# CD PROJECT SA

Summary updated: 2026-10-04T15:02:30.954188Z
Canonical: https://finbar.com/research/companies/cd-project-sa

## Overview

CD PROJEKT S.A. is a Polish video game developer and publisher in the interactive entertainment sector. Through its CD PROJEKT RED studio, it creates and publishes role-playing games, including the Witcher and Cyberpunk franchises, and related products [1](https://app.finbar.com/go?id=T10556220). Its stated mission is to create revolutionary role-playing games with memorable stories that inspire gamers [2](https://www.cdprojekt.com/en/capital-group/business-philosophy/).

The company operates from Poland, with teams in Warsaw, Kraków and Wrocław, and has international operations including in the United States and Canada [3](https://www.cdprojekt.com/en/capital-group/). For the year ended 31 December 2025, it reported net sales of PLN 866.989 million; its December 2025 fact sheet reported 1,335 employees [4](https://app.finbar.com/go?id=T8855462)[5](https://www.cdprojekt.com/en/wp-content/uploads-en/2025/12/fact-sheet-december-2025-1.pdf).
[1](https://app.finbar.com/go?id=T10556220)[4](https://app.finbar.com/go?id=T8855462)[2](https://www.cdprojekt.com/en/capital-group/business-philosophy/)[3](https://www.cdprojekt.com/en/capital-group/)[5](https://www.cdprojekt.com/en/wp-content/uploads-en/2025/12/fact-sheet-december-2025-1.pdf)

## Products & services

CD PROJEKT’s principal game products are built around The Witcher and Cyberpunk franchises. The Witcher portfolio includes The Witcher, The Witcher 2: Assassins of Kings and The Witcher 3: Wild Hunt, including its Hearts of Stone and Blood and Wine expansions; the company also lists GWENT: The Witcher Card Game and Thronebreaker: The Witcher Tales. Cyberpunk 2077 is an open-world role-playing game set in Night City, and its Phantom Liberty expansion is a spy-thriller adventure. [6](https://app.finbar.com/go?id=P123299971)[7](https://app.finbar.com/go?id=P123299746)[8](https://www.cyberpunk.net/us/en/phantom-liberty) The Witcher 3 is an open-world RPG available on PC and consoles; its 2026 remaster includes visual and performance improvements, revamped combat and progression, cross-platform mod support, PC path tracing, PS5 Pro support and a native Nintendo Switch 2 version. [9](https://www.thewitcher.com/us/en/witcher3)[10](https://www.cdprojekt.com/en/media/news/the-witcher-3-wild-hunt-remastered-available-now/) Cyberpunk 2077’s PS5 Pro update adds upgraded PSSR, expanded ray tracing and Performance, Ray Tracing and Ray Tracing Pro modes. [11](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-receives-free-playstation5-pro-update/)

The company also earns revenue from licensing its intellectual property and from distribution or subscription-platform arrangements; its Q1 2026 report cited Game Pass availability for Cyberpunk 2077 and The Witcher 3 as a source of revenue. [12](https://app.finbar.com/go?id=P123299738) In FY2025, reported sales of products and services included PLN 671.9 million from the Cyberpunk IP and PLN 154.9 million from the Witcher IP—approximately 81% and 19%, respectively, of that category. [13](https://app.finbar.com/go?id=T9735715)[14](https://app.finbar.com/go?id=P31432623) In H1 2026, the company separately reported revenue from IP licensing alongside revenue from its own Cyberpunk and Witcher projects. [15](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/09/cd-projekt-group-presentation-h1-2026.pdf)
[6](https://app.finbar.com/go?id=P123299971)[7](https://app.finbar.com/go?id=P123299746)[12](https://app.finbar.com/go?id=P123299738)[14](https://app.finbar.com/go?id=P31432623)[13](https://app.finbar.com/go?id=T9735715)[13](https://app.finbar.com/go?id=T9735715)[8](https://www.cyberpunk.net/us/en/phantom-liberty)[9](https://www.thewitcher.com/us/en/witcher3)[10](https://www.cdprojekt.com/en/media/news/the-witcher-3-wild-hunt-remastered-available-now/)[11](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-receives-free-playstation5-pro-update/)[15](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/09/cd-projekt-group-presentation-h1-2026.pdf)

## Geographic presence

CD PROJEKT S.A.’s 2025 sales were concentrated outside Poland: exports accounted for 96.7% of sales, while domestic sales accounted for 3.3%. By region, North America represented 75.5% of total sales, Europe 11.5%, Asia 9.3%, and Australia 0.4%. The figures are reported by broad region; country-level revenue was not provided. [16](https://app.finbar.com/go?id=T3268668)

The company’s registered office and European headquarters are in Warsaw, Poland. Its stated geographic hubs and development offices include Boston, Cracow, Wrocław, and Vancouver. An April 2026 company fact sheet reports 1,304 employees, but does not give their geographic distribution. [1](https://app.finbar.com/go?id=T10556220)[17](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/04/fact-sheet-april-2026-2.pdf) CD PROJEKT RED’s operations include the Polish parent company and subsidiaries in the United States and Canada. [18](https://app.finbar.com/go?id=P110092742)
[16](https://app.finbar.com/go?id=T3268668)[1](https://app.finbar.com/go?id=T10556220)[17](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/04/fact-sheet-april-2026-2.pdf)[18](https://app.finbar.com/go?id=P110092742)[17](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/04/fact-sheet-april-2026-2.pdf)

## Business segments

CD PROJEKT’s FY2025 reporting described two business segments: **CD PROJEKT RED**, focused on creating, publishing, distributing and promoting games and related products, and **GOG.COM**, operating a digital games storefront and the GOG GALAXY application. GOG.COM was sold on 31 December 2025. [19](https://app.finbar.com/go?id=P80525859)[20](https://app.finbar.com/go?id=P42106694)[21](https://app.finbar.com/go?id=P108276946)

For FY2025, CD PROJEKT RED generated PLN 866.989 million in revenue (approximately **82.1%** of the two segments’ combined revenue) and PLN 470.648 million in operating profit (approximately **98.3%** of their combined operating profit). GOG.COM generated PLN 189.129 million in revenue (approximately **17.9%**) and PLN 8.154 million in operating profit (approximately **1.7%**). Percentages are calculated from the reported segment figures. [22](https://app.finbar.com/go?id=T75923)[23](https://app.finbar.com/go?id=T4718351)

These figures describe the FY2025 business-segment breakdown, not the Group’s current operating-segment reporting: the Q1 2026 interim report says the Group’s business is homogeneous and that no operating segments are identified. [24](https://app.finbar.com/go?id=P73039692)[25](https://app.finbar.com/go?id=P123299965)
[19](https://app.finbar.com/go?id=P80525859)[20](https://app.finbar.com/go?id=P42106694)[21](https://app.finbar.com/go?id=P108276946)[22](https://app.finbar.com/go?id=T75923)[23](https://app.finbar.com/go?id=T4718351)[24](https://app.finbar.com/go?id=P73039692)[25](https://app.finbar.com/go?id=P123299965)

## Company history

CD Projekt was founded in Poland in 1994 by Marcin Iwiński and Michał Kiciński, initially importing CD-ROM software. It expanded into Polish packaging and manuals, then game localization; its full localization of *Baldur’s Gate* in 1999 was an early milestone. [26](https://www.cdprojekt.com/en/capital-group/history/)[27](https://www.cdprojekt.com/en/capital-group/supervisory-board/)

In 2002, the company established CD Projekt RED and began developing its first *Witcher* game, released in 2007. It launched GOG.com as a digital distribution platform in 2008. In 2010 it entered the Warsaw Stock Exchange through a transaction involving listed Optimus, which was renamed CD Projekt RED in 2011. The studio’s subsequent releases included *The Witcher 2: Assassins of Kings* (2011), *The Witcher 3: Wild Hunt* (2015), and *Cyberpunk 2077* (2020). [28](https://www.cdprojekt.com/en/media/news/cd-projekt-red-turns-20-years-old/)[29](https://www.cdprojekt.com/en/media/news/6-million-witchers-in-6-years/)[30](https://www.cdprojekt.com/en/media/news/gog-com-introduces-support-new-currencies/)[31](https://www.cdprojekt.com/en/investors/faq/)[32](https://www.cdprojekt.com/pl/media/aktualnosci/optimus-ustepuje-miejsca-cd-projekt-red/)[26](https://www.cdprojekt.com/en/capital-group/history/)[33](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-is-out-now/)

The group expanded its development operations through the acquisition of Canadian studio Digital Scapes in 2021 and the addition of The Molasses Flood that year. Spokko was merged into CD Projekt in 2023; in 2025, The Molasses Flood was integrated into CD Projekt RED, while GOG was sold to co-founder Michał Kiciński. [34](https://www.cdprojekt.com/en/media/news/cd-projekt-acquires-the-canadian-digital-scapes-development-studio/)[35](https://www.cdprojekt.com/en/media/news/the-molasses-flood-video-games-development-studio-joins-cd-projekt-group/)[36](https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-36-2023/)[37](https://www.cdprojekt.com/en/investors/result-center/)
[26](https://www.cdprojekt.com/en/capital-group/history/)[27](https://www.cdprojekt.com/en/capital-group/supervisory-board/)[28](https://www.cdprojekt.com/en/media/news/cd-projekt-red-turns-20-years-old/)[29](https://www.cdprojekt.com/en/media/news/6-million-witchers-in-6-years/)[30](https://www.cdprojekt.com/en/media/news/gog-com-introduces-support-new-currencies/)[31](https://www.cdprojekt.com/en/investors/faq/)[32](https://www.cdprojekt.com/pl/media/aktualnosci/optimus-ustepuje-miejsca-cd-projekt-red/)[33](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-is-out-now/)[34](https://www.cdprojekt.com/en/media/news/cd-projekt-acquires-the-canadian-digital-scapes-development-studio/)[35](https://www.cdprojekt.com/en/media/news/the-molasses-flood-video-games-development-studio-joins-cd-projekt-group/)[36](https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-36-2023/)[37](https://www.cdprojekt.com/en/investors/result-center/)

## Sources

1. [CD PROJECT SA — Full financial report (2025 Y), p14](https://app.finbar.com/go?id=T10556220)
2. [www.cdprojekt.com](https://www.cdprojekt.com/en/capital-group/business-philosophy/)
3. [www.cdprojekt.com](https://www.cdprojekt.com/en/capital-group/)
4. [CD PROJECT SA — Full financial report (2025 Y), p3](https://app.finbar.com/go?id=T8855462)
5. [www.cdprojekt.com](https://www.cdprojekt.com/en/wp-content/uploads-en/2025/12/fact-sheet-december-2025-1.pdf)
6. [CD PROJECT SA — Full financial report (2026 Q 1), p27](https://app.finbar.com/go?id=P123299971)
7. [CD PROJECT SA — Full financial report (2026 Q 1), p8](https://app.finbar.com/go?id=P123299746)
8. [www.cyberpunk.net](https://www.cyberpunk.net/us/en/phantom-liberty)
9. [www.thewitcher.com](https://www.thewitcher.com/us/en/witcher3)
10. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/the-witcher-3-wild-hunt-remastered-available-now/)
11. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-receives-free-playstation5-pro-update/)
12. [CD PROJECT SA — Full financial report (2026 Q 1), p7](https://app.finbar.com/go?id=P123299738)
13. [CD PROJECT SA — Presentation (2025 Y), p16](https://app.finbar.com/go?id=T9735715)
14. [CD PROJECT SA — Presentation (2025 Y), p13](https://app.finbar.com/go?id=P31432623)
15. [www.cdprojekt.com](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/09/cd-projekt-group-presentation-h1-2026.pdf)
16. [CD PROJECT SA — Full financial report (2025 Y), p25](https://app.finbar.com/go?id=T3268668)
17. [www.cdprojekt.com](https://www.cdprojekt.com/en/wp-content/uploads-en/2026/04/fact-sheet-april-2026-2.pdf)
18. [CD PROJECT SA — Full financial report (2025 Y), p23](https://app.finbar.com/go?id=P110092742)
19. [CD PROJECT SA — Full financial report (2025 Y), p23](https://app.finbar.com/go?id=P80525859)
20. [CD PROJECT SA — Full financial report (2025 Y), p23](https://app.finbar.com/go?id=P42106694)
21. [CD PROJECT SA — Full financial report (2025 Y), p23](https://app.finbar.com/go?id=P108276946)
22. [CD PROJECT SA — Full financial report (2025 Y), p6](https://app.finbar.com/go?id=T75923)
23. [CD PROJECT SA — Full financial report (2025 Y), p35](https://app.finbar.com/go?id=T4718351)
24. [CD PROJECT SA — Full financial report (2025 Y), p23](https://app.finbar.com/go?id=P73039692)
25. [CD PROJECT SA — Full financial report (2026 Q 1), p27](https://app.finbar.com/go?id=P123299965)
26. [www.cdprojekt.com](https://www.cdprojekt.com/en/capital-group/history/)
27. [www.cdprojekt.com](https://www.cdprojekt.com/en/capital-group/supervisory-board/)
28. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/cd-projekt-red-turns-20-years-old/)
29. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/6-million-witchers-in-6-years/)
30. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/gog-com-introduces-support-new-currencies/)
31. [www.cdprojekt.com](https://www.cdprojekt.com/en/investors/faq/)
32. [www.cdprojekt.com](https://www.cdprojekt.com/pl/media/aktualnosci/optimus-ustepuje-miejsca-cd-projekt-red/)
33. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/cyberpunk-2077-is-out-now/)
34. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/cd-projekt-acquires-the-canadian-digital-scapes-development-studio/)
35. [www.cdprojekt.com](https://www.cdprojekt.com/en/media/news/the-molasses-flood-video-games-development-studio-joins-cd-projekt-group/)
36. [www.cdprojekt.com](https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-36-2023/)
37. [www.cdprojekt.com](https://www.cdprojekt.com/en/investors/result-center/)

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