Operating income has swung from a $50.6M loss in 2024Q1 to a $160.2M profit in 2026Q2, but this transformation coincides with an 18.7% year-over-year revenue decline, suggesting profitability is driven by cost severing rather than sustainable growth.
GameStop Corp. (GME) annual income statement — 25-year revenue, gross profit & net income history
| 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 | 3.55B | 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 % | -7.71% | -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 | 2.21B | 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 | 1.35B | 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 % | 37.89% | 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 | 855.8M | 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 | 852M | 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 | 489.7M | 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 % | 13.79% | 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 | 508M | 305.4M | 12.7M | 21.7M | -249.9M | -291.3M | -157.1M | -303.4M | -575.1M | 562.7M | 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 % | 14.31% | 8.41% | 0.33% | 0.41% | -4.22% | -4.85% | -3.09% | -4.69% | -6.94% | 6.58% | 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 % | 300.63% | 2304.72% | -41.47% | 108.68% | 14.21% | -85.42% | 48.22% | 47.24% | -202.2% | -13.22% | -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) | 18.3M | 19.5M | 38.9M | 56.2M | 61.7M | 77.2M | 80.7M | 96.2M | 126.9M | 123.5M | 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 | 1.06B | 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 | 295.8M | 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 | 295.8M | 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 | 598M | 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 | 1.09B | 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 % | 30.63% | 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 | 194.4M | -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 % | 17.87% | -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 | 893.3M | 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 % | 25.16% | 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 % | 146.7% | 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) | 893.3M | 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) | 1.51 | 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 % | 111.05% | 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 | 592.6M | 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 | 448.8M | 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% | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Sustainable operational profitability in doubt
Metrics are mathematically derived from official filings.
Volatile Revenue Amidst Underlying Contraction
GameStop's revenue trajectory remains volatile, with the most recent quarter reporting an 18.7% year-over-year decline to $790.2M, underscoring the persistent secular headwinds facing its core physical retail business.
The company's revenue has been erratic, swinging from a 21.8% increase in 2025Q2 to sharp declines in the following quarters. This pattern suggests a business model struggling to find a consistent growth path, with any positive quarters appearing more like temporary rebounds than durable momentum. The lack of R&D investment indicates a strategic pivot away from building future organic growth drivers within the traditional income statement framework.
Margin Expansion from Cost Control, Not Pricing Power
Gross margins have expanded materially to 43.7% in 2026Q2 from 27.7% in 2024Q1, but this improvement appears driven by aggressive SG&A reduction rather than structural pricing power, as peer margins remain significantly lower.
The 16-percentage-point gross margin expansion over two years is a significant achievement. However, when viewed alongside Best Buy's 22.5% gross margin and Sportsman's Warehouse's 30.9%, GameStop's margin level appears an outlier. The concurrent and drastic reduction in SG&A—from $295.1M to $187.1M—suggests the profitability story is one of cost rationalization on a shrinking revenue base, which may not be sustainable long-term.
Operating Leverage Achieved via Fixed Cost Severing
GameStop has generated significant operating leverage, with operating income swinging from a $50.6M loss in 2024Q1 to a $160.2M profit in 2026Q2, a transformation largely achieved by slashing SG&A expenses by over $100 million quarterly.
The positive operating leverage is clear, with operating margins moving from -5.7% to 20.3%. However, the mechanism is concerning: SG&A has been cut by 36.6% from its peak in the provided data. This level of cost-cutting often involves headcount reductions and store closures, which can damage long-term revenue capacity and customer experience, potentially creating a feedback loop that pressures future top-line performance.
The 2025 Pivot to Profitability Amidst Revenue Decline
The 2025Q1 to 2025Q2 period marks a critical inflection where operating income turned positive for the first time in over a year, driven by a sharp reduction in SG&A and a concurrent improvement in gross margin despite volatile revenue.
This inflection is pivotal because it demonstrates management's ability to engineer profitability through cost discipline. The lasting impact is a fundamentally different income statement profile, where the company is now generating significant net income. However, the sustainability of this new profile is the central question, as it coincides with continued revenue volatility and decline.
Profitability Masking Core Business Erosion
The strongest challenge to the income statement narrative is that robust net income, such as the $298.7M in 2026Q2, is being generated while the core revenue business contracts by nearly 19%, suggesting profitability may be a function of liquidation rather than sustainable operations.
A bearish analyst would focus on the disconnect between bottom-line strength and top-line health. The company is shrinking its way to profitability, a strategy with finite limits. Furthermore, the significant swing in net income relative to operating income (e.g., 2026Q2 net margin of 37.8% vs. operating margin of 20.3%) warrants scrutiny of non-operating items, as this disparity may indicate earnings quality is supported by financial maneuvers rather than core operational cash flow.
Net Income Fluctuations Beyond Core Operations
The volatile relationship between operating and net income, with net margins often significantly exceeding operating margins, suggests material non-operating influences on the bottom line that complicate the assessment of core business performance.
For instance, in 2026Q1, net margin was 46.6% versus an operating margin of 17.2%, and in 2026Q2, net margin was 37.8% versus 20.3%. This consistent and large gap implies that interest income, investment gains, or tax benefits are major contributors to reported earnings. For investors focused on operational fundamentals, this introduces noise and raises questions about the durability of earnings if these non-operating benefits were to normalize.