GameStop's fiscal 2025 revenue falls 5% to $3.63 billion, but operating income reaches $232.1 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 annual report on Form 10-K, the yearly filing US-listed companies make with the SEC, was filed on Mar 24, 2026 and shows revenue of $3.63 billion for fiscal 2025, the year from Feb 2, 2025 to Jan 31, 2026, down 5% from $3.82 billion a year earlier. Operating income was $232.1 million, against an operating loss of $26.2 million a year earlier. Net income was $418.4 million, up 219% from $131.3 million, and diluted earnings per share were $0.77 against $0.33.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12

Collectibles sales rose 47.7% to $1.06 billion from $717.9 million, and the company says collectibles went from 19% of total sales in 2024 to 29% in 2025. It ties that growth in part to graded trading card submission services in all US stores, more store space for collectibles and first-party repack offerings. Hardware and accessories sales fell 12.3% to $1.84 billion from $2.10 billion, and software sales fell 27.5% to $729.3 million from $1.01 billion.13^,14^,15^,16^,17^,18^,19^,20^,21^,22^,23

Gross profit rose $82.2 million, or 7.4%, and gross profit as a share of net sales rose to 33.0% from 29.1%, which the company attributes primarily to a shift in sales mix towards higher-margin categories, particularly collectibles. Selling, general and administrative expenses fell $220.2 million, or 19.5%, and the company says the reduction was driven by a $96.4 million decrease in labor-related costs, consulting services and marketing expenses.24^,25^,26^,27

GameStop closed 727 US stores during fiscal 2025, and its total store count went from 3,203 to 2,206 over the year. It also divested its operations in Canada and shut down those in New Zealand. Net sales rose 22.2% in Australia and 3.6% in the United States, where they reached $2.67 billion, while the company puts the Europe decline primarily on the divestiture of Italy and the closure of Germany, both completed in the second half of fiscal 2024. Asset impairments were $53.8 million against $9.7 million, an increase the company attributes primarily to its plan to divest Canada and France.28^,29^,30^,31^,32^,33^,34^,35^,36

Net income also reflects items below operating income. Net interest income was $271.5 million, up $108.1 million from $163.4 million, primarily on higher cash balances after the company raised approximately $4.2 billion through interest-free convertible notes. A loss on digital assets and related receivables of $131.6 million reflects Bitcoin losses. The company reports a tax benefit of $34.4 million against an expense of $5.9 million a year earlier, and says the change was primarily driven by the $141.1 million release of a valuation allowance on certain US deferred tax assets. At Jan 31, 2026, the company held $6.3 billion in cash and cash equivalents and $2.7 billion in marketable securities.8^,37^,38^,39^,40^,41^,42^,43^,44

Our records keep one value for each period of an SEC filer, the latest filed, so they cannot tell whether the 10-K's year-earlier figures were restated.45