GameStop collectibles sales rose 57% to $356.3 million in the second quarter ended August 1, 2026, accounting for 45.1% of revenue. The results, released on September 8, show a substantial shift in the retailer’s business mix: collectibles expanded while total sales fell, and operating income more than doubled.
Key Takeaways
- Collectibles increased to 45.1% of quarterly sales from 23.4% a year earlier.
- Operating income reached $160.2 million despite a decline in total revenue.
- GameStop raised its fiscal 2026 adjusted EBITDA outlook to more than $650 million.
Table of Contents
- GameStop collectibles grow as overall revenue falls
- Higher profit accompanies the changing sales mix
- eBay investment and the raised annual outlook
- Conclusion
GameStop collectibles grow as overall revenue falls
Collectibles revenue increased from $227.6 million in the prior-year quarter. GameStop’s second-quarter results show that the category’s share of sales nearly doubled, reflecting both its growth and a decline in the company’s overall revenue.
Total net sales fell to $790.2 million from $972.2 million. GameStop attributed the decrease primarily to the comparison with the prior-year Nintendo Switch 2 launch, planned store closures and the divestiture of its French operations.
The distinction matters: collectibles growth represents an expanding part of the business, but it did not offset the total revenue decline during the quarter. Beginning with this reporting period, GameStop groups sales into Collectibles, Video Games, and Pre-Owned and Refurbished, with prior periods recast for comparison.
| Item | Details |
|---|---|
| Selling, general and administrative expenses | $187.1 million in Q2 2026, compared with $218.8 million a year earlier. |
| Adjusted operating income | $158.7 million, compared with $64.7 million in the prior-year quarter. |
| Quarterly adjusted EBITDA | $174.0 million, compared with $75.7 million a year earlier. |
| Debt exchange completed September 3, 2026 | Approximately $1.4 billion of convertible-note principal retired, reducing total long-term debt to approximately $2.8 billion. |
Higher profit accompanies the changing sales mix
Operating income rose to $160.2 million from $66.4 million, which GameStop described as its highest second-quarter operating income. Gross profit increased to $345.0 million from $283.1 million, while selling, general and administrative expenses declined.
Net income increased to $298.7 million from $168.6 million. That headline result included investment-related items, including a derivative gain, an unrealized equity-investment gain and a loss on digital assets and related receivables.
Adjusted net income, which excludes those and certain other items, rose more modestly to $161.1 million from $138.3 million. The difference helps distinguish the improvement in adjusted earnings from the larger increase in reported net income.
eBay investment and the raised annual outlook
As of August 1, 2026, GameStop held approximately 43.4 million eBay common shares with a fair value of about $4.9 billion. Separately, it reported $5.4 billion in cash, cash equivalents, marketable securities, digital assets and related receivables. The eBay holding is an investment position, not revenue from the collectibles business.
GameStop raised its adjusted EBITDA outlook for the fiscal year ending January 30, 2027, to more than $650 million, from its previous expectation of more than $600 million. First-half adjusted EBITDA was $339.7 million.
The annual figure remains management guidance rather than a completed result. Adjusted EBITDA is also a non-GAAP measure and should be considered alongside the company’s reported earnings.
Conclusion
The second quarter showed stronger collectibles sales and higher operating profit, but not companywide revenue growth. The remaining fiscal 2026 results will show whether GameStop meets its raised adjusted EBITDA outlook.
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