alfred_the_great Posted July 28 Share Posted July 28 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. MoriyaSchism 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/ Share on other sites More sharing options...
Lord Marshal Posted July 28 Share Posted July 28 Another record year? But... the youtubers told me they were on the brink of total collapse! Next quarter for sure. firestorm40k, Crimson Longinus, Doghouse and 10 others 1 12 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180793 Share on other sites More sharing options...
kabaakaba Posted July 28 Share Posted July 28 Ain't they said this for idk? 5 year? Lord Marshal 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180794 Share on other sites More sharing options...
alfred_the_great Posted July 28 Author Share Posted July 28 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? Lord Marshal, Armchair Warlord and NorthernUltramarines 1 2 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180796 Share on other sites More sharing options...
sarabando Posted July 28 Share Posted July 28 record profits do not indicate a healthy company just a profitable one. Dr. Clock, Mechanicus Tech-Support, Brother Christopher and 10 others 1 8 1 2 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180800 Share on other sites More sharing options...
Xenith Posted July 28 Share Posted July 28 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! sarabando, Casual Heresy, ThaneOfTas and 7 others 1 2 7 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180801 Share on other sites More sharing options...
Joe Posted July 28 Share Posted July 28 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. 01RTB01 and templargdt 1 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180802 Share on other sites More sharing options...
alfred_the_great Posted July 28 Author Share Posted July 28 We should probably merge this with the other one on the side. DemonGSides 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180805 Share on other sites More sharing options...
Waaagh? Posted July 28 Share Posted July 28 They've got Mike Flannigan on board for the Warhammer Amazon stuff!!!!!! That's amazingly cool, I love the stuff he's done. Madao 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180806 Share on other sites More sharing options...
Flaherty Posted July 28 Share Posted July 28 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)." skylerboodie and N1SB 2 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180809 Share on other sites More sharing options...
Ripper.McGuirl Posted July 28 Share Posted July 28 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. Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180811 Share on other sites More sharing options...
Flaherty Posted July 28 Share Posted July 28 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. skylerboodie and Subtleknife 2 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180815 Share on other sites More sharing options...
phandaal Posted July 28 Share Posted July 28 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 templargdt and Scribe 1 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180835 Share on other sites More sharing options...
Chronotonic Posted July 28 Share Posted July 28 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 Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180837 Share on other sites More sharing options...
TheVoidDragon Posted July 28 Share Posted July 28 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. skylerboodie 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180850 Share on other sites More sharing options...
DarkMark Posted July 28 Share Posted July 28 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. phandaal 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180852 Share on other sites More sharing options...
MoriyaSchism Posted July 28 Share Posted July 28 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. Ahzek451, Maritn and Captain Idaho 2 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180855 Share on other sites More sharing options...
Lord Marshal Posted July 28 Share Posted July 28 (edited) 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 July 28 by Lord Marshal ThaneOfTas, DemonGSides, skylerboodie and 9 others 2 10 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180858 Share on other sites More sharing options...
alfred_the_great Posted July 28 Author Share Posted July 28 Sigh, so we’re going to do this*? I find this annual whinge deeply frustrating for two reasons. 1. I’ve been around this hobby since RT and 1990. It was always better back in the day. 3.5e was dreadful until it wasn’t, the Black Crusade a waste of time until it’s held up as a global example, WD was better when it carried World of Darkness articles. And the insidious culture on the internet that demands instant opinions that must always be right is just exhausting. 2. GW is a Great British Industrial Success Story. We should be celebrating them and expecting the rest of our industry to be like them. I admire the innate small c conservatism that sees them put 3 months of cash away for a rainy day of no sales. The fact they invest in capital upgrades without becoming highly leveraged. That they’re not based in London, and pay relatively well. That they seem to have a pretty flat structure. They know what their USP is, how to hold onto it and sustain it, whilst meeting all their other cultural aims. I say this genuinely, I’d love to work for a company like GW. *yes, Hamilton, sue me. Focslain, Rhavien, DukeLeto69 and 25 others 14 1 10 3 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180879 Share on other sites More sharing options...
phandaal Posted July 28 Share Posted July 28 46 minutes ago, alfred_the_great said: Sigh, so we’re going to do this*? I find this annual whinge deeply frustrating for two reasons. 1. I’ve been around this hobby since RT and 1990. It was always better back in the day. 3.5e was dreadful until it wasn’t, the Black Crusade a waste of time until it’s held up as a global example, WD was better when it carried World of Darkness articles. And the insidious culture on the internet that demands instant opinions that must always be right is just exhausting. 2. GW is a Great British Industrial Success Story. We should be celebrating them and expecting the rest of our industry to be like them. I admire the innate small c conservatism that sees them put 3 months of cash away for a rainy day of no sales. The fact they invest in capital upgrades without becoming highly leveraged. That they’re not based in London, and pay relatively well. That they seem to have a pretty flat structure. They know what their USP is, how to hold onto it and sustain it, whilst meeting all their other cultural aims. I say this genuinely, I’d love to work for a company like GW. *yes, Hamilton, sue me. I think some different criticisms are being bundled together here. The cynical end-of-days YouTube stuff is worthy of mockery, and I do not think anyone here is defending it. MoriyaSchism’s point seems narrower: GW can be a successful, well-run company and still give individual customers legitimate reasons to criticize its prices, product quality, or service. That comes from someone who also cares about Warhammer and wants their experience of it to be better. Spazmolytic, Evil Eye, Ammonius and 7 others 3 4 3 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180883 Share on other sites More sharing options...
Scribe Posted July 28 Share Posted July 28 58 minutes ago, alfred_the_great said: Sigh, so we’re going to do this*? I find this annual whinge deeply frustrating for two reasons. 1. I’ve been around this hobby since RT and 1990. It was always better back in the day. 3.5e was dreadful until it wasn’t, the Black Crusade a waste of time until it’s held up as a global example, WD was better when it carried World of Darkness articles. And the insidious culture on the internet that demands instant opinions that must always be right is just exhausting. 2. GW is a Great British Industrial Success Story. We should be celebrating them and expecting the rest of our industry to be like them. I admire the innate small c conservatism that sees them put 3 months of cash away for a rainy day of no sales. The fact they invest in capital upgrades without becoming highly leveraged. That they’re not based in London, and pay relatively well. That they seem to have a pretty flat structure. They know what their USP is, how to hold onto it and sustain it, whilst meeting all their other cultural aims. I say this genuinely, I’d love to work for a company like GW. *yes, Hamilton, sue me. All I know, is I wish I had invested in GW, back then, what I spent on models, instead of spending it on models. I would be in pretty nice shape right about now. :D Ming the Merciless, ThaneOfTas, darkhorse0607 and 6 others 1 4 3 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180884 Share on other sites More sharing options...
phandaal Posted July 28 Share Posted July 28 3 minutes ago, Scribe said: All I know, is I wish I had invested in GW, back then, what I spent on models, instead of spending it on models. I would be in pretty nice shape right about now. :D No kidding. You'd be like the pizza guy who got tipped in Bitcoin back in 2009. Scribe, skylerboodie, Karhedron and 2 others 4 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180885 Share on other sites More sharing options...
Scribe Posted July 28 Share Posted July 28 1 hour ago, phandaal said: No kidding. You'd be like the pizza guy who got tipped in Bitcoin back in 2009. I definitely do not recommend running the numbers through your friendly resident abominable intelligence, the resulting number may be soul crushing. phandaal 1 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180888 Share on other sites More sharing options...
de Selby Posted Wednesday at 10:14 AM Share Posted Wednesday at 10:14 AM Trying to get back on topic (please!!) here is an article (found via dakkadakka) about how current events have actually pushed the share price down https://www.reuters.com/technology/uks-games-workshop-falls-tariff-cost-concerns-overshadow-record-profit-2026-07-28/ Ace Debonair, phandaal, alfred_the_great and 2 others 5 Back to top Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180929 Share on other sites More sharing options...
Ahzek451 Posted Wednesday at 01:03 PM Share Posted Wednesday at 01:03 PM 2 hours ago, de Selby said: Trying to get back on topic (please!!) here is an article (found via dakkadakka) about how current events have actually pushed the share price down https://www.reuters.com/technology/uks-games-workshop-falls-tariff-cost-concerns-overshadow-record-profit-2026-07-28/ I might be missing a work around, but Is there a way to read this without a subscription? Link to comment https://bolterandchainsword.com/topic/388299-gw-fy2526-annual-report/#findComment-6180940 Share on other sites More sharing options...
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