Games Workshop’s 2025 Annual Report: Record Profits, Global Expansion, and Tariff Challenges

Games Workshop has had an impressive year, reporting record profits and significant growth in its core business. However, the company faces challenges ahead, particularly concerning potential U.S. tariffs.

Record Profits and Strong Sales

For the fiscal year ending June 1, 2025, Games Workshop reported a pre-tax profit of £262.8 million, a 29.5% increase from the previous year. Revenue rose to £617.5 million, up from £525.7 million. This growth was driven by strong sales of Warhammer 40,000 products and the success of the video game Warhammer 40,000: Space Marine 2, which sold over 7 million copies. Additionally, licensing revenue surged to £52.5 million, up from £31 million, bolstered by a deal with Amazon to develop Warhammer TV and film adaptations.

Global Expansion and Store Openings

The company continued its global expansion by opening 30 new stores during the year, bringing the total number of stores to 570 worldwide. This expansion contributed to a 14.6% increase in North American sales, reaching £51.7 million. Despite the growth, Games Workshop cautioned that new U.S. tariffs could impact profits by approximately £12 million in the 2025/26 fiscal year, potentially reducing gross margins by about 2% .

Operational Efficiencies and Staff Bonuses

In response to potential tariff impacts, Games Workshop plans to offset the expected margin decline through operational efficiencies. The company also announced a £20 million profit share for its staff, up from £18 million the previous year, as a reward for their contributions to the company’s success.

Looking Ahead

While the company faces challenges from potential U.S. tariffs, Games Workshop remains focused on its long-term goals. CEO Kevin Rountree emphasized the importance of continuous improvement in product quality and manufacturing innovation, stating that the company will continue to work tirelessly to overcome any significant obstacles .

In summary, Games Workshop has achieved record financial results and continues to expand its global presence. The company is taking proactive steps to address potential tariff impacts and remains committed to delivering high-quality products to its dedicated community of hobbyists.

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