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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Paradox Interactive
Paradox Interactive (PDX) investor relations material
Paradox Interactive Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 15% YoY to MSEK 456 and operating profit increased 27% to MSEK 142; catalogue sales and Transport Fever 3 supported results, while the Playrion disposal added MSEK 40.
Excluding the Playrion gain, operating profit would have been below last year, mainly due to revenue mix.
For 9M, revenue increased 7% to MSEK 1,411 and operating profit rose 9% to MSEK 425; profit after tax was MSEK 362.
Management emphasized focusing resources on owned games, established genres and franchises.
Financial highlights
Q3 revenue was MSEK 456 vs. 395; gross profit MSEK 187 vs. 192; operating profit MSEK 142 vs. 112; profit after tax MSEK 127 vs. 93.
Q3 profit after financial items was MSEK 146 vs. 116; EPS was SEK 1.21 vs. SEK 0.88.
9M revenue was MSEK 1,411 vs. 1,317; gross profit MSEK 618 vs. 661; operating profit MSEK 425 vs. 391; profit after tax MSEK 362 vs. 327.
Q3 cost of goods sold rose to SEK 269m from SEK 203m; selling expenses were SEK 59m vs. SEK 50m, and admin expenses SEK 29m in both periods.
Q3 operating cash flow was SEK 197m vs. SEK 195m; capitalized development investment was SEK 166m vs. SEK 182m. 9M operating cash flow was MSEK 610 vs. 723.
Outlook and guidance
A busier release period lies ahead, including Crusader Kings III: Silk & Silver and expansion passes for Age of Wonders 4 and Cities: Skylines II later in 2026.
Q4 slate also includes content for Europa Universalis V, Crusader Kings III, Stellaris and consoles.
Transport Fever 3 sales were in line with expectations at quarter-end; management sees revenue potential over many years.
Afterworld and LEGO Skylines have no confirmed release dates; substantial development work remains, with quality prioritized and an aim to shorten announcement-to-release timing.
Management expects rolling 12-month profit to improve next quarter as the Q4 2025 Bloodlines 2 write-down leaves the comparison period; no projects of similar magnitude remain.
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Latest events from Paradox Interactive
- Q2 2026 revenue rose 14% and profit margin reached 36%, driven by strong franchise and DLC sales.PDX
Q2 2026 - Revenue and profit fell, but organic growth, strong cash flow, and new content support growth.PDXQ1 2026
- Q4 revenue up 23% but profit fell due to a major write-down, with strong cash flow.PDXQ4 2025
- Q3 revenue fell 9% and profit dropped, but strong cash flow and a record Q4 are expected.PDXQ3 2025
- Operating profit rose sharply despite a 20% revenue drop, with major releases ahead.PDXQ2 2025
- Q3 profit surged 67% on stable revenue, with strong cash and a robust game pipeline.PDXQ3 2024
- Revenue and profit fell sharply on a major write-down, but core games and cash flow stayed strong.PDXQ2 2024
- Revenue fell 4% but cash flow surged, with acquisitions and currency headwinds shaping the outlook.PDXQ1 2025
- Record Q4 profit and strong cash flow achieved through DLCs, with Haemimont acquired and dividend proposed.PDXQ4 2024
Next Paradox Interactive earnings date
Q4 20264 Feb, 2027
Paradox Interactive
Next Paradox Interactive earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
An Umbrella of Video Game Studios
Paradox Interactive is a Swedish video game publisher that develops and distributes games. The company has several different studios under its umbrella, including its flagship Paradox Development Studio. The company publishes games in a variety of genres but is best known for its expertise in grand strategy games. Some of its most recognized IPs are Crusader Kings, Hearts of Iron, and Europa Universalis. The company is headquartered in Stockholm, Sweden, and its shares are traded on OMX Stockholm.
Target Games
Paradox Interactive's origins can be traced back to the 1980s with the Swedish board games company Target Games. Paradox was initially set up to produce various video game adaptations of the board games produced by the parent company, and when Target Games went under, the video game division lived on. Paradox released the first games in the IPs that would later go on to establish them as one of the most respected studios in terms of grand strategy games.
Paradox Development Studio
The company operates Paradox Development Studio as its internal development wing. This studio specializes in creating grand strategy and management games, a genre characterized by extensive strategic planning and resource management. The games produced by the studio have garnered a dedicated following for their depth, historical accuracy, and complex gameplay mechanics. The studio's approach often involves combining detailed historical settings with intricate game systems, allowing players to experience and influence different historical scenarios.
Work as a Publisher
As a publisher, Paradox Interactive plays a critical role in the video game industry by facilitating the development and distribution of games created by various studios. Their work extends beyond their own Paradox Development Studio to include supporting independent game developers. This support encompasses financial backing, marketing, distribution, and guidance in game development processes. While it in many ways operates similarly to names like Take-Two Interactive, Activision Blizzard, and Electronic Arts (EA), Paradox Interactive is a much smaller company in comparison to the giants of the industry.