CD Projekt Red (CDR) Q2 2026 earnings summary

Executive summary

• Cyberpunk 2077 surpassed 40 million copies sold, with its Phantom Liberty expansion reaching 15 million copies, while The Witcher 3: Wild Hunt exceeded 65 million copies sold and the franchise total surpassed 90 million.

• Both franchises continue to show strong performance and growth, with significant milestones in sales and ongoing ecosystem expansion.

• Major upcoming releases include The Witcher 3: Wild Hunt — Remastered (September 2026), Songs of the Past expansion (2027), and The Witcher 4 (2028), with annual Witcher releases planned through 2028.

• Development teams have expanded to over 1,045 developers as of July 31, 2026, supporting multiple ongoing projects and strong engagement at industry events like Gamescom.

• Net profit for H1 2026 reached PLN 249.1 million, up 37.8% year-over-year, driven by strong sales of own projects and IP licensing revenue.

Financial highlights

• H1 2026 sales revenue rose 23% year-over-year to PLN 435.3 million, with digital sales and IP licensing as key contributors.

• Gross profit on sales increased 28% to PLN 405.9 million, with gross margin improving to 93.2% from 89.3% year-over-year.

• Net profit from continuing operations rose 37% to PLN 249.1 million, with net profitability at 57.2%.

• Liquid reserves (cash, deposits, bonds) stood at nearly PLN 1.3 billion at June-end.

• Basic earnings per share increased to PLN 2.50 from PLN 1.81 year-over-year.

Outlook and guidance

• Confident in reaching the PLN 2 billion cumulative net profit target for Incentive Program B (2023–2026), with 86% already achieved.

• Not expecting to meet the PLN 3 billion target for the next tranche (2024–2027), resulting in reversal of PLN 11 million in non-cash costs and impacting vesting of certain incentive plan entitlements.

• Optimistic about achieving future targets of PLN 4 billion and PLN 5 billion in subsequent periods.

• No specific revenue guidance provided for upcoming releases or licensing.

• The company continues to monitor geopolitical and macroeconomic risks but has not identified any direct material impact on operations as of the reporting date.