GameStop Corp. (NYSE: GME) reported net income of $389.6 million for the first quarter ended May 2, 2026, marking what the company called the highest quarterly net income in its history. This compares to $44.8 million in net income for the same period in 2025.

Net sales increased 14% year-over-year to $835.3 million from $732.4 million, driven primarily by collectibles sales. The company also achieved operating income of $143.3 million, compared to an operating loss of $10.8 million in the prior year quarter.

The video game retailer reported total cash, cash equivalents, marketable securities, digital assets and collateral of $9.7 billion at quarter end. This included $8.4 billion in cash, cash equivalents and marketable securities, up from $6.4 billion in the prior year period.

Selling, general and administrative expenses decreased to $201.6 million from $228.1 million in the prior year. The quarter included an unrealized gain of $268.4 million on derivative assets related to put and call options providing economic exposure to eBay Inc. stock.

By product category, collectibles represented 41.8% of total sales at $348.9 million, while hardware and accessories accounted for 39.9% at $333.7 million, and software made up 18.3% at $152.7 million.

On June 2, 2026, the company's board approved a new $2.0 billion share repurchase program through June 2, 2029, replacing a previous authorization from March 2019.

Basic earnings per share was $0.87 compared to $0.10 in the prior year quarter, while diluted earnings per share was $0.66 versus $0.09.