Electronic Arts (EA) Q1 2025 earnings summary

Executive summary

• Q1 FY25 net bookings reached $1.262 billion, surpassing guidance, driven by strong live services and key sports franchises, though net bookings declined 20% year-over-year due to lower console and full game sales.

• Live services accounted for 75–85% of net bookings, with Madden NFL and FC Mobile delivering strong performance and record engagement.

• Q1 FY25 net revenue was $1.66 billion, down 14% year-over-year, reflecting fewer full-game releases and lower live services revenue.

• Enhanced stock repurchase program targeting $5 billion over three years was initiated, with $425 million returned to shareholders in Q1 via buybacks and dividends.

• Strategic focus remains on building online communities, blockbuster storytelling, and leveraging engagement across flagship titles.

Financial highlights

• Q1 FY25 net bookings were $1.26 billion, above guidance but down 20% year-over-year; GAAP net revenue was $1.66 billion.

• Live services and other net bookings were $1.09–$1.41 billion, with Madden NFL 24 and FC Mobile outperforming.

• Full game net revenue fell 44% year-over-year to $250 million.

• Operating cash flow for Q1 FY25 was $120 million, down from $359 million in Q1 FY24; free cash flow was $53 million, with trailing twelve months free cash flow at $1.86 billion.

• Earnings per share was $1.04, down from $1.47 year-over-year.

Outlook and guidance

• FY25 net bookings guidance is $7.3–$7.7 billion; Q2 FY25 net bookings expected at $1.95–$2.05 billion.

• FY25 GAAP EPS guidance is $3.34–$4.00; Q2 FY25 GAAP EPS guidance is $0.76–$0.93.

• FY25 net revenue expected between $7.1–$7.5 billion; operating cash flow guidance is $2.05–$2.25 billion.

• Q2 and full-year guidance factors in strong launches for College Football 25, Madden NFL 25, and FC 25.

• FY25 non-GAAP operating margin expected between 29.6% and 31.7%.