GameStop

GME · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

GME · Last close · October 26, 2026

$23.90

GameStop's revenue fell 5.0% to $3.6 billion in fiscal 2025. Its operating margin was 6.4%, up from −0.7% a year earlier. Free cash flow was $597 million, up 360.9%. The diluted share count rose 39.1%.

GameStop Corp. Latest fiscal year ended January 31, 2026 10-K filed March 24, 2026 · 0001326380-26-000013 Updated October 9, 2026

Revenue

$3.6B

5.0%

Operating margin

6.4%

7.1 pts

Net income

$418M

218.7%

Free cash flow

$597M

360.9%

Return on equity

8.1%

3.9 pts

Market cap

$14.2B

Oct 26 close

P/E

15.7x

On $1.52 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (4-for-1), so every year is on today's share basis.

What GameStop does

GameStop sells video games, collectibles and entertainment products through its stores and online. Its products fall into three groups: hardware and accessories (new and pre-owned game consoles, controllers and headsets), software (new and pre-owned games, plus in-game currency and digital downloads), and collectibles (apparel, toys, trading cards and gadgets, and services such as authenticating and grading trading cards). Its stores and websites operate mainly as GameStop, EB Games and Micromania.

It runs three geographic segments: the United States, Australia and Europe. At the end of its 2025 fiscal year it had 2,206 stores: 1,598 in the United States, 308 in Europe and 300 in Australia. It closed 727 US stores during the year and has left several countries, including Canada and Germany, in the past three years. It has signed an agreement about a possible sale of its French operations. It says it competes with multi-channel retailers and ecommerce businesses.

The 10-K says the company now has two priorities: getting the most cash from its older store business, and using its cash to buy, invest in or partner with other businesses. It says it has no binding agreement for a specific deal. A committee of its board that includes its chairman and chief executive, Ryan Cohen, manages its cash and can invest in items such as Treasury obligations, listed stocks and certain crypto-currencies, including Bitcoin.

Its biggest risks, as it describes them

Its plan to buy or invest in other businesses may not work out, and the value of its investments may fall.
Holding Bitcoin or other crypto-currencies exposes it to their price swings and other risks.
A drop in demand for Pokemon and other trading cards, which supply much of its collectibles revenue and profit.
Demand for games changes with new consoles and with shifts to digital downloads.
Possibly being treated as an investment company under US law, which would bring costly rules and limits.

From GameStop's annual report on Form 10-K, filed March 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 1.1% a year and net income grew 1.9% a year, as new shares raised the share count by 32% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value GameStop yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What GameStop says to expect

Full year 2026: adjusted EBITDAFor the fiscal year ending January 30, 2027, the Company now expects to generate Adjusted EBITDA in excess of $650 million, an increase from its prior outlook of Adjusted EBITDA in excess of $600 million provided on June 26, 2026.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 8, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from GameStop's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from GameStop's fiscal 2025 free cash flow of $597M, net cash of $4.8B at January 31, 2026 and 549 million diluted shares, from its filings. The scenarios are fitted to GameStop: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -15.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Computer & Electronics Retail), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to GameStop's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $23.90
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from GameStop's earnings per share of $1.52 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.7×, the middle of GameStop's own P/E today, its peers' median and its sector's median (GameStop's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Upbound Group, Best Buy.

Earnings growth in the years ahead (% a year) Starts at GameStop's revenue growth over the last 3 years, -15.1% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $23.90
Value at this multiple, against the last close: —
GameStop's P/E at the last close: 15.7×

Company	Last close	Earnings per share	P/E today
Best BuyBBY	$97.95	$6.01	16.3×
GameStopGME	$23.90	$1.52	15.7×
Upbound GroupUPBD	$16.99	$1.54	11.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,271	1,391	1,199	4,775	9,014
Debt incl. finance leases	45	40	28	17	4,164
Net debt (negative means net cash)	−1,227	−1,351	−1,171	−4,758	−4,849
Net debt to EBITDA	—	—	−54.0x	−374.6x	−19.3x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.8x
Interest coverage	−13.7x	−119.8x	−10.8x	−21.8x	4.8x
Current ratio	1.9x	1.7x	2.1x	8.1x	15.3x
Quick ratio	1.2x	1.2x	1.4x	7.3x	14.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 5 insiders bought $121.2 million of GameStop shares on the open market, and 2 insiders sold $2.2 million, $1.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 13, 2026	Ryan CohenPresident, CEO and Chairman, Director	Bought	844,130	$26.98	$22.8 million	Form 4
Oct 12, 2026	Daniel William MoorePFO and PAO	Sold plan	15,480	$27.00	$417,960	Form 4
Oct 5, 2026	Mark Haymond RobinsonGeneral Counsel and Secretary	Sold plan	3,882	$25.42	$98,673	Form 4
Oct 2, 2026	Ryan CohenPresident, CEO and Chairman, Director	Bought	700,000	$24.41	$17.1 million	Form 4
Oct 1, 2026	Nat TurnerDirector	Bought	10,462	$24.33	$254,540	Form 4
Oct 1, 2026	Daniel William MoorePFO and PAO	Sold	7,297	$24.26	$177,025	Form 4
Oct 1, 2026	Mark Haymond RobinsonGeneral Counsel and Secretary	Sold plan	7,296	$24.26	$177,001	Form 4
Sep 29, 2026	Ryan CohenPresident, CEO and Chairman, Director	Bought	450,000	$23.48	$10.6 million	Form 4
Sep 21, 2026	Ryan CohenPresident, CEO and Chairman, Director	Bought	1,150,680	$22.94	$26.4 million	Form 4
Sep 21, 2026	Alain AttalDirector	Bought	17,500	$22.97	$401,975	Form 4
Sep 10, 2026	Ryan CohenPresident, CEO and Chairman, Director	Bought	1,000,000	$20.38	$20.4 million	Form 4
Sep 10, 2026	Alain AttalDirector	Bought	5,000	$20.00	$100,000	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	7 of 9	6 of 9
Accruals ratio	7.2%	−0.3%	−2.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put GameStop side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
GameStop	FY25	−5.0%	6.4%	16.4%	—	−19.3x	6
Upbound Group	FY25	8.7%	4.8%	5.1%	—	—	—	Compare
Best Buy	FY26	0.4%	3.3%	3.0%	43.9%	−0.2x	7	Compare
Gildan Activewear	FY25	10.7%	17.1%	13.8%	9.9%	5.2x	6	Compare
Pearson	FY25	0.7%	14.2%	—	7.3%	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,965	8,547	8,285	6,466	5,090	6,011	5,927	5,273	3,823	3,630
Revenue growth	−14.9%	7.3%	−3.1%	−22.0%	−21.3%	18.1%	−1.4%	−11.0%	−27.5%	−5.0%
Gross profit	2,500	2,485	2,308	1,909	1,260	1,348	1,372	1,294	1,114	1,196
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	482	439	−702	−400	−238	−368	−312	−34	−26	232
Net income	353	35	−673	−471	−215	−381	−313	7	131	418
Diluted EPS (US$)	0.85	0.09	−1.65	−1.34	−0.83	−1.31	−1.03	0.02	0.33	0.77
Diluted shares (millions)	415	406	408	350	260	290	304	305	395	549
Cash flow
Cash from operations	537	435	325	−414	124	−434	108	−204	146	615
Capital expenditure	143	113	94	78	60	62	56	35	16	18
Free cash flow	394	322	231	−493	64	−496	52	−239	130	597
Dividends paid	156	155	157	40	0	0	0	0	0	0
Share buybacks	63	22	0	199	0	0	0	0	0	0
Acquisitions	441	8	0	0	0	0	0	0	0	0
Stock-based compensation	18	26	11	9	8	30	40	22	16	27
Balance sheet at fiscal year end
Cash and short-term investments	664	854	1,624	499	508	1,271	1,391	1,199	4,775	9,014
Debt incl. finance leases	815	818	821	420	363	45	40	28	17	4,164
Total assets	4,976	5,042	4,044	2,820	2,473	3,499	3,113	2,709	5,875	10,388
Total liabilities	2,722	2,827	2,708	2,208	2,036	1,897	1,791	1,370	946	4,944
Shareholders' equity	2,254	2,214	1,336	612	437	1,602	1,322	1,339	4,930	5,444
Margins and ratios
Gross margin	31.4%	29.1%	27.9%	29.5%	24.8%	22.4%	23.1%	24.5%	29.1%	33.0%
Operating margin	6.0%	5.1%	−8.5%	−6.2%	−4.7%	−6.1%	−5.3%	−0.7%	−0.7%	6.4%
Net margin	4.4%	0.4%	−8.1%	−7.3%	−4.2%	−6.3%	−5.3%	0.1%	3.4%	11.5%
Free cash flow margin	5.0%	3.8%	2.8%	−7.6%	1.2%	−8.3%	0.9%	−4.5%	3.4%	16.4%
Return on capital	15.6%	11.5%	−40.9%	−59.3%	−45.7%	−87.3%	—	—	—	—
Return on equity	16.3%	1.6%	−37.9%	−48.4%	−41.1%	−37.4%	−21.4%	0.5%	4.2%	8.1%
Return on assets	7.6%	0.7%	−14.8%	−13.7%	−8.1%	−12.8%	−9.5%	0.2%	3.1%	5.2%
Net debt to EBITDA	0.2x	−0.1x	—	—	—	—	—	−54.0x	−374.6x	−19.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: GameStop's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with GameStop.