Games Workshop posts record half-year revenue, boosts investments

Games Workshop reports a record trading performance in its half-year results for the 26 weeks ended 30 November 2025, driven by strong core sales across channels and regions. Total revenue rose to £332.1m, with core revenue at £316.1m, operating profit at £140.4m and profit before tax at £140.8m. Earnings per share came in at 319.9p.

The headline numbers mask a notable shift in revenue mix: licensing income fell to £16.0m from £30.1m a year earlier. Management highlights that despite this decline, momentum in boxed games, miniatures and direct retail channels powered the uplift. The business also generated significant cash, recording a net increase in cash before dividends of £112.5m, giving the company scope to fund strategic projects and ongoing operations.

Games Workshop is earmarking that cash for tangible investments. The half-year commentary details continued spending on Warhammer Studio, expanded manufacturing capacity and improved warehousing. Management is also planning a new North American Warhammer World flagship, a move that could reshape event hosting, local retail presence and the tabletop tournament circuit in the region. Those developments suggest Games Workshop is prioritising control over its creative pipeline and supply chain as core growth levers.

For players, store owners and tournament organisers, the practical implications are immediate. Investment in studio and manufacturing capacity should help accelerate new sculpts and expand production runs, which can ease chronic stock shortages around major releases. Better warehousing points to improved distribution and potentially more reliable pre-orders and restocks. The planned North American flagship promises a permanent hub for GW-run events, open days and narrative campaigns, which could reduce travel friction for large tournament circuits and give local communities a bigger focal point.

The drop in licensing revenue will be noticed by third-party producers and some collectors. Reduced licensing activity can mean fewer officially licensed collaborations and third-party merchandise opportunities, while Games Workshop doubling down on IP protection indicates stricter control over fan-driven commercial ventures. Retailers should monitor how licensing changes affect ancillary product lines they rely on.

Overall, the numbers show a company using strong core trading to fund expansion and protect its IP while shoring up the supply chain. That mix matters to anyone who paints, collects or runs events: more reliable product flows and a bigger physical presence in North America could lower barriers for new players and make tournaments easier to run.

Our two cents? Keep an eye on release schedules and local store allocations over the next two quarters; improved manufacturing should show up as steadier stock for major drops. If you run events, start thinking about how a North American Warhammer World could fit your calendar — and if you sell licensed products, check terms and stock strategies now.