Revenue has experienced a volatile downward trajectory, falling from $1.8 billion in 2023Q4 to $835.3 million in 2026Q1, while net margins are artificially bolstered by interest income rather than core retail performance.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 |
|---|
| Sales/Revenue | 3.73B | 3.63B | 3.82B | 5.27B | 5.93B | 6.01B | 5.09B | 6.47B | 8.29B | 8.55B | 7.96B | 9.36B | 9.3B | 9.04B | 8.89B | 9.55B | 9.47B | 9.08B | 8.81B | 7.09B | 5.32B | 3.09B | 1.84B | 1.58B | 1.35B | 1.12B |
| Revenue Growth % | 1.61% | -5.05% | -27.5% | -11.04% | -1.39% | 18.09% | -21.28% | -21.96% | -3.06% | 7.31% | -14.94% | 0.73% | 2.84% | 1.72% | -6.95% | 0.81% | 4.36% | 3.09% | 24.13% | 33.37% | 72.03% | 67.78% | 16.72% | 16.71% | 20.66% | - |
| Cost of Goods Sold | 2.45B | 2.45B | 2.71B | 3.98B | 4.56B | 4.66B | 3.83B | 4.56B | 5.98B | 6.06B | 5.47B | 6.45B | 6.52B | 6.38B | 6.24B | 6.87B | 6.94B | 6.64B | 6.54B | 5.28B | 3.85B | 2.22B | 1.33B | 1.14B | 1.01B | 854.03M |
| COGS % of Revenue | - | 67.58% | 70.86% | 75.46% | 76.85% | 77.58% | 75.25% | 70.48% | 72.14% | 70.93% | 68.61% | 68.83% | 70.14% | 70.56% | 70.16% | 71.94% | 73.21% | 73.18% | 74.22% | 74.43% | 72.34% | 71.8% | 72.1% | 72.35% | 74.62% | 76.18% |
| Gross Profit | 1.28B | 1.18B | 1.11B | 1.29B | 1.37B | 1.35B | 1.26B | 1.91B | 2.31B | 2.48B | 2.5B | 2.92B | 2.78B | 2.66B | 2.65B | 2.68B | 2.54B | 2.43B | 2.27B | 1.81B | 1.47B | 872.03M | 514.2M | 436.57M | 343.3M | 267.1M |
| Gross Margin % | 34.39% | 32.42% | 29.14% | 24.54% | 23.15% | 22.42% | 24.75% | 29.52% | 27.86% | 29.07% | 31.39% | 31.17% | 29.86% | 29.44% | 29.84% | 28.06% | 26.79% | 26.82% | 25.78% | 25.57% | 27.66% | 28.2% | 27.9% | 27.65% | 25.38% | 23.82% |
| Gross Profit Growth % | - | 5.64% | -13.93% | -5.68% | 1.8% | 7.01% | -34.01% | -17.3% | -7.12% | -0.6% | -14.34% | 5.13% | 4.31% | 0.36% | -1.04% | 5.59% | 4.23% | 7.25% | 25.17% | 23.26% | 68.74% | 69.59% | 17.78% | 27.17% | 28.53% | - |
| Operating Expenses | 887.7M | 890.8M | 1.14B | 1.33B | 1.68B | 1.72B | 1.5B | 2.31B | 3.01B | 2.05B | 2.02B | 2.27B | 2.16B | 2.09B | 2.69B | 2.11B | 1.88B | 1.8B | 1.6B | 1.31B | 1.14B | 679.3M | 415.05M | 332.19M | 256.23M | 233.02M |
| OpEx % of Revenue | - | 24.54% | 29.82% | 25.2% | 28.41% | 28.55% | 29.42% | 35.7% | 36.33% | 23.93% | 25.34% | 24.24% | 23.21% | 23.09% | 30.3% | 22.09% | 19.79% | 19.8% | 18.11% | 18.5% | 21.39% | 21.97% | 22.52% | 21.04% | 18.94% | 20.78% |
| Selling, General & Admin | 883.7M | 890.8M | 1.13B | 1.32B | 1.68B | 1.71B | 1.51B | 1.92B | 1.99B | 2.03B | 1.86B | 2.11B | 2B | 1.89B | 1.84B | 1.84B | 1.7B | 1.64B | 1.45B | 1.18B | 1.02B | 599.34M | 378.03M | 302.7M | 233.07M | 202.72M |
| SG&A % of Revenue | - | 24.54% | 29.57% | 25.11% | 28.36% | 28.44% | 29.75% | 29.74% | 24.07% | 23.77% | 23.38% | 22.52% | 21.53% | 20.93% | 20.66% | 19.29% | 17.93% | 18.01% | 16.41% | 16.66% | 19.2% | 19.38% | 20.51% | 19.17% | 17.23% | 18.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 9.7M | 4.8M | 2.7M | 6.7M | -16.9M | 385.6M | 1.02B | 13.8M | 156.3M | 161.2M | 156.6M | 195.2M | 857.2M | 267.5M | 176.2M | 162.6M | 149.6M | 130.27M | 116.65M | 79.95M | 37.02M | 29.49M | 23.15M | 30.3M |
| Operating Income | 395.9M | 285.9M | -26.2M | -34.5M | -311.6M | -368.5M | -237.8M | -399.6M | -702M | 439.2M | 481.7M | 648.2M | 618.3M | 573.5M | -41.6M | 569.9M | 662.6M | 637M | 675.12M | 501.42M | 333.68M | 192.73M | 99.15M | 104.38M | 87.07M | 34.09M |
| Operating Margin % | 10.61% | 7.88% | -0.69% | -0.65% | -5.26% | -6.13% | -4.67% | -6.18% | -8.47% | 5.14% | 6.05% | 6.92% | 6.65% | 6.34% | -0.47% | 5.97% | 6.99% | 7.02% | 7.67% | 7.07% | 6.27% | 6.23% | 5.38% | 6.61% | 6.44% | 3.04% |
| Operating Income Growth % | - | 1191.22% | 24.06% | 88.93% | 15.44% | -54.96% | 40.49% | 43.08% | -259.84% | -8.82% | -25.69% | 4.84% | 7.81% | 1478.61% | -107.3% | -13.99% | 4.02% | -5.65% | 34.64% | 50.27% | 73.13% | 94.39% | -5.02% | 19.88% | 155.44% | - |
| EBITDA | 772.9M | 305.4M | 12.7M | 21.7M | -249.9M | -291.3M | -157.1M | -303.4M | -575.1M | 591.1M | 648.4M | 806.4M | 774.8M | 742.7M | 137.3M | 758.5M | 839.4M | 801.1M | 821.48M | 639.53M | 449.97M | 260.94M | 136.6M | 134.18M | 110.47M | 64.38M |
| EBITDA Margin % | 20.71% | 8.41% | 0.33% | 0.41% | -4.22% | -4.85% | -3.09% | -4.69% | -6.94% | 6.92% | 8.14% | 8.61% | 8.33% | 8.22% | 1.54% | 7.94% | 8.86% | 8.82% | 9.33% | 9.02% | 8.46% | 8.44% | 7.41% | 8.5% | 8.17% | 5.74% |
| EBITDA Growth % | 1771.43% | 2304.72% | -41.47% | 108.68% | 14.21% | -85.42% | 48.22% | 47.24% | -197.29% | -8.84% | -19.59% | 4.08% | 4.32% | 440.93% | -81.9% | -9.64% | 4.78% | -2.48% | 28.45% | 42.13% | 72.45% | 91.02% | 1.8% | 21.47% | 71.58% | - |
| D&A (Non-Cash Add-back) | 13.9M | 19.5M | 38.9M | 56.2M | 61.7M | 77.2M | 80.7M | 96.2M | 126.9M | 151.9M | 166.7M | 158.2M | 156.5M | 169.2M | 178.9M | 188.6M | 176.8M | 164.1M | 146.36M | 138.11M | 116.29M | 68.2M | 37.45M | 29.8M | 23.4M | 30.3M |
| EBIT | 699.7M | 384M | -16.5M | -29.7M | -308.9M | -361.8M | -254.7M | -399.6M | -696.3M | 440.7M | 482.5M | 648.6M | 619M | 574.4M | -40.7M | 569.8M | 658.4M | 633.9M | 684.41M | 501.42M | 340.47M | 213.85M | 99.15M | 104.38M | 87.07M | 34.09M |
| Net Interest Income | 298.3M | 271.5M | 163.4M | 49.5M | 9.5M | -26.9M | -32.1M | -27.2M | -51.1M | -55.3M | -53M | -23M | -10M | -4.7M | -3.3M | -19.8M | -35.2M | -43.2M | -38.84M | -73.32M | -73.32M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 298.3M | 271.5M | 163.4M | 49.5M | 9.5M | 0 | 1.9M | 11.3M | 5.7M | 1.5M | 800K | 400K | 700K | 900K | 900K | 0 | 1.8M | 2.18M | 11.62M | 0 | 11.34M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 26.9M | 34M | 38.5M | 56.8M | 56.8M | 53.8M | 23.4M | 10.7M | 5.6M | 4.2M | 19.8M | 37M | 45.4M | 50.46M | 84.66M | 84.66M | 236K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 446.2M | 98.1M | 163.4M | 47.6M | 9.5M | -26.9M | -32.1M | -27.2M | -51.1M | -55.3M | -53M | -23M | -10M | -4.7M | -3.3M | -20.8M | -41.2M | -48.5M | -41.17M | -60.37M | -79.38M | -32.81M | -236K | 804K | 630K | -19.45M |
| Pretax Income | 842.1M | 384M | 137.2M | 13.1M | -302.1M | -395.4M | -269.9M | -426.8M | -753.1M | 383.9M | 428.7M | 625.2M | 608.3M | 568.8M | -44.9M | 549.1M | 621.4M | 588.5M | 633.95M | 441.06M | 254.3M | 159.92M | 98.91M | 105.19M | 87.7M | 14.63M |
| Pretax Margin % | 22.56% | 10.58% | 3.59% | 0.25% | -5.1% | -6.58% | -5.3% | -6.6% | -9.09% | 4.49% | 5.38% | 6.68% | 6.54% | 6.29% | -0.51% | 5.75% | 6.56% | 6.48% | 7.2% | 6.22% | 4.78% | 5.17% | 5.37% | 6.66% | 6.48% | 1.31% |
| Income Tax | 78.9M | -34.4M | 5.9M | 6.4M | 11M | -14.1M | -55.3M | 37.6M | 41.7M | 153.5M | 124.2M | 222.4M | 215.2M | 214.6M | 224.9M | 210.6M | 214.6M | 212.8M | 235.67M | 152.76M | 96.05M | 59.14M | 37.98M | 41.72M | 35.3M | 7.67M |
| Effective Tax Rate % | 9.37% | -8.96% | 4.3% | 48.85% | -3.64% | 3.57% | 20.49% | -8.81% | -5.54% | 39.98% | 28.97% | 35.57% | 35.38% | 37.73% | -500.89% | 38.35% | 34.53% | 36.16% | 37.17% | 34.64% | 37.77% | 36.98% | 38.4% | 39.66% | 40.25% | 52.44% |
| Net Income | 763.2M | 418.4M | 131.3M | 6.7M | -313.1M | -381.3M | -215.3M | -470.9M | -673M | 34.7M | 353.2M | 402.8M | 393.1M | 354.2M | -269.7M | 339.9M | 408M | 377.26M | 398.28M | 288.29M | 158.25M | 100.78M | 60.93M | 63.47M | 52.4M | 6.96M |
| Net Margin % | 20.45% | 11.53% | 3.43% | 0.13% | -5.28% | -6.34% | -4.23% | -7.28% | -8.12% | 0.41% | 4.43% | 4.3% | 4.23% | 3.92% | -3.03% | 3.56% | 4.31% | 4.16% | 4.52% | 4.06% | 2.98% | 3.26% | 3.31% | 4.02% | 3.87% | 0.62% |
| Net Income Growth % | 266.39% | 218.66% | 1859.7% | 102.14% | 17.89% | -77.1% | 54.28% | 30.03% | -2039.48% | -90.18% | -12.31% | 2.47% | 10.98% | 231.33% | -179.35% | -16.69% | 8.15% | -5.28% | 38.15% | 82.17% | 57.02% | 65.42% | -4% | 21.11% | 652.93% | - |
| Net Income (Continuing) | 763.2M | 418.4M | 131.3M | 6.7M | -313.1M | -381.3M | -214.6M | -464.4M | -794.8M | 230.4M | 304.5M | 402.8M | 393.1M | 354.2M | -269.8M | 338.5M | 406.8M | 375.7M | 398.28M | 288.29M | 158.25M | 100.78M | 60.93M | 63.47M | 52.4M | 6.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -700K | -6.5M | 121.8M | -195.7M | 48.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9M | -1.4M | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.29 | 0.77 | 0.33 | 0.02 | -1.03 | -1.31 | -0.83 | -1.35 | -1.65 | 0.09 | 0.85 | 0.94 | 0.87 | 0.75 | -0.53 | 0.60 | 0.66 | 0.56 | 0.60 | 0.44 | 0.25 | 0.20 | 0.13 | 0.13 | 0.11 | 0.02 |
| EPS Growth % | 192.64% | 133.33% | 1400% | 102.14% | 21.37% | -57.83% | 38.52% | 18.18% | -2029.82% | -89.94% | -9.57% | 8.05% | 16% | 241.51% | -188.33% | -9.09% | 17.86% | -6.67% | 36.36% | 76% | 25% | 53.85% | 0% | 18.18% | 397.74% | - |
| EPS (Basic) | - | 0.93 | 0.33 | 0.02 | -1.03 | -1.31 | -0.83 | -1.34 | -1.65 | 0.09 | 0.85 | 0.95 | 0.88 | 0.76 | -0.53 | 0.61 | 0.67 | 0.57 | 0.61 | 0.46 | 0.26 | 0.22 | 0.14 | 0.14 | 0.12 | 0.02 |
| Diluted Shares Outstanding | 592.3M | 549.1M | 394.7M | 305.2M | 304.2M | 290.4M | 260M | 350M | 408.4M | 406M | 415.7M | 426.8M | 453.14M | 473.85M | 505.6M | 564M | 616M | 671.5M | 670.68M | 659.38M | 633.14M | 499.89M | 462.37M | 478.11M | 483.35M | 315.18M |
| Basic Shares Outstanding | 448.4M | 447.6M | 394.1M | 305.1M | 304.2M | 290.4M | 260M | 350M | 408.11M | 405.99M | 415.2M | 426.24M | 452.8M | 468.8M | 505.6M | 559.6M | 606.4M | 658.1M | 652.76M | 632.9M | 599.7M | 463.36M | 437.3M | 450.64M | 450.31M | 288.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 447.26% | 44.03% | 38.26% | 37.85% | 36.96% | - | - | - | - | - | - | - | - | - | - | - | - |
Core retail revenue erosion
As indicated by recent quarterly filings, GME's revenue trajectory remains highly inconsistent, characterized by sharp seasonal fluctuations and a broader downward trend that saw top-line figures contract significantly from the $1.8 billion reported in 2023Q4 to $835.3 million in the most recent 2026Q1 period.
The revenue volatility suggests that the company is struggling to maintain a consistent baseline as the gaming industry shifts toward digital distribution. While the 14% growth in 2026Q1 provides a temporary reprieve, the underlying trend appears to be one of secular contraction in the core physical retail segment.
Based on the provided financial statements, GME's net margin of 11.53% significantly outpaces its operating margin of 7.88%, suggesting that non-operating interest income from the company's $6.3 billion cash reserve is currently providing a substantial, artificial boost to the bottom-line profitability of the enterprise.
This divergence indicates that the core retail business is likely less profitable than the headline net income figures imply. Investors should monitor whether the company can improve its gross margin, which has fluctuated between 23% and 40%, without relying on the yield from its cash pile.
According to historical income statement data, GME has struggled to achieve consistent operating leverage, as SG&A expenses often remain sticky even during periods of significant revenue contraction, such as the 28.5% year-over-year decline observed in the 2024Q4 period compared to previous quarters.
The inability to scale SG&A costs in proportion to revenue suggests that the company's physical store footprint creates a high fixed-cost burden. This lack of operating leverage warrants further investigation into whether management can successfully rationalize the store base to align with lower transaction volumes.
As reported in recent financial disclosures, the market's valuation of GME appears increasingly decoupled from its retail operations, with the massive cash balance effectively transforming the company into a hybrid investment vehicle rather than a traditional specialty retailer focused on gaming hardware and software sales.
Short-sellers may focus on the potential for book value erosion if the core retail business continues to burn capital while the cash remains idle. The fundamental risk lies in the company's inability to deploy its liquidity into high-return assets that could offset the terminal decline of physical media.
Quick answers to the most common questions about buying GME stock.
For fiscal year 2025, GameStop Corp. (GME) reported total revenue of $3.63B. This represents a 223.8% increase compared to $1.12B in 2001.
GameStop Corp. (GME) is profitable, generating $418.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.
GameStop Corp. (GME) reported an operating income of $285.9M, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
GameStop Corp. (GME) generated $1.18B in gross profit for the year, representing a gross profit margin of 32.4%. This demonstrates the company's core pricing power and production efficiency.