EarningsQ2 2026 Earnings Report
DE:7CD0 Q2 2026 EPS Results
Actual EPS€0.08
Consensus EPS―
Beat/Miss―
One Year Ago EPS€0.04
DE:7CD0 Q2 2026 Revenue Results
Actual Revenue€57.49M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+15.84%
Earnings Announcement Details
QuarterQ2 2026
Date09/02/2026
TimeBefore Open
Conference CallWednesday, September 2, 2026
DE:7CD0 Upcoming Earnings
CD Projekt's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:7CD0 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall, supported by 23% revenue growth, 28% gross-profit growth, 37% net-profit growth, 57% net profitability, strong sales and engagement across both franchises, positive Gamescom reception, a substantial release pipeline and nearly PLN 1.3 billion of liquidity. The main negatives were the 6% increase in operating costs, continued high development cash outflows, a PLN 39 million decline in reserves and management's expectation that the second incentive-program target will not be met.Company Guidance
Cyberpunk 2077 Continues Strong Long-Term Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well. In the first week of July, peak concurrent players on Steam exceeded 100,000, the highest level observed since October 2023.
Phantom Liberty Reaches 15 Million Copies Sold
Cyberpunk 2077: Phantom Liberty crossed 15 million copies sold in July. Management also said Phantom Liberty had a very strong attach rate and that the company's expansions generally performed strongly.
Cyberpunk Ecosystem and Licensing Momentum
Cyberpunk partnerships expanded during the first half, including appearances in Wuthering Waves and Apex Legends. The Cyberpunk trading card game raised $28 million, making it the most funded tabletop game project in Kickstarter's history.
Upcoming Cyberpunk: Edgerunners Season
The new season of the Cyberpunk: Edgerunners anime series is scheduled to launch on Netflix on October 20. Management said the first season's 2022 release directly drove a visible spike in Cyberpunk 2077 sales and that the new season is intended to reengage audiences and encourage players to return to Night City.
Witcher Franchise Reaches 90 Million Games Sold
The Witcher 3: Wild Hunt has sold over 65 million copies, while the overall Witcher franchise has sold over 90 million games.
Witcher Release Pipeline Provides Multiple Growth Catalysts
The Witcher 3: Wild Hunt Remastered is scheduled for September 29, 2026, including a dedicated Nintendo Switch 2 edition, with existing owners receiving the remaster and both expansions at no additional cost. Songs of the Past is planned for 2027 with a scope comparable to Blood and Wine, and The Witcher 4 has a target release window in 2028.
Strong Gamescom Reception for Witcher Content
The Songs of the Past hands-off demo attracted nearly 9,000 players and 1,500 media representatives at Gamescom. CD Projekt conducted over 50 global media interviews, and materials related to Songs of the Past and The Witcher 3: Wild Hunt Remastered generated 26 million views across the company's own channels.
Gamescom Awards and Wish-List Momentum
CD Projekt Red received three official Gamescom Awards: Best Trailer for the Songs of the Past reveal, Best Merch, and the Jury Award for Best Booth. Songs of the Past was added to 900,000 wish lists within one week.
Development Teams Continue to Expand
The total development team reached 1,045 people as of the end of July 2026. The Witcher 4 team remained the largest unit with 519 developers, while the Cyberpunk 2 team expanded to 184 developers over the prior three months.
Revenue Growth Accelerates
First-half 2026 sales revenue exceeded PLN 435 million, an increase of 23% compared with the first half of 2025. The majority of sales came from the company's own products, particularly the Cyberpunk family.
IP Licensing Adds a Significant Revenue Stream
The company booked almost PLN 95 million of IP licensing revenue in the first half, including partnerships involving the Cyberpunk trading card game, Wuthering Waves and other initiatives. The licensing line includes rights to the Witcher and Cyberpunk IP, some Netflix revenue, and contributions from over 100 partners. Most of the licensing revenue was generated in the second quarter, which management described as spectacular.
Gross Profit and Net Profit Increase
Gross profit on sales reached nearly PLN 406 million, up 28% year-on-year, while net profit for the first half reached nearly PLN 0.2 billion, up 37% year-on-year.
High Net Profitability and Three-Year Profit Expansion
Net profitability was 57% for the first half of 2026. Management said increasing revenue and this year's profitability had enabled a nearly threefold increase in net profit over three years.
Significant Investment in the Development Pipeline
Expenditure on development projects grew by PLN 364 million to over PLN 1.5 billion. The company invested nearly PLN 385 million in new development work during the first half, primarily on The Witcher 4, Cyberpunk 2 and Songs of the Past.
Campus Expansion and Asset Growth
Property, plant and equipment and investment properties increased by PLN 69 million, driven mainly by investments in campus expansion and ongoing construction work.
Strong Liquidity and Positive Operating Cash Flow
Liquid reserves, including cash, bank deposits and bonds, stood at nearly PLN 1.29 billion at the end of June. The company generated estimated positive cash flow of PLN 229 million from ongoing business in the first half and received PLN 87 million after transaction costs from the sale of GOG shares.
Balance Sheet Strength
Total equity grew by 8% to approximately PLN 3.5 billion as of the end of June, driven by strong net profit. Total liabilities remained stable at PLN 227 million.
Progress Toward First Incentive Program Target
The company completed 86% of the PLN 2 billion cumulative net profit target for the first tranche of incentive program B. PLN 273 million, or 14%, remained to be realized over the remaining two quarters.
Songs of the Past Team and Witcher 4 Production Status
Songs of the Past currently has 220 people working on it, including 170 from Fool's Theory, 10 from CD Projekt Red and the remainder outsourced. Management said The Witcher 4 is in full production, and its current build is maintained and launchable on PC, PlayStation and Xbox for development purposes.
Continued Expansion and Testing of Future Projects
The company has two unannounced projects in the development phase. Project Sirius remains in preproduction, with its team adjusted to current needs while testing different solutions and ideas for the multiplayer-focused project. Hadar remains in the concept phase with over 30 people, and the company expects to grow that team to up to 50 developers by the end of 2026.
AI Used as a Development Tool Rather Than a Replacement
Management said CD Projekt continues to rely predominantly on people to make games. AI is being treated as one tool among many, with no plan to rely on AI to make complete games.
DE:7CD0 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed