Games studio shares soar again as Warhammer 40,000 company posts huge profits despite expectations of slowdown in Starfighter 2 royalties

Even as licensing revenue for hit video games is expected to slow, Games Workshop is still on track to post huge profits again Warhammer 40,000: Space Marines 2.

Games Workshop's main business is selling fan-assembled and painted miniatures for tabletop war games such as Warhammer 40,000. But it's increasingly becoming an IP business, generating huge revenue from hit video games like “2024” Warhammer 40,000: Space Marines 2and animation, such as Amazon's Warhammer 40,000 Secret Levels series. last year, Games Workshop finalizes deal with Amazon for Henry Cavill's Warhammer 40,000 cinematic universewhich will involve the creation of movies and TV series. Starfighter 3 is also in development.

in a Transaction updatesThe Nottingham, UK-based tabletop wargames company said it now expects revenue of at least £310 million for the six months to the end of November 2025, up 15% from the same period last year. Half-year pre-tax profit is expected to be about 135 million pounds, up from 126.8 million pounds last year. Affected by this news, Games Workshop's share price rose 12.8% this morning.

Although licensing revenue is expected to be at least £16m, down from the £30.1m reported in the same period last year.

Space Marine 2 is quite possibly the most successful Warhammer 40,000 video game of all time. Less than a year after its release, it sold more than 7 million copies and, according to Saber Interactive executive Tim Willits, changed everything for the studio. Even Games Workshop itself has talked about the money it made from Starfighter 2, and Protagonist Titus is now leading the next narrative expansion set in Warhammer 40,000.

January, Games Workshop says it's looking for the next big hit game, WarhammerBut CEO Kevin Rountree has also expressed a degree of caution about future video game success, acknowledging that hits like Starfighter 2 are rare. “We recognize that success like Warhammer is not something that can be taken for granted in the world of video games,” Rowntree said at the time. “Obviously we're looking for the next one. We're being cautious in forecasting royalty revenue.”

Meanwhile, Games Workshop has warned that Donald Trump's tariff plans could cost it profits up to £12m, but the impact does not appear to have yet severely affected its financial results.

Games Workshop's primary business is, of course, selling tabletop wargames and their miniatures, with an extensive brick-and-mortar retail presence providing the basis for the hobby. In July, Games Workshop said a “cute-looking pipistrelle bat” was “delaying work on our new temporary car park”. yes, really.

Photograph: Uli Deck/Photo Alliance via Getty Images.

Wesley is IGN News Director. Find him on Twitter: @wyp100. You can contact Wesley at [email protected] or privately at [email protected].