GameStop Corp. 8-K
PositiveEarnings
Lower SG&A lifted Q4 operating profit despite falling hardware and software sales; collectibles grew.
Filed 2026-03-24 16:02 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results. GameStop’s Q4 sales declined, but operating income increased as selling, general and administrative expenses fell; FY2025 operating income returned to positive territory. The company reported no outlook figures.
Key Figures
| Metric | Q4 FY2025 | Q4 FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $1.10B | $1.28B | -13.9% |
| Operating income (GAAP) | $135M | $79.8M | +69.4% |
| Operating income (non-GAAP) | $148M | $84.4M | +75.0% |
| Net income (GAAP) | $128M | $131M | -2.6% |
| Net income (non-GAAP) | $291M | $136M | +113.6% |
| Diluted EPS (GAAP) | $0.22 | $0.29 | -24.1% |
| Diluted EPS (non-GAAP) | $0.49 | $0.30 | +63.3% |
| Operating cash flow | $194M | $162M | +19.3% |
| Free cash flow (non-GAAP) | $187M | $159M | +18.0% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $3.63B | $3.82B | -5.1% |
| Operating income (loss) (GAAP) | $232M | $(26.2)M | n/m |
| Operating income (loss) (non-GAAP) | $290M | $(26.8)M | n/m |
| Net income (GAAP) | $418M | $131M | +218.7% |
| Net income (non-GAAP) | $647M | $131M | +393.4% |
| Diluted EPS (GAAP) | $0.77 | $0.33 | +133.3% |
| Diluted EPS (non-GAAP) | $1.18 | $0.33 | +257.6% |
| Operating cash flow | $615M | $146M | +321.9% |
| Free cash flow (non-GAAP) | $597M | $130M | +360.9% |
- Q4 hardware and accessories sales fell 26.2% Y/Y and software fell 28.8%, while collectibles sales rose 34.9%. SG&A declined to $241.5M from $282.5M.
- Quarter-end cash, cash equivalents and marketable securities totaled $9.0B, vs $4.8B a year earlier. Long-term debt carrying value was $4.16B, vs $6.6M; the company received $4.2B from issuing 0.00% convertible notes with $1.5B principal due 2030 and $2.25B due 2032.
- Digital assets and related receivables were valued at $368.4M at quarter-end. Losses on digital assets and related receivables were $151.0M in Q4 and $131.6M for FY2025; adjusted results exclude these losses, and FY adjusted net income also excludes $42.2M of non-cash warrant-related interest expense.
Guidance
No guidance in this filing.
Investor Takeaways
- Next-quarter sales mix and operating income will show whether collectibles growth and lower expenses can continue to offset declines in hardware and software.
- Watch the value of digital assets and related receivables alongside future reported losses on those holdings.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3