EarningsQ2 2026 Earnings Report
MX:CDRN Q2 2026 EPS Results
Actual EPS$6.58
Consensus EPS$4.90
Beat/MissBeat by +$1.68
One Year Ago EPS$3.17
MX:CDRN Q2 2026 Revenue Results
Actual Revenue$1.12B
Expected Revenue$913.28M
Beat/MissBeat by +$209.90M
YoY Revenue Growth+12.67%
Earnings Announcement Details
QuarterQ2 2026
Date09/02/2026
TimeBefore Open
Conference CallWednesday, September 2, 2026
MX:CDRN Upcoming Earnings
CD Projekt SA's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CDRN 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, with record franchise sales, strong player engagement, favorable Gamescom reception, 23% revenue growth, 28% gross profit growth, 37% net profit growth, substantial liquidity and a growing release pipeline. The main negatives were the 6% increase in operating costs, development-related cash outflows, the 14% of the first incentive target still outstanding, and management's expectation that the second incentive program target will most likely not be met. Highlights significantly outweighed lowlights.Company Guidance
Cyberpunk 2077 Reaches Over 14 Million Sales
Nearly six years after launch, Cyberpunk 2077 has sold over 14 million copies and continues to sell well, supported by life cycle management, platform expansion, broader player reach and continuous game support.
Cyberpunk Player Engagement Rebounds
Cyberpunk 2077's peak concurrent player figure on Steam exceeded 100,000 in the first week of July, the highest value observed since October 2023.
Phantom Liberty Surpasses 15 Million Copies
Phantom Liberty crossed the 15 million copies sold threshold in July.
Cyberpunk Licensing and Partnerships Expand the Ecosystem
Night City was featured in Wuthering Waves and Apex Legends during the first half of the year. The Cyberpunk trading card game raised $28 million, becoming the most funded tabletop game project in Kickstarter's history. Management said these partnerships generate visible revenue while maintaining global brand engagement between core game releases.
Cyberpunk: Edgerunners Season 2 Scheduled for October
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 drove a resurgence of interest in Cyberpunk 2077 and a visible spike in game sales, and expects the new season to reengage audiences and encourage players to return to Night City.
Witcher Franchise Exceeds 90 Million Game Sales
The Witcher 3: Wild Hunt has sold over 65 million copies, while the overall Witcher franchise has sold over 90 million games.
Witcher 3 Remastered Launches September 29
The Witcher 3: Wild Hunt Remastered is scheduled to launch on September 29, 2026, with upgrades to visuals, performance and gameplay, including a dedicated Nintendo Switch 2 edition. Existing owners will receive the Remastered version and both expansions, Hearts of Stone and Blood and Wine, at no additional cost.
Witcher Release Pipeline Extends Through 2028
CD Projekt plans to launch Songs of the Past, the third full expansion for The Witcher 3: Wild Hunt, in 2027, with a scope comparable to Blood and Wine. The Witcher 4 has a target release window in 2028 and will begin a new saga. Management described the plan as three subsequent years with three major releases, each bigger than the one before, in one unified universe.
Strong Gamescom Reception for Witcher Content
The Songs of the Past hands-off demo attracted nearly 9,000 players and 1,500 media representatives and industry personnel. The company conducted over 50 interviews with global media outlets, and related trailers and demo content generated 26 million views across its own channels, excluding Opening Night Live stream views.
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 the wish lists of 900,000 players within a week.
Development Team Expands to 1,045 People
As of the end of July 2026, the total development team had grown to 1,045 people. The Witcher 4 team was the largest unit with 519 developers, and the Cyberpunk 2 team expanded to 184 developers over the last three months.
First-Half Revenue Grows 23%
Sales revenue for the first half of 2026 reached over PLN 435 million, an increase of 23% compared with the first half of 2025.
IP Licensing Generates Nearly PLN 95 Million
CD Projekt booked almost PLN 95 million in IP licensing revenue during the first half of 2026, including revenue from the Cyberpunk trading card game, the Wuthering Waves collaboration, Netflix merchandising rights and other initiatives. The company worked with over 100 partners, and most of the licensing revenue occurred in the second quarter.
Gross Profit Increases 28%
With cost of sales slightly lower year-on-year, gross profit on sales reached nearly PLN 406 million, up 28% compared with the first half of 2025.
Net Profit Increases 37%
Net profit for the first half of 2026 reached nearly PLN 0.2 billion, a 37% year-on-year increase. Management also reported net profitability of 57% for the period and said net profit had increased nearly threefold over three years.
Strong Liquidity and Balance Sheet
Total liquid reserves, comprising cash, bank deposits and bonds, stood at nearly PLN 1.29 billion at the end of June. Total equity grew 8% to PLN 3.5 billion, while total liabilities remained stable at PLN 227 million.
Positive Operating Cash Flow
The company generated estimated positive cash flow of PLN 229 million from ongoing business in the first half of 2026. The January sale of GOG shares added PLN 87 million to the cash position after transaction costs.
Substantial Investment in Development
Expenditure on development projects increased by PLN 364 million to over PLN 1.5 billion. CD Projekt invested nearly PLN 385 million in new development work during the first half of 2026, mainly related to The Witcher 4, Cyberpunk 2 and Songs of the Past.
Progress Toward First Incentive Program Target
The company has completed 86% of the PLN 2 billion cumulative net profit target for the first tranche of incentive program B for financial years 2023-2026. The first-half 2026 net profit from continuing operations was PLN 249 million.
Strong Expansion Attachment Rates
Management said Phantom Liberty had a very strong attach rate and that the company's expansions generally performed strongly, with quite a few owners of The Witcher 3 or Cyberpunk 2077 purchasing expanded content.
Songs of the Past Team Reaches 220 People
The Songs of the Past project currently has 220 people working on it: 170 from Fool's Theory, 10 from CD Projekt Red and the remainder outsourced.
Witcher 4 in Full Production
Management said The Witcher 4 is in full production, with the current build maintained and launchable on each target platform: PC, PlayStation and Xbox. The company said it knows what kind of game it is making and is currently filling the game with content while tracking internal milestones.
AI Used as a Development Tool
CD Projekt said it remains predominantly reliant on people to make games. AI is being treated as a tool that can help in specific areas, but the company does not plan to rely on AI to make complete games.
Hadar Team Expected to Grow
Hadar remains in the concept phase with more than 30 people currently working on it. The company expects to hire up to 50 developers for the project by the end of 2026, with the team focused on testing approaches, ideas and gameplay prototypes.
MX:CDRN 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