GameStop set a new quarterly profit record, reporting net income of $389.6 million for the first quarter ended May 2, 2026 — a massive increase from $44.8 million a year earlier. Net sales rose 14% year-over-year to $835.3 million, driven primarily by strong collectibles sales, the company said in its earnings release. Operating income reached $143.3 million, the highest first-quarter operating result in GameStop’s history and a sharp turnaround from the $10.8 million operating loss posted in the prior-year period.
Adjusted operating income was $140.5 million, excluding impairments and other items, compared with $27.5 million in the same quarter last year. Adjusted net income came in at $179.3 million, up from $73.1 million a year ago. Cash, cash equivalents, marketable securities, digital assets and related receivables, plus collateral pledged for a derivative asset, totaled $9.7 billion at quarter end, including $8.4 billion in cash and equivalents and about $0.4 billion in digital assets.
GameStop’s board unanimously approved a discretionary $2 billion share repurchase program, replacing the previous buyback authorization from March 2019. The new plan runs through June 2, 2029. GME stock jumped as much as 8.7% in premarket trading to $22.74 on the news. The company also disclosed it raised its stake in eBay to approximately 6.55%, despite eBay having rejected GameStop’s unsolicited $56 billion takeover bid.
