Games Workshop is once again expecting big profits despite an expected slowdown in licensing revenue from blockbuster video game Warhammer 40,000: Space Marine 2.
Games Workshop’s main business is the sale of miniatures fans assemble and paint for use in tabletop wargames, such as Warhammer 40,000. But it is increasingly an IP business, with huge revenue from smash hit video games such as 2024's Warhammer 40,000: Space Marine 2, and animations, such as Amazon’s Warhammer 40,000 Secret Level episode. Last year, Games Workshop and Amazon finalized a deal for Henry Cavill's Warhammer 40,000 Cinematic Universe, which will involve the creation of films and television series. Space Marine 3 is also in development.
In a trading update, the Nottingham, UK-based tabletop wargame company said it now expects revenues of at least £310 million for the six months to the end of November 2025, which would amount to a 15% rise from the same period last year. Pre-tax profit is expected to be about £135 million for the half year, up from £126.8 million last year. Shares in Games Workshop were up 12.8% on the news this morning.
That’s despite expected licensing revenue of at least £16 million, which would be down from the £30.1 million reported during the same period last year.
Space Marine 2 may well be the most successful Warhammer 40,000 video game ever made. It sold over 7 million copies less than a year after going on sale, and, according to Saber Interactive exec Tim Willits, changed everything for the studio. Even Games Workshop itself has talked about the money it’s made from Space Marine 2, and protagonist Titus is now leading the charge on the next narrative expansion of the Warhammer 40,000 setting.
In January, Games Workshop said it was on the hunt for the next blockbuster Warhammer video game, but CEO Kevin Rountree also expressed a degree of caution on potential future video game success, admitting hits like Space Marine 2 are few and far between. “We recognise that successes like these for Warhammer are not a given in the world of video games,” Rountree said at the time. “Clearly we are looking for the next one. We remain cautious when forecasting royalty income.”
Meanwhile, Games Workshop had warned that Donald Trump’s tariff plans could damage its profits by up to £12 million, but it seems the impact has yet to significantly dull financial performance.
Games Workshop’s primary business is of course the sale of tabletop wargames and their miniatures, with an expansive bricks and mortar retail business providing a foundation for the hobby. In July, Games Workshop said that a “cute looking pipistrelle bat” was “delaying our work on our new temporary car park.” Yes, really.
Photo by Uli Deck/picture alliance via Getty Images.
Wesley is Director, News at IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
