CD Projekt Group reported net profit of 174.2 million Polish złoty (approximately $42.7 million USD) for the fourth quarter of 2025, according to company calculations based on its annual report. The company’s EBITDA reached 167.7 million złoty (approximately $41.1 million USD).
These results significantly exceeded expectations, with the consensus estimate for net profit at 97.4 million złoty and EBITDA at 109.5 million złoty. The strong performance underscores the continued success of CD Projekt’s key titles and its strategic focus on core gaming operations.
Fourth-quarter revenue, excluding the GOG segment, totaled 208.4 million złoty (approximately $51.1 million USD), compared to a consensus forecast of 205.1 million złoty. Operating profit, too excluding GOG, reached 111.4 million złoty (approximately $27.3 million USD), surpassing the expected 92.2 million złoty.
For the full year 2025, CD Projekt reported net profit of 520.9 million złoty (approximately $127.7 million USD) compared to 428.4 million złoty in 2024. Operating profit for the year increased to 470.6 million złoty (approximately $115.3 million USD) from 366.5 million złoty the previous year.
Group revenue for 2025 reached 866.9 million złoty (approximately $212.7 million USD), up from 798.4 million złoty in 2024, while EBITDA for the year totaled 539.3 million złoty (approximately $132.1 million USD).
According to a company statement, strong sales of “Cyberpunk 2077,” including the “Phantom Liberty” expansion, and continued demand for “The Witcher 3: Wild Hunt” drove revenue growth. The availability of “Cyberpunk 2077” on PlayStation Plus Extra and Premium, as well as its release on the Nintendo Switch 2 platform, also contributed to the positive results.
“To date, we have sold over 85 million copies of games from the Witcher trilogy, 35 million copies of Cyberpunk 2077, and 10 million copies of Phantom Liberty,” said Michał Nowakowski, Joint CEO of CD Projekt, in the company’s press release.
The company reported that the Cyberpunk universe generated 671.9 million złoty in revenue in 2025, compared to 598.7 million złoty in 2024. Revenue from the Witcher universe totaled 154.9 million złoty, down from 191.6 million złoty the prior year.
As of the finish of February, the team working on “The Witcher 4” numbered 499 developers, up from 447 at the end of October 2025. The team developing “Cyberpunk 2” increased by 14 to 149 members. The Sirius project team grew to 71 developers from 56, while the team working on the company’s original IP, Project Hadar, decreased by 3 to 26.
“In the case of ‘The Witcher 4,’ we are increasing the team size in line with our production needs… At this point, we are hiring new employees when we spot the need, but of course, we also take advantage of opportunities when exceptional talents become available,” said Karolina Gnaś, Vice President and Head of Investor Relations, during a conference call.
Company officials noted that they have achieved 74% of the target for the “B” incentive program for the years 2023-2026, requiring an additional 527 million złoty to reach the 2 billion złoty cumulative net profit goal.
“After three of four years, we have achieved 74% of the goal. 527 million złoty must be reached to achieve the goal (2 billion złoty cumulative net profit over this period – PAP),” said CFO Piotr Nielubowicz during the call.
The presentation indicated that 67% of the target for the 2024-2027 incentive program, with a cumulative net profit goal of 3 billion złoty, has been achieved, and 87% for the 2025-2028 program.
Joint CEO Michał Nowakowski stated that the company currently has no new announcements regarding the live-action project set in the Cyberpunk universe.
When asked about a potential mobile game release from Scopely in 2026, Nowakowski said, “that’s a question that needs to be looked at from a broader perspective than one year from now.”
The company finalized the sale of 100% of GOG shares for 90.7 million złoty at the end of 2025.
“We made the decision to sell GOG to focus all of our attention and resources on video game production. This is crucial in the context of our strategic, ambitious development plans, which involve working on many projects simultaneously and expanding our brands into new areas of entertainment,” said CFO Piotr Nielubowicz.
“GOG remains our important business partner. We want our future games to continue to be available on this platform,” he added.
Nielubowicz also noted that the company invested over 513 million złoty in the development of new games and related products throughout 2025.
“Our financial reserves remain at a high level – at the end of 2025, cash, deposits, and bonds totaled over 1.3 billion złoty,” Nielubowicz indicated.
These financial resources guarantee the group full creative independence while enabling the implementation of new projects.
The company announced that the CD Projekt RED studio team has begun work on a new game based on its internally developed IP, codenamed Hadar.
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The consensus estimate included forecasts from 7 brokerage firms.
Due to the sale of GOG, the consolidated income statement for the CD Projekt Group for 2025 will be “cleansed” of figures relating to this segment, and the presented figures will only relate to the CD Projekt RED segment.
The PAP Business consensus includes net profit from continuing operations (equal to the net profit of the CD Projekt RED segment). The income statement will also demonstrate net profit from discontinued operations (the net profit generated by the GOG segment, plus the profit from the sale of GOG after tax) and net profit (the sum of both of the above).
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Due to the sale of GOG, the historical results of CD Projekt presented in the table are not comparable to the results for the fourth quarter of 2025. Data in million złoty |
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|---|---|---|---|
| 4Q2025 | results | cons. | difference |
| Revenue | 208.4 | 205.1 | 1.6% |
| EBITDA | 167.7 | 109.5 | 53.2% |
| EBIT | 111.4 | 92.2 | 20.9% |
| net profit j.d. | 174.2 | 97.4 | 78.8% |
| EBITDA margin | 80.5% | 53.8% | 26.65 |
| EBIT margin | 53.4% | 45.4% | 8.04 |
| net margin | 83.6% | 47.2% | 36.43 |
*** Consensus is created on the basis of forecasts from brokerage houses collected earlier by PAP. They are available in the full version of the PAP Business Economic Service. The PAP consensus database contains forecasts of quarterly and annual results for over 200 companies listed on the GPW. (PAP Business)
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