CD Projekt (CDR) Q1 2026 earnings summary

Executive summary

• Announced "Songs of the Past," a major expansion for The Witcher 3, set for 2027, with strong community engagement and 16 million impressions in 24 hours.

• The Witcher 3 surpassed 65 million copies sold globally, reinforcing franchise strength.

• Cyberpunk 2077 received a PS5 Pro update and a record-breaking trading card game Kickstarter, raising $28.4 million.

• Development teams expanded, with 975 developers engaged across multiple projects as of April 2026.

• Sale of GOG.COM completed at end of 2025, proceeds received in January 2026, now presented as discontinued operations.

Financial highlights

• Q1 2026 sales revenue reached PLN 191.1 million, up 6% year-over-year.

• Gross profit was PLN 177.3 million, with net profit at PLN 106.2 million and net profitability at 56%.

• Net profit from continuing operations was PLN 111.2 million, up 5% year-over-year.

• Cash, deposits, and bonds totaled PLN 1.41 billion at March-end, up PLN 85.7 million during the quarter.

• Operating profit reached PLN 97.1 million, up 3.2% year-over-year.

Outlook and guidance

• "Songs of the Past" expansion delayed to 2027 for quality reasons; other content planned for release in 2026.

• Multiple advanced-stage projects, including two unannounced gaming and one non-gaming project, are in the pipeline.

• The company expects shorter periods between major releases due to parallel development.

• Ambitious incentive program targets remain, with PLN 418 million needed to reach the 2023–2026 net profit goal.

• Seasonality remains, with stronger sales in Q2 and Q4, and weaker in Q1 and Q3.