CD Projekt (CDR) Q1 2026 earnings summary

Executive summary

• The Witcher 3 surpassed 65 million copies sold globally, with a new expansion, "Songs of the Past," announced for 2027 and generating 16 million impressions in 24 hours.

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

• Development teams expanded to 975 developers across multiple projects as of April 2026, with 513 on The Witcher 4 and increased staff on Cyberpunk 2 and series.

• The sale of GOG.COM was completed at the end of 2025, with proceeds boosting cash reserves and GOG now presented as discontinued operations.

Financial highlights

• Q1 2026 sales revenue reached PLN 191.1 million, up 6% year-over-year, with gross profit at PLN 177.3 million.

• Net profit from continuing operations was PLN 111.2 million, with net profitability improving to 61.8%.

• Net profit for Q1 2026 was PLN 106.2 million, down 4.5% year-over-year.

• Cash, deposits, and bonds totaled over PLN 1.41 billion at quarter-end, increasing by PLN 85.7 million during the quarter.

• Cash flow from ongoing business was PLN 148 million for the quarter.

Outlook and guidance

• "Songs of the Past" expansion for The Witcher 3 is delayed to 2027 for quality reasons; other content is planned for 2026.

• Multiple gaming and non-gaming projects, including The Witcher 4, Cyberpunk 2, Sirius, and Hadar, are in advanced production stages.

• Ambitious goal to achieve PLN 2 billion cumulative net profit from continuing operations for the 2023–2026 incentive program, with PLN 418 million still needed.

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