Games Workshop turned 617.5 million pounds of Warhammer sales into 262.8 million pounds of pre-tax profit in its 2024-25 financial year - a 42.6 percent pre-tax margin (262.8 / 617.5) that almost no consumer-goods company can match (Games Workshop, Annual Report 2024-25). That result helped the Nottingham firm enter the FTSE 100 in December 2024 as the first tabletop-miniatures company ever to do so (Frontline Gaming, 2024). The video game Warhammer 40,000: Space Marine 2 crossed 7 million copies by June 2025 (Gaming Amigos, 2025), and licensing income jumped 69 percent to 52.5 million pounds (Games Workshop, Annual Report 2024-25). This analysis consolidates data from Games Workshop’s audited filings, ICv2’s hobby-games market estimates, SteamDB, and 15 other primary and trade sources into one reference on the numbers behind Warhammer in 2026.
TL;DR
- Games Workshop revenue reached a record 617.5m pounds in FY2024-25, up from 525.7m (Games Workshop, Annual Report 2024-25).
- Pre-tax profit hit 262.8m pounds, up 29.5 percent year on year (Games Workshop, Annual Report 2024-25).
- Core gross margin held at 69.5 percent; core operating margin was 37.5 percent (Games Workshop, Annual Report 2024-25).
- FY2026 core revenue is guided to at least 625m pounds and pre-tax profit to at least 265m (Games Workshop, FY2026 Trading Update, June 2025).
- Space Marine 2 passed 7 million copies and players by June 2025, up from 4.5m in its first month (Gaming Amigos; GosuGamers).
- Space Marine 2 peaked at 225,690 concurrent Steam players on 9 September 2024 (SteamDB).
- Licensing revenue rose to 52.5m pounds in FY2024-25 but is guided to fall to about 30m in FY2026 as the SM2 boost fades (Games Workshop, FY2026 Trading Update).
- North America is the biggest region at 249.3m pounds of core revenue in FY2024-25 (Games Workshop, Annual Report 2024-25).
- The US and Canada hobby games market reached about 3.66bn dollars in 2025 (ICv2, 2025 estimate).
- Games Workshop ran 570 own stores in 24 countries at FY2024-25 year-end, rising to 575 by 30 November 2025 (Games Workshop filings).
- Games Workshop joined the FTSE 100 on 20 December 2024 with a market value near 6.62bn pounds by 2026 (Bloomberg; companiesmarketcap.com).
1. Games Workshop revenue, profit and margins
Games Workshop is the Tier 1 anchor for any Warhammer data set: it is LSE-listed, publishes audited accounts, and Warhammer is effectively its entire business. The headline is a 262.8 million pound pre-tax profit on 617.5 million pounds of revenue - a level of profitability that reads more like a software company than a maker of plastic models. Momentum carried into the current year: half-year core revenue grew 17.3 percent, and management guided full-year FY2026 core revenue above 625 million pounds.
| Metric | Value | Source |
|---|---|---|
| Total revenue, FY2024-25 (52 wks to 1 Jun 2025) | 617.5m pounds (FY24: 525.7m) | Games Workshop, Annual Report 2024-25 |
| Pre-tax profit, FY2024-25 | 262.8m pounds (+29.5% YoY) | Games Workshop, Annual Report 2024-25 |
| Core gross margin, FY2024-25 | 69.5% (FY24: 69.4%) | Games Workshop, Annual Report 2024-25 |
| Core operating margin, FY2024-25 | 37.5% (FY24: 35.3%) | Games Workshop, Annual Report 2024-25 |
| Core revenue, H1 FY2025-26 (26 wks to 30 Nov 2025) | 316.1m pounds (+17.3%) | Games Workshop, Half-Yearly Report 2025-26 |
| Pre-tax profit, H1 FY2025-26 | 140.8m pounds (+11%) | Games Workshop, Half-Yearly Report 2025-26 |
| Core revenue guidance, FY2026 | at least 625m pounds | Games Workshop, FY2026 Trading Update |
| Pre-tax profit guidance, FY2026 | at least 265m pounds | Games Workshop, FY2026 Trading Update |
Context: the FY2026 annual report covering the 52 weeks to 31 May 2026 is scheduled for publication on 28 July 2026, so the figures above are audited FY2024-25 results plus management’s own FY2026 estimates.
2. Where the money comes from: region and channel
Warhammer sells worldwide, but the revenue map is lopsided. North America alone generated 249.3 million pounds of core external revenue in FY2024-25 - more than the UK and Asia combined. By channel, the wholesale Trade business (independent retailers) is the engine, not the company’s own shops. That mix explains why US import tariffs are a live risk: management flagged a roughly 2 percent gross-margin headwind for FY2026.
| Metric | Value | Source |
|---|---|---|
| Core revenue, North America | 249.3m pounds (FY24: 216.6m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Continental Europe | 140.8m pounds (FY24: 117.7m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, UK | 117.9m pounds (FY24: 107.1m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Australia and New Zealand | 31.3m pounds (FY24: 30.1m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Asia | 22.3m pounds (FY24: 19.9m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Trade channel | 345.7m pounds (FY24: 288.4m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Retail channel | 128.7m pounds (FY24: 115.6m) | Games Workshop, FY2024-25 Results Statement |
| Core revenue, Online channel | 90.6m pounds (FY24: 90.7m) | Games Workshop, FY2024-25 Results Statement |
Outlier: Online was the only channel that did not grow year on year (90.6m vs 90.7m), while Trade jumped 19.9 percent, showing that independent stores, not e-commerce, drove FY2024-25.
3. Retail footprint, trade accounts and staff
Games Workshop’s physical network is both a sales channel and a recruitment funnel for new hobbyists. It ran 570 of its own stores across 24 countries at FY2024-25 year-end, the count rising to 575 by 30 November 2025. The wholesale base is far larger: 8,100 independent retailers in 71 countries. Staff share directly in the profit, with a record 20.0 million pound Group Profit Share pool.
| Metric | Value | Source |
|---|---|---|
| Own retail stores, FY2024-25 year-end | 570 in 24 countries | Games Workshop, Annual Report 2024-25 |
| Store mix | 424 low-cost single-staff + 146 multi-staff | Games Workshop, Annual Report 2024-25 |
| New stores opened, FY2024-25 | 30 | Games Workshop, Annual Report 2024-25 |
| Own stores at 30 Nov 2025 | 575 | Games Workshop, Half-Yearly Report 2025-26 |
| Independent trade accounts, FY2024-25 | 8,100 in 71 countries (FY24: 7,200) | Games Workshop, Annual Report 2024-25 |
| Warhammer design studio headcount | about 330 people | Games Workshop, Annual Report 2024-25 |
| Group Profit Share pool, FY2024-25 | 20.0m pounds (FY24: 18.4m) | Games Workshop, Annual Report 2024-25 |
| Total group employees, 2025 | about 3,015 | Stock Analysis |
Context: the FY2026 plan targets about 35 new stores across North America, Continental Europe and Asia, including the first Warhammer store in South Korea (Games Workshop, Annual Report 2024-25).
4. Licensing and screen adaptations
Licensing is small in revenue terms but strategically outsized, because it is how Warhammer reaches audiences who never buy a miniature. Licensing revenue jumped 69 percent to 52.5 million pounds in FY2024-25, lifted by Space Marine 2 - then is guided to fall back to about 30 million in FY2026 as that one-off boost fades. The headline license is the Amazon deal for film and television, confirmed in December 2024 with Henry Cavill attached. Warhammer fandom overlaps heavily with tabletop RPG audiences, a crossover we cover in our D&D and tabletop RPG statistics.
| Metric | Value | Source |
|---|---|---|
| Licensing revenue, FY2024-25 | 52.5m pounds (FY24: 31.0m) | Games Workshop, Annual Report 2024-25 |
| Licensing operating profit, FY2024-25 | 49.5m pounds (FY24: 27.0m) | Games Workshop, Annual Report 2024-25 |
| Licensing revenue guidance, FY2026 | at least 30m pounds | Games Workshop, FY2026 Trading Update |
| Amazon film/TV deal confirmed | 10 December 2024 | Games Workshop, Annual Report 2024-25 |
| Amazon deal lead | Henry Cavill, star and executive producer | Space.com |
| Estimated US tariff hit to FY2026 profit | about 12m pounds (about 2% of gross margin) | Games Workshop, Annual Report 2024-25 |
Outlier: licensing operating profit (49.5m pounds) nearly equalled licensing revenue’s prior-year total, underscoring how high-margin IP deals are relative to selling physical product.
5. Warhammer video games: Space Marine 2 and the wider franchise
Video games are Warhammer’s fastest-growing cultural surface, and 2024-25 was defined by one title. Space Marine 2 passed 7 million copies and players by June 2025 and peaked at 225,690 concurrent Steam users on launch weekend - the biggest concurrent Warhammer game ever. The broader licensed catalogue is enormous, and Games Workshop has confirmed a Space Marine 3 is in development. For a wider view of the industry these titles sit inside, see our gaming industry statistics; creators covering these launches on stream often lean on tools like streamer voice effects.
| Metric | Value | Source |
|---|---|---|
| Space Marine 2 copies/players, June 2025 | 7 million+ | Gaming Amigos |
| Space Marine 2 first-month sales | 4.5 million | GosuGamers |
| Space Marine 2 day-one players | 2 million | Game Developer |
| Space Marine 2 peak concurrent (Steam) | 225,690 on 9 Sep 2024 | SteamDB |
| Total War: Warhammer III copies | 2.70 million (Steam peak 166,754) | VGChartz |
| Warhammer: Vermintide 2 lifetime players | 25 million+ (Nov 2025) | PC Gamer / Fatshark |
| Warhammer titles listed on Steam | 99 games, 668 DLCs (2026) | GG.deals |
Note: the Vermintide 2 lifetime-player figure includes copies given away in a free promotion, so it overstates paid units; the Total War series total of 40.4 million copies is the most recent published aggregate (VGChartz / PC Gamer, 2022).
6. The hobby games and miniatures market
Warhammer does not sell in a vacuum, and the trade aggregator ICv2 tracks the category with a disclosed five-segment methodology. ICv2 put the US and Canada hobby games market at about 3.66 billion dollars in 2025, with non-collectible miniatures around 585 million dollars - and Warhammer 40,000 the single best-selling miniatures line. Broader “tabletop” market-firm estimates run larger but rely on undisclosed models and diverge widely, so treat them as directional. Miniatures sit alongside board games and card games in the wider hobby, covered in our board game statistics and the collectible-card economy in our Magic: The Gathering statistics.
| Metric | Value | Source |
|---|---|---|
| US and Canada hobby games market, 2025 | about 3.66bn dollars | ICv2, Big Growth in Hobby Games 2025 |
| US and Canada hobby games market, 2024 | about 2.84bn dollars | ICv2, 2024 Was a Year of Stabilization |
| Non-collectible miniatures, US and Canada, 2025 | about 585m dollars (2024: 545m, +7.3%) | ICv2, Miniatures Show Solid Growth 2025 |
| Top-selling miniatures line, 2025 | Warhammer 40,000 (No. 1); Age of Sigmar No. 6 | ICv2, Top Miniatures Lines 2025 |
| Global tabletop games market, 2025 (firm est.) | about 7.15bn dollars | SNS Insider |
| Global tabletop miniatures market, 2025 (firm est.) | about 3.8bn dollars | MarketIntelo |
Caveat: ICv2’s 2024 and 2025 estimates are not always directly comparable because of periodic methodology updates, and the two market-research-firm figures above use proprietary, undisclosed methods; they are included only to show the range, not as precise counts.
7. Stock market: FTSE 100, market cap and shareholder returns
The financial-market story is as striking as the hobby one. Games Workshop joined the FTSE 100 on 20 December 2024 - the first tabletop and miniatures company to reach the UK blue-chip index - after a share run Forbes described as roughly 2,500 percent over the prior decade. Cash returns to owners are heavy: dividends of 520 pence per share were declared and paid in FY2024-25.
| Metric | Value | Source |
|---|---|---|
| FTSE 100 entry | after close, 20 December 2024 | Frontline Gaming |
| Share-price gain during 2024 | about 43% | Bloomberg |
| Reported decade share run | about 2,500% | Forbes |
| Market capitalisation, 2026 | about 6.62bn pounds | companiesmarketcap.com |
| Shares in issue | 33,044,302 | London Stock Exchange |
| Dividends declared and paid, FY2024-25 | 520p per share (FY24: 420p) | Games Workshop, Annual Report 2024-25 |
| Earnings per share, FY2024-25 | 594.9p (FY24: 458.8p) | Games Workshop, Annual Report 2024-25 |
Outlier: interim dividends of 225 pence were declared and paid in H1 FY2025-26 alone, already above the full 185 pence paid in the prior H1 (Games Workshop, Half-Yearly Report 2025-26).
Summary: Warhammer by the Numbers
| Metric | Value | Source |
|---|---|---|
| Total revenue, FY2024-25 | 617.5m pounds | Games Workshop, Annual Report 2024-25 |
| Core revenue, FY2024-25 | 565.0m pounds | Games Workshop filings |
| Licensing revenue, FY2024-25 | 52.5m pounds | Games Workshop filings |
| Pre-tax profit, FY2024-25 | 262.8m pounds (+29.5%) | Games Workshop, Annual Report 2024-25 |
| Core gross margin, FY2024-25 | 69.5% | Games Workshop, Annual Report 2024-25 |
| FY2026 core revenue guidance | at least 625m pounds | Games Workshop, FY2026 Trading Update |
| FY2026 pre-tax profit guidance | at least 265m pounds | Games Workshop, FY2026 Trading Update |
| Core revenue, H1 FY2025-26 | 316.1m pounds (+17.3%) | Games Workshop, Half-Yearly Report 2025-26 |
| North America core revenue | 249.3m pounds | Games Workshop filings |
| Own retail stores (FY24-25 / Nov 2025) | 570 / 575 | Games Workshop filings |
| Independent trade accounts | 8,100 in 71 countries | Games Workshop filings |
| Space Marine 2 copies/players | 7 million+ | Gaming Amigos, 2025 |
| Space Marine 2 peak concurrent (Steam) | 225,690 | SteamDB |
| Total War: Warhammer III copies | 2.70 million | VGChartz |
| US and Canada hobby games market, 2025 | about 3.66bn dollars | ICv2, 2025 estimate |
| US and Canada miniatures market, 2025 | about 585m dollars | ICv2, 2025 estimate |
| Top miniatures line, 2025 | Warhammer 40,000 (No. 1) | ICv2 |
| FTSE 100 entry | 20 December 2024 | Frontline Gaming; Bloomberg |
| Market capitalisation, 2026 | about 6.62bn pounds | companiesmarketcap.com |
| Dividends declared and paid, FY2024-25 | 520p per share | Games Workshop, Annual Report 2024-25 |
Methodology and Sources
Data was gathered from Games Workshop’s audited financial filings and trading updates, ICv2’s hobby-games market estimates, platform and sales trackers (SteamDB, VGChartz, GG.deals), specialist and financial press, and named market-research firms, with every figure traced to the primary disclosure where possible and each source cited inline.
- Games Workshop Group PLC, Annual Report 2024-25 and FY2024-25 Results Statement (29 July 2025; 52 weeks to 1 June 2025)
- Games Workshop Group PLC, Half-Yearly Report 2025-26 (13 January 2026; 26 weeks to 30 November 2025)
- Games Workshop Group PLC, FY2026 Full Year Trading Update (June 2025)
- ICv2, Big Growth in Hobby Games in 2025; ICv2, 2024 Was a Year of Stabilization; ICv2, Miniatures Show Solid Growth in 2025; ICv2, Top Miniatures Lines 2025 (all linked in the sections above)
- SteamDB, Warhammer 40,000: Space Marine 2 charts (2024-2025); Game Developer, Space Marine 2 day-one players (2024); Gaming Amigos, Space Marine 2 7 million sales (2025); GosuGamers, Space Marine 2 first-month sales (2024)
- VGChartz, Total War series (2022-2025); PC Gamer, Total War / Creative Assembly (2022); Fatshark, Vermintide 2 milestones; GG.deals, Warhammer franchise catalogue (2026)
- Space.com, Warhammer 40,000 TV series at Amazon MGM (2024); Frontline Gaming, Games Workshop Joins the FTSE 100 (2024); Bloomberg, Warhammer maker ascends to FTSE 100 (2024); Forbes, War Games Propel 2,500% Stock Run (2024)
- companiesmarketcap.com, Games Workshop market cap (2026); London Stock Exchange, GAW share data (2026); Stock Analysis, Games Workshop employees (2025)
- SNS Insider, Table-Top Games Market (2025) and MarketIntelo, Tabletop Miniatures Game Market (2025) - proprietary methodology, directional only
Data watch: Games Workshop’s FY2026 Annual Report (52 weeks to 31 May 2026) is scheduled for 28 July 2026, and its next half-year report is expected in January 2027; ICv2 publishes fresh hobby-games market estimates each summer around Gen Con; the market-research firms and share-price trackers update on rolling annual and daily cycles. When those land, several figures here (FY2026 actuals versus guidance, the 2026 hobby-games estimate, and current market cap) will move.
Last updated: July 13, 2026.
We review and update this page quarterly as new data is published.