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Quarter in detail
· FY2026 Q1
Macro signals
→Credit
GameStop's fiscal 2026 first quarter (the 13 weeks ended May 2, 2026) paired double-digit sales growth with a sharp swing to record operating profitability. Net sales rose 14% to $835.3 million from $732.4 million, driven by collectibles, which climbed to $348.9 million, or 41.8% of sales, from $211.5 million, while core hardware and accessories ($333.7 million) and software ($152.7 million) kept declining. Operating income reached a first-quarter record of $143.3 million, versus a $10.8 million operating loss a year earlier, as gross margin expanded to 40.7% from 34.5% and SG&A fell to $201.6 million from $228.1 million. GAAP net income hit a record $389.6 million ($0.66 diluted EPS) from $44.8 million, though the jump was heavily non-operating -- a $268.4 million unrealized gain on the eBay derivative asset and $83.7 million of net interest income -- with adjusted net income of $179.3 million versus $73.1 million. GameStop ended the quarter with $9.7 billion of cash, marketable securities and digital assets, approved a $2.0 billion share repurchase authorization, provided no forward guidance and held no earnings call.
Key themes
7
positive📊 company
Net Sales Grew 14% Driven By Collectibles
Net sales rose to $835.3 million from $732.4 million a year earlier, up 14% year-over-year, as collectibles climbed to $348.9 million, or 41.8% of net sales, from $211.5 million, or 28.9%.
Revenue Growth
Demand
positive📊 company
Record First-Quarter Operating Income
Operating income was $143.3 million, the highest first quarter operating income in GameStop's history, versus an operating loss of $10.8 million a year earlier; adjusted operating income was $140.5 million compared to $27.5 million.
Margin
positive📊 company
Gross Margin Expansion And Cost Discipline
Gross profit margin expanded to 40.7% of net sales from 34.5% a year earlier, while selling, general and administrative expenses fell to $201.6 million from $228.1 million, producing strong operating leverage on modest sales growth.
MarginCost Pressure
positive📊 company
Balance Sheet Strength And $2.0 Billion Buyback
Cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative asset totaled $9.7 billion, and the Board approved a discretionary $2.0 billion share repurchase authorization through June 2, 2029.
Capital Allocation
mixed📊 company
Non-Operating Gains Drove Record Net Income
Net income reached a record $389.6 million versus $44.8 million, but much of the increase was non-operating: a $268.4 million unrealized gain on the eBay derivative asset and $83.7 million of net interest income; adjusted net income was $179.3 million versus $73.1 million.
Capital Allocation
mixed📊 company
International Retrenchment Via Divestitures
Asset impairments this quarter were tied to divesting operations in France and New Zealand, and the prior year's Canada net sales of $38.2 million and $22.2 million operating loss no longer recur, narrowing the business toward its core United States market.
Geographic ExpansionCost Pressure
negative📊 company
Core Hardware And Software Sales Decline
Hardware and accessories net sales slipped to $333.7 million from $345.3 million and software fell to $152.7 million from $175.6 million, as the core packaged-gaming business kept shrinking against the collectibles-led mix shift.
DemandRevenue Growth
Analyst Q&A
Earnings release only
GameStop discontinued its earnings-call Q&A after fiscal 2022 and now reports results by SEC 8-K press release with no analyst Q&A. Tellvest's coverage comes from these EX-99.1 exhibits.
CompanyFiscal year ends FebMost recent earnings call: Sep 8, 2026 (FY2026 Q2)Est. next earnings call: Dec 8, 2026
8/ 10
FY2026 Q1Positive+4.0 vs FY2025 Q4Default view · newest free
Calendar quarter Q2 2026Earnings call Jun 2, 2026
FY2026 Q1 in brief
GameStop's fiscal 2026 first quarter (the 13 weeks ended May 2, 2026) paired double-digit sales growth with a sharp swing to record operating profitability.
PositiveNet Sales Grew 14% Driven By Collectibles
PositiveRecord First-Quarter Operating Income
PositiveGross Margin Expansion And Cost Discipline
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
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Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for GameStop Corp. (GME), FY2026 Q1: 8/10. Scores: GameStop Corp.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: GME daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Mentions
Calendar Q2 2026
What GME said about other companies on its FY2026 Q1 call, and what other companies said about GME on their calls covering the same calendar quarter (Q2 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Represents unrealized gain on put and call option transactions, net of related expenses, entered into by the Company that provide economic exposure to shares of eBay Inc. common stock.”
GameStop holds put and call option positions giving it economic exposure to eBay common stock, which produced a $268.4 million unrealized gain this quarter, a sizable derivative stake in eBay's equity.
“the Company's ability to complete its proposed acquisition of eBay Inc.”
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Op margin
Net margin
FCF
FY2024 Q4
$1.28B
-28.5%
$0.29
+38.1%
28.3%
6.2%
10.2%
$159M
FY2025 Q1
$732M
-16.9%
$0.09
+181.8%
34.5%
-1.5%
6.1%
$190M
FY2025 Q2
$972M
+21.8%
$0.31
+675.0%
29.1%
6.8%
17.3%
$113M
FY2025 Q3
$821M
-4.6%
$0.13
+225.0%
33.3%
5.0%
9.4%
$107M
FY2025 Q4
$1.10B
-13.9%
$0.22
-24.1%
35.0%
12.2%
11.6%
$187M
FY2026 Q1Selected
$835M
+14.0%
$0.66
+633.3%
40.7%
17.2%
46.6%
$333M
FY2026 Q2
$790M
-18.7%
$0.51
+64.5%
43.7%
20.3%
37.8%
$61M
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Diluted net income per share of $0.66 versus $0.09 in the prior year's first quarter (basic net income per share of $0.87 versus $0.10)”
Revenue
Quarter
company-level, not the selected quarter
GAAP revenue YoY +14.1% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +14.1% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0Standard GAAP retailer rubric (GME is a plain specialty retailer; Specialty Retail is not in the Sector Rules Table). revenue YoY +14.05% -> base 7 (band 8-14%). The press release is a bare financial exhibit; management stated no adjusted, organic, or ex-divestiture revenue figure that lands in a different base band, so GAAP revenue is clean for scoring even though divesting France/New Zealand and the prior-year Canada exit removed some international sales (a GAAP headwind that, if anything, understates organic performance). Both periods are 13 weeks (13 weeks ended May 2, 2026 vs May 3, 2025), so there is no week-count distortion. Matches this ticker's FY2024-Q4/FY2025-Q2/FY2025-Q4 tx=0 precedent (QCOM: no stated adjusted figure -> tx=0). tx=0.+EPS+1EPS +1GAAP diluted EPS YoY +633.33% vs revenue YoY +14.05%, GAAP EPS spread +619.28 percentage points (outside +5 percentage points). GAAP EPS is heavily contaminated below the operating line: net income of $389.6M carries a $268.4M unrealized gain on the eBay derivative asset, $83.7M of net interest income (up from $56.9M) on the ~$8.4B cash pile, and a $1.1M gain on digital assets -- non-operating items, not operating execution. Operating income cross-check: operating income YoY +1426.85% is a loss-to-profit turnaround (operating loss of $10.8M in the prior-year quarter to operating income of $143.3M), so the raw percentage is mathematically meaningless; the clean read is management's adjusted operating income, both years positive, of $140.5M vs $27.5M (+410.9%), spread +396.85 percentage points -- and adjusted net income $179.3M vs $73.1M (+145.3%) plus adjusted diluted EPS $0.30 vs $0.17 (+76.5%) both confirm. Anchor to the operating line rather than the derivative-gain-contaminated GAAP EPS: revenue +14.05% alongside operating income swinging from a loss to a first-quarter record is genuine operating leverage from gross-margin expansion (40.7% vs 34.5%) and lower SG&A ($201.6M vs $228.1M) -> +1. (anchored to the operating line / adjusted metrics, not the raw non-operating-inflated GAAP EPS).+Guidance0Guidance 0GameStop does not provide forward guidance and held no conference call. -> 0.=Final8
How this score was built
Base7Base 7GAAP revenue YoY +14.1% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0Standard GAAP retailer rubric (GME is a plain specialty retailer; Specialty Retail is not in the Sector Rules Table). revenue YoY +14.05% -> base 7 (band 8-14%). The press release is a bare financial exhibit; management stated no adjusted, organic, or ex-divestiture revenue figure that lands in a different base band, so GAAP revenue is clean for scoring even though divesting France/New Zealand and the prior-year Canada exit removed some international sales (a GAAP headwind that, if anything, understates organic performance). Both periods are 13 weeks (13 weeks ended May 2, 2026 vs May 3, 2025), so there is no week-count distortion. Matches this ticker's FY2024-Q4/FY2025-Q2/FY2025-Q4 tx=0 precedent (QCOM: no stated adjusted figure -> tx=0). tx=0.
28.02
17.87
5
4
8
Oct 25Oct 26
Show less
GameStop discloses a pending proposed acquisition of eBay, signaling GME is pursuing an M&A combination with the e-commerce marketplace.
“Net sales were $835.3 million for the first quarter, compared to $732.4 million in the prior year's first quarter, with hardware and accessories of $333.7 million, software of $152.7 million and collectibles of $348.9 million, compared with hardware and accessories of $345.3 million, software of $175.6 million and collectibles of $211.5 million a year earlier”
Guidance
“GameStop does not provide forward guidance and held no conference call”
Key metric
“Operating income of $143.3 million versus an operating loss of $10.8 million; adjusted operating income of $140.5 million versus $27.5 million; net income of $389.6 million versus $44.8 million, including a $268.4 million unrealized gain on the eBay derivative asset and $83.7 million of net interest income (versus $56.9 million a year earlier); adjusted net income of $179.3 million versus $73.1 million; prior-year Canada net sales of $38.2 million with a $22.2 million Canada operating loss no longer recur; total cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative asset of $9.7 billion; a discretionary $2.0 billion share repurchase authorization through June 2, 2029”
+
EPS+1EPS +1GAAP diluted EPS YoY +633.33% vs revenue YoY +14.05%, GAAP EPS spread +619.28 percentage points (outside +5 percentage points). GAAP EPS is heavily contaminated below the operating line: net income of $389.6M carries a $268.4M unrealized gain on the eBay derivative asset, $83.7M of net interest income (up from $56.9M) on the ~$8.4B cash pile, and a $1.1M gain on digital assets -- non-operating items, not operating execution. Operating income cross-check: operating income YoY +1426.85% is a loss-to-profit turnaround (operating loss of $10.8M in the prior-year quarter to operating income of $143.3M), so the raw percentage is mathematically meaningless; the clean read is management's adjusted operating income, both years positive, of $140.5M vs $27.5M (+410.9%), spread +396.85 percentage points -- and adjusted net income $179.3M vs $73.1M (+145.3%) plus adjusted diluted EPS $0.30 vs $0.17 (+76.5%) both confirm. Anchor to the operating line rather than the derivative-gain-contaminated GAAP EPS: revenue +14.05% alongside operating income swinging from a loss to a first-quarter record is genuine operating leverage from gross-margin expansion (40.7% vs 34.5%) and lower SG&A ($201.6M vs $228.1M) -> +1. (anchored to the operating line / adjusted metrics, not the raw non-operating-inflated GAAP EPS).
+
Guidance0Guidance 0GameStop does not provide forward guidance and held no conference call. -> 0.
GameStop's fiscal 2026 first quarter (the 13 weeks ended May 2, 2026) paired double-digit sales growth with a sharp swing to record operating profitability
Best Buy opened fiscal 2027 with better-than-expected results, reporting enterprise revenue of $8.9 billion up 1.9% and enterprise comparable sales growth of 2%, ahead of its roughly 1% outlook, with positive comps across most major categories led by gaming, computing and mobile phones
Casey's closed fiscal 2026 with a record fourth quarter, posting diluted EPS of $4.37, up 66% year over year, and net income of $162.7 million, up 65.5%
Net sales rose approximately 2% to $4.5 billion, but comparable store sales fell about 1.5% as an unusually weak May, driven by peak fuel prices and Southeastern drought, cut roughly 2 percentage points from quarterly comps and pushed results below plan
Ulta Beauty opened fiscal 2026 with net sales up 11.1% to $3.2 billion and comparable sales up 5.3%, as a 3.7% increase in average ticket and a 1.6% increase in transactions lifted all channels and major categories
Williams-Sonoma delivered 4.8% comp growth with all brands running positive, led by West Elm at +8.5% and the Williams Sonoma brand at +5.0% on top of a 7.3% comp last year
GMEGameStop Corp.
Score 8Rev YoY +14.1%Trend
GameStop's fiscal 2026 first quarter (the 13 weeks ended May 2, 2026) paired double-digit sales growth with a sharp swing to record operating profitability
Best Buy opened fiscal 2027 with better-than-expected results, reporting enterprise revenue of $8.9 billion up 1.9% and enterprise comparable sales growth of 2%, ahead of its roughly 1% outlook, with positive comps across most major categories led by gaming, computing and mobile phones
Casey's closed fiscal 2026 with a record fourth quarter, posting diluted EPS of $4.37, up 66% year over year, and net income of $162.7 million, up 65.5%
Net sales rose approximately 2% to $4.5 billion, but comparable store sales fell about 1.5% as an unusually weak May, driven by peak fuel prices and Southeastern drought, cut roughly 2 percentage points from quarterly comps and pushed results below plan
Ulta Beauty opened fiscal 2026 with net sales up 11.1% to $3.2 billion and comparable sales up 5.3%, as a 3.7% increase in average ticket and a 1.6% increase in transactions lifted all channels and major categories
Williams-Sonoma delivered 4.8% comp growth with all brands running positive, led by West Elm at +8.5% and the Williams Sonoma brand at +5.0% on top of a 7.3% comp last year