Games Workshop Group (GAW) H1 2026 earnings summary

Executive summary

• Achieved record half-year performance with total revenue up 10.9% to £332.1m and core revenue up 17.3% to £316.1m compared to the same period last year.

• Core operating profit rose 28.6% to £126.1m, and profit before tax increased 11.1% to £140.8m.

• Earnings per share increased to 319.9p from 288.9p year-over-year.

• Dividends per share declared and paid in the period rose to 225p from 185p.

Financial highlights

• Core gross margin improved from 67.5% to 69.4%, driven by efficiencies, price increases, and lower stock write-offs.

• Licensing revenue declined by £14.1m to £16.0m, reflecting lower royalty income after a strong prior period.

• Cash generated from operations increased by £36.9m to £169.4m; cash and cash equivalents at period end were £171.1m.

• Inventories rose to £39.9m, but inventory provisions as a percentage of gross stock fell to 11.9% from 17.7%.

Outlook and guidance

• December 2025 core sales slightly ahead of December 2024.

• Management remains focused on long-term growth, efficiency, and international expansion.

• No share buybacks or acquisitions planned; focus remains on organic growth and regular dividends.