CD Projekt (CDR) Q1 2026 earnings summary

Executive summary

• The Witcher 3 surpassed 65 million copies sold globally, with the 'Songs of the Past' expansion announced for 2027 and over 16 million impressions in 24 hours.

• Cyberpunk 2077 received a PS5 Pro update and a record-breaking trading card game Kickstarter, raising $28.4 million.

• The Witcher 3: Wild Hunt - Complete Edition and Cyberpunk 2077 were added to Xbox Game Pass Premium and Ultimate, boosting sales.

• Development teams expanded to 975 developers across multiple projects as of April 2026.

• The sale of the GOG.COM segment was completed at the end of 2025, with proceeds received in January 2026.

Financial highlights

• Q1 2026 sales revenue reached PLN 191.1 million, up 6% year-over-year.

• Gross profit was PLN 177.3 million, with net profit at PLN 106.2 million and net profitability at 55.6%.

• Cash, deposits, and bonds totaled PLN 1.41 billion at quarter-end, increasing by PLN 85.7 million during the quarter.

• Operating profit reached PLN 97.1 million, up 3.2% year-over-year.

• Book value per share increased to PLN 34.16 from PLN 28.94 year-over-year.

Outlook and guidance

• 'Songs of the Past' expansion delayed to 2027 for quality reasons; other content planned for 2026.

• Multiple advanced-stage projects, including The Witcher 4, Cyberpunk 2, Sirius, Hadar, and unannounced titles, are in the pipeline.

• Ambitious goal to achieve PLN 2 billion cumulative net profit from continuing operations for the 2023–2026 incentive program, with PLN 418 million still needed.

• The company expects shorter periods between major releases due to parallel development.

• Seasonality remains, with stronger sales in Q2 and Q4, and weaker in Q1 and Q3.