GameStop net sales fell 4.6% to $821 million in the third quarter of fiscal 2025; net income was $77.1 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

GameStop's net sales were $821 million in the third quarter, which ended Nov 1, 2025, down 4.6% from $860.3 million a year earlier. The company reported the figures in its quarterly report, a Form 10-Q, filed on Dec 9, 2025. Operating income was $41.3 million, against an operating loss of $33.4 million a year earlier. Net income was $77.1 million, or $0.13 a share after dilution, against $17.4 million, or $0.04 a share. Net sales had been $972.2 million in the second quarter, which ended Aug 2, 2025.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12

Collectibles sales rose 49.7% to $256.1 million, while hardware and accessories fell 12.0% to $367.4 million and software fell 27.3% to $197.5 million. By region, the United States rose 11.8% to $617 million, while Europe fell 45.7% to $93.8 million, which the company put down to the sale of Italy and the closure of Germany in the second half of fiscal 2024. The 10-Q said the company's store review closed 590 US stores in fiscal 2024 and that it anticipated closing a significant number more in fiscal 2025. Gross profit as a share of net sales rose to 33.3% from 29.9%, which the company attributed to a shift to higher-margin collectibles.13^,14^,15^,16^,17^,18^,19^,20^,21^,22^,23^,24^,25^,26

On Oct 7, 2025 GameStop distributed warrants to the holders of its common stock on Oct 3, one for every ten shares held, and to the holders of its convertible notes. Each warrant entitled its holder to buy one share of common stock for $32.00 in cash until Oct 30, 2026, and the warrants began trading on the New York Stock Exchange as GME WS on Oct 8, 2025. Holders exercised 4,422 warrants in the quarter, for $141,504 in cash proceeds. Net interest income was $49.0 million against $54.2 million a year earlier, and the company said the fall was primarily due to a noncash, nonrecurring interest charge of $42.2 million tied to the warrants issued to holders of its convertible notes.27^,28^,29^,30^,31^,32^,33^,34

The company also booked an unrealized loss of $9.2 million on digital assets, which it tied to its purchase of 4,710 Bitcoin in the second quarter. The company's earnings release put the Bitcoin holdings at $519.4 million at the close of the quarter. Cash, cash equivalents and marketable securities stood at $8.8 billion at the close of the quarter, against $4.6 billion a year earlier. Its own non-GAAP measure, adjusted net income, which leaves out impairment, the unrealized loss on digital assets, the non-cash warrant interest expense and other items, was $139.3 million against $26.2 million a year earlier.35^,36^,37^,38^,39

Our records hold the text of this report's management discussion and analysis, not its notes to the financial statements or other exhibits. Our records also keep one value for each period, so they cannot tell whether the year-earlier figures were restated.40^,41