GameStop Corp. (GME)

Price$22.64Cached quoteAs of 2026-09-18 21:23 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because strong asset backing offsets uncertain long-term earnings.

Using 448.7 million shares from May and the observed market price gives roughly $8.2 billion of equity value. Fiscal 2025 diluted earnings per share, which includes potential extra shares from convertible securities, were $0.77, implying about 24 times earnings, not obviously cheap. May cash and marketable securities of $8.37 billion, plus about $0.37 billion of digital assets, minus $4.17 billion of debt, provided roughly $4.6 billion of net financial backing before later cash flows. The eBay purchase mostly changed that backing from cash into shares, leaving roughly $3.6 billion for the operating business and strategic upside.

Big pictureProfitability has improved fast, but the core sales base is still much smaller.

Revenue fell from $6.01 billion in fiscal 2021 to $3.63 billion in fiscal 2025, a decline of about 40%. Still, fiscal 2025 operating profit reached $232 million after a $26 million loss the year before. Free cash flow, meaning cash left after running and investing in the business, was about $597 million. First-quarter 2026 revenue then rose 14% and operating profit reached $143 million. The holiday-heavy fourth quarter supplied about 30% of fiscal 2025 sales, while first-quarter net income also included a $268.4 million paper gain on an investment-linked contract.

Business strengthThe balance sheet is strong, but issuing many new shares has weakened each owner's claim.

GameStop had $8.37 billion of cash and marketable securities in May against $4.17 billion of debt, giving it unusual financial flexibility. However, shares outstanding rose from 305.7 million in fiscal 2023 to 448.7 million by May 2026, about 47%. GameStop later committed roughly $4.36 billion to a 9.8% eBay stake and authorized up to $2 billion of buybacks. An August agreement would retire $1.4 billion of debt by issuing still more stock; the final share count remains unknown. Strong assets support the bull case, while dilution and concentrated capital allocation support the bear case.

What could change the storyThe story improves if collectible profits persist and weakens if large investments erode the cash cushion.

Collectibles rose to 41.8% of first-quarter sales from 28.9% a year earlier, helping gross margin, the share of sales left after product costs, reach 40.7% from 34.5%; overhead costs also fell 11.6%. If free cash flow stays near $500 million for several years, the roughly $3.6 billion value left after net financial backing would look modest. The opposite case is concrete: GameStop has put about $4.36 billion into eBay and proposed a far larger acquisition. A partnership or abandoned bid could preserve flexibility; a heavily stock- or debt-funded takeover could materially reduce value per share.

AI: News

First-quarter profit and buybackGameStop posted a much stronger first quarter and paired it with a large share-buyback authorization.

On June 2, GameStop reported first-quarter revenue of $835.3 million, up 14% from a year earlier, and operating profit of $143.3 million versus a prior loss. Net income reached $389.6 million, although $268.4 million came from an unrealized investment-linked gain rather than store operations. The board also authorized up to $2 billion of share repurchases through 2029. Reuters reported that the shares rose 7.4% in extended trading after the announcement, consistent with a favorable reaction to stronger operations and the buyback.

Debt exchanged for stockGameStop agreed to swap debt for stock, cutting debt while creating fresh dilution uncertainty.

On August 3, GameStop announced an agreement to exchange about $1.4 billion of zero-interest convertible notes for common shares. If completed, long-term debt would fall by the same amount, leaving roughly $2.8 billion of those notes outstanding, but the new-share total depends partly on a 35-trading-day average price. Shares fell about 6% in premarket trading after the disclosure. That timing is consistent with investor concern about dilution, although it does not prove the announcement was the only cause of the move.

eBay strategy may softenGameStop may soften its eBay takeover plan after building a very large ownership stake.

A July 17 filing showed GameStop owned 43.39 million eBay shares, about 9.8% of the company, after spending roughly $4.36 billion including option-related costs. On August 10, Reuters reported that Ryan Cohen was considering withdrawing the $56 billion takeover proposal and pursuing a partnership or joint venture instead. No clean single-event GameStop share reaction is reliably isolated. The choice matters because a partnership could preserve financial flexibility, while a full acquisition could require substantial new stock issuance or debt.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$3.63B	$3.82B	$5.27B	$5.93B	$6.01B	$5.09B	$6.47B	$8.29B	$8.55B	$7.96B	$9.36B	$9.30B	$9.04B	$8.89B	$9.55B	$9.47B	$9.08B	$8.81B	$7.09B
Gross profit	$1.20B	$1.11B	$1.29B	$1.37B	$1.35B	$1.26B	$1.91B	$2.31B	$2.48B	$2.50B	$2.92B	$2.78B	$2.66B	$2.65B	$2.68B	$2.54B	$2.43B	$2.27B	$1.81B
Gross margin	32.95%	29.14%	24.54%	23.15%	22.42%	24.75%	29.52%	27.86%	29.07%	31.39%	31.17%	29.86%	29.44%	29.84%	28.06%	26.79%	26.82%	25.78%	25.57%
Operating expenses	$964.0M	$1.14B	$1.33B	$1.68B	$1.72B	$1.50B	$2.31B	$3.01B	$2.05B	$2.02B	$2.27B	$2.16B	$2.09B	$2.69B	$2.11B	$1.88B	$1.80B	$1.59B	$1.31B
Operating income	$232.1M	−$26.2M	−$34.5M	−$311.6M	−$368.5M	−$237.8M	−$399.6M	−$702.0M	$439.2M	$481.7M	$648.2M	$618.3M	$573.5M	−$41.6M	$569.9M	$662.6M	$637.0M	$675.1M	$501.4M
Operating margin	6.39%	−0.69%	−0.65%	−5.26%	−6.13%	−4.67%	−6.18%	−8.47%	5.14%	6.05%	6.92%	6.65%	6.34%	−0.47%	5.97%	6.99%	7.02%	7.67%	7.07%
EBITDA	$251.6M	$12.7M	$21.7M	−$249.9M	−$292.0M	−$157.8M	−$304.4M	−$596.4M	$561.5M	$618.4M	$804.8M	$772.7M	$740.0M	$134.9M	$756.2M	$837.3M	$799.6M	$820.1M	$631.7M
EBITDA margin	6.93%	0.33%	0.41%	−4.22%	−4.86%	−3.10%	−4.71%	−7.20%	6.57%	7.76%	8.59%	8.31%	8.19%	1.52%	7.92%	8.84%	8.81%	9.31%	8.90%
Net income	$418.4M	$131.3M	$6.7M	−$313.1M	−$381.3M	−$215.3M	−$470.9M	−$673.0M	$34.7M	$353.2M	$402.8M	$393.1M	$354.2M	−$269.7M	$339.9M	$408.0M	$377.3M	$398.3M	$288.3M
Net profit margin	11.53%	3.43%	0.13%	−5.28%	−6.34%	−4.23%	−7.28%	−8.12%	0.41%	4.43%	4.30%	4.23%	3.92%	−3.03%	3.56%	4.31%	4.16%	4.52%	4.06%
Basic EPSper basic share	$0.93	$0.33	$0.02	-$1.03	-$1.31	-$0.83	-$1.35	-$1.65	$0.09	$0.86	$0.95	$0.88	$0.76	-$0.53	$0.61	$0.67	$0.57	$0.61	$0.46
Diluted EPSper diluted share	$0.77	$0.33	$0.02	-$1.03	-$1.31	-$0.83	-$1.35	-$1.65	$0.09	$0.85	$0.95	$0.87	$0.75	-$0.53	$0.60	$0.66	$0.56	$0.60	$0.44

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈8.55%of listed shares

Cohen Ryan38.35M shares · Jan 21, 2026

View holders

Top 20 reported holders of GME
Holder	% owned
Cohen Ryan	≈8.55%38.35M shares
BlackRock, Inc.	≈8.19%36.75M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.09%18.35M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈3.86%17.33M shares
STATE STREET CORP	≈2.91%13.05M shares
GEODE CAPITAL MANAGEMENT, LLC	≈1.70%7.65M shares
DIMENSIONAL FUND ADVISORS LP	≈1.54%6.9M shares
NORGES BANK	≈1.16%5.2M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	≈1.00%4.48M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈0.83%3.72M shares
NORTHERN TRUST CORP	≈0.77%3.45M shares
MARSHALL WACE, LLP	≈0.65%2.91M shares
RENAISSANCE TECHNOLOGIES LLC	≈0.62%2.77M shares
VANGUARD FIDUCIARY TRUST CO	≈0.58%2.61M shares
Bank of New York Mellon Corp	≈0.50%2.23M shares
VAN ECK ASSOCIATES CORP	≈0.40%1.82M shares
MORGAN STANLEY	≈0.39%1.74M shares
Marex Group Ltd	≈0.30%1.32M shares
Clear Street Group Inc.	≈0.25%1.13M shares
JPMORGAN CHASE & CO	≈0.25%1.12M shares

Percentages use 448.69M shares of this listed class outstanding on Jun 5, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$33.36M disclosed value

Sells (SEC code S)24$2.26M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 13, 2026Form 4 · 10b5-1	Robinson Mark HaymondGeneral Counsel and Secretary	SellClass A Common Stock	3.9K	$23.19	$90.7K	115.2K
Apr 1, 2026Form 4	Moore Daniel WilliamPFO and PAO	SellClass A Common Stock	7.2K	$22.94	$165.4K	101.0K
Apr 1, 2026Form 4	Robinson Mark HaymondGeneral Counsel and Secretary	SellClass A Common Stock	7.2K	$22.94	$165.4K	97.9K
Jan 23, 2026Form 4	Cheng LawrenceDirector	BuyClass A Common Stock · indirect	5.0K	$22.87	$114.3K	88.0K
Jan 21, 2026Form 4	Cohen RyanPresident, CEO and Chairman	BuyClass A Common Stock, $0.001 par value per share	500.0K	$21.60	$10.80M	38.35M

Review ownership filings at SEC.gov ↗

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GameStop Corp. (GME)

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