Games Workshop Group (GAW) H2 2026 earnings summary

Executive summary

• Achieved record revenue of £659.7m and profit before tax of £275.7m for the year ended 31 May 2026, driven by strong core business performance and global expansion.

• Core revenue grew 10.9% year-over-year to £626.8m, with all sales channels and established countries contributing to growth.

• Licensing revenue declined to £32.9m from £52.5m, as expected after a prior year with exceptional product releases.

• Maintained a debt-free balance sheet, increased cash buffer to £120m, and distributed £160.1m in dividends.

Financial highlights

• Core operating profit rose 15.7% to £245.1m, with a margin of 39.1% (up from 37.5%).

• Licensing operating profit decreased to £29.9m from £49.5m.

• Earnings per share increased to 624.0p (basic) and 622.5p (diluted).

• Return on capital employed (ROCE) for the core business increased to 196%.

• Cash and cash equivalents at year-end were £182.9m, up from £132.6m.

Outlook and guidance

• Plans to open around 30 new stores in North America, Europe, and Asia in 2026/27.

• Focus on expanding the Trade channel and accelerating global rollout of customer engagement tools.

• Continued investment in manufacturing capacity, IT systems, and sustainability initiatives.

• Capital expenditure expected to increase by £8m, mainly for new US Warhammer World and Sawley warehouse.