CD Projekt broke the bank. The company's gigantic profits, analysts in shock

The net profit from continuing operations of the CD Projekt group in the fourth quarter of 2025 amounted to PLN 174.2 million – according to PAP Biznes calculations based on the company's annual report. EBITDA profit amounted to PLN 167.7 million. The consensus assumed PLN 97.4 million of net profit from continuing operations and PLN 109.5 million of EBITDA.

Revenues in the fourth quarter after deducting the results of the previous quarters of the GOG segment amounted to PLN 208.4 million. The consensus assumed PLN 205.1 million in revenues.

Operating profit, also after deducting the GOG segment from historical data, amounted to PLN 111.4 million compared to the consensus of PLN 92.2 million.

Throughout 2025, the company generated PLN 520.9 million of net profit from continuing operations compared to PLN 428.4 million in the same period of the previous year.

Operating profit amounted to PLN 470.6 million compared to PLN 366.5 million a year earlier.

The group's revenues in 2025 reached PLN 866.9 million compared to PLN 798.4 million last year, while EBITDA in 2025 amounted to PLN 539.3 million.

As stated in the press release, the main driver of revenues remained high sales of the game “Cyberpunk 2077” with the expansion “The Phantom of Freedom”, as well as continued sales of “The Witcher 3: Wild Hunt”.

It was added that the level of revenue achieved was also significantly influenced by the availability of “Cyberpunk 2077” as part of the PlayStation Plus Extra and Premium subscription service and the premiere of the game in the version for the new Nintendo Switch 2 platform.

“So far, we have sold over 85 million copies of games from the Witcher trilogy, 35 million copies of Cyberpunk 2077 and 10 million of Phantom of Liberty,” said Michał Nowakowski, Joint CEO of CD Projekt, quoted in the press release.

In the results presentation, the company reported that games from the Cyberpunk universe generated PLN 671.9 million in revenue in 2025, compared to PLN 598.7 million in 2024. In the case of the Witcher universe, it was PLN 154.9 million compared to PLN 191.6 million a year earlier.

At the end of February, the team working on “The Witcher 4” consisted of 499 developers, compared to 447 at the end of October 2025. During this time, the team working on “Cyberpunk 2” increased by 14 people to 149.

At the end of February, 71 developers were working on the Sirius project, compared to 56 at the end of October 2025. In turn, the team working on the company's proprietary IP – the Hadar project – decreased by 3 developers to 26 people.

“In the case of 'The Witcher 4', we are increasing the size of the team in line with our production needs (…). At this point, we hire new employees when we see such a need, but obviously we also take advantage of opportunities when exceptional talents become available,” said Vice President and head of the investor relations team, Karolina Gnaś, during the conference.

During the results conference, it was also announced that the company is currently 26% short. cumulative net profit to achieve the goal of the incentive program B for 2023-2026.

“After three out of four years, we have achieved 74% of the goal. PLN 527 million must be left to reach the goal (PLN 2 billion of accumulated net profit in this period – PAP),” said the company's CFO, Piotr Nielubowicz, during the conference.

The presentation indicated that 67% remains to achieve the assumed goal of the incentive program for 2024-2027 of PLN 3 billion of cumulative net result, and in the case of the 2025-2028 program it is 87%.

Joint CEO of CD Projekt Michał Nowakowski indicated that the company has nothing new to announce at the moment in terms of a live-action project set in the cyberpunk universe.

Moreover, Nowakowski, when asked about the potential premiere of the mobile game Scopely is working on in 2026, said: “it is an issue that needs to be looked at from a broader perspective than a year from now.”

As stated in the press release, 2025 was full of initiatives developing the Witcher and Cyberpunk IPs outside the video game area.

“We are gradually adding new forms of contact with our brands so that players can experience the worlds known from CD Projekt RED's games while waiting for new productions. This builds global recognition, but also translates into specific numbers,” Nowakowski pointed out.

“Since the premiere of 'The Witcher 3: Wild Hunt', accompanying products within this franchise have generated over PLN 100 million, and in the case of Cyberpunk it is almost PLN 70 million. This confirms the strength and potential of our IPs,” he added.

At the end of 2025, the sale of 100% was finalized. shares in GOG for the amount of PLN 90.7 million.

“We decided to sell GOG in order to focus full attention and resources on the production of video games. This is key in the context of our strategic, ambitious development plans, which assume working on many projects at the same time and the expansion of our brands in new fields 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 pointed out that over the course of 2025, the company invested over PLN 513 million in the development of new games and accompanying products.

“Our financial reserves remain at a high level – at the end of 2025, the total resources of cash, deposits and bonds amounted to over PLN 1.3 billion,” Nielubowicz pointed out.

As stated in the announcement, the accumulated 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 started work on another game set in an internally developed IP codenamed Hadar.

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When preparing the consensus, forecasts from 7 brokerage houses were taken into account.

Due to the sale of GOG, the consolidated profit and loss account of the CD Projekt Group for 2025 will be “cleared” by the numbers relating to this segment and the presented numbers will only apply to the CD Projekt RED segment.

The PAP Biznes consensus includes net profit from continuing operations (equal to the net result of the CD Projekt RED segment). In the profit and loss account, the company will also report net profit from discontinued operations (i.e. the net profit of the GOG segment, increased by the profit from the sale of GOG after tax) and net profit (the sum of both above numbers).

***The consensus is created on the basis of forecasts of brokerage houses previously collected by PAP. They are available in the full version of the PAP Biznes Economic Website. The PAP consensus database contains forecasts of quarterly and annual results for over 200 companies listed on the WSE. (PAP Business)

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