Finance
Warhammer 40K maker Games Workshop forecasts record licensing annual revenue
Published by Global Banking & Finance Review®
Posted on May 23, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 23, 2025
2 min readLast updated: January 23, 2026
Games Workshop forecasts a 13% sales rise and record licensing revenue, driven by Warhammer 40K: Space Marine 2, despite a future revenue dip.
(Reuters) - Games Workshop forecast on Friday a 13% rise in sales and record licensing revenue for its fiscal year ending June 1, driven mainly by its flagship Warhammer 40,000: Space Marine 2 game for PCs and consoles.
However, it said it did not expect to match the record licensing revenue next year, sending its shares down 3.8%.
"Licensing remains a significant area of focus," it said in a statement without elaborating. It did not immediately respond to Reuters requests for further detail.
"While FY26 is set to be a relatively fallow year in terms of the release cycle, core momentum is strong and there is plenty in the pipeline further out," analysts at Jefferies said in a note.
Peel Hunt analyst also said U.S. tariffs were expected to impact the company's profits by around 10 million pounds ($14 million) but should be gradually offset, without material changes to pricing policies.
The British miniature wargames maker counts North America, UK and Continental Europe as its key markets.
The company said in January it remained confident in North America's growth potential and is on track to operate 200 profitable stores by May 2025.
Games Workshop expects licensing revenue to jump about 52% to 50 million pounds in the current fiscal year and forecast core operating profit to rise 18.3% to 210 million pounds.
It sells its costly and fantastical medieval fantasy-themed wargame miniatures through both direct sales and third-party retail outlets.
The company, which last year struck a deal with Amazon to adapt its Warhammer 40k universe for film and TV, said dividends declared and paid in the current year were 520 pence per share, up 21.3% from prior year.
($1 = 0.7408 pounds)
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Varun H K and Emelia Sithole-Matarise)
Games Workshop expects licensing revenue to jump about 52% to 50 million pounds in the current fiscal year.
U.S. tariffs are expected to impact the company's profits by around 10 million pounds ($14 million).
The company counts North America, the UK, and Continental Europe as its key markets.
Games Workshop forecasts core operating profit to rise 18.3% to 210 million pounds.
Games Workshop remains confident in North America's growth potential and aims to operate 200 profitable stores by May 2025.
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