gme-20250802

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED AUGUST 2, 2025


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NO. 1-32637

GameStop Corp.

(Exact name of registrant as specified in its charter)


Delaware		20-2733559
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

625 Westport Parkway		76051
Grapevine,	Texas
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:

(817) 424-2000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock

GME

NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of $.001 par value Class A Common Stock outstanding as of September 5, 2025: 447,666,484.

TABLE OF CONTENTS



Part I — FINANCIAL INFORMATION
		Page No.
Item 1.	Financial Statements (unaudited)	1

	Condensed Consolidated Balance Sheets — As of August 2 , 2025, August 3 , 2024 and February 1, 2025	1

	Condensed Consolidated Statements of Operations — For the three and six months ended August 2 , 2025 and August 3, 2024	2

	Condensed Consolidated Statements of Comprehensive Income (Loss) — For the three and six months ended August 2 , 2025 and August 3, 2024	3

	Condensed Consolidated Statements of Cash Flows — For the six months ended August 2 , 2025 and August 3, 2024	4

	Condensed Consolidated Statements of Stockholders’ Equity — For the three and six months ended August 2 , 2025 and August 3, 2024	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.	Controls and Procedures	28

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults Upon Senior Securities	31

Item 4.	Mine Safety Disclosures	31

Item 5.	Other Information	31

Item 6.	Exhibits	33

SIGNATURES		34

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GAMESTOP CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par value per share)

(unaudited)


	August 2, 2025		August 3, 2024		February 1, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	8,694.4	$	4,193.1	$	4,756.9
Marketable securities	—		11.1		18.0
Receivables, net of allowance of $0.9, $4.4 and $4.7, respectively	45.5		59.7		60.9
Merchandise inventories, net	484.9		560.0		480.2
Prepaid expenses and other current assets	36.6		60.0		39.0
Assets held for sale	177.0		2.1		—

Total current assets	9,438.4		4,886.0		5,355.0
Property and equipment, net of accumulated depreciation of $567.2, $846.0 and $684.2, respectively	52.3		78.9		68.2
Digital assets	528.6		—		—
Operating lease right-of-use assets	249.9		490.9		374.1
Deferred income taxes	18.8		17.5		18.1
Other noncurrent assets	53.1		63.0		60.0
Total assets	$	10,341.1	$	5,536.3	$	5,875.4

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	292.9	$	220.5	$	148.6
Accrued liabilities and other current liabilities	283.8		377.8		362.2
Current portion of operating lease liabilities	101.5		174.2		144.3

Current portion of long-term debt	—		11.0		10.3
Liabilities held for sale	151.7		—		—
Total current liabilities	829.9		783.5		665.4
Long-term debt	4,160.9		12.4		6.6
Operating lease liabilities	155.5		335.9		249.5
Other long-term liabilities	18.4		21.1		24.1

Total liabilities	5,164.7		1,152.9		945.6
Stockholders’ equity:
Class A common stock — $.001 par value; 1,000 shares authorized; 447.6, 426.5 and 447.0 shares issued and outstanding, respectively	0.2		0.2		0.2
Additional paid-in capital	5,116.9		4,696.5		5,105.1
Accumulated other comprehensive loss	(72.6)		(83.0)		(94.0)
Retained earnings (loss)	131.9		(230.3)		(81.5)
Total stockholders’ equity	5,176.4		4,383.4		4,929.8
Total liabilities and stockholders’ equity	$	10,341.1	$	5,536.3	$	5,875.4

See accompanying notes to condensed consolidated financial statements.

Table of Contents

GAMESTOP CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net sales	$	972.2	$	798.3	$	1,704.6	$	1,680.1
Cost of sales	689.1		549.5		1,168.7		1,186.8
Gross profit	283.1		248.8		535.9		493.3
Selling, general and administrative expenses	218.8		270.8		446.9		565.9
Asset impairments	(2.1)		—		33.4		—


Operating income (loss)	66.4		(22.0)		55.6		(72.6)
Interest income, net	(79.6)		(39.5)		(136.5)		(54.4)
Unrealized gain on digital assets	(28.6)		—		(28.6)		—
Other income, net	—		—		(2.2)		—
Income (loss) before income taxes	174.6		17.5		222.9		(18.2)
Income tax expense (benefit)	6.0		2.7		9.5		(0.7)
Net income (loss)	$	168.6	$	14.8	$	213.4	$	(17.5)

Net income (loss) per share:
Basic	$	0.38	$	0.04	$	0.48	$	(0.05)
Diluted	0.31		0.04		0.42		(0.05)

Weighted-average shares outstanding:
Basic	447.4		386.4		447.3		346.2
Diluted	546.5		387.2		506.2		346.2

See accompanying notes to condensed consolidated financial statements.

Table of Contents

GAMESTOP CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(unaudited)


	Three Months Ended				Six Months Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net income (loss)	$	168.6	$	14.8	$	213.4	$	(17.5)
Other comprehensive income:
Foreign currency translation adjustment	14.1		0.1		21.4		0.4

Net change in unrealized gain on available-for-sale securities	—		—		—		0.2

Total comprehensive income (loss)	$	182.7	$	14.9	$	234.8	$	(16.9)

See accompanying notes to condensed consolidated financial statements.

Table of Contents

GAMESTOP CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)


	Six Months Ended
	August 2, 2025		August 3, 2024
Cash flows from operating activities:
Net income (loss)	$	213.4	$	(17.5)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	10.3		24.4
Stock-based compensation expense, net	11.8		6.0
Unrealized gain on digital assets	(28.6)		—

Gain on disposal of property and equipment, net	(0.6)		(2.3)
Asset impairments, net	33.4		—

Other, net	2.6		0.5
Changes in operating assets and liabilities:
Receivables, net	9.8

SEC Form 10-Q filed by GameStop Corporation