Electronic Arts FY2026 Q3 Earnings Release

R eco rd
Quarte rly
Net
Bookin gs
Driv e n
by
Battle fie ld ™
6’s
Land m ark
Laun ch

C ontin ued
Fra nch is e
Mom entu m
Acro ss
EA
SPO RTS
FC ™
and
Ape x
Lege nds™

R ED W OOD
CIT Y,
CA.
– Feb ru ary
3,
20 26
– Ele ctr o nic
Arts
In c.
(N ASD AQ :
EA)
to day
anno unce d
pre lim in ary

f in ancia l
re su lt s
fo r
it s
th ir d
fis ca l
quarte r
en ded
Dece m ber
31 ,
20 25.

S ele cte d
Opera tin g
Hig hlig hts
an d
Metr ic s

● Net
bookin gs
1
fo r
th e
quarte r
to ta le d
$3.0 46
bill io n,
up
38 %
ye a r-o ve r-y e a r.

● Battle fie ld ™
6 was
th e
best- s e llin g
sh o ote r
tit le
of
2025 ,
se ttin g
new
fr a nch is e
eng agem ent
re co rd s.

● EA
SPO RTS
FC ™
net
bookin gs
in cre ase d
hig h
sin gle
dig it s
ye ar-o ve r-y e ar
in
Q3,
exclu din g
th e
bene fit

of
delu xe
edit io n
co nte nt
tim in g,
driv e n
by
str e ng th
in
Ult im ate
Te am ™
and
FC
Mobile .

● Apex
Legends™
mom entu m
co ntin ue d
in
Q3
wit h
ne t
bo okin g s
up
doub le -d ig it s
ye ar-o ve r- y e ar
driv e n

by
in nova tiv e
new
fe atu re s
and
eve nts .

S ele cte d
Fin an cia l
Hig hlig hts
an d
Metr ic s

● Net
re ve nue
was
$1.9 01
billio n
fo r
th e
quarte r.

● Net
ca sh
pro vid ed
by
opera tin g
activ it ie s
was
$1 .8 26
bill io n
fo r
th e
quarte r
an d
$2.5 2 2
bill io n
fo r
th e

tr a ilin g
tw elv e
month s.

D iv id en d

E A
has
decla re d
a quarte rly
ca sh
div id en d
of
$0.1 9
pe r
sh are
of
th e
Com pany’s
co m m on
sto ck,
paya ble
on

M arc h
18,
2026
to
sto ckh old ers
of
re co rd
as
of
th e
clo se
of
bu sin ess
on
Febru ary
25,
2026 .

1

Q uarte rly
Fin an cia l
Hig hlig hts

T hre e
Month s
Ended

D ecem ber
31,

2 025

2 024

(in $ millions, except per share amounts)

F ull
gam e

6 32

5 99

L iv e
se rv ic e s
and
oth er

1 ,2 69

1 ,2 84

T o ta l
net
re ve nue

1 ,9 01

1 ,8 83

N et
in co m e

8 8

2 93

D ilu te d
earn in gs
per
sh are

0 .3 5

1 .1 1

O pera tin g
ca sh
flo w

1 ,8 26

1 ,1 76

V alu e
of
sh are s
re purc h ase d

–
3 75

N um ber
of
sh are s
re purc h ase d

–
2 .4

C ash
div id end
paid

4 7

5 0

T ra ilin g
Tw elv e
Month s
Fin an cia l
Hig h lig hts

T w elv e
Month s
Ended

D ecem ber
31,

2 025

2 024

(in $ millions)

F ull
gam e

1 ,9 76

1 ,8 98

L iv e
se rv ic e s
and
oth er

5 ,3 30

5 ,4 49

T o ta l
net
re ve nue

7 ,3 06

7 ,3 47

N et
in co m e

6 80

1 ,0 49

O pera tin g
ca sh
flo w

2 ,5 22

2 ,1 1 0

V alu e
of
sh are s
re purc h ase d

2 ,1 25

1 ,4 50

N um ber
of
sh are s
re purc h ase d

1 5.1

1 0.1

O pera tin g
Metr ic

T he
fo llo w in g
is
a ca lc u la tio n
of
our
to ta l
net
bookin gs
fo r
th e
pe rio ds
pre se nte d:

T hre e
Month s
Ended

D ecem ber
31,

T w elv e
Month s
Ended

D ecem ber
31,

2 025

2 024

2 025

2 024

(in $ millions)

T o ta l
net
re ve nue

1 ,9 01

1 ,8 83

7 ,3 06

7 ,3 47

C hange
in
defe rre d
net
re ve nue
(o nlin e-e nable d
gam es)

1 ,1 45

3 32

6 55

( 1 25)

T o ta l
net
bookin gs

3 ,0 46

2 ,2 15

7 ,9 61

7 ,2 22

2

P en din g
Acq uis it io n
by
In vesto r
Conso rtiu m

O n
Septe m ber
29,
2025,
EA
announce d
th at
it
ha s
ente re d
in to
a defin it iv e
agre em ent
to
be
acq uir e d
by
an

i n ve sto r
co nso rtiu m
(“th e
Conso rtiu m ”)
co m pris e d
of
The
Pub lic
In ve stm en t
Fund ,
priv a te
in ve stm ent
fu nds

a ff ilia te d
wit h
Silv e r
Lake
Gro up,
L.L .C .
an d
priv a te
in ve stm ent
fu nds
aff ilia te d
wit h
Aff in it y
Partn ers
in
an

a ll- c a sh
tr a nsa ctio n
th at
va lu es
EA
at
an
ente rp ris e
va lu e
of
ap pro xim ate ly
$55
bil lio n .
The
tr a nsa ctio n
is

e xp ecte d
to
clo se
in
th e
fir s t
quarte r
of
fis ca l
2027
an d
is
su bje ct
to
cu sto m ary
clo sin g
co ndit io ns,
in clu din g

r e ce ip t
of
re quir e d
re gula to ry
appro va ls .
For
addit io nal
in fo rm atio n,
ple a se
re fe r
to
EA’s
filin g s
wit h
th e

S ecu rit ie s
and
Exch ange
Com mis sio n.

C onfe re n ce
Call
an d
Supportin g
Docu m en ts

G iv e n
th e
pendin g
tr a nsa ctio n,
Ele ctr o nic
Arts
will
not
be
hostin g
an
earn in g s
co nfe re nce
ca ll
th is
quarte r.

F or
fu rth er
in fo rm atio n
and
dis cu ssio n
of
EA’s
fin ancia l
re su lt s ,
ple a se
re fe r
to
th e
fin ancia l
model
of
EA’s

h is to ric a l
re su lt s
poste d
on
EA’s
IR
Web sit e
at

h ttp ://ir . e a.c o m
a nd
EA’s
upco m in g
Quarte rly
Report
on
Form

1 0-Q
fo r
th e
fis ca l
quarte r
ended
Dece m ber
31 ,
20 25.

F orw ard -L ookin g
Sta te m en ts

S om e
sta te m ents
se t
fo rth
in
th is
re le ase
co n ta in
fo rw ard -lo o kin g
sta te m en ts
th at
are
su bje ct
to
ch ang e.

S ta te m ents
in clu din g
word s
su ch
as
“a ntic ip ate ,”
“b e lie ve ,”
“e xp ect,”
“in te nd,”
“e stim ate ,”
“p la n,”
“p re dic t,”

“ s e ek,”
“g oal, ”
“w ill, ”
“m ay,”
“lik e ly ,”
“s h ould ,”
“c o u ld ”
(a n d
th e
nega tiv e
of
an y
of
th ese
te rm s),
“fu tu re ”
and

s im ila r
exp re ssio ns
als o
id entif y
fo rw ard -lo okin g
sta te m en ts .
These
fo rw ard -lo o kin g
sta te m ents
are
not

g uara nte es
of
fu tu re
perfo rm ance
and
re fle ct
manag em ent’s
cu rr e nt
exp ecta tio ns.
Our
actu al
re su lt s
co uld

d if f e r
mate ria lly
fr o m
th ose
dis cu sse d
in
th e
fo rw ard -lo o kin g
sta te m ents .
Som e
of
th e
fa cto rs
whic h
co uld

c a use
th e
Com pany’s
re su lt s
to
dif f e r
mate ria ll y
fr o m
it s
exp ecta tio ns
in clu de
th e
fo llo w in g:
sa le s
of
th e

C om pany’s
pro ducts
and
se rv ic e s;
th e
Com pan y’s
abil it y
to
deve lo p
and
su p port
dig it a l
pro ducts
and
se rv ic e s,

i n clu din g
managin g
onlin e
se cu rit y
and
priv a cy;
outa ge s
of
ou r
pro ducts ,
se rv ic e s
and
te ch no lo gic a l

i n fr a str u ctu re ;
th e
Com pany’s
abilit y
to
manage
exp en se s;
th e
co m petit io n
in
th e
in te ra ctiv e
ente rta in m ent

i n dustr y ;
gove rn m enta l
re gula tio ns;
th e
eff e ctiv e ne ss
of
th e
Com pa ny’s
sa le s
and
mark e tin g
pro gra m s;
tim ely

d eve lo pm ent
and
re le ase
of
th e
Com pa ny’s
pro ducts
and
se rv ic e s;
th e
Com pany’s
abil it y
to
re aliz e
th e

a ntic ip ate d
benefit s
of,
and
in te gra te ,
acq uis it io ns;
th e
co nsu m er
dem and
fo r,
and
th e
ava il a bilit y
of
an

a dequate
su pply
of
co nso le
hard w are
unit s ;
th e
Com pany’s
abil it y
to
pre dic t
co n su m er
pre fe re nce s
and
tr e n ds;

t h e
Com pany’s
abilit y
to
deve lo p
and
im ple m ent
new
te ch nolo gy;
fo re ig n
cu rr e ncy
exch an ge
ra te
flu ctu atio ns;

e co nom ic
and
geopolit ic a l
co ndit io ns;
ch ang es
in
our
ta x
ra te s
or
ta x
la w s;
th e
tim in g,
re ce ip t
and
te rm s
and

c o ndit io ns
of
any
re quir e d
gove rn m enta l
and
re gula to ry
ap pro va ls
of
th e
pro pose d
tr a n sa ctio n
wit h
th e

C onso rtiu m
th at
co uld
dela y
th e
co nsu m matio n
of
th e
pro pose d
tr a nsa ctio n
or
ca use
th e
partie s
to
aban don

t h e
pro pose d
tr a nsa ctio n;
th e
occu rre nce
of
an y
eve nt,
ch ang e
or
oth er
cir c u m sta n ce s
th at
co uld
giv e
ris e
to

t h e
te rm in atio n
of
th e
Merg er
Agre em ent
ente re d
in to
in
co nne ctio n
wit h
th e
pro pose d
tr a n sa ctio n;
th e
ris k
th at

t h e
partie s
to
th e
pro pose d
tr a nsa ctio n
may
not
be
ab le
to
sa tis fy
th e
co ndit io ns
to
th e
pro pose d
tr a nsa ctio n
in

a tim ely
manner
or
at
all;
ris ks
re la te d
to
dis ru p tio n
of
th e
Com pany’s
busin ess
re su lt in g
fr o m
th e
pro pose d

t r a nsa ctio n,
in clu din g
dis ru ptio n
of
manage m en t
tim e
fr o m
ongo in g
busin ess
ope ra tio ns
due
to
th e
pro pose d

t r a nsa ctio n;
ris ks
re la tin g
to
ce rta in
re str ic tio ns
durin g
th e
pend ency
of
th e
pro pose d
tr a nsa ctio n
th at
may

i m pact
th e
abilit y
of
th e
Com pany
to
purs u e
ce rta in
busin ess
oppo rtu nit ie s
or
str a te g ic
tr a nsa ctio ns;
th e
ris k

t h at
any
announce m ents
re la tin g
to
th e
pro po se d
tr a nsa ctio n
co u ld
have
adve rs e
eff e cts
on
th e
mark e t
pric e
of

t h e
Com pany’s
co m mon
sto ck,
in clu din g
if
th e
pro po se d
tr a nsa ctio n
is
no t
co n su m m ate d ;
th e
ris k
of
any

u nexp ecte d
co sts
or
exp ense s
re su lt in g
fr o m
th e
pro pose d
tr a nsa ctio n ;
th e
ris k
of
any
lit ig a tio n
re la tin g
to
th e

p ro pose d
tr a nsa ctio n;
th e
ris k
th at
th e
pro pose d
tr a nsa ctio n
and
it s
anno unce m ent
co uld
have
an
adve rs e

e ff e ct
on
th e
abilit y
of
th e
Com pany
to
re ta in
and
hir e
ke y
pers o nne l
and
to
main ta in
re la tio n sh ip s
wit h

c u sto m ers ,
ve ndors ,
partn ers ,
em plo ye e s,
sto ckh old ers
and
oth er
bu sin ess
re la tio nsh ip s
and
on
it s
ope ra tin g

3

r e su lt s
and
busin ess
genera lly ;
th e
ris ks
an d
unce rta in tie s
th at
are
describ ed
in
th e
pro xy
sta te m ent
th at
th e

C om pany
has
file d
wit h
th e
Secu rit ie s
Exch ange
Com mis sio n
in
co nne ctio n
wit h
th e
pro pose d
tr a nsa ctio n;
and

o th er
fa cto rs
describ ed
in
Part
II,
Ite m
1A
of
Ele ctr o nic
Arts ’
la te st
Quarte rly
Repo rt
on
Form
10-Q
unde r
th e

h eadin g
“R is k
Facto rs ”,
as
well
as
in
oth er
docu m ents
we
ha ve
file d
wit h
th e
Secu rit ie s
and
Exch a nge

C om mis sio n,
in clu din g
our
Annual
Report
on
Form
10 -K
fo r
th e
fis ca l
ye ar
ende d
Marc h
31,
202 5.

T hese
fo rw ard -lo okin g
sta te m ents
are
cu rre nt
as
of
Febru ary
3,
2026 .
Ele ctr o nic
Arts
assu m es
no
oblig atio n
to

r e vis e
or
update
any
fo rw ard -lo okin g
sta te m en t,
exce pt
as
re quir e d
by
la w .
In
ad dit io n,
th e
pre lim in a ry
fin ancia l

r e su lt s
se t
fo rth
in
th is
re le ase
are
estim ate s
base d
on
in fo rm atio n
cu rr e ntly
ava ila b le
to
Ele ctr o n ic
Arts .

W hile
Ele ctr o nic
Arts
belie ve s
th ese
estim ate s
are
mea nin g fu l,
th ey
co u ld
dif f e r
fr o m
th e
actu al
am ounts
th at

E le ctr o nic
Arts
ult im ate ly
re ports
in
it s
Form
10-Q
fo r
th e
fis ca l
quarte r
en ded
Dece m ber
31,
2025 .
Ele ctr o nic

A rts
assu m es
no
oblig atio n
and
does
not
in te nd
to
upda te
th ese
estim ate s
prio r
to
filin g
it s
Form
10-Q
fo r
th e

f is ca l
quarte r
ended
Dece m ber
31,
2025.

A bout
Ele ctr o nic
Arts

E le ctr o nic
Arts
(N ASD AQ :
EA)
is
a glo b al
le ader
in
dig it a l
in te ra ctiv e
en te rta in m ent.
The
Com pan y
deve lo ps

a nd
deliv e rs
gam es,
co nte nt
and
onlin e
se rv ic e s
fo r
In te rn e t- c o nn ecte d
co nso le s,
mobile
devic e s
and
pers o nal

c o m pute rs .

I n
fis ca l
ye ar
2025,
EA
poste d
GAAP
net
re ve nu e
of
appro xim ate ly
$7.5
billio n.
Hea dquarte re d
in
Red w ood

C it y ,
Calif o rn ia ,
EA
is
re co gniz e d
fo r
a portfo lio
of
crit ic a lly
accla im ed,
hig h -q u ali t y
bra nds
su ch
as
EA
SPO RTS

F C ™ ,
Battle fie ld ™ ,
Apex
Legends™ ,
The
Sim s™ ,
EA
SPO RTS ™
Madde n
NFL,
EA
SP O RTS ™
Coll e ge

F ootb all,
Need
fo r
Speed™ ,
Dra gon
Age™ ,
Tit a n fa ll™ ,
Pla nts
vs.
Zom bie s™
and
EA
SPO RTS
F1
® . More

i n fo rm atio n
about
EA
is
ava ila ble
at

w ww.e a.c o m /n ew s
.

E A,
EA
SPO RTS ,
EA
SPO RTS
FC ,
Batt le fie ld ,
Need
fo r
Spe ed,
Ape x
Lege nds,
The
Sim s,
Dra gon
Age,

T it a nfa ll,
and
Pla nts
vs.
Zom bie s
are
tr a de m ark s
of
Ele ctr o nic
Arts
In c.
Jo h n
Mad den,
NFL,
and
F1
are
th e

p ro perty
of
th eir
re sp ectiv e
ow ners
and
use d
wit h
perm is sio n.

F or
addit io nal
in fo rm atio n,
ple ase
co nta ct:

A ndre w
Uerk w it z

J u stin
Hig gs

V ic e
Pre sid ent,
In ve sto r
Rela tio ns

V ic e
Pre sid ent,
Corp ora te
Com munic a tio ns

6 50-6 74-7 191

9 25-5 02-9 253

a uerk w it z @ ea.c o m

j h ig gs@ ea.c o m

1
N et
bookin gs
is
defin ed
as
th e
net
am oun t
of
pro ducts
and
se rv ic e s
so ld
dig it a lly
or
so ld -in
physic a lly
in
th e

p erio d.
Net
bookin gs
is
ca lc u la te d
by
ad din g
to ta l
net
re ve nue
to
th e
ch ang e
in
defe rre d
net
re ve nue
fo r

o nlin e-e nable d
gam es.

4

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
Three Months Ended
December 31, Nine Months Ended
December 31,
2025 2024 2025 2024
Net revenue 1,901 1,883 5,411 5,568
Cost of revenue 498 456 1,220 1,175
Gross profit 1,403 1,427 4,191 4,393
Operating expenses
Research and development 704 606 2,096 1,883
Marketing and sales 356 251 874 728
General and administrative 199 176 572 553
Amorti]ation of intangibles 17 16 51 50
Restructuring 1 54
Total operating expenses 1,276 1,050 3,593 3,268
Operating income 127 377 598 1,125
Interest and other income (expense), net 4 28 3 73
Income before provision for income taxes 131 405 601 1,198
Provision for income taxes 43 112 175 331
Net income 88 293 426 867
Earnings per share
Basic 0.35 1.12 1.70 3.28
Diluted 0.35 1.11 1.68 3.26
Number of shares used in computation
Basic 250 262 250 264
Diluted 253 265 253 266

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)
December 31, 2025 March 31, 2025 1
ASSETS
Current assets
Cash and cash equivalents 2,784 2,136
Short-term investments 115 112
Receivables, net 829 679
Other current assets 380 349
Total current assets 4,108 3,276
Property and equipment, net 600 586
Goodwill 5,388 5,376
Acquisition-related intangibles, net 219 293
Deferred income taxes, net 2,451 2,420
Other assets 514 417
TOTAL ASSETS 13,280 12,368
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable, accrued, and other current liabilities 1,546 1,359
Deferred net revenue (online-enabled games) 2,490 1,700
Senior notes, current, net 400 400
Total current liabilities 4,436 3,459
Senior notes, net 1,485 1,484
Income tax obligations 719 594
Other liabilities 488 445
Total liabilities 7,128 5,982
Stockholders’ equity
Common stock 3 3
Additional paid-in capital 82
Retained earnings 6,194 6,470
Accumulated other comprehensive loss (127) (87)
Total stockholders’ equity 6,152 6,386
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 13,280 12,368
1
Derived from audited consolidated financial statements.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended
December 31, Nine Months Ended
December 31,
2025 2024 2025 2024
OPERATING ACTIVITIES
Net income 88 293 426 867
AdMustments to reconcile net income to net cash provided by
operating activities
Depreciation, amorti]ation, accretion and impairment 79 75 240 277
Stock-based compensation 178 163 504 480
Change in assets and liabilities
Receivables, net 247 268 (151) (179)
Other assets (21) 41 (89) 21
Accounts payable, accrued, and other liabilities 88 44 284 161
Deferred income taxes, net 3 (39) (30) (89)
Deferred net revenue (online-enabled games) 1,164 331 789 (8)
Net cash provided by operating activities 1,826 1,176 1,973 1,530
INVESTING ACTIVITIES
Capital expenditures (54) (50) (169) (167)
Proceeds from maturities and sales of short-term investments 15 127 87 366
Purchase of short-term and other investments (18) (139) (115) (376)
Acquisitions, net of cash acquired (17)
Net cash used in investing activities (57) (62) (214) (177)
FINANCING ACTIVITIES
Proceeds from issuance of common stock 1 45 43
Cash dividends paid (47) (50) (143) (151)
Cash paid to taxing authorities for shares withheld from employees (89) (72) (266) (211)
Common stock repurchases and excise taxes paid (383) (769) (1,133)
Net cash used in financing activities (136) (504) (1,133) (1,452)
Effect of foreign exchange on cash and cash equivalents 3 (31) 22 (25)
Change in cash and cash equivalents 1,636 579 648 (124)
Beginning cash and cash equivalents 1,148 2,197 2,136 2,900
Ending cash and cash equivalents 2,784 2,776 2,784 2,776

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
Q3 Q4 Q1 Q2 Q3 YOY %
FY25 FY25 FY26 FY26 FY26 Change
Net revenue
Net revenue 1,883 1,895 1,671 1,839 1,901 1%
GAAP-based financial data
Change in deferred net revenue (online-enabled games) 2
332 (96) (373) (21) 1,145
Gross profit
Gross profit 1,427 1,527 1,392 1,396 1,403 (2%)
Gross profit (as a % of net revenue) 76% 81% 83% 76% 74%
GAAP-based financial data
Acquisition-related expenses 10 10 10 9 9
Change in deferred net revenue (online-enabled games) 2
332 (96) (373) (21) 1,145
Stock-based compensation 3 3 3 3 3
Operating income
Operating income 377 395 271 200 127 (66%)
Operating income (as a % of net revenue) 20% 21% 16% 11% 7%
GAAP-based financial data
Acquisition-related expenses
27 27 26 53
Change in deferred net revenue (online-enabled games) 2
332 (96) (373) (21) 1,145
Restructuring and related charges 4
Stock-based compensation 163 162 152 174 178
Net income
Net income 293 254 201 137 88 (70%)
Net income (as a % of net revenue) 16% 13% 12% 7% 5%
GAAP-based financial data
Acquisition-related expenses
27 27 26 53
Change in deferred net revenue (online-enabled games) 2
332 (96) (373) (21) 1,145
Restructuring and related charges 4
Stock-based compensation 163 162 152 174 178
Tax rate used for management reporting 19% 19% 19% 19% 19%
Diluted earnings per share 1.11 0.98 0.79 0.54 0.35 (68%)
Number of shares used in computation
Basic 262 257 251 250 250
Diluted 265 259 254 252 253
2
The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the
change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of gainslosses
on cash flow hedges.

Includes (i) amorti]ation and impairment of intangibles, and (ii) fees and other direct expenses related to our proposed transaction with the Consortium announced
on September 29, 2025.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q3 Q4 Q1 Q2 Q3 YOY %
FY25 FY25 FY26 FY26 FY26 Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads 446 367 233 401 546 22%
Packaged goods 153 70 56 217 86 (44%)
Full game 599 437 289 618 632 6%
Live services and other 1,284 1,458 1,382 1,221 1,269 (1%)
Total net revenue 1,883 1,895 1,671 1,839 1,901 1%
Full game 32% 23% 17% 34% 33%
Live services and other 68% 77% 83% 66% 67%
Total net revenue % 100% 100% 100% 100% 100%
GAAP-based financial data
Full game downloads 25 (27) (46) 37 451
Packaged goods 9 (26) (29) 45 59
Full game 34 (53) (75) 82 510
Live services and other 298 (43) (298) (103) 635
Total change in deferred net revenue (online-enabled games) by composition 2
332 (96) (373) (21) 1,145
Net revenue by platform
Console 1,215 1,182 1,007 1,212 1,182 (3%)
PC Other 392 426 374 352 465 19%
Mobile 276 287 290 275 254 (8%)
Total net revenue 1,883 1,895 1,671 1,839 1,901 1%
GAAP-based financial data
Console 275 (86) (317) 1 747
PC Other 33 (11) (54) (6) 343
Mobile 24 1 (2) (16) 55
Total change in deferred net revenue (online-enabled games) by platform 2
332 (96) (373) (21) 1,145

2
The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the
change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of gains
losses on cash flow hedges.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q3 Q4 Q1 Q2 Q3 YOY %
FY25 FY25 FY26 FY26 FY26 Change
CASH FLOW DATA
Investing cash flow (62) 214 (89) (68) (57)
Investing cash flow – TTM (226) 37 17 (5) 100%
Financing cash flow (504) (1,411) (568) (429) (136)
Financing cash flow – TTM (1,812) (2,863) (2,885) (2,912) (2,544) (40%)
Operating cash flow 1,176 549 17 130 1,826
Operating cash flow – TTM 2,110 2,079 1,976 1,872 2,522 20%
Capital expenditures 50 54 72 43 54
Capital expenditures – TTM 218 221 226 219 223 2%
Free cash flow 3
1,126 495 (55) 87 1,772
Free cash flow 3
– TTM 1,892 1,858 1,750 1,653 2,299 22%
Common stock repurchases and excise taxes paid 383 1,375 375 394 (100%)
Cash dividends paid 50 48 48 48 47 (6%)
DEPRECIATION
Depreciation expense 51 51 52 53 53 4%
BALANCE SHEET DATA
Cash and cash equivalents 2,776 2,136 1,518 1,148 2,784
Short-term investments 379 112 112 112 115
Cash and cash equivalents, and short-term investments 3,155 2,248 1,630 1,260 2,899 (8%)
Receivables, net 742 679 533 1,077 829 12%
STOCK-BASED COMPENSATION
Cost of revenue 3 3 3 3 3
Research and development 119 115 110 123 127
Marketing and sales 14 14 12 15 16
General and administrative 27 30 27 33 32
Total stock-based compensation 163 162 152 174 178
RESTRUCTURING AND RELATED CHARGES
Restructuring 1 3
Office space reductions (1) 1
Total restructuring and related charges 4
3
Free cash flow is defined as Operating cash flow less Capital expenditures.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in $ millions)
The following table provides a reconciliation of non-GAAP operating income and margin to their most directly
comparable GAAP financial measure for the three months ended December 31, 2025 plus a comparison to the actuals for
the three months ended December 31, 2024.
Three Months Ended
December 31
2025 2024 YOY %
Change
Net revenue 1,901 1,883
1%
GAAP operating income 127 377
(66%)
Acquisition-related expenses
26
Stock-based compensation 178 163
Non-GAAP operating income 358 566
(37%)
GAAP operating margin 6.7% 20.0%
Non-GAAP operating margin 18.8% 30.1%
Impact from change in deferred net revenue (online-enabled games) 3,050 bps 1,040 bps

Includes (i) amorti]ation and impairment of intangibles, and (ii) fees and other direct expenses related to our proposed transaction with the
Consortium announced on September 29, 2025.

Non-GAAP Financial Measures
As a supplement to the Company’s financial measures presented in accordance with U.S. Generally Accepted Accounting Principles
(GAAP), the Company presents certain non-GAAP measures of financial performance, including non-GAAP operating margin and free
cash flow. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of
the items associated with the Company’s results of operations as determined in accordance with GAAP. These non-GAAP financial
measures do not reflect a comprehensive system of accounting and differ from GAAP measures with the same names and may differ from
non-GAAP financial measures with the same or similar names that are used by other companies.

The non-GAAP financial measures exclude acquisition-related expenses, stock-based compensation, restructuring and related charges, and
capital expenditures, as applicable in any given reporting period and our outlook. The Company may consider whether other significant
items that arise in the future should be excluded from our non-GAAP financial measures. Management believes that these non-GAAP
financial measures provide investors with additional useful information to better understand and evaluate the Company’s operating results
and future prospects because they exclude certain items that may not be indicative of the Company’s core business, operating results, or
future outlook. These non-GAAP financial measures, with further adMustments are used by management to understand ongoing financial and
business performance.
The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan, and analy]e future periods.
Accordingly, the Company applies the same tax rate to its management reporting financial results.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their
most directly comparable GAAP financial measure.