Games Workshop has put out a short but telling full year trading update, and the numbers give investors a fairly clear split-screen picture. The core business has kept moving forward nicely, but licensing has come back sharply from last year’s level. Profit before taxation, or PBT – the profit figure before tax is taken off – has only nudged ahead.
For the 52 weeks ending 31 May 2026, Games Workshop expects core revenue of not less than £625 million, licensing revenue of not less than £30 million, and PBT of not less than £265 million. That makes this a decent update overall, but not an all-out blockbuster.
Games Workshop full year trading update 2026: the key numbers investors need
| Metric | 2025/26 estimate | 2024/25 | Change |
|---|---|---|---|
| Core revenue | Not less than £625 million | £565.0 million | At least +10.6% |
| Licensing revenue | Not less than £30 million | £52.5 million | At least -42.9% |
| Profit before taxation (PBT) | Not less than £265 million | £262.8 million | At least +0.8% |
If you add the two disclosed revenue lines together, they come to not less than £655 million, versus £617.5 million last year. That is an increase of at least 6.1%. The important phrase here is “not less than” – these are minimum expected figures, so the final reported numbers could still come in higher.
Core Warhammer revenue growth is the main positive in this Games Workshop update
The standout number here is core revenue of not less than £625 million, up from £565.0 million. That is at least £60 million of growth year on year, which is a strong result on the face of it. For a company built around the Warhammer universe, that says the main engine is still doing the heavy lifting.
That matters because core revenue is what usually tells you most about the health of the underlying business. In plain English, this is the part investors normally want to see growing steadily. On that measure, Games Workshop looks in good shape.
My view is that this is the number long-term shareholders will focus on first. A double-digit rise in the core business is hard to dismiss, especially when the company is already operating at a large scale.
Licensing revenue falls sharply and takes some shine off the headline
The weak point is licensing revenue, which is expected to be not less than £30 million, down from £52.5 million last year. That is a drop of at least £22.5 million, or 42.9%. It is a big fall, and there is no point dressing that up.
Licensing revenue is money earned from allowing others to use the company’s intellectual property, in this case the Warhammer brand and related assets. The RNS does not explain why this line has fallen so sharply, so the reason is simply not disclosed.
That missing detail matters. If the drop is just about timing, investors may shrug it off. If it reflects a quieter period for licensing activity more broadly, the market may take a more cautious view. Right now, the RNS does not give enough information to settle that question.
Games Workshop profit before tax barely moves despite higher revenue
PBT is estimated at not less than £265 million, compared with £262.8 million last year. That is only a modest increase of at least £2.2 million. So while revenue has gone up, profit has barely moved.
That is the most important balancing factor in this announcement. Stronger core trading has been largely offset by weaker licensing, at least at this stage. The end result is still a record-looking minimum profit number, but only just.
I think that makes this update more “solid” than “spectacular”. Investors like revenue growth, but they really want to see that growth feed through to profit in a meaningful way. This time, the profit improvement is pretty thin.
The RNS does not give any breakdown of costs, margins, or one-off items, so we cannot say what else may have influenced the profit outcome. That fuller picture should arrive with the annual report.
What “not less than” means for Games Workshop shareholders
This wording is worth paying attention to. Games Workshop is not giving an exact final figure yet – it is setting a floor. So core revenue could end up above £625 million, licensing could be above £30 million, and PBT could be above £265 million when the full results land.
That creates a little room for upside, but investors should not assume a massive jump from here. Companies use this style of wording to give the market an update without locking themselves into a final audited number too early.
What retail investors should watch before the 2026 annual report
Games Workshop said it intends to publish its 2026 Annual Report on 28 July 2026. That is when investors should expect the proper detail behind these headline figures.
- Whether the final numbers come in above these minimum estimates
- Any explanation for the drop in licensing revenue
- More detail on profitability and why PBT growth was so limited
- Any commentary on current trading and outlook, which is not included in this RNS
At the moment, this is a numbers-only update. There is no outlook statement, no commentary on trading since the period end, and no explanation for the mix shift between core revenue and licensing. Those gaps are notable, but not unusual for a short trading update.
My take on the Games Workshop trading update: positive, but with a clear weak spot
If you are a Games Workshop shareholder, there is enough here to stay broadly upbeat. Core revenue growth of at least 10.6% is a strong signal that the main business is still performing well. That should not be overlooked.
But there is also a clear drag from licensing, and that has left profit growth looking fairly muted. A PBT increase of at least 0.8% is positive in the strict sense, yet it is not the sort of jump that screams momentum on its own.
So the honest verdict is this: the business appears healthy, but the mix was less favourable this year. That makes the update good rather than great. The annual report on 28 July 2026 should tell investors whether this was just a quieter year for licensing or something worth watching more closely.
