GameStop's sales fell 19% but collectibles hit 45% of the mix, and it raised full-year EBITDA guidance

GameStop reported fiscal second-quarter net sales of $790.2 million for the thirteen weeks ended August 1, 2026, down from $972.2 million in the same quarter last year, a decline of roughly 19%. Profitability moved the other way. Net income came in at $298.7 million, or $0.51 a diluted share, against $168.6 million and $0.31 a year earlier, while adjusted net income was $161.1 million, or $0.27 a share, versus $0.25. Operating income of $160.2 million was the highest second-quarter figure in the company's history.

The mix shift underneath those numbers is the actual news. Collectibles generated $356.3 million of sales, up from $227.6 million, which lifted the category from 23.4% of net sales to 45.1%. That is a business reorganizing around trading cards and higher-margin merchandise rather than defending a shrinking physical video-game channel, and management raised the full-year adjusted EBITDA outlook to above $650 million from above $600 million on the back of it. The balance sheet remains the other half of the equity story: $5.4 billion in cash, marketable securities, digital assets and related receivables, plus roughly 43.4 million eBay shares carried at about $4.9 billion.

Whether this counts as a beat depends on whose estimate you use, and the reporting does not agree. Secondary outlets put adjusted-EPS consensus near $0.19 and revenue consensus somewhere between $850 million and $895.7 million, which frames the quarter as an earnings beat and a revenue miss. SentiSense's own tracked estimate for the quarter was $0.27, exactly what the company delivered on an adjusted basis, which would make it an in-line print rather than a beat. Readers should treat the size of the surprise as unsettled; the reported figures themselves are not.

The tape was unimpressed either way. GME closed at $18.99, down 0.89% on the session, and traded near $19.20 after hours, a small move for a company whose options market habitually prices a large one into earnings. What to watch next is whether collectibles growth holds its rate once it laps easier comparisons, since at 45.1% of sales the category is now large enough that its deceleration, not hardware or software, would set the direction of the whole business.

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