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(Filed on June 11, 2026)
+14.0%
40.7%
$7.4B
Net sales rose 14.0% to $835.3M, driven primarily by a 65.0% increase in collectibles sales to $348.9M (now 41.8% of revenue vs. 28.9% a year earlier); software declined 13.0% and hardware 3.4%. GameStop expanded in-store collectibles space and rolled out new dedicated fixtures during the quarter. Gross margin improved to 40.7% from 34.5% on the higher-mix collectibles shift, and SG&A fell 11.6% to $201.6M (24.1% of sales vs. 31.1%), reflecting labor, consulting, rent, and depreciation reductions. Operating income swung to $143.3M from a $(10.8)M loss. The company stated it does not anticipate closing a significant number of U.S. stores in fiscal 2026, having closed 727 in fiscal 2025, and now views its domestic footprint as core logistics infrastructure.
During Q1 fiscal 2026, GameStop entered into a series of Put/Call Pairs providing economic exposure to 22,176,000 shares of eBay common stock (~5% economic interest), generating a $285.3M derivative asset and a $268.4M unrealized mark-to-market gain (net of transaction costs) in the quarter. The company pledged $983.3M in cash collateral. Subsequent to quarter-end: on May 3, 2026, GameStop submitted a non-binding $125/share cash-and-stock proposal to acquire all of eBay, which eBay rejected on May 12, 2026; on May 4, the company filed a Schedule 13D; by June 5, 2026, derivative exposure had increased to approximately 39.0 million additional shares (total beneficial ownership ~39.9M shares), and the HSR Act Condition was satisfied on June 3, 2026, enabling optional physical settlement of the options.
France operations remain classified as assets/liabilities held for sale ($152.4M assets, $143.0M liabilities at May 2, 2026). The company recorded a net impairment reversal of $4.6M in Q1 fiscal 2026 (versus a $35.5M impairment charge in the prior-year quarter) reflecting remeasurement to fair value less costs to sell. An agreement is in place with a strategic buyer for the sale, which management expects to complete within the next twelve months. The French disposal group includes $8.9M of government-subsidized term loans maturing through October 2026.
The Bitcoin covered-call strategy continued: approximately 4,709 Bitcoin remain pledged to Coinbase Credit, Inc. under the Collateral Agreement, with the counterparty retaining rehypothecation rights such that GameStop derecognized the pledged Bitcoin and carries a $369.6M digital assets receivable. Outstanding covered-call options had a $80,000 strike price and expired May 29, 2026; new contracts were entered subsequently. Direct Bitcoin holdings were minimal (1.0 BTC, $0.1M fair value). No Bitcoin was purchased or sold during the quarter. A small $1.1M gain on digital assets and related receivables was recognized.
On June 2, 2026 (subsequent to quarter-end), GameStop's Board approved a new discretionary $2.0 billion share repurchase authorization to replace the prior one, permitting repurchases of Class A common stock at the company's discretion subject to market conditions and SEC regulations. Total liquidity at May 2, 2026 comprised $7,397.6M cash and equivalents, $970.5M marketable securities, $983.3M pledged derivative collateral, and $369.6M digital assets/receivables (~$9.7B combined). Outstanding long-term debt was $4,166.1M across the 0.00% Convertible 2030 Notes ($1,484.6M net) and 0.00% Convertible 2032 Notes ($2,681.5M net).
(Filed on March 24, 2026)
-13.9%
35.0%
$6.3B
Q4: GameStop closed its New Zealand store operations, reducing the Australia segment footprint to 300 stores (Australia proper) as of January 31, 2026. The company states it does not anticipate closing a significant number of U.S. stores in fiscal 2026, viewing its 1,598-store domestic footprint as a core logistics and fulfillment infrastructure asset.
Q4: On January 16, 2026, GameStop entered a Collateral Agreement with Coinbase Credit, Inc., selling covered call options on 4,709 of its 4,710 Bitcoin holdings (purchased in Q2 for $500 million). The pledged Bitcoin was derecognized from the balance sheet, replaced by a $368.3 million digital-asset receivable (Level 2 fair value), because Coinbase retained rehypothecation and unilateral sale rights. Outstanding call options carried strike prices of $105,000–$110,000 with maturities through March 27, 2026. For full fiscal 2025 the strategy generated a $71.8 million realized loss on derecognition plus a $59.7 million unrealized loss on the receivable, totaling $131.6 million in digital-asset losses. Subsequent to year-end, a portion of the covered calls expired unexercised while the collateral remains with Coinbase.
Q4: On January 6, 2026, the Board granted CEO Ryan Cohen a 100% performance-based nonqualified stock option award (the 'CEO Performance Award'), subject to stockholder approval at the June 8, 2026 annual meeting. Cohen receives zero base salary, zero cash bonus, and zero time-vested equity; the award is structured to vest only upon sustained, measurable increases in intrinsic shareholder value. No compensation expense was recorded in fiscal 2025 because the award is pending stockholder approval.
France divestiture (plan approved Q1, still pending at year-end): GameStop has signed an agreement to sell its French operations (308 stores operating under the Micromania brand) to a strategic buyer. The disposal group is classified as held for sale with $146.5 million in net assets and $136.1 million in liabilities as of January 31, 2026, after cumulative impairment charges of $29.8 million in fiscal 2025. Completion is expected within twelve months. Separately, the company has exited Ireland, Switzerland, Austria, Germany, New Zealand, Italy, and Canada over the past three years.
Annual context (full fiscal 2025, 52 weeks ended Jan 31, 2026): Net sales were $3,629.9 million (−5.1% y/y), driven by a 27.5% software decline and 12.3% hardware decline, partially offset by a 47.7% collectibles increase that lifted the category from 18.8% to 29.2% of sales. Gross margin expanded to 33.0% from 29.1%; SG&A fell 19.5% to $910.2 million (25.1% of sales). The company closed 727 U.S. stores and 75 Australian stores during the year, ending with 2,206 total stores. In Q2, GameStop divested its Canadian operations and launched Power Packs, a digital trading-card platform in partnership with Collectors Holdings/PSA (a related party; director Nat Turner chairs Collectors), reporting early beta results as 'promising.' The company raised $4.2 billion through 0% convertible notes (due 2030 and 2032) and generated $271.5 million in net interest income for the year.
(Filed on December 9, 2025)
-4.6%
33.3%
$7.8B
On October 7, 2025, the Board declared and distributed warrants (one per 10 shares of Class A common stock, plus to holders of the 0.00% Convertible Senior Notes due 2030 and 2032 on an as-converted basis) with a $32.00 exercise price and October 30, 2026 expiration; aggregate fair value was $173.9 million ($172.9 million charged to additional paid-in capital, $42.2 million recognized as interest expense to noteholders), and 4,422 warrants were exercised during the quarter; the warrants began trading on the NYSE under ticker 'GME WS' on October 8, 2025.
The French disposal group remained classified as held for sale at quarter-end (carrying value $194.1 million in assets, $180.5 million in liabilities) with an additional $8.0 million impairment recognized in Q3 from remeasurement (total $23.1 million year-to-date); the sale is expected to close within 12 months. The Europe reporting segment now consists solely of France operations, as Italy, Germany, Austria, Ireland, and Switzerland were exited in prior periods, and the Canada segment was divested in Q2 of fiscal 2025.
Q3 net sales were $821.0 million (down 4.6% year-over-year), with operating income of $41.3 million versus an operating loss of $33.4 million in the prior-year quarter and net income of $77.1 million. Gross margin improved to 33.3% from 29.9%, driven by a shift toward higher-margin collectibles (up 49.7% to $256.1 million, now 31.2% of sales versus 19.9% prior year), partially offset by software sales declining 27.3% and hardware/accessories declining 12.0%. SG&A fell 21.5% to $221.4 million (27.0% of sales), reflecting labor, consulting, marketing reductions and lower store-related costs from prior-year closures and international divestitures.
The company stated it anticipates closing a significant number of additional US stores in fiscal 2025 as part of a comprehensive store portfolio optimization review that resulted in 590 US store closures in fiscal 2024; no specific closure count or timeline for fiscal 2025 was provided.
The company's 4,710 Bitcoin holdings (cost basis $500.0 million, fair value $519.4 million as of November 1, 2025) generated a $9.2 million unrealized loss in Q3; no Bitcoin was purchased or sold during the quarter. Total unrestricted cash and marketable securities stood at $8,829.6 million, supported by $4.2 billion in 0.00% Convertible Senior Notes issued in April and June 2025.
(Filed on September 9, 2026)
+21.8%
29.1%
$8.7B
Completed the divestiture of its Canadian subsidiary, Electronic Boutique Canada, Inc., during Q2, reducing the company to three geographic segments (U.S., Australia, Europe); the related disposal loss was immaterial. The French disposal group (carrying values of $177.0M assets and $151.7M liabilities) remains held for sale, with a $2.1M impairment reversal recognized in Q2 from remeasurement, and is expected to close within 12 months.
Purchased 4,710 Bitcoin for $500.0 million in Q2 pursuant to the Board-approved Investment Policy (announced March 25, 2025) that added Bitcoin as a treasury reserve asset; fair value at quarter-end was $528.6M, producing a $28.6M unrealized gain, with no Bitcoin sold during the period. The company stated it has not set a maximum accumulation amount and may sell from time to time.
Issued $1.5 billion of 0.00% Convertible Senior Notes due 2030 (April 1, 2025; conversion price ~$29.85) and $2.7 billion of 0.00% Convertible Senior Notes due 2032 (June 17–24, 2025; conversion price ~$28.91), bringing total outstanding convertible debt to approximately $4.2 billion. Net proceeds are designated for general corporate purposes including Bitcoin acquisitions and potential acquisitions.
Q2 net sales rose 21.8% to $972.2M, driven by a 63.3% increase in collectibles revenue ($227.6M, now 23.4% of sales) and a 31.2% increase in hardware and accessories ($592.1M), partially offset by a 26.6% software decline. During the quarter, GameStop launched 'Power Packs,' a digital trading card e-commerce platform in partnership with PSA (Professional Sports Authenticator), under which collectors purchase graded cards stored in the PSA vault with options to trade, sell back, or ship.
SG&A expenses fell 19.2% to $218.8M (22.5% of sales vs. 33.9% prior year), reflecting $30.3M of lower labor, consulting, and marketing costs and $24.9M of reduced store-related and depreciation costs tied to prior-year closures (590 U.S. stores in fiscal 2024) and international divestitures. Management stated it anticipates closing a significant number of additional U.S. stores in fiscal 2025, though no specific stores have been identified. Q2 operating income swung to $66.4M from a $22.0M loss a year earlier.
Subsequent to quarter-end, on September 9, 2025, the Board declared a warrant dividend of one warrant per 10 shares of common stock (exercise price $32.00, expiration ~October 2026), to be distributed on or around October 7, 2025; convertible note holders will also receive warrants without converting. The company intends to list the warrants on the NYSE under ticker GME WS.
