Games Workshop, the makers of Warhammer and other hobby games, has published its annual report for the 52-week period to 1 June 2025, showing strong results.
Games Workshop is the largest and most successful hobby miniatures company in the world. Based in Nottingham, its major brands include Warhammer and Warhammer 40,000. It also holds a licence for The Lord of the Rings/The Hobbit tabletop battle game.
Its primary business focuses on miniatures and collecting, modelling, painting and playing games with armies of them. These games are played by millions of people all across the world.
Core revenue over the period reached £565 million, with licensing revenue alone reaching £52.5 million. Core operating profit reached £211.8 million, with earnings per share hitting 594.9p.
“After a record year, we remain focused on delivering our operational plans and working tirelessly to overcome any significant obstacles that get in the way,” said Kevin Rountree (CEO of Games Workshop)
“We will continue to give ourselves the freedom to make some mistakes, constantly working on improvements in product quality and manufacturing innovation. Despite our recent successes, we will never take our hobbyists’ support for granted. I wish to thank all of the,m together with our staff, trade accounts and broader stakeholders for their ongoing support. Exciting times.”
A cracking year
Commenting on the results directly, Rountree said that Games Workshop and the Warhammer hobby are in great shape.
A cracking performance by the team delivering some cracking results: core business profit before tax of over £200 million from sales of Warhammer products for the first time and the best financial results in Games Workshop’s history, so far.
“We once again have designed, made and sold in record quantities, the best fantasy miniatures in the world. We delivered year on year sales growth, once again, in all of our core established countries and the organic growth via our export team to places globally was impressive too.
“If I’m honest, our sales via our trade channel in China were behind our internal growth target due to resourcing issues. It was still over 20%, but the potential is significantly more. We should have added more support quicker, we are fully staffed now. We are also investing in the senior manager structure in this territory.”
Rountree also praised the licensing performance of the group, following a year of successful video games and TV adaptations.
“It’s worth noting that our licensing performance will be very difficult to match next year; Space Marine 2 (SM2) performed well above our expectations. We will, of course, be focusing on more Warhammer 40,000 games and at the same time, continuing to look for partners to bring our Age of Sigmar IP setting and characters to console, PC and mobile,” he said.
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