Games Workshop (LON: GAW) threw its weight behind its 2026 results on Friday, forecasting core revenue of at least £625 million for the 52 weeks ending 31 May – a 10.6% jump from £565 million in the prior year.
The miniatures maker also guided pre-tax profit to at least £265 million, marginally ahead of the £262.8 million delivered last year, suggesting the company has held its margins even as costs press across the consumer goods sector.
The market responded favourably, with shares climbing more than 4% to 19,880p by late lunchtime.
Analyst Andrew Wade at Jefferies noted the update pointed to “re-acceleration” in recent months after softer December trading, calling it “a very solid trading performance” ahead of consensus expectations.
The company’s licensing income – which covers video game and film tie-ins for the Warhammer franchise – is expected to slump to at least £30 million from £52.5 million previously.
Games Workshop attributed no specific reason for the decline, though licensing deals are subject to timing differences in recognition and can move sharply year to year.
The weakness came despite the company’s signed agreement with Amazon to produce films and television content around the Warhammer 40,000 franchise, though no release date has been confirmed for the live-action adaptation.
With 575 stores globally and North America representing its largest market with 202 locations, Games Workshop has built a formidable physical retail presence, with 134 shops in its UK home market.
The company plans to launch a new Warhammer World in the US during 2027, following the success of its Nottingham flagship with its gaming hall, exhibition centre, store and restaurant.
Despite tariff headwinds in the US this year – around £12 million in import costs – the core business momentum more than compensated for these pressures.
Over the past five years, Games Workshop has more than doubled revenues from £269.7 million in fiscal 2020 to its current run rate, underlining the power of its Warhammer IP across miniatures, tabletop gaming and expanding media channels.
The company intends to publish its full 2026 Annual Report on 28 July 2026.