# GAMES WORKSHOP

Summary updated: 2026-10-04T14:27:01.34004Z
Canonical: https://finbar.com/research/companies/games-workshop

## Overview

Games Workshop is a hobby-gaming company that designs, manufactures, distributes and sells fantasy miniatures. Its Warhammer business encompasses miniatures, books, boxed games and related hobby products, with Black Library publishing and licensing also part of the business. [1](https://app.finbar.com/go?id=P59530185)[2](https://app.finbar.com/go?id=P24052142) The company describes its mission as making the best fantasy miniatures, engaging and inspiring customers, and selling them globally for profit. [3](https://app.finbar.com/go?id=P73752558) It traces its beginnings to 1975. [4](https://investor.games-workshop.com/our-history)

For FY2025, Games Workshop reported group revenue of £617.5 million. [5](https://app.finbar.com/go?id=T3734167) Its international reach included operations in 24 countries and 570 retail stores across the UK, North America, continental Europe, Australia and New Zealand, and Asia. [6](https://app.finbar.com/go?id=P58790117)[7](https://app.finbar.com/go?id=T8903656)
[1](https://app.finbar.com/go?id=P59530185)[2](https://app.finbar.com/go?id=P24052142)[3](https://app.finbar.com/go?id=P73752558)[5](https://app.finbar.com/go?id=T3734167)[6](https://app.finbar.com/go?id=P58790117)[7](https://app.finbar.com/go?id=T8903656)[4](https://investor.games-workshop.com/our-history)

## Products & services

Games Workshop’s products include fantasy miniatures, boxed games, books, specialist game systems and hobby products based on its science-fiction and fantasy universes. Its *Warhammer: Age of Sigmar* range includes the fourth edition, launched in July 2024, and *Spearhead*, a smaller, quicker-play format designed as an accessible way to play a faction. [8](https://app.finbar.com/go?id=P13356770)[2](https://app.finbar.com/go?id=P24052142)[9](https://app.finbar.com/go?id=P63241206)

The *Citadel Colour* range includes paints and brushes, supported by a painting system for hobbyists from beginners to experienced painters. Black Library publishes fiction and audio products—including short stories, novels, audiobooks and audio dramas—and reported selling more than 4.5 million novels in FY2024–25. [10](https://app.finbar.com/go?id=P107701901)[11](https://app.finbar.com/go?id=P38521959)

Games Workshop also offers *Warhammer+*, a digital service for sharing its intellectual property; it had about 232,000 subscribers at the end of FY2024–25. Licensed digital games are developed with partners: three PC/console games and one mobile game were released in FY2024–25. In stores, introductory experiences include a first model and guidance on building, painting and playing. [12](https://app.finbar.com/go?id=P63834561)[13](https://app.finbar.com/go?id=P6283028)[14](https://app.finbar.com/go?id=P52675422)

The latest reported year is FY2025–26. The company reported £626.8m in core revenue and £32.9m in licensing revenue, out of £659.7m total; these are business-category figures rather than sales by individual product. [15](https://assets.ctfassets.net/ost7hseic9hc/6nI9MLA7hoRBfs2OA1oE5R/5b0fef99d81995ba1cdf872887f6cbe6/Results_Statement_2025-26_FINAL_v2.pdf)
[8](https://app.finbar.com/go?id=P13356770)[2](https://app.finbar.com/go?id=P24052142)[9](https://app.finbar.com/go?id=P63241206)[10](https://app.finbar.com/go?id=P107701901)[11](https://app.finbar.com/go?id=P38521959)[12](https://app.finbar.com/go?id=P63834561)[13](https://app.finbar.com/go?id=P6283028)[14](https://app.finbar.com/go?id=P52675422)[15](https://assets.ctfassets.net/ost7hseic9hc/6nI9MLA7hoRBfs2OA1oE5R/5b0fef99d81995ba1cdf872887f6cbe6/Results_Statement_2025-26_FINAL_v2.pdf)

## Geographic presence

Games Workshop’s business is centrally managed from Nottingham, UK. Its manufacturing and support operations include three factories, two warehouses, the Warhammer Studio and back-office functions in or near Nottingham. Its distribution network includes warehouses in Nottingham, Memphis, Tennessee, and Sydney, Australia; the FY2025 report also identifies third-party-run warehouses in Tokyo and Shanghai, while the FY2025–26 report adds Seoul. [8](https://app.finbar.com/go?id=P13356770)[16](https://app.finbar.com/go?id=P20913563)[17](https://app.finbar.com/go?id=P119737176)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)

The latest complete geographic revenue breakdown located is for FY2024–25: core revenue of £565.0 million comprised North America £249.3 million (44.1%), Continental Europe £140.8 million (24.9%), the UK £117.9 million (20.9%), Australia and New Zealand £31.3 million (5.5%), Asia £22.3 million (3.9%) and Rest of world £3.4 million (0.6%). [19](https://app.finbar.com/go?id=T10798397) As of 1 June 2025, the Group had 570 retail stores: 201 in North America, 167 in Continental Europe, 134 in the UK, 48 in Australia and New Zealand, and 20 in Asia. [7](https://app.finbar.com/go?id=T8903656) The FY2025–26 annual report covers the 52 weeks ended 31 May 2026; the regional revenue figures above are from FY2024–25. [18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)
[8](https://app.finbar.com/go?id=P13356770)[16](https://app.finbar.com/go?id=P20913563)[17](https://app.finbar.com/go?id=P119737176)[19](https://app.finbar.com/go?id=T10798397)[7](https://app.finbar.com/go?id=T8903656)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)

## Business segments

Games Workshop reports two operating segments: **Core** and **Licensing**. Core comprises sales of its core products to external customers through retail stores, independent retailers and online stores. In FY2025–26, Core revenue was £626.8 million, approximately 95% of the Group’s £659.7 million revenue. [20](https://app.finbar.com/go?id=P111438338)[21](https://app.finbar.com/go?id=P28876424)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)

Licensing covers the licensing of Games Workshop’s intellectual property, including licensed video games and complementary products. FY2025–26 Licensing revenue was £32.9 million, approximately 5% of Group revenue. [13](https://app.finbar.com/go?id=P6283028)[22](https://app.finbar.com/go?id=P118648175)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf) The company also disaggregates Core sales by Trade, Retail and Online channels; these are channel categories, not additional operating segments. [23](https://app.finbar.com/go?id=T11544745)
[20](https://app.finbar.com/go?id=P111438338)[21](https://app.finbar.com/go?id=P28876424)[13](https://app.finbar.com/go?id=P6283028)[22](https://app.finbar.com/go?id=P118648175)[23](https://app.finbar.com/go?id=T11544745)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)[18](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)

## Company history

Games Workshop began in 1975 as a UK mail-order business founded by Ian Livingstone, Steve Jackson and John Peake, initially importing fantasy role-playing and board games. It launched *White Dwarf* magazine in 1977 and began producing Citadel miniatures in 1979; *Warhammer* followed in 1983. [24](https://jobs.games-workshop.com/our-history/timeline) [25](https://www.starburstmagazine.com/features/interview-ian-livingstone/)

The company helped establish Citadel Miniatures Limited in 1981. It launched *Warhammer 40,000: Rogue Trader* in 1987, adding a science-fiction setting alongside *Warhammer*. After a management buy-out led by Tom Kirby in 1991, Games Workshop floated on the London Stock Exchange in 1994. [4](https://investor.games-workshop.com/our-history) [24](https://jobs.games-workshop.com/our-history/timeline)

Games Workshop moved its head office to Nottingham and founded the Black Library fiction imprint in 1997. It later expanded its licensed and original settings through *The Lord of the Rings* miniatures (2001), *Warhammer Age of Sigmar* (2015), and the Warhammer Community platform (2016). Kevin Rountree became chief executive in 2015. [24](https://jobs.games-workshop.com/our-history/timeline) [26](https://app.finbar.com/go?id=P61697639)
[26](https://app.finbar.com/go?id=P61697639)[24](https://jobs.games-workshop.com/our-history/timeline)[25](https://www.starburstmagazine.com/features/interview-ian-livingstone/)[4](https://investor.games-workshop.com/our-history)

## Sources

1. [GAMES WORKSHOP — Full financial report (2025 Y), p3](https://app.finbar.com/go?id=P59530185)
2. [GAMES WORKSHOP — Full financial report (2025 Y), p6](https://app.finbar.com/go?id=P24052142)
3. [GAMES WORKSHOP — Full financial report (2025 Y), p4](https://app.finbar.com/go?id=P73752558)
4. [investor.games-workshop.com](https://investor.games-workshop.com/our-history)
5. [GAMES WORKSHOP — Full financial report (2025 Y), p2](https://app.finbar.com/go?id=T3734167)
6. [GAMES WORKSHOP — Full financial report (2025 Y), p3](https://app.finbar.com/go?id=P58790117)
7. [GAMES WORKSHOP — Full financial report (2025 Y), p13](https://app.finbar.com/go?id=T8903656)
8. [GAMES WORKSHOP — Full financial report (2025 Y), p5](https://app.finbar.com/go?id=P13356770)
9. [GAMES WORKSHOP — Press release (2025 Y), p7](https://app.finbar.com/go?id=P63241206)
10. [GAMES WORKSHOP — Full financial report (2025 Y), p5](https://app.finbar.com/go?id=P107701901)
11. [GAMES WORKSHOP — Full financial report (2025 Y), p5](https://app.finbar.com/go?id=P38521959)
12. [GAMES WORKSHOP — Full financial report (2025 Y), p11](https://app.finbar.com/go?id=P63834561)
13. [GAMES WORKSHOP — Full financial report (2025 Y), p12](https://app.finbar.com/go?id=P6283028)
14. [GAMES WORKSHOP — Press release (2025 Y), p8](https://app.finbar.com/go?id=P52675422)
15. [assets.ctfassets.net](https://assets.ctfassets.net/ost7hseic9hc/6nI9MLA7hoRBfs2OA1oE5R/5b0fef99d81995ba1cdf872887f6cbe6/Results_Statement_2025-26_FINAL_v2.pdf)
16. [GAMES WORKSHOP — Full financial report (2025 Y), p6](https://app.finbar.com/go?id=P20913563)
17. [GAMES WORKSHOP — Full financial report (2025 Y), p22](https://app.finbar.com/go?id=P119737176)
18. [assets.ctfassets.net](https://assets.ctfassets.net/ost7hseic9hc/1C4g3JYVr04ZCkPb39ygIA/93055850ed01cc1fa1da261e29a57fa5/Accounts_2025-26_FINAL_v2.pdf)
19. [GAMES WORKSHOP — Full financial report (2025 Y), p78](https://app.finbar.com/go?id=T10798397)
20. [GAMES WORKSHOP — Full financial report (2025 Y), p77](https://app.finbar.com/go?id=P111438338)
21. [GAMES WORKSHOP — Full financial report (2025 Y), p97](https://app.finbar.com/go?id=P28876424)
22. [GAMES WORKSHOP — Full financial report (2025 Y), p12](https://app.finbar.com/go?id=P118648175)
23. [GAMES WORKSHOP — Full financial report (2025 Y), p77](https://app.finbar.com/go?id=T11544745)
24. [jobs.games-workshop.com](https://jobs.games-workshop.com/our-history/timeline)
25. [www.starburstmagazine.com](https://www.starburstmagazine.com/features/interview-ian-livingstone/)
26. [GAMES WORKSHOP — Full financial report (2025 Y), p22](https://app.finbar.com/go?id=P61697639)

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