GameStop FY2025 Q4 Earnings Release

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G AME S TOP C ORP.
625 Westport Parkway
Grapevine, TX 76051
News Release
GameStop Reports Fourth Quarter and Fiscal Year
2025 Results
March 24, 2026
GRAPEVINE, Texas–(BUSINESS WIRE)– GameStop Corp. (NYSE: GME) (“GameStop” or the
“Company”) today released financial results for the fourth quarter and fiscal year ended January
31, 2026. The Company’s consolidated financial statements, including GAAP and non-GAAP
results, are below. The Company’s Form 10-K and supplemental information can be found at
https://investor.gamestop.com .
FOURTH QUARTER OVERVIEW
Net sales were $1.104 billion for the fourth quarter, compared to $1.283 billion in the prior
year’s fourth quarter.
Selling, general and administrative (“SG&A”) expenses were $241.5 million for the fourth
quarter, compared to $282.5 million in the prior year’s fourth quarter.
Operating income was $135.2 million for the fourth quarter, compared to $79.8 million in
the prior year’s fourth quarter.
Excluding impairment and other items, adjusted operating income was $147.7 million
for the fourth quarter, compared to $84.4 million in the prior year’s fourth quarter.
Net income was $127.9 million for the fourth quarter, compared to $131.3 million in the
prior year’s fourth quarter.
Excluding impairment, loss on digital assets and related receivables, and other items,
adjusted net income was $291.4 million for the fourth quarter, compared to $136.4
million for the prior year’s fourth quarter.
Cash, cash equivalents and marketable securities were $9.0 billion at the close of the
quarter compared to $4.8 billion at the close of the prior year’s fourth quarter.
Bitcoin and related receivables were valued at $368.4 million at the close of the quarter.

FULL YEAR OVERVIEW
Net sales were $3.630 billion for fiscal year 2025, compared to $3.823 billion in fiscal year
2024.
SG&A expenses were $910.2 million for fiscal year 2025, compared to $1.130 billion in
fiscal year 2024.
Operating income was $232.1 million for fiscal year 2025, compared to an operating loss of
$26.2 million in fiscal year 2024.
Excluding impairment and other items, adjusted operating income was $289.5 million
for fiscal year 2025, compared to an adjusted operating loss of $26.8 million in fiscal
year 2024.
Net income was $418.4 million for fiscal year 2025, compared to $131.3 million in fiscal
year 2024.
Excluding impairment, loss on digital assets and related receivables, non cash interest
expense related to the issuance of warrants to Convertible Noteholders, and other
items, adjusted net income was $647.4 million for fiscal year 2025, compared to $131.2
million in fiscal year 2024.
The Company will not be holding a conference call today. Additional information can be found
in the Company’s Form 10-K.
NON-GAAP MEASURES AND OTHER METRICS
As a supplement to the Company’s financial results presented in accordance with U.S. generally
accepted accounting principles (“GAAP”), GameStop may use certain non-GAAP measures, such
as adjusted SG&A expenses, adjusted operating income (loss), adjusted net income (loss),
adjusted net income (loss) per share, adjusted EBITDA and free cash flow. The Company
believes these non-GAAP financial measures provide useful information to investors in
evaluating the Company’s core operating performance. Adjusted SG&A expenses, adjusted
operating income (loss), adjusted net income (loss), adjusted net income (loss) per share and
adjusted EBITDA exclude the effect of discreetly managed items such as certain transformation
costs, asset impairments, severance, as well as divestiture costs, which we believe is useful in
providing period-to-period comparisons. Free cash flow excludes capital expenditures otherwise
included in net cash flows (used in) provided by operating activities, and therefore measures our
ability to generate additional cash from our business operations, which we believe is an
important financial measure for use by investors in evaluating the Company’s financial
performance. The Company’s definition and calculation of non-GAAP financial measures may
differ from that of other companies. Non-GAAP financial measures should be viewed as
supplementing, and not as an alternative or substitute for, the Company’s financial results
prepared in accordance with GAAP. Certain of the items that may be excluded or included in
non-GAAP financial measures may be significant items that could impact the Company’s

financial position, results of operations or cash flows and should therefore be considered in
assessing the Company’s actual and future financial condition and performance.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS –
SAFE HARBOR
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be
identified by the use of terms such as “anticipates,” “believes,” “continues,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” potential,” “predicts,” “pro forma,” “seeks,” “should,” “will”
or similar expressions. Forward-looking statements are subject to significant risks and
uncertainties and actual developments, business decisions, outcomes and results may differ
materially from those reflected or described in the forward-looking statements. The following
factors, among others, could cause actual developments, business decisions, outcomes and
results to differ materially from those reflected or described in the forward-looking statements:
economic, social, and political conditions in the markets in which we operate; the competitive
nature of the Company’s industry; the cyclicality of the video game industry; the Company’s
dependence on the timely delivery of new and innovative products from its vendors; the impact
of technological advances in the video game industry and related changes in consumer behavior
on the Company’s sales; interruptions to the Company’s supply chain or the supply chain of our
suppliers; the Company’s dependence on sales during the holiday selling season and on the
popularity and sale of trading cards; the Company’s ability to obtain favorable terms from its
current and future suppliers and service providers; the Company’s ability to anticipate, identify
and react to trends in pop culture with regard to its sales of collectibles; the Company’s ability to
maintain strong retail and ecommerce experiences for its customers; the Company’s ability to
keep pace with changing industry technology and consumer preferences; how the Company
incorporates artificial intelligence into workflows and processes, including customer-facing and
operation activities, and challenges with properly managing its use; the Company’s ability to
manage its profitability and cost reduction initiatives; changes in senior management or the
Company’s ability to attract and retain qualified personnel; the Company is highly dependent on
the services of the Company’s Chairman of the Board and Chief Executive Officer, Ryan Cohen;
if the grant of a 100% performance-based nonqualified stock option award (the “CEO
Performance Award”) to Mr. Cohen is not approved by the Company’s stockholders or if the
Company is unable to adequately incentivize Mr. Cohen to maintain his focus and priorities on
the Company, the Company’s ability to execute on its strategy and achieve its growth goals may
be adversely impacted; the CEO Performance Award, if and to the extent the stock options
associated become vested and are exercised, would result in dilution to the Company’s
stockholders and could impact the Company’s stock price; potential damage to the Company’s
reputation or customers’ perception of the Company; the Company’s ability, or the ability of the
third parties with whom we work, to maintain the security of our information technology
systems or data (including customer, associate or Company information); the Company’s
compliance with stringent and evolving laws and other obligations related to data privacy and
security; occurrence of weather events, natural disasters, public health crises and other

unexpected events; risks associated with inventory shrinkage; potential failure or inadequacy of
the Company’s computerized systems; the ability of the Company’s third party delivery services
to deliver products to the Company’s retail locations, fulfillment centers and consumers and
changes in the terms the Company has with such service providers; the ability and willingness of
the Company’s vendors to provide marketing and merchandising support at historical or
anticipated levels; restrictions on the Company’s ability to purchase and sell pre-owned
products; the Company’s ability to renew or enter into new leases on favorable terms;
unfavorable changes in the Company’s global tax rate; legislative actions; the Company’s ability
to comply with federal, state, local and international laws and regulations and statutes; changes
to tariff and import/export regulations; potential litigation and other legal proceedings; the
value of the Company’s investment holdings; concentration of the Company’s investment
portfolio into one or fewer holdings; the recognition of losses in a particular investment even if
the Company has not sold the investment; volatility in the Company’s stock price, including
volatility due to potential short squeezes; continued high degrees of media coverage by third
parties; the availability and future sales of substantial amounts of the Company’s Class A
common stock; the issuance of common stock upon the exercise of the warrants declared as part
of the October 7, 2025 distribution to the holders of record of the Company’s Class A common
stock and holders of the Convertible Notes, in the form of warrants to purchase shares of
common stock (the “Warrants”), may depress our stock price; future issuance of additional
warrants may adversely affect the market price of the Warrants and the market price of the
Company’s common Stock; the Warrants do not automatically exercise, and any Warrant that is
not exercised prior to their expiration date will lose all financial value; fluctuations in the
Company’s results of operations from quarter to quarter; the Company’s ability to generate
sufficient cash flow to fund its operations; the $1.5 billion 0.00% Convertible Senior Notes due
2030 (the “Convertible 2030 Notes”) and $2,250.0 million 0.00% Convertible Senior Notes due
2032 (the “Convertible 2032 Notes” and, collectively with the Convertible 2030 Notes, the
“Convertible Notes”) are the Company’s obligations only, and substantially all of our operations
are conducted through, and a portion of our consolidated assets are held by, our subsidiaries;
servicing the Convertible Notes requires a significant amount of cash, and the Company may not
have sufficient cash flow from our business to make such payments, and we may incur
additional indebtedness in the future; the Company’s ability to incur additional debt; risks
associated with the Company’s investment in marketable, nonmarketable and interest-bearing
securities, including the impact of such investments on Company’s financial results; the
Company’s investment policy permits investments in certain cryptocurrency assets, including
Bitcoin and U.S. dollar-denominated stable coins, and to the extent the Company holds Bitcoin
or U.S. dollar denominated stable coins, the Company will be exposed to certain risks associated
with Bitcoin or stable coins, respectively; the Company’s derivative strategy can expose it to
counterparty risk; and the Company’s ability to maintain effective internal control over financial
reporting. Additional factors that could cause results to differ materially from those reflected or
described in the forward-looking statements can be found in GameStop’s most recent Annual
Report on Form 10-K and other filings made from time to time with the SEC and available at
www.sec.gov or on the Company’s investor relations website ( https://investor.gamestop.com ).

Forward-looking statements contained in this press release speak only as of the date of this
press release. The Company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future developments or otherwise, except as
may be required by any applicable securities laws.
GameStop Corp.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
Net sales $ 1,104.3 $ 1,282.6
Cost of sales 717.5 919.2
Gross profit 386.8 363.4
Selling, general and administrative expenses 241.5 282.5
Asset impairments 10.1 1.1
Operating income 135.2 79.8
Interest income, net (86.0 ) (54.8 )
Loss on digital assets and related receivables 151.0 —
Other income, net (6.8 ) —
Income before income taxes 77.0 134.6
Income tax (benefit) expense, net (50.9 ) 3.3
Net income $ 127.9 $ 131.3
Net income per share:
Basic net income per share $ 0.29 $ 0.29
Diluted net income per share 0.22 0.29
Weighted average common shares outstanding:
Basic 448.1 446.9
Diluted 592.0 447.7
Percentage of Net Sales:
Net sales 100.0 % 100.0 %
Cost of sales 65.0 % 71.7 %
Gross profit 35.0 % 28.3 %
Selling, general and administrative expenses 21.9 % 22.0 %
Asset impairments 0.9 % 0.1 %
Operating income 12.2 % 6.2 %
Interest income, net (7.8 )% (4.3 )%
Loss on digital assets and related receivables 13.7 % — %
Other income, net (0.6 )% — %
Income before income taxes 7.0 % 10.5 %

Income tax (benefit) expense, net (4.6 )% 0.3 %
Net income 11.6 % 10.2 %
GameStop Corp.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 2025
Net sales $ 3,629.9 $ 3,823.0
Cost of sales 2,433.8 2,709.1
Gross profit 1,196.1 1,113.9
Selling, general and administrative expenses 910.2 1,130.4
Asset impairments 53.8 9.7
Operating income (loss) 232.1 (26.2 )
Interest income, net (271.5 ) (163.4 )
Loss on digital assets and related receivables 131.6 —
Other income, net (12.0 ) —
Income before income taxes 384.0 137.2
Income tax (benefit) expense, net (34.4 ) 5.9
Net income $ 418.4 $ 131.3
Net income per share:
Basic net income per share $ 0.93 $ 0.33
Diluted net income per share 0.77 0.33
Weighted average common shares outstanding:
Basic 447.6 394.1
Diluted 549.1 394.7
Percentage of Net Sales:
Net sales 100.0 % 100.0 %
Cost of sales 67.0 % 70.9 %
Gross profit 33.0 % 29.1 %
Selling, general and administrative expenses 25.1 % 29.6 %
Asset impairments 1.5 % 0.3 %
Operating income (loss) 6.4 % (0.7 )%
Interest income, net (7.5 )% (4.3 )%
Loss on digital assets and related receivables 3.6 % — %
Other income, net (0.3 )% — %
Income before income taxes 10.6 % 3.6 %
Income tax (benefit) expense, net (0.9 )% 0.2 %
Net income 11.5 % 3.4 %

GameStop Corp.
Condensed Statements of Operations by Segment
(in millions, except per share data)
(unaudited)
United
States Canada Australia Europe Total
As of and for the three
months ended January 31,
2026
Net sales $ 788.5 $ — $ 161.7 $ 154.1 $ 1,104.3
Cost of sales 492.5 — 107.9 117.1 717.5
Gross Profit 296.0 — 53.8 37.0 386.8
Selling, general and
administrative expenses: 165.0 — 44.0 32.5 241.5
Store related 124.1 — 36.4 31.5 192.0
Other 40.9 — 7.6 1.0 49.5
Asset impairments 1.1 — 2.3 6.7 10.1
Operating income (loss) 129.9 — 7.5 (2.2 ) 135.2
Interest income, net (86.0 )
Loss on digital assets and
related receivables 151.0
Other income, net (6.8 )
Income before income taxes 77.0
Income tax benefit (50.9 )
Net income 127.9
Property and equipment,
net (1) (2.3 ) — (0.6 ) — (2.9 )
Capital expenditures 5.4 — 0.8 — 6.2
(1) Property and equipment, net for France (Europe) is classified as Assets held for sale in our
Consolidated Balance Sheets.
United
States Canada Australia Europe Total
As of and for the three
months ended February 1,
2025
Net sales $ 861.1 $ 77.7 $ 148.2 $ 195.6 $ 1,282.6
Cost of sales 601.2 59.2 103.8 155.0 $ 919.2
Gross Profit 259.9 18.5 44.4 40.6 363.4
Selling, general and
administrative expenses: 182.4 16.8 36.8 46.5 282.5

Store related 147.3 16.3 38.2 30.9 232.7
Other 35.1 0.5 (1.4 ) 15.6 49.8
Asset impairments 1.4 — — (0.3 ) 1.1
Operating income (loss) 76.1 1.7 7.6 (5.6 ) 79.8
Interest income, net (54.8 )
Income before income taxes 134.6
Income tax expense 3.3
Net income 131.3
Property and equipment, net 0.4 (0.5 ) (1.6 ) (0.6 ) (2.3 )
Capital expenditures 3.3 — 0.2 — 3.5
United
States Canada Australia Europe Total
As of and for the Year ended
January 31, 2026
Net sales $ 2,667.6 $ 38.2 $ 494.7 $ 429.4 $ 3,629.9
Cost of sales 1,752.2 28.2 336.0 317.4 2,433.8
Gross Profit 915.4 10.0 158.7 112.0 1,196.1
Selling, general and
administrative expenses: 631.1 13.9 149.1 116.1 910.2
Store related 514.1 11.3 121.7 108.2 755.3
Other 117.0 2.6 27.4 7.9 154.9
Asset impairments 1.1 18.3 5.0 29.4 53.8
Operating income (loss) 283.2 (22.2 ) 4.6 (33.5 ) 232.1
Interest income, net (271.5 )
Loss on digital assets and
related receivables 131.6
Other income, net (12.0 )
Income before income taxes 384.0
Income tax benefit (34.4 )
Net income 418.4
Property and equipment, net (1) 32.6 — 15.7 — 48.3
Capital expenditures 12.0 0.1 5.0 0.4 17.5
(1) Property and equipment, net for France (Europe) is classified as Assets held for sale in our
Consolidated Balance Sheets.
United
States Canada Australia Europe Total
As of and for the year ended
February 1, 2025
Net sales $ 2,575.7 $ 204.3 $ 404.9 $ 638.1 $3,823.0

Cost of sales 1,803.2 152.6 277.6 475.7 2,709.1
Gross Profit 772.5 51.7 127.3 162.4 1,113.9
Selling, general and
administrative expenses: 737.2 61.7 139.2 192.3 1,130.4
Store related 631.5 51.5 122.4 162.8 968.2
Other 105.7 10.2 16.8 29.5 162.2
Asset impairments 1.4 — — 8.3 9.7
Operating income (loss) 33.9 (10.0 ) (11.9 ) (38.2 ) (26.2 )
Interest income, net (163.4 )
Income before income taxes 137.2
Income tax expense 5.9
Net income 131.3
Property and equipment, net 39.4 1.3 16.3 11.2 68.2
Capital expenditures 10.1 1.0 3.2 1.8 16.1
GameStop Corp.
Consolidated Balance Sheets
(in millions)
(unaudited)
January 31,
2 026
February 1,
2 025
Current assets:
Cash and cash equivalents $ 6,304.7 $ 4,756.9
Marketable securities 2,709.1 18.0
Receivables, net of allowance of $4.2 and $4.7, respectively 45.0 60.9
Digital assets and related receivables 368.4 —
Merchandise inventories, net 403.3 480.2
Prepaid expenses and other current assets 34.6 39.0
Assets held for sale 146.5 —
Total current assets 10,011.6 5,355.0
Property and equipment, net of accumulated depreciation of
$488.2 and $684.2, respectively 48.3 68.2
Operating lease right-of-use assets 183.3 374.1
Deferred income taxes 86.8 18.1
Other noncurrent assets 58.4 60.0
Total assets $ 10,388.4 $ 5,875.4
Current liabilities:
Accounts payable $ 147.1 $ 148.6
Accrued liabilities and other current liabilities 283.8 362.2
Current portion of operating lease liabilities 87.5 144.3
Current portion of long-term debt — 10.3

Liabilities held for sale 136.1 —
Total current liabilities 654.5 665.4
Long-term debt 4,164.3 6.6
Operating lease liabilities 110.1 249.5
Other long-term liabilities 15.1 24.1
Total liabilities 4,944.0 945.6
Stockholders’ equity 5,444.4 4,929.8
Total liabilities and stockholders’ equity $ 10,388.4 $ 5,875.4
GameStop Corp.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
Cash flows from operating activities:
Net income $ 127.9 $ 131.3
Adjustments to reconcile net income to net cash
flows from operating activities:
Depreciation and amortization (0.3 ) 6.0
Asset impairments 9.7 1.1
Loss on digital assets and related receivables 151.0 —
Stock-based compensation expense, net 7.2 5.5
Deferred income taxes (66.8 ) (1.8 )
Loss (gain) on disposal of property and
equipment, net 4.4 (0.7 )
Other, net (10.4 ) 0.1
Changes in operating assets and liabilities:
Receivables, net 6.4 (4.9 )
Merchandise inventories, net 229.2 293.1
Prepaid expenses and other assets 1.7 97.5
Prepaid income taxes and income taxes
payable 4.3 10.4
Accounts payable and accrued liabilities (275.2 ) (367.3 )
Operating lease right-of-use assets and lease
liabilities 1.4 1.0
Changes in other long-term liabilities 3.1 (9.0 )
Net cash flows provided by operating
activities 193.6 162.3
Cash flows from investing activities:
Capital expenditures (6.2 ) (3.5 )
Purchases of marketable securities (1,718.1 ) (32.2 )

Proceeds from maturities of marketable securities 3.0 42.9
Proceeds from sale of a business unit 3.0 7.0
Other 4.4 3.2
Net cash flows (used in) provided by
investing activities (1,713.9 ) 17.4
Cash flows from financing activities:
Payments for convertible notes issuance costs (0.8 ) —
Repayments of French term loans (3.2 ) (2.5 )
Proceeds from the exercise of warrants 0.2 —
Proceeds from equity awards directly withheld from
employees for tax purposes 2.4 1.2
Payments to tax authorities for equity awards
directly withheld from employees (2.4 ) (1.2 )
Net cash flows used in financing activities (3.8 ) (2.5 )
Exchange rate effect on cash, cash equivalents and
restricted cash 0.6 (4.0 )
Less: Net change in cash balances classified as assets
held-for-sale (14.0 ) —
Increase (decrease) in cash, cash equivalents and
restricted cash (1,537.5 ) 173.2
Cash, cash equivalents and restricted cash at beginning
of period 7,865.6 4,616.6
Cash, cash equivalents and restricted cash at end of
period $ 6,328.1 $ 4,789.8
GameStop Corp.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 2025
Cash flows from operating activities:
Net income $ 418.4 $ 131.3
Adjustments to reconcile net income to net cash
flows from operating activities:
Depreciation and amortization 14.6 38.9
Asset impairments 53.8 9.7
Loss on digital assets and related receivables 131.6 —
Warrants issued to Convertible Noteholders 42.2 —
Stock-based compensation expense, net 26.7 16.4
Deferred income taxes (66.7 ) (1.8 )
Loss (gain) on disposal of property and

equipment, net 4.2 (7.1 )
Other, net (10.6 ) 1.2
Changes in operating assets and liabilities:
Receivables, net 6.0 28.9
Merchandise inventories, net 12.6 94.5
Prepaid expenses and other assets 6.6 4.9
Prepaid income taxes and income taxes
payable (11.0 ) 3.7
Accounts payable and accrued liabilities 0.8 (179.5 )
Operating lease right-of-use assets and lease
liabilities 0.4 1.6
Changes in other long-term liabilities (14.8 ) 3.0
Net cash flows provided by operating
activities 614.8 145.7
Cash flows from investing activities:
Capital expenditures (17.5 ) (16.1 )
Purchases of marketable securities (2,770.5 ) (61.4 )
Purchase of digital assets (500.0 ) —
Investment in collaboration agreement (17.5 ) —
Proceeds from maturities and sales of marketable
securities 90.2 316.8
Proceeds from sale of property and equipment 0.3 15.3
Proceeds from the sale of other divestitures, net of
cash disposed (0.4 ) —
Proceeds from the sale of a business unit — 7.0
Other 5.6 3.5
Net cash flows (used in) provided by in
investing activities (3,209.8 ) 265.1
Cash flows from financing activities:
Proceeds from the issuance of convertible notes 4,200.0 —
Payments for convertible notes and warrants
issuance costs (42.1 ) —
Proceeds from the issuance of shares in at-the-
market (ATM) offerings — 3,453.8
Repayments of French term loans (11.9 ) (10.8 )
Proceeds from the exercise of warrants 0.2 —
Proceeds from equity awards directly withheld from
employees for tax purposes 9.9 8.7
Payments to tax authorities for equity awards
directly withheld from employees (9.9 ) (8.7 )
Net cash flows provided by financing
activities 4,146.2 3,443.0

Exchange rate effect on cash, cash equivalents and
restricted cash 9.6 (2.9 )
Less: Net change in cash balance classified as assets
held-for-sale (22.5 ) —
Increase (decrease) in cash, cash equivalents and
restricted cash 1,538.3 3,850.9
Cash, cash equivalents and restricted cash at beginning
of period 4,789.8 938.9
Cash, cash equivalents and restricted cash at end of
period $ 6,328.1 $ 4,789.8
GameStop Corp.
Schedule I
Sales Mix
(in millions)
(unaudited)
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
Net Sales:
Net
Sales
Percent
of Total
Net
Sales
Percent
of Total
Hardware and accessories (1) $ 535.6 48.5 % $ 725.8 56.6 %
Software (2) 203.7 18.4 % 286.2 22.3 %
Collectibles (3) 365.0 33.1 % 270.6 21.1 %
Total $ 1,104.3 100.0 % $ 1,282.6 100.0 %
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 2025
Net Sales:
Net
Sales
Percent
of Total
Net
Sales
Percent
of Total
Hardware and accessories (1) $ 1,840.4 50.7 % $ 2,099.7 54.9 %
Software (2) 729.3 20.1 % 1,005.4 26.3 %
Collectibles (3) 1,060.2 29.2 % 717.9 18.8 %
Total $ 3,629.9 100.0 % $ 3,823.0 100.0 %
(1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which
hardware and digital or physical software are sold together in a single SKU, interactive game
figures, strategy guides, mobile and consumer electronics.
(2) Includes sales of new and pre-owned gaming software, digital software and PC
entertainment software.
(3) Includes the sale of apparel, toys, trading cards, gadgets, other products for pop culture and
technology enthusiasts, and submission services for the authentication and grading of trading
cards.
GameStop Corp.

Schedule II
(in millions)
(unaudited)
Non-GAAP results
The following tables reconcile the Company’s SG&A expenses, operating income (loss), net
income (loss), and net income (loss) per share as presented in its consolidated statements of
operations and prepared in accordance with U.S. generally accepted accounting principles
(“GAAP”) to its adjusted SG&A expenses, adjusted operating income (loss), adjusted net income
(loss), adjusted net income (loss) per share and adjusted EBITDA. The diluted weighted-average
shares outstanding used to calculate adjusted net income per share may differ from GAAP
weighted-average shares outstanding. Under GAAP, basic and diluted weighted-average shares
outstanding are the same in periods where there is a net loss. The tax adjustments below for the
13 and 52 weeks ended January 31, 2026, respectively, include provisions for the tax effects of
non-GAAP adjustments. The reconciliations below are from continuing operations only.
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 202
Adjusted SG&A
Expenses
SG&A expenses $ 241.5 $ 282.5 $ 910.2 $ 1,130.
Transformation
costs (1) 2.4 (3.5 ) 3.6 10.
Adjusted SG&A
expenses 243.9 279.0 913.8 1,140.
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 202
Adjusted
Operating
Income (Loss)
Operating income
(loss) $ 135.2 $ 79.8 $ 232.1 $ (26.2 )
Asset
impairments (2) 10.1 1.1 53.8 9.7
Transformation
costs (1) 2.4 3.5 3.6 (10.3 )
Adjusted
Operating income
(loss) $ 147.7 $ 84.4 $ 289.5 $ (26.8 )
(1) Transformation costs include severance, stock-based compensation forfeitures related to
workforce optimization efforts and departures of key personnel, adjustments to reserves for
expenses for consultants and advisors related to transformation initiatives, and other costs in
connection with our transformation initiatives.

(2) Current year asset impairments include amounts incurred in connection with plans initiated
during the first quarter of fiscal 2025 to divest our operations in France and Canada, amounts
incurred in connection with the wind down of our operations in New Zealand, and other store-
level asset impairment. Prior year asset impairments include amounts incurred in connection
with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and
wind down our operations in Germany, and other store-level asset impairment.
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 202
Adjusted Net
Income
Net income $ 127.9 $ 131.3 $ 418.4 $ 131.3
Transformation
costs (1) 2.4 3.5 3.6 (10.3 )
Divestitures
and other — 0.5 (2.2 ) 0.5
Asset
impairments (2) 10.1 1.1 53.8 9.7
Warrants
issued to
Convertible
Noteholders (3) — — 42.2 —
Loss on digital
assets and
related
receivables 151.0 — 131.6 —
Adjusted Net
Income $ 291.4 $ 136.4 $ 647.4 $ 131.2
Adjusted Net
Income per
share
Basic
Basic $ 0.65 $ 0.31 $ 1.45 $ 0.33
Diluted $ 0.49 $ 0.30 $ 1.18 $ 0.33
Number of shares
used in adjusted
calculation
Basic 448.1 446.9 447.6 394.1
Diluted 592.0 447.7 549.1 394.7
(1) Transformation costs include severance, stock-based compensation forfeitures related to
workforce optimization efforts and departures of key personnel, adjustments to reserves for
expenses for consultants and advisors related to transformation initiatives, and other costs in

connection with our transformation initiatives.
(2) Current year asset impairments include amounts incurred in connection with plans initiated
during the first quarter of fiscal 2025 to divest our operations in Canada and France, amounts
incurred in connection with the wind down of our operations in New Zealand, and other store-
level asset impairment. Prior year asset impairments include amounts incurred in connection
with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and
wind down our operations in Germany, and other store-level asset impairment.
GameStop Corp.
Schedule III
(in millions)
(unaudited)
Non-GAAP results
The following table reconciles the Company’s cash flows provided by (used in) operating
activities as presented in its Consolidated Statements of Cash Flows and prepared in accordance
with GAAP to its free cash flow. Free cash flow is considered a non-GAAP financial measure.
Management believes, however, that free cash flow, which measures our ability to generate
additional cash from our business operations, is an important financial measure for use by
investors in evaluating the Company’s financial performance.
13 Weeks Ended
January 31, 2026
13 Weeks Ended
February 1, 2025
52 Weeks Ended
January 31, 2026
52 Weeks Ended
February 1, 2025
Net cash flows
provided by
operating
activities $ 193.6 $ 162.3 614.8 $ 145.7
Capital
expenditures (6.2 ) (3.5 ) (17.5 ) (16.1 )
Free cash flow $ 187.4 $ 158.8 $ 597.3 $ 129.6
Non-GAAP Measures and Other Metrics
Adjusted EBITDA, adjusted SG&A expenses, adjusted operating income (loss), adjusted net
income (loss) and adjusted income (loss) per share are supplemental financial measures of the
Company’s performance that are not required by, or presented in accordance with GAAP. We
believe that the presentation of these non-GAAP financial measures provides useful information
to investors in assessing our financial condition and results of operations. We define adjusted
EBITDA as net income before income taxes, plus net interest income, depreciation and
amortization, excluding stock-based compensation, certain transformation costs, business
divestitures, asset impairments, loss (gain) on digital assets and related receivables, severance
and other non-cash charges. Net income is the GAAP financial measure most directly
comparable to adjusted EBITDA. Our non-GAAP financial measures should not be considered
as an alternative to the most directly comparable GAAP financial measure. Furthermore, non-

GAAP financial measures have limitations as an analytical tool because they exclude some but
not all items that affect the most directly comparable GAAP financial measures. Some of these
limitations include:
certain items excluded from adjusted EBITDA are significant components in understanding
and assessing a company’s financial performance, such as a company’s cost of capital and
tax structure;
adjusted EBITDA does not reflect our cash expenditures or future requirements for capital
expenditures or contractual commitments;
adjusted EBITDA does not reflect changes in, or cash requirements for our working capital
needs;
although depreciation and amortization are non-cash charges, the assets being depreciated
and amortized will often have to be replaced in the future, and adjusted EBITDA does not
reflect any cash requirements for such replacements; and
our computations of adjusted EBITDA may not be comparable to other similarly titled
measures of other companies.
We compensate for the limitations of adjusted EBITDA, adjusted SG&A expenses, adjusted
operating income (loss), adjusted net income (loss) and adjusted net income (loss) per share as
analytical tools by reviewing the comparable GAAP financial measure, understanding the
differences between the GAAP and non-GAAP financial measures and incorporating these data
points into our decision-making process. Adjusted EBITDA, adjusted SG&A expenses, adjusted
operating (loss) income, adjusted net income (loss), and adjusted net income (loss) per share
are provided in addition to, and not as an alternative to, the Company’s financial results
prepared in accordance with GAAP, and should not be considered in isolation or as a substitute
for analysis of our results as reported under GAAP. Because adjusted EBITDA, adjusted SG&A
expenses, adjusted operating (loss) income, adjusted net income, and adjusted net income (loss)
per share may be defined and determined differently by other companies in our industry, our
definitions of these non-GAAP financial measures may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility.
GameStop Corp. Investor Relations
(817) 424-2001
ir@gamestop.com
Source: GameStop Corp.
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