gme-20251101

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 NOVEMBER 1, 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

Warrants to Purchase Common Stock, par value $0.001 per share

GME WS

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 December 5, 2025: 448,009,480.

TABLE OF CONTENTS



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

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

	Condensed Consolidated Statements of Operations — For the three and nine months ended November 1 , 2025 and November 2, 2024	2

	Condensed Consolidated Statements of Comprehensive Income (Loss) — For the three and nine months ended November 1 , 2025 and November 2, 2024	3

	Condensed Consolidated Statements of Cash Flows — For the nine months ended November 1 , 2025 and November 2, 2024	4

	Condensed Consolidated Statements of Stockholders’ Equity — For the three and nine months ended November 1 , 2025 and November 2, 2024	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	30

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

SIGNATURES		35

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)


	November 1, 2025		November 2, 2024		February 1, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	7,842.7	$	4,583.4	$	4,756.9
Marketable securities	986.9		32.8		18.0
Receivables, net of allowance of $0.9, $3.8 and $4.7, respectively	54.5		57.5		60.9
Merchandise inventories, net	575.5		830.2		480.2
Prepaid expenses and other current assets	34.6		119.4		39.0
Assets held for sale	194.1		—		—

Total current assets	9,688.3		5,623.3		5,355.0
Property and equipment, net of accumulated depreciation of $565.1, $768.9 and $684.2, respectively	51.2		70.5		68.2
Digital assets	519.4		—		—
Operating lease right-of-use assets	218.7		425.3		374.1
Deferred income taxes	18.9		17.7		18.1
Other noncurrent assets	54.2		103.4		60.0
Total assets	$	10,550.7	$	6,240.2	$	5,875.4

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	380.4	$	494.1	$	148.6
Accrued liabilities and other current liabilities	277.2		437.0		362.2
Current portion of operating lease liabilities	94.3		157.6		144.3
Current portion of long-term debt	—		10.9		10.3
Liabilities held for sale	180.5		—		—
Total current liabilities	932.4		1,099.6		665.4
Long-term debt	4,162.6		9.6		6.6
Operating lease liabilities	134.6		285.4		249.5
Other long-term liabilities	18.1		41.1		24.1

Total liabilities	5,247.7		1,435.7		945.6
Stockholders’ equity:
Class A common stock — $.001 par value;

SEC Form 10-Q filed by GameStop Corporation