CD Projekt (CDR) Q3 2025 earnings summary

Executive summary

• Cyberpunk 2077 surpassed 35 million copies sold as of November 2025, including Ultimate Edition bundles, marking a major franchise milestone and validating the long-term strategy of supporting games with updates and expansions.

• Significant progress in scaling up development teams for ongoing and future projects, notably Cyberpunk 2 and The Witcher 4, with the Boston-based Cyberpunk 2 team now over 80 members and plans to double in two years.

• The PlayStation Plus licensing deal and the launch of Cyberpunk 2077 on Switch 2 and Mac contributed significantly to Q3 results, with strong ongoing interest in the franchise.

• Net sales for the nine months ended 30 September 2025 reached PLN 792,112 thousand, up 21% year-over-year, driven by strong sales of Cyberpunk 2077 and its expansion, as well as The Witcher 3 and related products.

Financial highlights

• Q3 2025 group sales revenue reached nearly PLN 350 million, up 53% year-over-year, driven by Cyberpunk product family sales and new platform launches; net profit for Q3 2025 was PLN 193.5 million, up 148% year-over-year.

• For the first nine months of 2025, sales revenue was PLN 792.1 million, up 21% year-over-year; net profit was PLN 348.4 million, up 40% year-over-year.

• Gross profit on sales increased 75% year-over-year to PLN 294.5 million; EBIT rose 141% to PLN 194.6 million in Q3 2025.

• Net profitability factor for CD PROJEKT RED segment reached 63% in Q3 and 53% for the first nine months; Q3 2025 EBIT margin was 55.7%.

• Cash, bank deposits, and bonds stood at PLN 1.41 billion at the end of September 2025, with strong cash flow from operations and only a slight decrease after dividend and buyback.

Outlook and guidance

• The company expects continued strong performance from Cyberpunk 2077 on Switch 2, especially during the holiday season, but does not provide specific sales guidance.

• The Witcher 4 is in full-scale production, not launching in 2026, with plans to deliver the trilogy within six years and aiming for shorter development cycles for future titles.

• Several new projects are at advanced production stages, potentially impacting results in the coming year and supporting incentive program targets.

• The earnings condition for the 2023–2026 incentive program is PLN 2 billion in cumulative net profit, with PLN 700 million remaining to achieve the target.

• Laying foundations for Cyberpunk 2 with team expansion in Boston, Warsaw, and Vancouver, indicating a focus on future releases.