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EarningsQ4 2026 Earnings Report
GB:FDEV Q4 2026 EPS Results
Actual EPS£0.54
Consensus EPS―
Beat/Miss―
One Year Ago EPS£0.31
GB:FDEV Q4 2026 Revenue Results
Actual Revenue£45.17M
Expected Revenue£43.40M
Beat/MissBeat by +£1.77M
YoY Revenue Growth+4.29%
Earnings Announcement Details
QuarterQ4 2026
Date09/09/2026
TimeBefore Open
Conference CallWednesday, September 9, 2026
GB:FDEV Upcoming Earnings
Frontier Developments's next earnings date is estimated for January 20, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management reported the second-highest revenue in company history, record adjusted operating profit, 34% year-over-year growth in CMS revenue, strong cash generation, a special dividend, share buybacks, positive Planet Zoo 2 pre-orders, and a broad pipeline supported by Disney and new Planet titles. The main negatives were the decline in gross margin to just under 67%, a lower capitalization rate, and expected FY 2027 tax credits of GBP 8 million-GBP 9 million versus GBP 12.8 million in FY 2026, but these were presented with explicit explanations and did not outweigh the operational and financial positives.Company Guidance
Record Profitability and Strong Revenue
FY 2026 delivered record profitability, strong revenue growth, and significant cash generation. Revenue reached just under GBP 105 million, the company's second-highest ever revenue number.
Record Adjusted Operating Profit
Adjusted operating profit reached a record GBP 21.4 million, representing a profit margin of just over 20%.
Strong Cost Control
Gross operating costs increased only 3% year-over-year to GBP 62.5 million in FY 2026. Management said the business continues to exhibit very strong cost control, with FY 2027 gross operating costs expected to be in the mid-60s.
Growing CMS Revenue Mix
CMS games represented 89% of FY 2026 revenue, up from 77% in the previous year. Revenue from CMS titles increased 34% year-over-year, with Jurassic World Evolution, Planet Zoo, and Planet Coaster all contributing.
Recurring Revenue and Lower-Risk Business Model
Management said the business is increasingly driven by long-term franchise economics, proven CMS franchises, recurring nurture revenue, and disciplined execution. Ongoing updates, expansions, premium downloadable content, platform releases, and promotions are generating recurring revenue streams, reducing dependency on individual launches and improving visibility of future cash generation.
Strong Balance Sheet and Cash Generation
Cash increased to just over GBP 50 million at the end of August, partly due to receipt of a GBP 4.4 million one-off transitional credit. The company described its balance sheet as strong and said FY 2026 demonstrated stronger cash generation.
Share Buybacks and Special Dividend
Frontier invested GBP 15.5 million in share buybacks during FY 2026 and has invested GBP 20.5 million since 1 June, including share buybacks and EBT purchases. The company declared its first special dividend as a public listed company, totaling GBP 5 million, or approximately GBP 0.14 per share, with payment expected in early October. Further buybacks are expected to feature within FY 2027, subject to renewal of authority at the October AGM.
Significant Tax Credit Benefit
Adjusted tax credits and reliefs totaled GBP 12.8 million in FY 2026. Excluding a GBP 2.3 million prior-year adjustment, management estimated normalized FY 2026 credits across the schemes at approximately GBP 10.5 million. The transition from VGTR to VGEC also allows the company to claim a credit for eligible IP costs, including royalties.
Planet Zoo Franchise Growth
Planet Zoo revenue increased from GBP 40 million in its first year to GBP 161 million cumulatively. More than six years after launch, the franchise has delivered 21 PDLC releases across PC, PlayStation, and Xbox, generated a 404% return on investment, and had more than 1 million players in the past month. PDLC represents 45% of total franchise revenue.
Planet Zoo 2 Launch Momentum
Planet Zoo 2 is scheduled to launch next month. Management said pre-orders are very, very positive, the game is coming together really well, and the company is feeling good about the launch. The multi-platform release is expected to generate more than the first game, with a revenue expectation of GBP 30 million+ and potential for more.
Upcoming Game Pipeline
Warhammer 40,000: Chaos Gate - Deathwatch is scheduled for FY 2027 and is expected to contribute approximately GBP 5 million-GBP 10 million of revenue in the financial year. A new Planet franchise title is planned for FY 2028, and management remains committed to an average cadence of one CMS title a year.
Disney Partnership
The Disney partnership, announced the week before the call, was described as a significant milestone and a substantial future opportunity. Management expects good partnership and shared marketing opportunities, with Disney providing access to assets to reach a wider Disney audience.
Expanding Own-IP and Licensed-IP Portfolio
Frontier's future portfolio combines its own-IP Planet strategy with licensed IP including Disney and Jurassic World. Management said additional own-IP and licensed-IP expansion could broaden the revenue base, increase diversification, and create opportunities for cross-sell, PDLC, and monetization.
Jurassic World Evolution Franchise Scale
Across three games and 23 PDLC releases, the Jurassic World Evolution franchise has reached almost 20 million players globally. Players have placed more than 1 billion buildings across the franchise, including more than 63 million park guests eaten in Jurassic World Evolution 3.
High Player Engagement
In Planet Coaster 2 alone, players laid more than 23 billion kilometers of tracks and placed more than 260 million in-game items during the last six months. Management cited this as evidence of creative engagement and longevity in CMS games.
Strong Pipeline and Platform Interest
Management described the current pipeline as the strongest and most stable in Frontier's history, supported by Planet Zoo 2, Chaos Gate: Deathwatch, the FY 2028 Planet game, Disney, and future licensed and own-IP development. The company also reported an extremely positive Gamescom and said platforms are very excited about the roadmap.
Continued Investment in Technology and People
Frontier plans to continue investing in its proprietary COBRA technology platform, including improving tools, the tool chain, onboarding for graduates, and core performance. The company also plans to continue investing in people, retaining key talent, and developing future expertise through its graduate program.
AI Efficiency Initiatives
Management is evaluating AI primarily for operational efficiencies and integration into corporate systems rather than for creative development.
Elite Dangerous Continues to Grow
Although Elite Dangerous sits outside the CMS strategy, management said it continues to grow its revenues. Frontier intends to support and monetize the franchise while exploring ways to continue growing it.
Player-Led Development and New Audience Expansion
Frontier is using player data, community feedback, Steam data, external research, and closed-door testing to inform game development and identify new audiences. Management said new subject matter is intended to bring new audiences into the ecosystem without cannibalizing the existing player base.
GB:FDEV 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