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Games Workshop Group (GAW) investor relations material
Games Workshop Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary29 Jul, 2025
Executive summary
Achieved record financial results with revenue of £617.5m, up 17.5% year-over-year, and profit before tax of £262.8m, up 29.5% compared to the previous year.
Core business and licensing both delivered strong growth, with licensing revenue up 69.4% to £52.5m, driven by successful video game launches.
Expanded global presence with 570 retail stores in 24 countries and over 8,100 independent retailers.
Promoted to the FTSE 100, reflecting long-term strategic focus and operational excellence.
Financial highlights
Core revenue rose 14.2% to £565.0m; licensing revenue increased to £52.5m from £31.0m year-over-year.
Core operating profit grew 21.2% to £211.8m; licensing operating profit rose 83.3% to £49.5m.
Net cash generated from operations was £257.2m; cash and cash equivalents at year-end were £132.6m.
Earnings per share increased to 594.9p from 458.8p; dividends per share declared and paid were 520p, up from 420p.
Return on capital employed (ROCE) for the core business increased to 191% from 176%.
Outlook and guidance
Plans to open approximately 35 new stores in North America, Continental Europe, and Asia in 2025/26.
Focus remains on delivering further sales growth, maintaining core operating profit margin, and investing in product quality and manufacturing innovation.
Tariffs and supply chain risks may impact gross margin, with a detailed plan to offset a c.2% margin shortfall through efficiencies.
Ongoing investment in IT systems, with completion expected by 2028/29.
How will tariffs impact 2026 gross margin?
Explain the changes to team management.
What's the status of Factory 4 construction?
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Next Games Workshop Group earnings date
H1 202612 Jan, 2026
Next Games Workshop Group earnings date
H1 202612 Jan, 2026
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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.
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