Games Workshop Reports Record Revenue and Profit as Warhammer Business Continues to Grow

Games Workshop (LSE:GAW) delivered record financial results for the 52 weeks ended 31 May 2026, with total revenue increasing to £659.7 million from £617.5 million a year earlier. Profit before tax also reached a new high of £275.7 million, compared with £262.8 million in the previous year, driven by continued strength in the company’s core Warhammer miniatures business. Core revenue rose to £626.8 million, while core operating profit increased to £245.1 million. Licensing income and licensing operating profit declined year-on-year, reflecting lower revenue from intellectual property licensing agreements.

The company continued to generate strong cash flow, with pre-dividend net cash increasing by £210.3 million during the year. Earnings per share improved to 624.0p despite a lower total dividend distribution of 485p per share. Management reaffirmed its long-term strategy of investing in the Warhammer intellectual property portfolio, expanding its presence through retail stores, trade partners and digital sales channels, while continuing to prioritise strong cash returns to shareholders. The company believes this approach will support sustained long-term growth and reinforce its leading position in the global hobby miniatures market.

Games Workshop’s outlook remains supported by excellent financial performance, strong profitability and continued operational execution. Technical indicators also remain favourable, reflecting strong share price momentum, although they suggest the stock may be approaching overbought levels. Valuation remains relatively demanding, which provides a modest counterbalance to the otherwise positive investment outlook.

About Games Workshop

Games Workshop Group PLC is a UK-based designer, manufacturer and retailer of fantasy and science fiction tabletop miniatures, best known for its flagship Warhammer brand. The company operates a vertically integrated business model, developing, manufacturing and distributing its products through company-owned stores, online platforms and independent retailers worldwide. In addition to its core hobby business, Games Workshop generates revenue by licensing its intellectual property for use across video games, entertainment and other media.