Games Workshop says trading is in line with expectations; licensing revenue estimate is lower

Games Workshop said on September 16, 2026 that trading through 30 August is tracking what the board expected for the current financial year. The statement gives no revenue or profit figures for the period. It also declared a dividend of £0.70 per share, paid on November 27 to holders registered on October 23 (ex-dividend October 22), and dividends declared so far for 2026/27 total £3.00 (2025/26: £2.25). The company says that total is in line with its dividend policy in the Annual Report and Accounts; the last date for DRIP elections is November 6.

The harder numbers are in the May 22, 2026 update for the year to 31 May 2026. It put core revenue at £625 million or more, up from £565.0 million; licensing revenue at £30 million or more, down from £52.5 million; and pre-tax profit at £265 million or more, against £262.8 million. The half-year update of November 20, 2025 had already shown the licensing step-down in progress: licensing of not less than £16 million for the six months to 30 November 2025, against £30.1 million a year earlier, while core revenue was estimated at not less than £310 million against £269.4 million.

Read together, core revenue grew, licensing income was estimated at no less than £30 million against £52.5 million, and profit was nearly flat. These are floor estimates, so final results may differ. Retailers and distributors watching the September note should treat “in line with expectations” as a board statement without a new revenue print — the licensing decline remains the May floor, not a September revision.