GameStop’s Q2 results reveal how its sales are shifting
Video games are no longer GameStop’s biggest revenue generator.
The company reported that collectibles — which include trading cards, apparel, toys and pop culture items — represented 45.1% of net sales during its second quarter, up from 23.4% in the year-ago period. Video games represented 33.3% of net sales, compared with 51% in 2025. Pre-owned/refurbished items represented 21.6% of net sales, down from 25.7%.
GameStop reported a solid quarter profit-wise. Net income totaled $298.7 million, or $0.51 cents per share, for the quarter ended Aug. 1, compared to net income of $168.6 million, or $0.31 per share, for the year-ago period, amid gains tied to its eBay stake. Adjusted net income was $161.1 million compared to adjusted net income of $138.3 million in the year-ago quarter.
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Operating income was $160.2 million, the highest second quarter operating income in GameStop's history, compared to operating income of $66.4 million in the prior year's second quarter.
Second-quarter net sales fell 19% to $790.2 million, topping analysts' estimate of $756.8 million. GameStop attributed the decrease primarily to the prior-year launch of Nintendo Switch 2, planned store closures and the divestiture of its operations in France.
Collectibles net sales were $356.3 million, compared to $227.6 million in the prior year's second quarter. Video game net sales were $263.2 million, compared to $494.6 million last year. Pre-owned/refurbished net sales were $170.7 million, compared to $250 million last year.
GameStop said that, beginning with this quarter, it is reporting net sales in three categories (collectibles, video games, and pre-owned and refurbished), which aligns with how management views and operates the business. Prior-period amounts have been recast to conform to the new presentation.
GameStop raised its target for annual adjusted earnings before interest, tax, depreciation and amortization to “in excess of $650 million” from its previous outlook of $600 million.
The company said it has $5.4 billion in cash and equivalents at the end of the second quarter, down from $8.7 billion a year earlier, and some $300 million in digital assets and related receivables.
