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Company research19 Jun 2025
Nintendo: From Game Boy and Pokémon to Switch 2 and Mario Kart
Nintendo went from card maker to cultural icon, shaping modern entertainment through hardware innovation and world-famous characters.
Games Workshop Group
Games Workshop Group (GAW) investor relations material
Games Workshop Group H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary28 Jul, 2026
Executive summary
Achieved record revenue of £659.7m and profit before tax of £275.7m for the year ended 31 May 2026, driven by strong core business performance and global expansion.
Core revenue grew 10.9% year-over-year to £626.8m, with all sales channels and established countries contributing to growth.
Licensing revenue declined to £32.9m from £52.5m, as expected after a prior year with exceptional product releases.
Maintained a debt-free balance sheet, increased cash buffer to £120m, and distributed £160.1m in dividends.
Financial highlights
Core operating profit rose 15.7% to £245.1m, with a margin of 39.1% (up from 37.5%).
Licensing operating profit decreased to £29.9m from £49.5m.
Earnings per share increased to 624.0p (basic) and 622.5p (diluted).
Return on capital employed (ROCE) for the core business increased to 196%.
Cash and cash equivalents at year-end were £182.9m, up from £132.6m.
Outlook and guidance
Plans to open around 30 new stores in North America, Europe, and Asia in 2026/27.
Focus on expanding the Trade channel and accelerating global rollout of customer engagement tools.
Continued investment in manufacturing capacity, IT systems, and sustainability initiatives.
Capital expenditure expected to increase by £8m, mainly for new US Warhammer World and Sawley warehouse.
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Latest events from Games Workshop Group
- Core revenue up 10%, licensing down, profit before tax slightly higher year-over-year.GAW
H2 2026 TU - Record revenue and profit growth driven by core business, despite lower licensing income.GAWH1 2026
- Core revenue and profit before tax are set to rise, but licensing revenue will decline.GAWTrading Update
- Record-breaking revenue and profit, global expansion, and strong licensing drove outstanding results.GAWH2 2025
- Trading ahead of expectations with strong revenue and profit growth for H1 2024/25.GAWTrading Update
- Record results with double-digit revenue and profit growth, higher dividends, and global expansion.GAWH2 2024
- Games Workshop forecasts strong revenue and profit growth for the year, with higher dividends.GAWTrading Update
- Games Workshop forecasts record revenue, profit, and dividends for FY25.GAWTrading Update
- Profit before tax for FY25 is now expected to exceed previous forecasts.GAWTrading Update
Next Games Workshop Group earnings date
H1 202712 Jan, 2027
Games Workshop Group
Next Games Workshop Group earnings date
H1 202712 Jan, 2027
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Frequently asked questions
The go-to manufacturer of miniature wargames
Games Workshop is the go-to manufacturer of miniature wargames, with products such as:
Warhammer Age of Sigmar
Warhammer 40,000
The Hobbit
Scenery, painting, and modeling
Books and digital products
Some of the company’s competitors include Hasbro, Mattel, and JAKKS Pacific.
Not a retailer
It’s a common belief that Games Workshop is a retailer when, in fact, they are a manufacturer and proudly state, “We make things”. They have outlets in different retail locations that show customers how to engage with the hobby of collecting, painting, and playing with their miniatures and games, which also helps recruit new customers through a sparked interest when visiting these stores.
Warhammer 40,000
Warhammer 40,000 is the most popular game produced by Games Workshop, and its popularity has played a key role in the company's path to their current market cap of $2.8 billion. The tabletop game is set in a dystopian universe, introduced to a new group of players with fuel from COVID-19.
The game requires quite a bit of arithmetic, and the costs add up fast when acquiring all the necessary components to play the game; a new player has to spend upwards of $400 to have a proper experience.