GameStop just dropped a mixed set of numbers in its latest earnings report on Tuesday, where Q4 net sales came in at $1.104 billion, down from $1.283 billion a year earlier.Even with that drop, net income still landed at $127.9 million, just under the $131.3 million reported in the prior-year quarter.

GameStop also published its full GAAP and non-GAAP results and said its Form 10-K and extra filings are available on its investor website.

The rest of the quarter showed a much fatter cash pile and a crypto line that will catch attention fast.

GameStop said:-

“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.”

So yes, GameStop sold less stuff, but it ended the quarter with far more liquidity and a sizeable crypto-linked position sitting on the books.

GameStop cuts expenses and posts stronger operating income

The biggest reason GameStop’s profit held up was lower spending, because SG&A expenses fell to $241.5 million from $282.5 million, operating income rose to $135.2 million from $79.8 million, while adjusted operating income (which strips out impairment and other items) climbed to $147.7 million from $84.4 million.

GameStop’s adjusted net income reached $291.4 million, up from $136.4 million, after excluding impairment, losses tied to cryptocurrencies and related receivables, and other items.

In the United States, GameStop reported net sales of $788.5 million, cost of sales of $492.5 million, and gross profit of $296.0 million.

U.S. SG&A was $165.0 million, split between $124.1 million in store-related costs and $40.9 million in other costs. Asset impairments were $1.1 million, and operating income in the U.S. was $129.9 million.

In Australia, GameStop’s sales were $161.7 million, cost of sales was $107.9 million, gross profit was $53.8 million, SG&A was $44.0 million, store costs were $36.4 million, other costs were $7.6 million, impairments were $2.3 million, and operating income was $7.5 million.

In Europe, sales were $154.1 million, cost of sales was $117.1 million, and gross profit was $37.0 million, which is a surprise.

Below that, the company booked net interest income of $86.0 million, a $151.0 million loss on crypto assets and related receivables, and other income of $6.8 million. Income before income taxes was $77.0 million.

GameStop’s income tax benefit was $50.9 million, while capital expenditures were $6.2 million, with $5.4 million in the U.S. and $0.8 million in Australia.

GameStop turns a full-year loss into a full-year operating profit

For the full fiscal year, GameStop reported net sales of $3.630 billion, down from $3.823 billion in fiscal 2024, as SG&A expenses dropped to $910.2 million from $1.130 billion, which helped flip the operating line from a loss to a profit.

GameStop’s operating income for fiscal 2025 was $232.1 million, compared with an operating loss of $26.2 million the year before.

GameStop’s adjusted operating income was $289.5 million, versus an adjusted operating loss of $26.8 million in fiscal 2024.

The company’s full-year net income came in at $418.4 million, up from $131.3 million, while its adjusted net income rose to $647.4 million from $131.2 million, excluding impairment, losses on crypto.

GameStop’s full-year net interest income was $271.5 million, the loss on crypto and related receivables was $131.6 million, other income was $12.0 million, income before taxes was $384.0 million, income tax benefit was $34.4 million, capital expenditures were $17.5 million, and property and equipment, net stood at $48.3 million, with France again listed as held for sale.

At the end of the report, GameStop said:- “The Company will not be holding a conference call today. Additional information can be found in the Company’s Form 10-K.”

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