Games Workshop Defies Odds: Profits and Shares Surge Despite Licensing Slowdown

Games Workshop’s Profits Surge Despite Licensing Revenue Dip

Games Workshop, the Nottingham-based titan behind the Warhammer 40,000 universe, has defied expectations once again. Even as licensing revenue from its blockbuster video game Warhammer 40,000: Space Marine 2 shows signs of slowing, the company is on track for record profits and a share price surge. On November 20, 2025, the company announced it now expects revenues of at least £310 million for the six months ending November—marking a 15% increase over the same period last year. Pre-tax profit is forecast to hit around £135 million, up from £126.8 million the previous year. Investors reacted swiftly: shares jumped 12.8% on the news (IGN).

From Tabletop to Transmedia: How Warhammer Became a Global Brand

At its core, Games Workshop’s business is still rooted in the sale of miniatures and tabletop wargames, with Warhammer 40,000 and Age of Sigmar continuing to anchor its vast retail empire. But in recent years, the company has transformed itself into a major intellectual property (IP) powerhouse. Its licensing deals have brought Warhammer into new entertainment realms, from video games to streaming animation and now, even Hollywood.

The 2024 release of Space Marine 2 was a seismic event for both Games Workshop and the video game industry. Selling over 7 million copies in under a year, the game not only cemented its status as perhaps the most successful Warhammer game to date, but also brought new visibility—and revenue streams—to the company. The animated series Warhammer 40,000 Secret Level and the much-anticipated Warhammer 40,000 Cinematic Universe, in partnership with Amazon and starring Henry Cavill, further signal the brand’s cultural expansion. A third installment of Space Marine is already in development.

Managing Success: The Delicate Balance of Caution and Ambition

Despite these headline successes, Games Workshop’s leadership remains measured. CEO Kevin Rountree has openly acknowledged that “successes like these for Warhammer are not a given in the world of video games.” The company is actively seeking its next breakout title, but Rountree cautioned against assuming that every project will be a hit. The numbers bear out this prudence: while licensing revenue is expected to reach at least £16 million for the half year, this is down from £30.1 million during the same period last year, reflecting the unpredictable nature of the entertainment industry.

Still, the core business—miniature sales and the hobby ecosystem—remains robust, forming the bedrock of Games Workshop’s enduring appeal. The company’s extensive bricks-and-mortar retail network continues to serve a global community of hobbyists, many of whom have been loyal for decades.

External Risks and the Road Ahead

Games Workshop’s momentum isn’t without its challenges. Earlier in the year, the company warned that potential tariffs proposed by $1 Donald Trump could threaten up to £12 million in profits. For now, the anticipated impact has not materialized in a meaningful way, allowing the company to maintain its upward trajectory.

Amid the corporate milestones and blockbuster deals, there are reminders of the company’s unique culture: in July, Games Workshop humorously reported that a “cute looking pipistrelle bat” was delaying the construction of a new temporary car park. It’s a quirky anecdote, but it underscores something essential—Games Workshop is not a faceless conglomerate, but a business with real people, real challenges, and a distinctive personality.

Looking to the Future: A Brand at a Crossroads

With its financial foundations secure, Games Workshop stands at an intriguing crossroads. The company is riding high on the success of its core tabletop offerings, while simultaneously navigating the volatile world of video game and media licensing. As the Warhammer brand grows ever more visible in mainstream culture, the stakes—and the expectations—have never been higher.

What comes next? The company’s executives are searching for their next blockbuster, but there is no guarantee of replicating the lightning-in-a-bottle success of Space Marine 2. Still, with a diversified portfolio and a fiercely loyal fanbase, Games Workshop appears well positioned to weather future storms—and perhaps, to shape the next era of pop culture itself.

Assessment: Games Workshop’s story in 2025 is one of calculated expansion and grounded optimism. By balancing its core strengths with bold forays into new media, the company has insulated itself against the volatility of hit-driven industries. While the future of licensing revenue remains uncertain, Games Workshop’s disciplined approach and deep-rooted community ties suggest a brand with staying power, not just in gaming, but across entertainment as a whole.