TLDR
- GameStop reports full Q2 2026 earnings after market close on September 8
- Options traders are pricing in a 9% move in either direction after results
- Preliminary Q2 net income projected at $290M-$310M, up from $168.6M a year ago
- Revenue expected at $780M-$800M, down from $972.2M due to store closures and weaker comparisons
- GME holds a combined cash and equity position of around $10 billion
GameStop stock is trading around $18.81 Wednesday, up roughly 2.34% on the day, as investors gear up for the company’s full second-quarter 2026 results due after the close on September 8.
Options traders are pricing in a 9.04% move in either direction following the report, according to the TipRanks Options Tool. That’s well above GME’s four-quarter average post-earnings move of 6.6%.
GameStop already released preliminary Q2 figures on August 31, giving investors an early look at the numbers before the official presentation.
The company projects Q2 net income of $290 million to $310 million, compared to $168.6 million in the same quarter last year. Operating income is expected between $150 million and $170 million, more than double the $66.4 million from a year ago.
A large chunk of that profit jump comes from investments, not operations. GameStop expects roughly $238 million in gains tied to its eBay position after converting a derivative structure into a direct holding of 43.4 million eBay common stock.
That equity position was valued at approximately $4.95 billion as of August 1.
Those gains were partially offset by a $75 million impairment loss on digital assets and related receivables.
Revenue Under Pressure
On the top line, things look softer. GameStop expects Q2 revenue of $780 million to $800 million, down from $972.2 million in the prior-year quarter.
The company pointed to the tough comparison with last year’s Nintendo Switch 2 launch, planned store closures, and the sale of its France operations as the main drivers of the decline.
GameStop ended the period with cash, equivalents, and marketable securities between $5.05 billion and $5.07 billion. Management also settled $358 million in convertible notes, leaving around $2.8 billion in long-dated notes outstanding.
CEO Ryan Cohen has been steering the balance sheet toward active corporate investing, and that strategy now gives GME a combined cash and equity position of roughly $10 billion.
Past Earnings Moves
Historically, GME has swung hard around earnings. After March 2025 results, the stock jumped 11.65%. It gained 7.58% after December 2024 earnings.
More recently, GME rose 6.02% after its June 2026 report and 1.18% following March 2026 results.
The current implied move of 9.04% sits above that recent trend, suggesting options traders see more uncertainty this time around.
According to TipRanks AI Analyst, GME carries an Outperform score of 71 out of 100, with a price target of $24, implying around 27% upside from current levels.
The AI score is supported by stronger profits and free cash flow, though concerns remain around technical indicators showing a “Strong Sell” signal, elevated debt, and execution risk tied to recent corporate moves.
GME stock was trading at $18.99, up 0.96%, at the time of publication Wednesday.
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