{"company":"Games Workshop","reviewed":"2026-10-19","currency":"GBP","sources":{"a2022":{"title":"Annual report 2022","url":"https://assets.ctfassets.net/ost7hseic9hc/4wT1AjfBUUX6HWQ0HhAAnu/ac4403cd600cef16674bfa20462a280b/2021-22-accounts-Final-NoM.pdf","location":"Financial highlights; strategic report pp.9–14; consolidated cash flows p.60. FY2021 comparative core revenue £353.2m. FY2022 ended 29 May 2022."},"a2023":{"title":"Annual report 2023","url":"https://assets.ctfassets.net/ost7hseic9hc/3Bxadr0YTIX0hGl1H7DPGe/8e1361726a8e0c8dfef9bcdae8299480/2022-23_accounts_-_final.pdf","location":"Financial highlights; strategic report pp.7–10: releases, licensing, sales and distribution. FY2023 ended 28 May 2023."},"a2024":{"title":"Annual report 2024","url":"https://assets.ctfassets.net/ost7hseic9hc/6nhjgj1BVPlaTocG6L4IbS/e42b72a50979ca58769b9e85e04ae79a/2023-24_accounts_-_final.pdf","location":"Strategic report pp.8–12; consolidated cash flows p.62 (FY2023 comparative); five-year summary p.85. FY2024 ended 2 June 2024; 53 weeks."},"a2025":{"title":"Annual report 2025","url":"https://assets.ctfassets.net/ost7hseic9hc/5qDkmHQ0CNK6sLe6s990jL/ee0e6d81c35361803e7ab41b8c01add9/2024-25_accounts_FINAL_-_updated.pdf","location":"Strategic report pp.8–15: releases, engagement, licensing, channels and prices; consolidated cash flows p.71. FY2025 ended 1 June 2025."},"a2026":{"title":"FY2026 company results · 28 July 2026","url":"https://data.fca.org.uk/artefacts/NSM/RNS/6556e3ad-3e16-4379-a73b-9006edb45cb8.html","location":"Strategic report: design, customer engagement, licensing and financial review; consolidated cash flows and segment note 3. FY2026 ended 31 May 2026."}},"periods":{"annual":[{"year":2022,"coreRevenue":386.8,"coreProfit":131.7,"grossMargin":67.1,"constantGrowth":11,"trade":214.3,"retail":87.2,"online":85.3,"licensing":28,"royaltyCash":15.4,"stores":518,"stockists":6200,"activeUsers":null,"subscribers":null,"ocf":121.5,"ppe":17,"intangibles":1.4,"development":13.9,"label":"FY2022","sourceIds":["a2022"],"qualifiers":{"stores":"","stockists":"≈"},"sourcesByMetric":{},"periodNotes":{"fcf":"Group cash, including licensing; before lease principal/interest, dividends and financing. Deducts capitalised product development."},"coreGrowth":9.513023782559472,"operatingMargin":34.048603929679416,"tradeMix":55.403309203722856,"investmentCash":32.3,"fcf":89.2,"buyers":null,"retention":null,"units":null,"spendPerBuyer":null,"starterRepeat":null,"fixedBasket":null,"eventAttendees":null},{"year":2023,"coreRevenue":445.4,"coreProfit":148.2,"grossMargin":66.5,"constantGrowth":9.6,"trade":248,"retail":106.4,"online":91,"licensing":25.4,"royaltyCash":26.5,"stores":526,"stockists":6500,"activeUsers":427000,"subscribers":null,"ocf":192.7,"ppe":14.8,"intangibles":0.4,"development":13.1,"label":"FY2023","sourceIds":["a2023","a2024"],"qualifiers":{"stores":"","stockists":"≈","activeUsers":"≈"},"sourcesByMetric":{"activeUsers":"a2023"},"periodNotes":{"fcf":"Group cash, including licensing; before lease principal/interest, dividends and financing. Deducts capitalised product development.","subscribers":"FY2024 report quotes 136,000 for FY2023; timing is not established as an exact fiscal year-end observation, so excluded from this annual chart.","activeUsers":"FY2023 period-end active users: 427,000 at 28 May2023. The 2023 annual report defines active as online engagement during the preceding six months. Displayed with ≈ under the site’s rounded-count convention; not unique buying customers or tabletop players."},"coreGrowth":15.149948293691828,"operatingMargin":33.27346205657835,"tradeMix":55.68028738212843,"investmentCash":28.3,"fcf":164.39999999999998,"buyers":null,"retention":null,"units":null,"spendPerBuyer":null,"starterRepeat":null,"fixedBasket":null,"eventAttendees":null},{"year":2024,"coreRevenue":494.7,"coreProfit":174.8,"grossMargin":69.4,"constantGrowth":13.9,"trade":288.4,"retail":115.6,"online":90.7,"licensing":31,"royaltyCash":25,"stores":548,"stockists":7200,"activeUsers":565000,"subscribers":null,"ocf":196.2,"ppe":15.6,"intangibles":1.6,"development":15.4,"label":"FY2024","sourceIds":["a2024","a2025"],"qualifiers":{"stores":"","stockists":"≈","activeUsers":"≈"},"sourcesByMetric":{"activeUsers":"a2024"},"periodNotes":{"fcf":"Group cash, including licensing; before lease principal/interest, dividends and financing. Deducts capitalised product development.","coreGrowth":"53-week year versus 52 weeks. No week adjustment applied.","activeUsers":"FY2024 period-end active users: 565,000 at 2 June2024. The 2024 annual report defines active as online engagement during the preceding six months. Displayed with ≈ under the site’s rounded-count convention; not unique buying customers or tabletop players.","subscribers":"FY2024 report says “currently 176,000”; retained as a dated disclosure below rather than assumed exact year-end."},"coreGrowth":11.068702290076349,"operatingMargin":35.33454618960987,"tradeMix":58.297958358601164,"investmentCash":32.6,"fcf":163.6,"buyers":null,"retention":null,"units":null,"spendPerBuyer":null,"starterRepeat":null,"fixedBasket":null,"eventAttendees":null},{"year":2025,"coreRevenue":565,"coreProfit":211.8,"grossMargin":69.5,"constantGrowth":16,"trade":345.7,"retail":128.7,"online":90.6,"licensing":52.5,"royaltyCash":57,"stores":570,"stockists":8100,"activeUsers":735000,"subscribers":232000,"ocf":247.4,"ppe":24,"intangibles":0.5,"development":16.4,"label":"FY2025","sourceIds":["a2025"],"qualifiers":{"activeUsers":"≈","subscribers":"≈","stores":"","stockists":"≈"},"sourcesByMetric":{},"periodNotes":{"fcf":"Group cash, including licensing; before lease principal/interest, dividends and financing. Deducts capitalised product development."},"coreGrowth":14.210632706690918,"operatingMargin":37.48672566371681,"tradeMix":61.1858407079646,"investmentCash":40.9,"fcf":206.5,"buyers":null,"retention":null,"units":null,"spendPerBuyer":null,"starterRepeat":null,"fixedBasket":null,"eventAttendees":null},{"year":2026,"coreRevenue":626.8,"coreProfit":245.1,"grossMargin":71.1,"constantGrowth":12.2,"trade":405.3,"retail":131.4,"online":90.1,"licensing":32.9,"royaltyCash":42.9,"stores":598,"stockists":9100,"activeUsers":890000,"subscribers":269000,"ocf":267.7,"ppe":32,"intangibles":0.4,"development":17,"label":"FY2026","sourceIds":["a2026"],"qualifiers":{"activeUsers":"≈","subscribers":"≈","stores":"","stockists":"≈"},"sourcesByMetric":{},"periodNotes":{"fcf":"Group cash, including licensing; before lease principal/interest, dividends and financing. Deducts capitalised product development."},"coreGrowth":10.938053097345124,"operatingMargin":39.10338225909381,"tradeMix":64.66177409061902,"investmentCash":49.4,"fcf":218.29999999999998,"buyers":null,"retention":null,"units":null,"spendPerBuyer":null,"starterRepeat":null,"fixedBasket":null,"eventAttendees":null}]},"metrics":[{"key":"coreRevenue","label":"Core hobby revenue","unit":"GBP m","group":"Hobby demand","meaning":"Money earned from miniatures and related hobby products, publications and digital offerings.","formula":"Reported core revenue; excludes licensing.","read":"Tests whether the hobby business is expanding across release cycles.","limit":"Not miniature unit sales, consumer retail spending or unique buyers.","core":true,"kind":"Reported"},{"key":"constantGrowth","label":"Core growth · constant currency","unit":"%","group":"Hobby demand","meaning":"Annual sales growth translated at the prior comparison exchange-rate basis.","formula":"Company-reported constant-currency core growth.","read":"Helps separate operating sales changes from currency movements.","limit":"Includes prices, product mix and distribution changes; FY2024 has 53 weeks.","core":true,"kind":"Reported"},{"key":"coreGrowth","label":"Core growth · reported currency","unit":"%","group":"Hobby demand","meaning":"Change in reported pounds of core sales from the previous financial year.","formula":"100 × (current core revenue / prior core revenue − 1); FY2021 baseline £353.2m.","read":"Compare with constant-currency growth and release timing.","limit":"Not a measure of volume growth. FY2024 has one extra week.","core":false,"kind":"Calculated"},{"key":"coreProfit","label":"Core operating profit","unit":"GBP m","group":"Profit & cash","meaning":"Core sales less related cost of sales and operating expenses.","formula":"Company-reported core operating profit.","read":"Shows whether hobby sales leave more profit to support the business.","limit":"Excludes licensing profit; profit is not cash.","core":true,"kind":"Reported"},{"key":"operatingMargin","label":"Core operating margin","unit":"%","group":"Profit & cash","meaning":"Operating profit retained from each pound of hobby revenue.","formula":"Core operating profit / core revenue × 100.","read":"Connects demand, manufacturing and the costs of supporting the hobby.","limit":"Can improve while recruitment weakens; tariffs, channel mix and cost timing matter.","core":true,"kind":"Calculated"},{"key":"grossMargin","label":"Core gross margin","unit":"%","group":"Profit & cash","meaning":"Revenue remaining after core cost of sales, before core operating expenses.","formula":"Company-reported core gross margin.","read":"Tracks production economics and pricing alongside operating margin.","limit":"A margin improvement is not proof of pricing power; efficiency and channel mix also matter.","core":false,"kind":"Reported"},{"key":"activeUsers","label":"My Warhammer active users","unit":"users","group":"Community & reach","meaning":"Registered users who engaged online in the preceding six months.","formula":"Company-reported approximate period-end active users.","read":"A proxy for ongoing digital engagement.","limit":"Not unique buyers or tabletop players; users can overlap with Warhammer+ subscribers.","core":true,"kind":"Reported"},{"key":"subscribers","label":"Warhammer+ subscribers","unit":"subscribers","group":"Community & reach","meaning":"Paying relationships with the subscription service at the disclosed date.","formula":"Company-reported approximate period-end subscriber count.","read":"Shows willingness to pay for ongoing content and hobby services.","limit":"Not necessarily new fans or miniature buyers. Do not add to active users.","core":true,"kind":"Reported"},{"key":"stores","label":"Company-operated stores","unit":"stores","group":"Community & reach","meaning":"Physical outlets operated by Games Workshop at year-end.","formula":"Reported period-end store count.","read":"Stores provide introductions, demonstrations and local access.","limit":"More stores do not prove more customers. Timing, relocations and closures matter.","core":true,"kind":"Reported"},{"key":"stockists","label":"Active independent retailer accounts","unit":"accounts","group":"Community & reach","meaning":"Independent trade outlets/accounts; activity is based on ordering in the previous six months.","formula":"Company-reported approximate active account count.","read":"Tracks external distribution and access to local hobby communities.","limit":"Not unique consumers. FY2026 excludes over 3,000 major chain outlets with small recruitment ranges.","core":false,"kind":"Reported"},{"key":"trade","label":"Trade revenue","unit":"GBP m","group":"Distribution","meaning":"Sales recorded through this channel.","formula":"Reported revenue at actual exchange rates.","read":"Compare all three channels to understand distribution shifts.","limit":"Trade records wholesale sales to retailers, not final consumer sell-through. Online includes digital revenue; independent web stores are Trade.","core":false,"kind":"Reported"},{"key":"retail","label":"Company-store revenue","unit":"GBP m","group":"Distribution","meaning":"Sales recorded through this channel.","formula":"Reported revenue at actual exchange rates.","read":"Compare all three channels to understand distribution shifts.","limit":"Trade records wholesale sales to retailers, not final consumer sell-through. Online includes digital revenue; independent web stores are Trade.","core":false,"kind":"Reported"},{"key":"online","label":"Own online revenue","unit":"GBP m","group":"Distribution","meaning":"Sales recorded through this channel.","formula":"Reported revenue at actual exchange rates.","read":"Compare all three channels to understand distribution shifts.","limit":"Trade records wholesale sales to retailers, not final consumer sell-through. Online includes digital revenue; independent web stores are Trade.","core":false,"kind":"Reported"},{"key":"tradeMix","label":"Trade share of core revenue","unit":"%","group":"Distribution","meaning":"Share of core revenue earned via independent retailers.","formula":"Trade revenue / core revenue × 100.","read":"A wider trade network can expand reach but changes the revenue and margin mix.","limit":"Wholesale and direct revenue use different selling prices; channel mix can move revenue without changing model volumes.","core":false,"kind":"Calculated"},{"key":"licensing","label":"Licensing revenue","unit":"GBP m","group":"Media & licensing","meaning":"Income from allowing third parties to use Warhammer intellectual property.","formula":"Company-reported licensing revenue.","read":"Tests whether the fictional universe earns income beyond products Games Workshop makes itself.","limit":"Minimum guarantees may be recognised before cash is received; lumpy game releases affect comparisons.","core":true,"kind":"Reported"},{"key":"royaltyCash","label":"Licensing cash received","unit":"GBP m","group":"Media & licensing","meaning":"Cash collected from licensing partners in the period.","formula":"Reported cash received from licensees.","read":"Checks cash collection alongside recognised royalty income.","limit":"Collections can relate to contracts recognised in earlier years; not a same-year conversion rate.","core":false,"kind":"Reported"},{"key":"ocf","label":"Operating cash flow after tax","unit":"GBP m","group":"Profit & cash","meaning":"Group cash from operating activities after cash taxes.","formula":"Net cash generated from operating activities.","read":"Checks whether reported profit turns into spendable cash.","limit":"Includes licensing, working-capital changes and tax timing; not core-only cash.","core":false,"kind":"Reported"},{"key":"investmentCash","label":"Cash investment in assets & development","unit":"GBP m","group":"Profit & cash","meaning":"Cash spent on physical assets, other intangible assets and capitalised product development.","formula":"PPE purchases + other intangible purchases + expenditure on product development.","read":"Shows the cash required to build capacity and refresh products.","limit":"Cash expenditure is different from asset additions or studio spending; do not add overlapping figures.","core":false,"kind":"Calculated"},{"key":"fcf","label":"Cash after asset & development investment","unit":"GBP m","group":"Profit & cash","meaning":"Group operating cash remaining after the three specified investment outflows.","formula":"Operating cash flow − PPE purchases − other intangible purchases − capitalised product development.","read":"Connects cash generation with the investment needed for new products and capacity.","limit":"Before lease principal and lease interest, dividends and financing. Not a company-defined FCF measure or cash available for distribution.","core":true,"kind":"Calculated"},{"key":"buyers","label":"Unique buying customers","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to distinguish more buyers from higher spending.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"retention","label":"Customer retention","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to establish whether buyers stay.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"units","label":"Miniature units / game sets sold","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to separate physical volume from price and product mix.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"spendPerBuyer","label":"Average spending per buyer","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to distinguish customer expansion from spending intensity.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"starterRepeat","label":"Starter-to-repeat purchase rate","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to test whether launches create lasting hobbyists.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"fixedBasket","label":"Fixed-product price index","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to separate like-for-like pricing from larger or different boxes.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"},{"key":"eventAttendees","label":"Comparable annual event participation","unit":"unavailable","group":"Disclosure gaps","meaning":"Needed to follow participation using consistent definitions.","formula":"No complete matching verified annual series in this dataset.","read":"Useful question for future disclosures or consistently collected research.","limit":"Missing is not zero; do not infer this from revenue, memberships, views or retailer counts.","core":false,"kind":"Unavailable"}],"notes":["Five completed financial years, FY2022–FY2026. GBP millions unless a count or percentage is specified. FY2024 has 53 weeks; other years have 52. Data reviewed 19 October 2026; this is a dated dataset, not a live feed.","Approximate management counts carry ≈ and remain in tables. No interpolated values, invented customer numbers or unsupported conversion rates. Line charts do not bridge missing observations.","Core revenue is broader than miniatures or game sets. No standalone annual game-set sales series is established. Do not divide group revenue by active users to estimate spending per customer.","Cash calculations use consolidated group statements after tax. They deduct capitalised development as well as physical and other intangible asset purchases. Product development cash is not omitted simply because it appears in investing activities.","Cash after investment is before lease principal and lease interest. FY2026 lease principal/interest were £13.2m/£1.8m; FY2025 £12.3m/£1.4m. After also deducting these payments the respective amounts are £203.3m and £192.8m. These calculations remain before dividends and financing.","Studio spending and tooling are development inputs, not separate amounts to deduct again from this cash measure. Some expenditure overlaps with expenses or capitalised cash already captured.","Price changes are not assumed to equal inflation or volume changes. A fixed basket of unchanged products is not yet compiled. Revenue growth less a headline price increase is not a verified unit-growth figure.","The FY2023 and FY2024 My Warhammer annual observations use period-end disclosures in the respective annual reports, with the same six-month engagement definition. The FY2025 report’s FY2024 comparative is also retained as corroborating evidence. Earlier Warhammer+ counts are described as current publication-date observations and remain separate from the annual year-end series."],"observations":[{"label":"My Warhammer · FY2024 comparative","value":"≈565,000 active users","period":"FY2024 comparative in FY2025 report","note":"FY2025 defines active as online engagement during the last six months. Not a buying-customer count.","source":"a2025"},{"label":"Warhammer+ · FY2024 report","value":"176,000; prior comparison 136,000","period":"FY2024 annual-report publication","note":"Report says currently; not treated as an exact fiscal year-end series. Subscribers are not necessarily tabletop players.","source":"a2024"},{"label":"Design inputs","value":"£21.9m studio; £7.6m tooling","period":"FY2026","note":"Inputs into product quality and new releases; spending itself does not establish customer enjoyment or successful releases.","source":"a2026"},{"label":"FY2025 recommended retail price changes","value":"Miniatures average +5%; other product lines average +4%","period":"FY2025","note":"Management-reported averages, not a fixed-product index or the percentage contribution of pricing to sales growth.","source":"a2025"}]}