GameStop Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
There is still no documented case for red: $6,141.4 million of equity (August 1, 2026), debt consisting solely of zero-coupon convertible notes maturing in 2030 and 2032 — about $2.8 billion of face value after the exchange closed on September 3, 2026 — $5,060.3 million of cash and marketable securities as of August 1, 2026, and no going-concern indication anywhere. But green would require answers to two open operating questions, and the quarter ended August 1, 2026 sharpened rather than settled them. First, retail has not returned to a growth path: 14.0 percent growth in the quarter ended May 2, 2026 was followed by a decline of 18.7 percent — profitability improved markedly and reached what the company calls its best second quarter ever, but the revenue base keeps shrinking and Video Games, the former lead category, collapsed 46.8 percent. Second, earnings still hang on items that have nothing to do with the stores: $238.4 million of gains on the eBay position against $75.0 million of losses on digital assets — strip them out and $298.7 million of net income becomes $161.1 million — and more than half the market value sits in one foreign security whose issuer rejected the takeover. Those are open operating questions, not a documented threat to the substance of the business — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
GameStop is two companies in one today. The first is a much smaller but increasingly profitable retailer: operating income turned from a loss of $26.2 million to a profit of $232.1 million, then reached $160.2 million in the quarter ended August 1, 2026 against $66.4 million — by the company's own account its best second quarter ever, on revenue that fell from $972.2 million to $790.2 million. Collectibles carry it, the largest category for the first time at $356.3 million and 45.1 percent of net sales. The second is an investment operation with interest-free billions in debt, a bitcoin holding in outside custody, and roughly 43.4 million eBay shares carried at $4,946.9 million — more than half its own market value of roughly $9.53 billion, bought against the stated wishes of the target. Cash and marketable securities fell to $5,060.3 million in exchange, and the share count rose 12.4 percent in three months. Not investment advice.
Retail business
Less revenue, considerably more profit. Operating income moved from a loss of $26.2 million in fiscal 2024 to a profit of $232.1 million in fiscal 2025, and rose to $160.2 million in the quarter ended August 1, 2026 from $66.4 million a year earlier — by the company's own account its highest second quarter ever; the operating margin climbs from 6.8 to 20.3 percent, gross margin from 29.1 to 43.7 percent. The category swap carries it: Collectibles grew 57 percent to $356.3 million and are the largest category for the first time at 45.1 percent of net sales. At the same time the 14.0 percent growth of the spring quarter stayed a one-off: revenue fell to $790.2 million from $972.2 million, down 18.7 percent. Reasons given: the prior-year Nintendo Switch 2 launch, planned store closures, the divestiture of the France operations.
Quality of earnings
Of $506.4 million in pre-tax income for the quarter ended May 2, 2026, only $143.3 million came from operations; $268.4 million was an unrealized mark-to-market gain on eBay options. The ratio shifts in the quarter ended August 1, 2026 without turning around: $160.2 million of $420.2 million pre-tax income came from operations (38 percent), $238.4 million from the eBay position, offset by $75.0 million of losses on digital assets. Stripping those out, GameStop itself reports adjusted net income of only $161.1 million against $298.7 million reported. These effects can reverse in any quarter. New alongside them: tax expense came to $121.5 million against $6.0 million — the release gives no reason for it — and operations produced only $62.4 million of cash against $117.4 million a year earlier.
Capital allocation
A good $4.3 billion flowed into roughly 43.4 million eBay shares in two months; the August 1, 2026 balance sheet carries them as an equity investment of $4,946.9 million — more than half of GameStop's own market value of roughly $9.53 billion (504,500,979 shares as of September 3, 2026, closing price $18.89 on September 8, 2026). eBay had rejected the takeover proposal of $125.00 per share on May 12, 2026. Cash and marketable securities fell in the same move from $8,368.1 million (May 2, 2026) to $5,060.3 million.
Dilution
It is done, not averted: shares outstanding rose from 448,691,257 (June 5, 2026) to 504,500,979 (September 3, 2026), up 12.4 percent. The cause is the note exchange, which the earnings release of September 8, 2026 confirms closed on September 3: roughly 55.5 million new shares plus roughly $358.4 million in cash. Diluted earnings for the quarter ended August 1, 2026 already run on 592.6 million shares against 448.8 million actual. Still outstanding are 59.1 million warrants at $32.00 expiring October 30, 2026; authorized capital has stood at 2.5 billion shares since July 7, 2026 — approved against 104.6 million votes opposed.
Balance sheet & funding
As of August 1, 2026 the balance sheet carried $6,141.4 million of equity on total assets of $11,144.8 million, and debt consists exclusively of convertible notes with a coupon of 0.00 percent maturing in 2030 and 2032. After the exchange that closed on September 3, 2026 only about $2.8 billion of face value remains. There is no meaningful interest expense, no near-term repayment and no going-concern indication; as of August 1, 2026 cash and marketable securities stood at $5,060.3 million, plus $294.1 million of digital assets and related receivables.
Custody of digital assets
Of 4,710 bitcoin bought for $500 million, 4,709 are pledged to Coinbase Credit, which may rehypothecate, commingle or unilaterally sell them. GameStop therefore derecognized them and reports a receivable instead: $368.3 million as of January 31, 2026, already carrying $59.7 million of unrealized loss — and only $294.1 million as of August 1, 2026 after a further $75.0 million of losses on digital assets and related receivables in that quarter. A year earlier the same line showed a gain of $28.6 million. The coins have not returned to GameStop's own custody.
Worth Noting
The hook for this analysis is the SEC current report 8-K of May 4, 2026, in which GameStop disclosed its non-binding proposal of $125.00 per eBay share — not a scanner hit. The decisive developments of 2026 are not in the quarterly report but in the filings between them: Schedule 13D amendments, more than two dozen Rule 425 communications, and results releases that arrive as exhibits to current reports rather than as filed quarterly reports.
Data as of September 9, 2026. The most recent filed quarterly report is the 10-Q as of May 2, 2026 (filed June 11, 2026); no 10-Q for August 1, 2026 had been filed as of September 9, 2026. Every filing submitted afterwards through September 8, 2026 was reviewed and, where it changes the picture, incorporated: the 8-K filings of June 2 (repurchase authorization), June 23 (withdrawal of the compensation resolution), June 26 (guidance), July 8 (annual meeting, authorized capital), August 3 (note exchange), August 31 (preliminary quarterly figures and amended exchange) and September 8 (second-quarter earnings release, Item 2.02), plus Schedule 13D/A No. 4 on eBay of July 17 and Schedule 13D/A No. 15 on GameStop of September 3.
The figures for the quarter ended August 1, 2026 come from the earnings release of September 8, 2026 (Exhibit 99.1 to a current report on Form 8-K). They replace the preliminary ranges of August 31, 2026 and include the balance sheet, cash flow statement, segment data and the recast sales categories — but they remain a company release, not a filed quarterly report. There was no conference call and no management quote accompanying them.
The market value of roughly $9.53 billion is computed here rather than taken from a data feed: 504,500,979 shares from the beneficial ownership filing of September 3, 2026 times the closing price of $18.89 on September 8, 2026. Our own data source was for a time still working with 448,691,257 shares and therefore understated market value by roughly a billion dollars; anyone taking a market value from a database should check the share count against the latest filing.
GameStop recast its sales categories with the quarter ended August 1, 2026 — from hardware, software and collectibles to Collectibles, Video Games, and Pre-Owned and Refurbished, with prior-year amounts restated. The full-year figures in this analysis for fiscal 2023 through 2025 therefore still use the old presentation and are not directly comparable with the new quarterly split.
Easily confused: two GameStop securities trade on the NYSE — the common stock under GME and the warrants under GME WS (exercise price $32.00, expiring October 30, 2026). Anyone comparing "GME" should check which of the two is meant.
Stock Watch
This analysis is as of September 9, 2026. Stock Watch will tell you what's changed at GME since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 17.90 $ to 27.70 $ · Last price: 22.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Specialty Retail
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| GameStop Corp. GME | 10.2 | 16.7 | 19.9 | 37.9 | 16.6 | -5.1 | -12.8 |
| Williams-Sonoma Inc WSM | 25.9 | 24.4 | 15.6 | 45.7 | 16.2 | 1.2 | 12.9 |
| Ulta Beauty Inc ULTA | 23.7 | 20.6 | 13.3 | 43.1 | 14.2 | 9.7 | 2.8 |
| Caseys General Stores Inc CASY | 22.5 | 33.3 | 16.3 | 23.8 | 5.4 | 10.2 | 5.3 |
| Best Buy Co. Inc BBY | 19.9 | 18.5 | 8.4 | 22.6 | 4.0 | 0.4 | 35.4 |
| Tractor Supply Company TSCO | 17.2 | 16.5 | 12.9 | 36.5 | 6.5 | 4.3 | -43.1 |
| Five Below Inc FIVE | 13.1 | 32.3 | 14.8 | 37.6 | 12.0 | 22.9 | 59.4 |
| Dick’s Sporting Goods Inc DKS | 11.1 | 12.0 | 10.2 | 33.1 | 10.6 | 28.1 | -42.9 |
| Murphy USA Inc MUSA | 9.7 | 19.1 | 10.1 | 8.1 | 4.8 | -4.3 | 32.1 |
| Median of companies shown | 17.2 | 19.1 | 13.3 | 36.5 | 10.6 | 4.3 | 5.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 7,965 | 482 | 353 | 0.85 | 537 | 2,254 | 4,976 |
| 2018 | 8,547 | 439 | 35 | 0.09 | 435 | 2,215 | 5,042 |
| 2019 | 8,285 | -702 | -673 | -1.65 | 325 | 1,336 | 4,044 |
| 2020 | 6,466 | -400 | -471 | -1.35 | -415 | 612 | 2,820 |
| 2021 | 5,090 | -238 | -215 | -0.83 | 124 | 437 | 2,473 |
| 2022 | 6,011 | -369 | -381 | -1.31 | -434 | 1,603 | 3,499 |
| 2023 | 5,927 | -312 | -313 | -1.03 | 108 | 1,322 | 3,113 |
| 2024 | 5,273 | -35 | 7 | 0.02 | -204 | 1,339 | 2,709 |
| 2025 | 3,823 | -26 | 131 | 0.33 | 146 | 4,930 | 5,875 |
| 2026 | 3,630 | 286 | 418 | 0.76 | 615 | 5,444 | 10,450 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.01 | 133.30 | 798 | -31.40 | 1.90 | 69 | 66 |
| 2024: Q4 | 0.06 | 1,664.70 | 860 | -20.20 | 2.00 | 25 | 20 |
| 2025: Q1 | 0.30 | 36.40 | 1,283 | -28.50 | 10.20 | 162 | 159 |
| 2025: Q2 | 0.17 | 241.70 | 732 | -16.90 | 6.10 | 193 | 190 |
| 2025: Q3 | 0.25 | 2,400.00 | 972 | 21.80 | 17.30 | 117 | 113 |
| 2025: Q4 | 0.24 | 300.00 | 821 | -4.60 | 9.40 | 111 | 107 |
| 2026: Q1 | 0.22 | -28.00 | 1,104 | -13.90 | 11.60 | 194 | 187 |
| 2026: Q2 | 0.30 | 76.50 | 835 | 14.00 | 46.60 | 338 | 333 |
| 2026: Q3 | 0.51 | 104.00 | 790 | -18.70 | 37.80 | 62 | 61 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 01/31/2027 | 1.80 | 1.80 – 1.80 | 3,902 | – | 1 |
| 01/31/2028 | 1.86 | 1.86 – 1.86 | 4,331 | 3.3% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $688.2M |
|---|---|
| Market cap | $10.18B |
| Free cash flow in year ten | $979.2M |
| Terminal value as a share of market value | 50.7% |
For comparison: over the past five years free cash flow grew by 56.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
GameStop verkauft keine KI, setzt nach eigenen Angaben bis zum Geschäftsbericht für das Geschäftsjahr 2025 noch keine KI produktiv ein und beschreibt KI ausschließlich als möglichen künftigen Schritt in einem Risikofaktor — vier ältere Berichte (zwei 10-K, drei 10-Q) erwähnen KI gar nicht.
View the full file — quotes, sources, reviewed filings
„We may begin using artificial intelligence and machine learning technologies (“AI”) to enhance certain workflows and processes used in our business, including certain customer-facing and operational activities."
Wir könnten damit beginnen, Technologien der künstlichen Intelligenz und des maschinellen Lernens („KI“) einzusetzen, um bestimmte Arbeitsabläufe und Prozesse in unserem Geschäft zu verbessern, darunter bestimmte kundenseitige und betriebliche Tätigkeiten.
10-K · 2026-03-24 · View SEC filing
„AI is still in its early stages, and the introduction and incorporation of AI technologies may result in unintended consequences or other new or expanded risks and liabilities."
KI steckt noch in den Anfängen, und die Einführung und Einbindung von KI-Technologien kann zu unbeabsichtigten Folgen oder zu neuen beziehungsweise erweiterten Risiken und Haftungsfragen führen.
10-K · 2026-03-24 · View SEC filing
„our competitors or other third parties may incorporate AI into their products and services more quickly or more successfully than we do, which could impair our ability to compete effectively and adversely affect our results of operations"
unsere Wettbewerber oder andere Dritte könnten KI schneller oder erfolgreicher in ihre Produkte und Dienstleistungen einbinden als wir, was unsere Wettbewerbsfähigkeit beeinträchtigen und sich nachteilig auf unser Betriebsergebnis auswirken könnte
10-K · 2026-03-24 · View SEC filing
Filings Reviewed: 10-Q 2026-06-11 · 10-K 2026-03-24 · 10-Q 2025-12-09 · 10-Q 2025-09-09 · 10-Q 2025-06-10 · 10-K 2025-03-25
Rated on August 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -15.1%
- More than 10% revenue growth is expected for the coming year -76.6%
- Share count grows by less than 3% a year 21.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 11.4%
- Gross margin at 40% or higher and without meaningful erosion 32.4%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 4,652 m net cash
- Operating cash flow covers the profits of the last three years 0 m
- Return on capital at 15% or higher, or up versus two years ago 2.9%
- Insiders hold at least 10% or are net buyers 8.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -8.4%
- Exp. sales growth 3Y > 5% 9.2%
- EBIT growth 10Y > 5% -5.6%
- Exp. EBIT growth 3Y > 5% 56.2%
- Net debt < 4x EBIT -16.3x
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 7.7%
- ROCE > 15% 2.9%
- Expected return > 10% 65.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Attal Alain | Director | Buy | 5,000 | 20.00 | 100,000 |
| Sep 10, 2026 | Cohen Ryan | President, CEO and Chairman | Buy | 1,000,000 | 20.38 | 20,375,900 |
| Sep 9, 2026 | Grube James | Director | Buy | 10,255 | 19.12 | 196,076 |
| Sep 8, 2026 | Cheng Lawrence | Director | Buy | 55,000 | 18.80 | 1,033,956 |
The company
About the Company
GameStop Corp., a specialty retailer, provides games, collectibles, and entertainment products through its stores and e-commerce platforms in United States, Australia and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and other peripheral devices; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads. It also sells collectibles comprising apparel, toys, trading cards, gadgets, and other retail products for pop culture and technology enthusiasts. The company operates stores and e-commerce sites under the GameStop, EB Games, and Micromania brands; and pop culture themed stores that sell collectibles, apparel, gadgets, electronics, toys, and other retail products under the Zing Pop Culture brand. The company was formerly known as GSC Holdings Corp. GameStop Corp. was founded in 1996 and is based in Grapevine, Texas.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 4,000
- Headquarters
- Grapevine, TX
- Address
- 625 Westport Parkway, 76051 Grapevine, United States
- Phone
- 817 424 2000
- Website
- gamestop.com
- IPO Date
- 02/13/2002
- ISIN
- US36467W1099
- Stock Split
- 4:1 on 07/22/2022
- Stock Split
- 2:1 on 03/19/2007
Management
| Name | Title | Birth Year |
|---|---|---|
| Ryan Cohen | President, CEO & Executive Chairman | 1986 |
| Daniel William Moore | Principal Financial & Accounting Officer | 1983 |
| Mark Haymond Robinson | General Counsel & Secretary | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 GameStop Corp. (GME): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/31/2026 GameStop Corp. (GME): Entry into a Material Definitive Agreement; Results of Operations and Financial Condition; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/03/2026 GameStop Corp. (GME): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 07/08/2026 GameStop Corp. (GME): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Submission of Matters to a Vote of Security Holders; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.