GameStop Q1 2026 Earnings: Record Profit Driven by Collectibles Boom and eBay-Linked Gain

June 11, 2026 · Published August 7, 2026

GameStop posted record quarterly profit and 14% revenue growth, powered by surging collectibles sales and a large one-time gain tied to its eBay stake.

Figures as reported by the company to the SEC for the quarter ended May 2, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.

Key takeaways

• Sales growth was driven almost entirely by GameStop’s collectibles business — trading cards, toys, apparel and other pop-culture merchandise — which nearly grew to 42% of total sales from about 29% a year earlier. Traditional video-game hardware and software sales both continued to decline, showing the company’s shift away from its original retail business.
• The headline profit figure includes a large one-time, non-cash gain of about $268 million tied to derivative contracts connected to GameStop’s now-rejected bid to buy eBay. Stripping that out, the company’s adjusted (more comparable) profit for the quarter was $179.3 million — still a big improvement from a year earlier, but far smaller than the reported headline number.
• GameStop ended the quarter holding about $9.7 billion in cash, marketable securities, digital assets (including its bitcoin holdings) and related items — a war chest that gives the company significant flexibility but has also drawn investor questions about how it plans to deploy the money.
• The board authorized a new $2 billion share buyback program, adding to the company’s existing repurchase capacity.
• Trailing-twelve-month profitability measures show margins have widened compared with a year ago — gross margin near 34%, operating margin around 10%, and net margin above 20% — reflecting both the shift toward higher-margin collectibles sales and the boost from investment-related gains rather than purely from core retail operations.
• The results come against the backdrop of CEO Ryan Cohen’s unsolicited proposal to acquire eBay for roughly $125 per share, which eBay’s board rejected as ‘neither credible nor attractive’; GameStop has since increased its economic stake in eBay, which is the source of the derivative gain reflected in this quarter’s profit.

Q1 2026 in context

Figures for the quarter ended May 2026 and the quarter ended May 2025, as reported to the SEC.

How the stock took it

GameStop Corp closed at $22.42 on Jun 10, 2026, the last session before the report, and at $21.77 on Jun 12, 2026, the first session after it — -2.9% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Financial history →

Sources: company report · earnings call · Sherwood News