recognizes revenue related to these arrangements on a net basis.

Advertising expenses

Stock-based compensation expense

The Company has a stock-based compensation program which provides for equity awards including time-based stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense on a straight-line basis over the requisite service period for options, RSUs and certain PSUs, and on an accelerated basis for some PSUs with performance or market conditions. The Company records forfeitures as a reduction of stock-based compensation expense as those forfeitures occur.

The Company used the associated per-share value at the time of grant to determine the compensation cost to be recognized associated with grants of RSUs and PSUs prior to the commencement of the Company paying dividends, and the Black-Scholes option pricing model to estimate the grant-date fair value associated with all stock options. For grants of RSUs and certain PSUs subsequent to the commencement of the Company paying dividends, the Company estimates the fair value for compensation cost using the value of its common stock on the date of grant, reduced by the present value of dividends expected to be paid on its shares of common stock prior to vesting. For PSUs without market conditions, the Company reviews the estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant quarterly, or more frequently if events or changes in circumstances indicate there may be a change, and adjusts the stock compensation expense accordingly.

The Company uses the Monte Carlo pricing model to estimate grant-date fair value associated with PSUs measured against a market condition. Stock compensation expense related to PSUs with market conditions is recognized unless the requisite service period is not fulfilled.

The Company’s estimate of the grant-date fair value is affected by the following assumptions regarding complex and subjective variables. Any changes in these assumptions may materially affect the estimated fair value of the stock-based award.

–Fair value of common stock - The Company uses the public trading price of its common stock on the Nasdaq stock market to determine the fair value of its common stock.

–Risk-free interest rate - The risk-free interest rate is estimated based on the U.S. Treasury yield curve in effect at the time of grant and with maturities consistent with the expected term of the respective equity award.

–Expected dividend yield - The fair value of all options and RSUs granted prior to February 2024 was determined based upon the assumption that we would not pay cash dividends on shares of our common stock. Subsequent to this date, the Company estimates the dividend yield based on the expected annual dividend per share divided by the closing stock price on the grant date.

–Expected term - For options, the Company estimated the expected term based on the average time between the vesting date and expiration date, ten years after the grant date, of the respective equity option award. For RSUs, the Company estimated the expected term, typically two to three years, based on the average time between the grant date and the final vesting date of the respective RSU award.

–Expected volatility – Prior to obtaining sufficient trading history of its own stock, the Company estimated volatility based on the volatilities exhibited by comparable public companies and the Company’s capital structure and utilized the observable data for a group of peer companies that grant options with substantially similar terms to assist in developing its volatility assumptions.

If factors change and the Company employs different assumptions, stock-based compensation cost on future awards may differ significantly from what the Company has recorded in the past. Higher volatility and longer expected terms result in an increase to stock-based compensation determined at the date of grant. Future stock-based compensation cost and unrecognized stock-based compensation will increase to the extent that the Company grants additional equity awards to employees or assumes unvested equity awards in connection with acquisitions. If there are any modifications or cancellations of the underlying unvested equity awards, the Company may be required to accelerate any remaining unearned stock-based compensation cost or incur incremental cost.

For RSUs, shares are issued on the vesting dates net of the applicable statutory income tax withholding to be paid by the Company on behalf of its employees. As a result, fewer shares are generally issued than the number of RSUs vesting, and the income tax withholding is recorded as a reduction to additional paid-in capital.

The Company’s stock-based compensation expense is recorded in the financial statement line item relevant to each of the award recipients.

Income taxes

The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences will reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets and deferred tax liabilities are presented under long-term assets and long-term liabilities, respectively.

The need to establish valuation allowances for deferred tax assets is assessed periodically based on the more likely than not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards expiring unused and tax planning alternatives.

The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement.

The Tax Cuts and Jobs Act (“TCJA”) subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The Company can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into the measurement of deferred taxes. The Company elected to account for the income tax effects of GILTI as a “period cost,” or an income tax expense in the year the tax is incurred.

The Company classifies interest and penalties on income taxes (which includes uncertain tax positions) as taxes on income.

Employee related benefits

Appreciation and retention plan

In August 2019, the Company adopted the Playtika Holding Corp. Retention Plan (the “2021-2024 Retention Plan”) in order to retain key employees and reward them for contributing to the success of the Company. Under the 2021-2024 Retention

Plan, eligible employees were granted retention units that let them receive their pro rata portion of a retention pool of $25 million per year for each of the plan years, and were also granted appreciation units which allow the employee to receive their pro-rata portion of an appreciation pool calculated as a specified percentage of Retention Plan Adjusted EBITDA for each of the plan years as described further in Note 20, Appreciation and Retention Plans.

The value of each unit of the 2021-2024 Retention Plan is being amortized into compensation expense using the straight-line method, which will result in the recognition of compensation costs in the same years as the underlying EBITDA used in the plan measurement is earned.

Severance pay

The Company and its Israeli subsidiaries have elected to include their Israeli employees under Section 14 of the Severance Pay Law 5723-1963 (“Section 14”). Section 14 entitles these employees to monthly deposits with third-party insurance companies and pension funds, at a rate of 8.33% of their monthly salary. In two cases, the Company and the employee have agreed to a salary lower than their actual monthly salary for purposes of Section 14. These payments release the Company from future obligations under the Israeli Severance Pay Law for all employees, other than the aforementioned two employees. Accordingly, any liability for severance pay due to these employees, and the deposits under Section 14 are not recorded as an asset in the Company’s consolidated balance sheet.

Exit or disposal activities

The Company accounts for exit or disposal cost obligations, including restructuring activities, under ASC 420-10, Exit or Disposal Cost Obligations, which requires that companies only record liabilities for such activities when such liabilities have been incurred.

Derivative instruments

The Company uses interest rate swap contracts to reduce its exposure to fluctuating interest rates associated with the Company’s variable rate debt, and to effectively increase the portion of debt upon which the Company pays a fixed interest rate. The Company’s interest rate swap agreements are designated as cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”), involving the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement, without the exchange of the underlying notional amount. These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt.

The Company monitors the effectiveness of its hedges on a quarterly basis, both qualitatively and quantitatively. The Company performed a regression analysis at inception of the hedging relationship and at period end in which it compared the change in the fair value of the swap transactions and the change in fair value of a hypothetical interest rate swap having terms that identically match the terms of the debt's interest rate payments based on historical swap rates. Based upon this analysis, the Company concluded that the hedging instruments are expected to be highly effective at offsetting changes in the hedged transactions attributable to the risk being hedged. For each future reporting period, the Company will continue performing retrospective and prospective assessments of hedge effectiveness in a single regression analysis by updating the regression analysis that was prepared at the inception of the hedging relationship.

The Company uses foreign currency derivative contracts to reduce its exposure to fluctuating exchange rates between the United States dollar (as the Company’s functional currency) and certain expense lines denominated in Euros (“EUR”), Israeli Shekels (“ILS”), Polish Zloty (“PLN”) and Romanian Leu (“RON”). The Company’s derivative contracts are designated as cash flow hedges under ASC 815. The Company monitors the effectiveness of its hedges on a quarterly basis, both qualitatively and quantitatively, and expects these hedges to remain highly effective at offsetting fluctuations in exchange rates through their respective maturity dates. See Note 15, Derivative Instruments, for additional discussion.

The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in other comprehensive income on the consolidated statements of comprehensive income until the future underlying transactions occur. The fair value approximates the amount the Company would pay or receive if these contracts were settled at the respective valuation dates. The inputs used to measure the fair value of the Company’s interest rate swap agreements and foreign currency derivative contracts are categorized as Level 2 in the fair value hierarchy as established by ASC 820, Fair Value Measurement (“ASC 820”).

Cash flows from derivatives, which are designated as accounting hedges, are presented consistently with the cash flow classification of the related hedged items.

Fair value of financial instruments

The Company accounts for fair value in accordance with ASC 820. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying value of accounts receivable and payables and the Company's cash and cash equivalents and restricted cash, approximates fair value due to the short time to expected payment or receipt of cash.

Net income per share attributable to common stockholders

For all periods presented herein, basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. PSUs are considered potentially dilutive as of the first day of the reporting period in which the underlying performance metric is achieved. In the event of a loss, diluted shares are not considered because of their anti-dilutive effect. The Company uses the treasury stock method on a grant-by-grant basis as the method for determining the dilutive effect of options, RSUs and PSUs. Under this method, it is assumed that the hypothetical proceeds received upon settlement are used to repurchase common shares at the average market price during the period.

Accounting standards recently adopted by the Company and Recently issued accounting standards not yet adopted by the Company

Accounting standards recently adopted by the Company

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 requires that public business entities expand their annual disclosures related to rate reconciliation and income taxes paid, and provide a disaggregated presentation between domestic and foreign income or loss from continuing operations before income tax expense and income tax expense or benefit from continuing operations. The Company adopted this standard as of January 1, 2025 on a retrospective basis. The adoption of this standard affected disclosures in Note 22, Income Taxes.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet

date do not change for the remaining life of the assets. The Company adopted this standard as of January 1, 2026. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements or disclosures.

Recently issued accounting standards not yet adopted by the Company

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income, Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that public business entities disclose more detailed information about types of expenses in commonly presented expense captions. This guidance is effective for annual reporting periods beginning after December 31, 2026, and for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). ASU 2025-06 requires public companies to apply property, plant, and equipment-style disclosure requirements to internal-use software costs, eliminate stage-based capitalization models, and begin capitalizing software development costs once management commits to funding a project and completion is probable under the new “probable-to-complete” threshold. This guidance is effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2025-06.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Employees and related expenses	$ 142.3	$ 153.7
Accrued expenses	113.9	113.3
Media buy	57.2	47.9
Dividend payable	37.7	37.3
Deferred revenues	28.8	36.4
Tax accruals	15.1	49.4
Total accrued expenses and other current liabilities	$ 395.0	$ 438.0

INTEREST AND OTHER, NET

12 Months Ended

Dec. 31, 2025

Interest Income (Expense), Operating [Abstract]

INTEREST AND OTHER, NET

Interest and other, net for the years ended December 31, 2025, 2024 and 2023, are as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Interest expense	$	143.3	$	155.2	$	154.2
Interest income	(25.3)		(56.1)		(43.9)
Foreign currency translation differences, net	49.5		11.6		(1.3)
Other	0.3		0.4		0.5
Total interest expense and other, net	$	167.8	$	111.1	$	109.5

NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY STOCKHOLDERS - Basic And Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (206.4)	$ 162.2	$ 235.0
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares)	375.8	371.8	366.3
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares)	375.8	372.1	366.8
Net income (loss) per share, basic (in dollars per share)	$ (0.55)	$ 0.44	$ 0.64
Net income (loss) per share, diluted (in dollars per share)	$ (0.55)	$ 0.44	$ 0.64

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BUSINESS COMBINATIONS - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) € in Millions, $ in Millions					12 Months Ended
	Nov. 20, 2024 USD ($)	Sep. 28, 2023 USD ($)	Aug. 28, 2023 USD ($)	Aug. 28, 2023 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Consideration
Consideration paid					$ 0.0	$ 686.9	$ 159.6
Identifiable assets acquired and liabilities assumed or incurred
Goodwill					$ 1,695.7	$ 1,692.3	987.2
SuperPlay Ltd.
Consideration
Total Consideration	$ 1,054.9
Less: Cash acquired	(19.9)
Total consideration, net of cash acquired	1,035.0
Less: Acquisition date fair value of contingent consideration	(350.0)
Less: Deferred consideration	1.9
Consideration paid	686.9
Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable	27.5
Other current assets	33.9
Property and equipment	9.8
Intangible assets other than goodwill	352.0
Goodwill	701.5
Deferred tax asset	22.1
Deferred consideration	1.9
Deferred tax liability	(47.6)
Contingent consideration	(350.0)
Liabilities assumed	(64.2)
Total identifiable assets acquired and liabilities assumed or incurred	$ 686.9
InnPlay
Consideration
Total Consideration		$ 140.5
Less: Cash acquired		(0.8)
Total consideration, net of cash acquired		139.7
Less: Acquisition date fair value of contingent consideration		(63.0)
Less: Deferred consideration		(3.7)
Consideration paid		73.0
Identifiable assets acquired and liabilities assumed or incurred
Accounts receivable		3.9
Other current assets		0.3
Property and equipment		0.2
Intangible assets other than goodwill		14.8					$ 14.8
Goodwill		127.6
Deferred tax asset		3.4
Deferred consideration		(3.7)
Deferred tax liability		(3.4)
Contingent consideration		(63.0)
Liabilities assumed		(7.1)
Total identifiable assets acquired and liabilities assumed or incurred		$ 73.0
Youda Games
Consideration
Total Consideration			$ 89.9	€ 150
Less: Acquisition date fair value of contingent consideration			(2.4)
Consideration paid			87.5
Identifiable assets acquired and liabilities assumed or incurred
Intangible assets other than goodwill			45.3
Goodwill			44.6
Total identifiable assets acquired and liabilities assumed or incurred			$ 87.5

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Government authorities	$ 34.4	$ 55.3
Prepaid expenses	21.6	28.2
Derivative instruments - interest rate swaps	4.9	19.4
Deferred charges	5.5	9.4
Other	14.0	5.2
Total prepaid expenses and other current assets	$ 80.4	$ 117.5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Apple
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage	56.00%	60.00%
Google
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage	28.00%	29.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table provides information about disaggregated revenue by geographic location of the Company's players and type of platform (in millions):


	Year ended December 31,
	2025		2024		2023
Geographic location
USA	$	1,741.9	$	1,700.6	$	1,777.5
EMEA	647.0		495.9		431.9
APAC	204.0		176.8		180.9
Other	162.5		176.0		176.7
Total	$	2,755.4	$	2,549.3	$	2,567.0

Revenues through third-party platforms and through the Company’s own Direct-to-Consumer platforms were as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Revenues
Third-party platforms	$	1,940.9	$	1,855.1	$	1,927.6
Direct-to-Consumer platforms	814.5		694.2		639.4
Total	$	2,755.4	$	2,549.3	$	2,567.0

Contract balances

Payments from players for virtual items are collected by platform providers or payment processors and remitted to the Company (net of the platform or clearing fees) generally within 30 days after the player transaction. The Company’s right to receive the payments collected by the platform providers or payment processors is recorded as an accounts receivable as the right to receive payment is unconditional. Deferred revenues, which represent a contract liability, represent mostly unrecognized fees billed for virtual items which have not yet been consumed at the balance sheet date. Platform fees paid to platform providers or payment processors and associated with deferred revenues represent a contract asset.

Balances of the Company’s contract assets and liabilities are as follows (in millions):


	December 31,
	2025		2024
Accounts receivable	$	161.8	$	187.6
Contract assets (1)	5.5		9.4
Contract liabilities (2)	28.8		36.4

_______

(1) Contract assets are included within prepaid expenses and other current assets in the Company’s consolidated balance sheets.

(2) Contract liabilities are included within accrued expenses and other current liabilities as “deferred revenues” in the Company’s consolidated balance sheets.

During the year ended December 31, 2025, the Company recognized $34.7 million of its contract liabilities balance that were outstanding as of December 31, 2024.

Unsatisfied performance obligations

Substantially all of the Company’s unsatisfied performance obligations relate to contracts with an original expected length of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Share Capital	Treasury stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings (deficit)
Beginning balance (in shares) at Dec. 31, 2022		363.6
Beginning balance at Dec. 31, 2022	$ (568.6)	$ 4.1	$ (603.5)	$ 1,155.8	$ 17.6	$ (1,142.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	235.0					235.0
Stock-based compensation	113.0			113.0
Issuance of shares upon vesting of RSUs (in shares)		6.4
Issuance of shares upon vesting of RSUs	0.0	$ 0.1		(0.1)
Income tax withholding related to vesting of restricted stock units and other	(3.9)			(3.9)
Other comprehensive income (loss)	3.0				3.0
Ending balance (in shares) at Dec. 31, 2023		370.0
Ending balance at Dec. 31, 2023	(221.5)	$ 4.1	(603.5)	1,264.9	20.6	(907.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	162.2					162.2
Cash dividends declared	(148.8)					(148.8)
Repurchase of common stock (in shares)		(0.1)
Repurchase of common stock	(0.8)	$ (0.1)		(0.8)
Stock-based compensation	101.2			101.2
Issuance of shares upon vesting of RSUs (in shares)		5.4
Issuance of shares upon vesting of RSUs	0.0	$ 0.1		(0.1)
Income tax withholding related to vesting of restricted stock units and other	(2.6)			(2.6)
Other comprehensive income (loss)	$ (20.8)				(20.8)
Ending balance (in shares) at Dec. 31, 2024	375.3	375.3
Ending balance at Dec. 31, 2024	$ (131.1)	$ 4.1	(603.5)	1,362.7	(0.2)	(894.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(206.4)					(206.4)
Cash dividends declared	$ (150.6)					(150.6)
Repurchase of common stock (in shares)	(4.4)	(4.4)
Repurchase of common stock	$ (20.3)	$ (0.1)		(20.2)
Stock-based compensation	83.5			83.5
Issuance of shares upon vesting of RSUs (in shares)		6.1
Issuance of shares upon vesting of RSUs	0.3	$ 0.3		(0.1)
Income tax withholding related to vesting of restricted stock units and other	(2.9)			(2.9)
Other comprehensive income (loss)	$ 16.1				16.1
Ending balance (in shares) at Dec. 31, 2025	377.0	377.0
Ending balance at Dec. 31, 2025	$ (411.4)	$ 4.3	$ (603.5)	$ 1,423.1	$ 15.9	$ (1,251.2)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 27.8	$ 23.9	$ 23.3
Operating lease liability payment	28.1	24.6	18.4
Sublease income	$ 1.0	$ 0.6	$ 0.1
Sublease, weighted average remaining lease term	3 years 1 month 6 days

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Deferred tax asset, valuation allowance	$ 51.8	$ 60.3
Unrecognized tax benefits that would impact effective tax rate	129.8
Interest and penalties accrued	27.6	26.4
Interest and penalties expense	$ 1.2	$ 6.7	$ 7.2
Minimum
Income Tax Examination [Line Items]
Income tax examination, limit on use (in years)	3 years
Maximum
Income Tax Examination [Line Items]
Income tax examination, limit on use (in years)	5 years
U.S., Israel and Finland
Income Tax Examination [Line Items]
Deferred tax asset, valuation allowance	$ 51.9
Israel
Income Tax Examination [Line Items]
Operating loss carryforwards	258.9
Finland
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 43.8

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Long-Lived Assets By Country of Domicile

The Company’s long-lived assets, net, by country of domicile are as follows (in millions):


	December 31,
	2025		2024
Israel	$	90.7	$	95.4
USA	57.0		58.4
Germany	33.4		5.9
Ukraine	22.6		15.4
Other	23.4		30.2
Total long-lived assets, net	$	227.1	$	205.3

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 14, 2026, the Company announced a reduction in workforce by approximately fifteen percent, expected to be substantially complete during the first quarter of 2026. Severance liabilities associated with this reduction in force will be recorded as the reduction of force is completed. The Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements. Other than the reduction in force, the Fifth Amendment to the Credit Agreement disclosed in Note 13, Debt, and equity-related items disclosed in Note 14, Equity Transactions and Stock Incentive Plan, there have been no other subsequent events that occurred during such period that would require adjustment to or disclosure in the consolidated financial statements as of and for the year ended December 31, 2025.

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows a summary of changes in accumulated other comprehensive income (loss), net of tax, for the respective periods (in millions):


	Foreign Currency Translation		Interest Rate Swaps		Foreign Currency Derivative Contracts		Total
Balance as of January 1, 2024	$	(10.0)	$	27.8	$	2.8	$	20.6
Other comprehensive income (loss) before reclassifications	(10.9)		18.3		(5.3)		2.1
Amounts reclassified from accumulated other comprehensive income (loss)	—		(23.6)		0.7		(22.9)
Balance as of December 31, 2024	(20.9)		22.5		(1.8)		(0.2)
Other comprehensive income (loss) before reclassifications	23.8		(3.9)		23.4		43.3
Amounts reclassified from accumulated other comprehensive income (loss)	—		(16.7)		(10.5)		(27.2)
Balance as of December 31, 2025	$	2.9	$	1.9	$	11.1	$	15.9

The amounts in the summary of changes in accumulated other comprehensive income (loss) tables, above, are net of tax expense/(benefits) as follows (in millions):


	Year ended December 31,
	2025		2024		2023
Interest rate swaps	$	(6.1)	$	(1.6)	$	(3.0)
Foreign currency derivative contracts	2.4		(0.9)		1.4

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 23, 2026	Jun. 28, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39896
Entity Registrant Name	PLAYTIKA HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3634591
Entity Address, Address Line One	c/o Playtika Ltd.
Entity Address, Address Line Two	HaChoshlim St 8
Entity Address, City or Town	Herzliya Pituach
Entity Address, Country	IL
City Area Code	972-73
Local Phone Number	316-3251
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLTK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 362.8
Entity Common Stock, Shares Outstanding		379,334,306
Documents Incorporated by Reference	Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Playtika Holding Corp.’s 2026 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A. Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Entity Central Index Key	0001828016
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of business and organization

Basis of presentation and consolidation

Certain comparative figures have been reclassified to conform to the current year presentation.

Investment in unconsolidated entities

The Company holds certain equity investments in various unconsolidated entities that, based upon the structure of the investment, are not within the scope of equity method investment accounting that would lead to the consolidation conclusions above. Instead, these investments fall within the scope of ASC 321, Investments - Equity Securities. As permitted within that guidance, the Company has elected to account for these investments at cost less impairment, adjusted for changes in fair value from observable transactions for identical or similar investments of the same issuer as of the respective transaction dates. Due to poor performance of certain of these investments leading to significant uncertainty regarding their future viability, the Company recorded impairments of $4.6 million and $36.3 million related to these certain investments during the years ended December 31, 2025 and 2024, respectively.

Use of estimates

Financial statements in United States dollars

Concentration of credit risk and significant customers

The following table summarizes the major accounts receivable of the Company as a percentage of the total accounts receivable as of the dates indicated:


	December 31,
	2025	2024
	%
Apple	56	60
Google	28	29

Cash and cash equivalents and Short-term investments

For the years ended December 31, 2025, 2024 and 2023 there were no credit losses.

Restricted cash

Restricted cash primarily consists of deposits to secure obligations under the Company's operating lease agreements and to secure company-issued credit cards.

Property and equipment, net

The depreciation periods for the Company's property and equipment are as follows:


			Useful life
Computers and peripheral equipment			2 to 11 years
Office furniture and equipment			4 to 14 years
Vehicles and aircraft			3 to 7 years
Leasehold improvements			Shorter of the estimated useful life or remaining term of lease

Software development costs

Capitalized internal use software costs were approximately $28.8 million, $32.9 million and $40.4 million during the years ending December 31, 2025, 2024 and 2023, respectively. The estimated useful life of costs capitalized is generally three

years. During the years ended December 31, 2025, 2024 and 2023, the amortization of capitalized software costs totaled approximately $33.3 million, $30.7 million and $31.7 million, respectively.

Business combinations

Goodwill

Intangible assets other than goodwill, net

Intangible assets other than goodwill are amortized over their estimated useful lives using the straight-line method, using the following ranges of useful lives:


			Useful life
Developed games and acquired technology			1 to 10 years
Trademarks and user base			1 to 5 years
Internal use software			3 years

Impairment of long-lived assets

Leases

Revenue recognition

experience.

Sales and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or operating expenses.

The Company has elected to apply the practical expedient such that it does not evaluate payment terms of one year or less for the existence of a significant financing component.

Advertising expenses

Costs for marketing and advertising of the Company’s games are primarily expensed as incurred and are included in the sales and marketing expenses in the Company’s consolidated statements of comprehensive income. Such costs primarily consist of player acquisition costs. Advertising expense was $760.8 million, $563.8 million and $451.8 million in the years ended December 31, 2025, 2024 and 2023, respectively.

Stock-based compensation expense

–Fair value of common stock - The Company uses the public trading price of its common stock on the Nasdaq stock market to determine the fair value of its common stock.

The Company’s stock-based compensation expense is recorded in the financial statement line item relevant to each of the award recipients. See Note 14, Equity Transactions and Stock Incentive Plan, for additional disclosure.

Income taxes

The Company classifies interest and penalties on income taxes (which includes uncertain tax positions) as taxes on income.

Employee related benefits

Appreciation and retention plan

Severance pay

Expense resulting from contributions in accordance with Section 14 for the years ended December 31, 2025, 2024 and 2023 was $10.8 million, $8.4 million and $7.6 million, respectively, and is recorded in respective functional line items.

Exit or disposal activities

Derivative instruments

Cash flows from derivatives, which are designated as accounting hedges, are presented consistently with the cash flow classification of the related hedged items.

Fair value of financial instruments

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Net income per share attributable to common stockholders

Accounting standards recently adopted by the Company

Recently issued accounting standards not yet adopted by the Company

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company’s assessment of goodwill and other intangible assets for impairment includes an assessment using various Level 2 (discount rate) and Level 3 (forecasted cash flows) inputs.

The following table summarizes the fair value measurement of the Company’s long-term debt (in millions):


	December 31, 2025
	Face Value		Fair Value		Fair Value Hierarchy
Term Loan	$	1,809.8	$	1,746.5	Level 2
Senior Notes	600.0		539.3		Level 2
Total debt	$	2,409.8	$	2,285.8


	December 31, 2024
	Face Value		Fair Value		Fair Value Hierarchy
Term Loan	$	1,828.8	$	1,831.1	Level 2
Senior Notes	600.0		541.5		Level 2
Total debt	$	2,428.8	$	2,372.6

The estimated fair value of the Company’s term loan is based upon the prices at which the Company’s debt traded in the days immediately preceding the balance sheet date. As the trading volume of the Company’s debt is low relative to the overall debt balance, the Company does not believe that the associated transactions represent an active market, and therefore this indication of value represents a level 2 fair value input.

The following table sets forth the assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated balance sheet (in millions):


		Fair Value at
	Pricing Category	December 31, 2025		December 31, 2024
Cash equivalents
Money market funds	Level 1	$	291.3	$	331.4
Term deposits	Level 2	198.5		93.1
Commercial papers	Level 2	39.8		10.0

Short-term investments
Term deposits	Level 1	$	71.8	$	—
Commercial papers	Level 2	64.2		—

Prepaid expenses and other current assets
Derivative instruments - interest rate swaps	Level 2	$	4.9	$	19.4
Derivative instruments - foreign currency derivative contracts	Level 2	12.9		1.1

Other non-current assets:
Derivative instruments - interest rate swaps	Level 2	$	—	$	9.8


Accrued expenses and other current liabilities:
Derivative instruments - interest rate swaps	Level 2	$	0.6	$	—
Derivative instruments - foreign currency derivative contracts	Level 2	*		3.3

Other long-term liabilities
Derivative instruments - interest rate swaps	Level 2	$	1.5	$	—

__________

* Represents an amount less than 0.1 or 0.1

The carrying value of accounts receivable, accounts payables, restricted cash, and the majority of cash equivalents approximates fair value due to the short time to expected payment or receipt of cash.

The Company classifies its short-term investments, derivative financial instruments and some cash equivalents within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.








Balance as of January 1, 2024	$	66.8
Recorded in connection with SuperPlay acquisition	350.0
Payment of contingent consideration	(26.7)
Fair value adjustments based upon post-acquisition performance	(9.8)
Reclassification to accrued expenses	(0.7)
Balance as of December 31, 2024(1)	379.6

Payment of contingent consideration	(44.2)
Fair value adjustments based upon post-acquisition performance	398.6

Balance as of December 31, 2025(2)	$	734.0

_______

(1) Amount comprised of $354.6 million and $25.0 million for SuperPlay and InnPlay acquisitions, respectively.

(2) Amount comprised of $734.0 million for SuperPlay acquisition.

The Company estimated the fair value of its contingent consideration liabilities using a Monte Carlo simulation to model components of cash flow analyses. The significant assumptions used in the SuperPlay model as of December 31, 2025 include revenue volatility of 20%, discount rate of 12.3% and a risk free rate of 4.8%. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements as defined in ASC 820. The extent to which the actual results differ from assumptions made within the Monte Carlo simulation cash flow analysis will result in adjustments to this liability in future periods.

The Company has not elected the fair value measurement option under ASC 825 for any financial assets or liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 31, 2023	Jun. 30, 2023 derivative_instrument	Jan. 31, 2023 USD ($) derivative_instrument	Mar. 31, 2021 USD ($) derivative_instrument
Interest Rate Swaps
Derivative [Line Items]
Number of derivative agreements \| derivative_instrument				2	2	2
Notional value					$ 250.0
Fixed interest rate			0.85%
Basis spread on variable rate, period					6 months
Derivative assets (liabilities)	$ 2.8	$ 29.2
Interest Rate Swap One
Derivative [Line Items]
Notional value						$ 250.0
Fixed interest rate					3.435%	0.9275%
Interest Rate Swap Two
Derivative [Line Items]
Notional value						$ 250.0
Fixed interest rate					3.435%	0.9275%
Foreign Currency Derivative Contracts
Derivative [Line Items]
Derivative assets (liabilities)	12.8	$ (2.2)
Approximate amount of hedges	$ 206.6
Derivative maturity	12 months