Games Workshop is once again expecting large profits despite an expected decline in licensing revenues from the hit video game Warhammer 40,000: Space Marine 2.
Games Workshop’s main business is selling miniatures that fans assemble and paint for apply in tabletop war games such as Warhammer 40,000. But it is increasingly an intellectual property business, generating huge revenues from hit video games such as 2024’s Warhammer 40,000: Space Marine 2 and animations such as Amazon’s Warhammer 40,000 episode Secret Level. Last year, Games Workshop and Amazon finalized a deal for Henry Cavill’s Warhammer 40,000 Cinematic Universe, which will include films and TV series. Work on Space Marine 3 is also ongoing.
In trading updateThe Nottingham-based British board game company said it now expects revenue of at least £310 million for the six months ending November 2025, which would represent an boost of 15% compared to the same period last year. Pre-tax profit is expected to be around £135 million for the half-year, up from £126.8 million last year. Games Workshop shares rose 12.8% on this morning’s news.
This is despite licensing revenues expected to be at least £16 million, down from the £30.1 million recorded in the same period last year.
Space Marine 2 may be the most successful Warhammer 40,000 video game ever created. Less than a year after going on sale, it had sold over 7 million copies and, according to Saber Interactive CEO Tim Willits, changed everything for the studio. Even the Games Workshop studio itself mentioned the money it made on Space Marine 2, and the main character Titus is currently at the helm of the next narrative expansion for Warhammer 40,000.
In January, Games Workshop said it was looking for the next hit Warhammer video game, but CEO Kevin Rountree also expressed some caution about the potential future success of video games, admitting that hits like Space Marine 2 are few and far between. “We know that Warhammer’s successes like this are not taken for granted in the video game world,” Rountree said at the time. “We are definitely looking for the next one. We remain cautious in forecasting royalty income.”
Meanwhile, Games Workshop has warned that Donald Trump’s tariff plans could damage its profits by up to £12 million, but the impact does not appear to be further damaging its financial results.
Games Workshop’s primary business is, of course, the sale of tabletop wargames and their miniatures, with the hobby’s backbone being an extensive brick and mortar retail business. In July, Games Workshop said a “cute-looking pipistrelle bat” was “delaying our work on the new temporary parking lot.” Yes, really.
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Wesley is the news director at IGN. Find him on Twitter at @wyp100. Wesley can be reached at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
