GW FY25/26 annual report

[alfred_the_great]

https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/8cc29aed02e772ad1f77aa2bd44e24f4/Accounts_2025-26_FINAL.pdf

 

As ever, an interesting read, but I can’t do justice to in the same way others do, so I’ll leave it to you to read. 

[Lord Marshal]

Another record year? But... the youtubers told me they were on the brink of total collapse!

 

Next quarter for sure.

[kabaakaba]

Ain't they said this for idk? 5 year?

[alfred_the_great]

38 minutes ago, Lord Marshal said:

Another record year? But... the youtubers told me they were on the brink of total collapse!

 

Next quarter for sure.

 Or maybe the one after that?

[sarabando]

record profits do not indicate a healthy company just a profitable one. 

[Xenith]

7 minutes ago, sarabando said:

record profits do not indicate a healthy company just a profitable one. 

It's the other bits like zero debt that show the health! 

[Joe]

Be curious to see @N1SB's breakdown. That said, having given the report a quick glance the figures don't surprise me - operational costs continue to trend upwards at an alarming rate (across the board - raw materials, staff wages, utilities, shipping, etc), which leads to annual price increases. iirc, they were operating on an increased 1% profit overall post-costs last year?

 

Factory 4 - I swear this was due to be open by April / May? Sounds like it's running a bit behind, which is honestly just par for the course with any construction work in the UK.  Although it does seem that it's largely the fitting of moulding equipment and the tooling room that's outstanding now.

[alfred_the_great]

We should probably merge this with the other one on the side. 

[Waaagh?]

They've got Mike Flannigan on board for the Warhammer Amazon stuff!!!!!!

 

That's amazingly cool, I love the stuff he's done.

[Flaherty]

The company is doing great. One stat jumped out:

 

They're spending more on IT (£24.1 m) than the entire creative studio (£21.9m)

 

They're spending more on the IT crowd (£7.9m) than on manufacturing tooling (£7.6m).

Citations from the report:

"In 2025/26 we invested £21.9 million in the Warhammer studio with a further £7.6 million spent on tooling"

"Total IT costs have increased by £2.0 million to £24.1 million including increases in staff costs of £1.0 million (from £6.9 million to £7.9 million) and increases in software and related costs of £1.9 million (from £6.9 million to £8.8 million), including software purchased on multi-year contracts, offset by a reduction in consultancy costs of £0.9 million (from £4.0 million to £3.1 million)." 

[Ripper.McGuirl]

34 minutes ago, Waaagh? said:

They've got Mike Flannigan on board for the Warhammer Amazon stuff!!!!!!

 

That's amazingly cool, I love the stuff he's done.

That’s an interesting choice, he’s mostly a horror guy.

[Flaherty]

Also, if they're just starting scripts now, we probably won't see anything until 2029 at the very earliest. Cavill is going to age out of Titus and into Malcador before all is said and done.

[darkhorse0607]

It tickles me to death that at least two of their major animation projects are Deathwatch focused

 

A faction that they've neutered down to one kit with weird options 

[phandaal]

4 hours ago, Lord Marshal said:

Another record year? But... the youtubers told me they were on the brink of total collapse!

 

Next quarter for sure.

 

Two things are constant with GW:

 

- Record profits, business is booming, it's a great day to be a shareholder

- Times are tough, gotta raise the prices again, can't be helped 

[Chronotonic]

4 hours ago, Lord Marshal said:

Another record year? But... the youtubers told me they were on the brink of total collapse!

 

Next quarter for sure.

 

Always 3rd quarter

[HeadlessCross]

3 hours ago, darkhorse0607 said:

It tickles me to death that at least two of their major animation projects are Deathwatch focused

 

A faction that they've neutered down to one kit with weird options 

Weird options? You're telling me you're not a fan of rolling 7 different weapons for a single shooting activation?

[Jukkiz]

9 minutes ago, HeadlessCross said:

Weird options? You're telling me you're not a fan of rolling 7 different weapons for a single shooting activation?

more so of making it mainstream via limited options, like only one heavy weapon, instead of two like old kit. Primaris ktis be weird that, giving us either 10 of the same or 1

[TheVoidDragon]

The video game sections is interesting, with them saying that they received payments from 2 licensees who had decided not to continue. Wonder who/what that could have been.

[DarkMark]

GW really are bullet proof. When times are booming people buy more, and when money is tight they recoil into their honey and buy more.  I think the only thing that really might affect their profits is massively increased energy and transport costs. Otherwise, all gravy.  

[MoriyaSchism]

Are people fans of the setting and models or are they fans of the corporation and the shareholders? I don't really understand the gloating about Youtubers and those that criticize Games Workshop. Damn, Discourse Minis or Macca or whoever sure got owned. Now enjoy your slightly more expensive Baneblade and online only sponson sprue that used to come in the box. What other wonders Games Workshop has in store for us is something only time will tell. 

[Lord Marshal]

33 minutes ago, MoriyaSchism said:

Are people fans of the setting and models or are they fans of the corporation and the shareholders? I don't really understand the gloating about Youtubers and those that criticize Games Workshop. Damn, Discourse Minis or Macca or whoever sure got owned. Now enjoy your slightly more expensive Baneblade and online only sponson sprue that used to come in the box. What other wonders Games Workshop has in store for us is something only time will tell. 

 

It's simply funny that the dramamongers insisting up and down that doom is coming, that every single new release, new rulebook and decision is bad, you should stop playing or else you're a shill for enjoying it, and they will pay for it - only to be proven wrong yet again. 

 

Though to be fair, at least they actually get money out of the clickbait. The weirder individuals are those who apparently despise literally everything about modern GW from business decisions to the art to the lore, but nonetheless can't fathom supporting any other game, IP or company but instead weirdly lavish GW with far more effort and attention than even the most diehard white knights. Ironically, in doing so they're doing more than anybody to sell the idea that GW is the 'only game in town'. 

 

Then again, considering how quickly the same dramamongers went for Trench Crusade the nano-second they smelt a bit of blood in the water to get clicks from, maybe it's better those alternative games remain somewhat on the down-low. 

 

Edited 7 hours ago by Lord Marshal

[Jukkiz]

32 minutes ago, MoriyaSchism said:

Are people fans of the setting and models or are they fans of the corporation and the shareholders? I don't really understand the gloating about Youtubers and those that criticize Games Workshop. Damn, Discourse Minis or Macca or whoever sure got owned. Now enjoy your slightly more expensive Baneblade and online only sponson sprue that used to come in the box. What other wonders Games Workshop has in store for us is something only time will tell. 

their next idea is to sell basic Leman russ tank and other options as separate sprues. 

[Focslain]

6 minutes ago, Jukkiz said:

their next idea is to sell basic Leman russ tank and other options as separate sprues. 

Nah, that wouldn't be cost effective. It would also require a complete retool of the sprues. 

 

Guess is that is why the second set of sponson sprues were removed. Make it easier to pack as you just need one of each sprue in the kit. No real need for duplication outside of the production. 

[DemonGSides]

9 minutes ago, Jukkiz said:

their next idea is to sell basic Leman russ tank and other options as separate sprues. 

 

The 30k one is already split into multiple boxes as is. Wouldn't shock me in the slightest. 

[MoriyaSchism]

34 minutes ago, Lord Marshal said:

It's simply funny that the dramamongers insisting up and down that doom is coming, that every single new release, new rulebook and decision is bad and they will pay for it - only to be proven wrong yet again.

 

Though to be fair, at least they actually get money out of the clickbait. The weirder individuals are those who apparently despise literally everything about modern GW from business decisions to the art to the lore, but nonetheless can't fathom supporting any other game, IP or company but instead weirdly lavish GW with far more effort and attention than even the most diehard white knights. Ironically, in doing so they're doing more than anybody to sell the idea that GW is the 'only game in town'. 

Am I supposed to love Games Workshop with all my heart to enjoy working on the miniatures I own? Do I have to support every single thing the company does? Do I have to like everything they do for my work to be valid? Was liking old C.S.Goto novels also required to fully enjoy Warhammer in the past? Am I supposed to justify myself here and say I support other things and other hobby companies? Should I list the scale modelling and gunpla stuff I do on the side to justify my stance in your eyes so you don't see me as "weird"? Should I just shut up and love Games Workshop? Love every trash lore change, every single price increase, every single new 3 man unit, every single discontinued product and every bad redesign? Explain to me why am I obligated to seek an alternative to something I enjoy just because I don't see eye to eye with the rights holders on every decision they make. What does lavishing Games Workshop with more effort and attention mean? Does it include converting models? Is Warhammer a "love it or leave it" type thing now where you're not allowed to change things and just build kits as they come out of the box? 

This simply isn't an argument. You're waving away any criticism people who used to completely love Warhammer in the past and using drama Youtubers as a convenient strawman to ridicule people who genuinely care about the hobby they've been in for years, the same people who miss certain things or are critical of aspects of the new version of the thing they used to enjoy. Those people? Yeah, they are just "weird".

 

Edited 6 hours ago by MoriyaSchism