When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works .
When asked, “If the hardware makers are reportedly moving to disc-less on the console side, future game launches are digital only, where does that fit in for the business plan?” Cohen responded, “It doesn’t matter at all. Software, it mattered in the past. Software today makes up less than 12% of the business, and collectables makes up over half the business. So, it’s totally, totally irrelevant.”
Cohen's characterization doesn't exactly match GameStop's own filings, but the underlying trend does. In fiscal year 2025, the company reported total net sales of $3.63 billion. At $729.3 million, Software — which includes physical game discs, game cartridges, and digital download codes by GameStop’s classification — accounted for 20.1% of the total, the lowest among the company's product categories. Collectibles brought in $1.06 billion at 29.2 percent, while hardware and accessories — including new and pre-owned hardware, accessories, hardware bundles, interactive figures, strategy guides, and mobile/consumer electronics — remained the largest single line at $1.84 billion, or 50.7 percent.
The year-on-year growth figures also appear to support Cohen's stance, with software revenue dropping 27% in FY24 and hardware revenue dropping 12%. Meanwhile, revenue from collectibles — covering apparel, toys, trading cards, gadgets, other pop-culture products, and submission services for authentication and grading of trading cards — grew by 47%.
GameStop FY2025 net sales by product category Category
Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/video-games/console-gaming/SPONSORED_LINK_URL
- https://www.tomshardware.com/video-games/console-gaming/gamestop-ceo-says-sonys-decision-to-go-disc-less-is-totally-irrelevant-claims-software-including-physical-discs-accounts-for-only-12-percent-of-the-companys-business#main
- https://www.tomshardware.com/membership
- Linus Torvalds rebukes anti-AI stances in the Linux kernel code review process, says 'Linux is not one of those anti-AI projects' — creator embraces AI as just
- NVIDIA Vera Rubin Maximizes Intelligence per Dollar for Post-Training Workloads – a Key Metric for Agentic AI
- NVIDIA BioNeMo Agent Toolkit Brings Accelerated AI to Life Sciences Researchers in Claude Science
- AI data centers must produce as much power as they use, Australia PM says — new national AI framework will also ensure water efficiency and protect intellectual
- China's 2.8-trillion-parameter Kimi K3 beats Claude Fable 5 in Frontend Code Arena benchmark— Moonshot AI delivers largest open-weight AI model ever, as China w
Informational only. No financial advice. Do your own research.