Games Workshop reported record half-year results for the 26 weeks ended 30 November 2025, reflecting the enduring popularity of the Warhammer Universe at the core of its business, and the company’s ability to navigate a challenging retail landscape.
Core revenue surged 17% to £316.1m, up from £269.4m last year. Total revenue climbed to £332.1m (2024: £299.5m), and at constant currency, reached £334.7m. Core operating profit rose to £126.1m (2024: £98.1m). Profit before tax increased 11% to £140.8m, beating analyst expectations of £135m.
Licensing revenue fell sharply to £16.0m from £30.1m last year, reflecting fewer major deals during the period. Licensing operating profit dropped to £14.3m (2024: £28.0m), but the core business more than compensated for this decline.
CEO Kevin Rountree commented: “I’m delighted to report a record half-year performance. A huge thank you to our staff, customers, trade accounts and broader stakeholders for their ongoing support.”
Investment bank Peel Hunt described the results as “impressive,” noting that core sales grew 18.4% at constant currency and profit before tax exceeded expectations. The broker reiterated its Buy recommendation.
Hobby retailers shine over Christmas
The strong performance reflects a broader trend in consumer spending. Specialist and hobby-related retailers outperformed general retail over Christmas as shoppers invested in personal interests. Tabletop gaming, model painting, crafting, and collectible hobbies saw robust demand, while some sports-related categories softened as consumers prioritised indoor leisure over big-ticket sporting goods.
This highlights the resilience of the hobby sector, which has benefited from a loyal customer base and ongoing attraction to immersive, community-driven experiences. According to Statista, the European toys and games retail market, including specialist stores, was worth €19.7 billion in 2025, up from €18.1 billion in 2020, growing at a 3% CAGR over five years. The broader European toys and games market reached US $27.8 billion in 2024, with forecasts pointing to a 5.7% CAGR through 2033.
Warhammer central to Games Workshop’s success
Tabletop gaming remains one of the fastest-growing segments globally, with the worldwide market projected to reach US $78.4 billion by 2034, according to Future Market Insights. Warhammer is Games Workshop’s flagship tabletop miniature wargaming franchise, spanning two universes: Warhammer 40,000 (sci-fi) and Warhammer Age of Sigmar (fantasy). Players collect, build, and paint detailed models before battling on themed tabletops using dice and rulebooks. It is the core of Games Workshop’s business, driving sales of miniatures, paints, accessories, and licensing revenue. The hobby has a strong following, with an estimated 2.4 million players in the UK and around 3–4 million globally, according to industry estimates and Warhammer Community data.
Games Workshop’s record half-year results underscore the strength of its core business and ongoing customer loyalty to the Warhammer universe. With upgraded forecasts, a generous dividend policy, and a thriving hobby market, the company is well-positioned for another strong year.
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