GameStop Corp., a specialty retailer, provides games, collectibles, and entertainment products through its stores and e-commerce platforms in United States, Australia and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and other peripheral devices; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads. It also sells collectibles comprising apparel, toys, trading cards, gadgets, and other retail products for pop culture and technology enthusiasts. The company operates stores and e-commerce sites under the GameStop, EB Games, and Micromania brands; and pop culture themed stores that sell collectibles, apparel, gadgets, electronics, toys, and other retail products under the Zing Pop Culture brand. The company was formerly known as GSC Holdings Corp. GameStop Corp. was founded in 1996 and is based in Grapevine, Texas.
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GameStop's Ryan Cohen Considers Scrapping $56B eBay Takeover for Store Partnership
GameStop CEO Ryan Cohen is reportedly considering withdrawing the company's unsolicited $56 billion bid for eBay and replacing it with a partnership or joint venture. Bloomberg reported on August 10 that Cohen is exploring a more limited approach that would let eBay expand in high-margin areas like trading cards and collectibles using GameStop's roughly 1,600 US retail locations, in exchange for one or two board seats. GameStop shares climbed 1.6% in early trade while eBay shares sank 2.2% following the report. GameStop's initial May offer of $125 per share in cash and stock was rejected by eBay's board as neither credible nor attractive, and GameStop has since built a 9.75% stake in eBay. GameStop has not yet made a final decision, and the potential partnership is only a fraction of the initial bid's ambition.
Intel announces $15 billion stock offering, GameStop may drop eBay bid
Intel fell 3% premarket after announcing a $15 billion common stock offering to fund general corporate purposes including capital expenditures and working capital. GameStop rose more than 1.5% on a Bloomberg report that it is weighing abandoning its $56 billion bid for eBay, which eBay rejected in May as not credible. Hewlett Packard Enterprise gained over 5% after Morgan Stanley upgraded the stock to overweight, citing an attractive risk/reward profile. Verisk Analytics tumbled more than 6.5% after a Delaware judge ruled it must proceed with its $2.35 billion acquisition of AccuLynx, a deal it had terminated in December. Apple declined 1% following a Jefferies downgrade to underperform, with analysts citing canceled plans for an all-glass iPhone. Rocket Lab rose nearly 3% ahead of its second-quarter earnings report after the bell. Berkshire Hathaway added 0.5% after reporting a 16% increase in second-quarter operating earnings, driven by manufacturing, service, retailing, and energy profits, though insurance investment income fell 9%. Archer Aviation surged after announcing the acquisition of three Boeing subsidiaries, with Boeing taking an undisclosed stake.
eBay revenue rises 15% to $3.13 billion in second quarter
eBay reported second-quarter revenue of $3.13 billion, a 15% increase on an as-reported basis. Gross merchandise volume rose 15% to $22.39 billion, while net income from continuing operations climbed 51% to $552 million. Advertising revenue reached $596 million, with first-party advertising products contributing $570 million, up 25% as reported. The results follow eBay's completion of its acquisition of Depop and its board's rejection of an unsolicited $55.5 billion takeover offer from GameStop. For the third quarter, eBay forecast revenue between $3.07 billion and $3.12 billion and gross merchandise volume of $22 billion to $22.4 billion.
US Stocks Rally as Middle East Tensions Ease and Oil Prices Plunge
US stocks settled sharply higher on Monday as easing Middle East tensions sent crude oil prices plunging more than 5%. The S&P 500 rose 1.48% to a two-month high, the Dow Jones Industrial Average added 1.32% to a three-and-a-half-week high, and the Nasdaq 100 gained 1.78% to a one-and-a-half-week high. The slump in oil allayed inflation fears and pushed the 10-year Treasury yield down 5 basis points to 4.68%. Gains were also supported by a stronger-than-expected July ISM manufacturing index, which rose to 55.6, the fastest pace of expansion in four years. Dovish comments from New York Fed President John Williams, who said rates are well positioned and inflation should ease in the second half, further boosted sentiment. Among individual movers, Meta Platforms surged more than 6%, Boeing jumped over 8% after a double upgrade, and Atkore soared more than 28% on a $3.8 billion acquisition deal, while GameStop tumbled more than 12% on a convertible note exchange plan.
GameStop to Exchange $1.4 Billion of Convertible Notes for Shares
GameStop agreed to exchange about $1.4 billion of convertible senior notes for shares of its Class A common stock in a privately negotiated transaction. The exchange covers approximately $400 million of zero-coupon notes due in 2030 and $1 billion of zero-coupon notes due in 2032. GameStop will issue common shares to participating noteholders and will not receive cash from the exchange, with the notes canceled after closing, reducing outstanding long-term debt by about $1.4 billion. The move could strengthen the balance sheet and reduce refinancing risk, but issuing additional shares may dilute existing investors, contributing to a stock decline of more than 10% during the session. Because the notes carried no interest, immediate savings are limited, though the exchange may provide greater financial flexibility at the expense of current shareholders' ownership percentage.
GameStop stock sinks to lowest level since August 2024
GameStop shares fell about 11% on Monday, touching as low as $19.05 per share, their lowest intraday levels since August 2024. The decline followed the video game retailer's announcement of a private exchange of $1.4 billion in convertible notes for common stock, a move investors viewed as dilutive to existing shareholders. The stock is down 3% year-to-date and roughly 27% since early May, when GameStop made an unsolicited $56 billion bid for eBay that was rejected, raising concerns about how the company would finance such a deal. Those concerns prompted investor Michael Burry to sell his entire position in GameStop.
GameStop Drops 6%, AMC Rallies 6% in Meme Stock Divergence
GameStop shares fell 6% while AMC Entertainment rose 6% on Monday, marking a sharp divergence in the meme-stock cohort. GameStop declined after agreeing to exchange approximately $1.4 billion of its convertible senior notes for new Class A common stock, a dilutive move that increases the share count without generating cash proceeds. AMC rallied on the back of a record weekend, driven by the opening of Spider-Man: Brand New Day, which grossed about $355 million domestically and $927 million globally, the second-highest opening weekend ever. BlackBerry shares slipped 1% with no company-specific catalyst, underscoring the split from the group's past tendency to move together on sentiment. GameStop CEO Ryan Cohen has forgone his pay package to focus on a rejected takeover bid for eBay, in which GameStop holds a 9.8% stake.
Supernus surges 20.7% premarket on all-stock merger with Indivior
Supernus Pharmaceuticals surged 20.7% in premarket trading after agreeing to an all-stock merger of equals with Indivior Pharmaceuticals. Under the deal, Supernus shareholders will receive 1.5401 Indivior shares for each share held, while Indivior shareholders will receive a one billion dollar special cash dividend before closing. The combined company will retain the Supernus name and continue trading under the SUPN ticker. Other notable movers included GameStop, which slipped six percent after announcing a debt-for-equity swap that will exchange approximately 1.4 billion dollars of convertible debt for newly issued Class A common stock, and Ferguson, which climbed 7.1 percent ahead of its inclusion in the S&P 500 on August fifth.
Robinhood Chain Blockchain Triples in Size Since Mid-July
Robinhood's proprietary blockchain, Robinhood Chain, has more than tripled in size since mid-July, with real-world assets including tokenized stocks reaching about $70 million by late July. A dozen tokenized stocks now exceed $500,000 in daily trading volume, and the most popular tokenized stocks during the month—GameStop, Nvidia, and SpaceX—had a combined trading volume of approximately $47 million. The growth of tokenized stocks on Robinhood Chain could widen the company's moat by bridging decentralized finance and traditional finance, increasing ecosystem stickiness, and attracting overseas users seeking 24/7 access to U.S. stocks without expensive cross-border brokerages.
eBay Stock Shows Split Valuation After 156% Three-Year Gain
eBay stock has returned 156.1% over the past three years, but its valuation picture is split. A Discounted Cash Flow model using last twelve month free cash flow of about $1.7 billion and a two-stage framework estimates intrinsic value at about $152.88 per share, implying the stock is around 28.4% undervalued. In contrast, the price-to-earnings ratio stands at about 24.2 times, above a tailored fair P/E of roughly 19.5 times, suggesting overvaluation on that metric. The mixed picture is further complicated by GameStop's increased stake and ongoing takeover push, which introduce deal uncertainty.
GameStop builds 9.8% eBay stake after rejected bid
GameStop disclosed it owns 43.4 million eBay shares, representing a 9.8% stake in the e-commerce company, a significant increase from the roughly 5% economic stake it held in early May when CEO Ryan Cohen offered to buy eBay for about $56 billion. The videogame retailer converted that exposure into common stock over recent weeks, buying 3.5 million shares for about $381 million last month and settling 39 million shares from put/call pairs on Friday. In an interview with Bloomberg Television, Cohen reiterated his intent, saying "we're coming for eBay one way or another," but declined to say whether he would raise his offer. eBay's board rejected the cash-and-stock bid as neither credible nor attractive, and financing remains a key question, relying on a non-binding commitment letter from TD Securities for up to $20 billion in debt contingent on an investment-grade rating.
Wedbush skeptical on GameStop's eBay bid as financing gap looms
Wedbush Securities analyst Michael Piccolo expressed skepticism that GameStop's bid for eBay will succeed on current terms. Piccolo noted that eBay trades well below the implied $125 per share offer price, signaling the market assigns low odds to a deal closing, and identified the financing gap as the core obstacle, with GameStop's roughly $9 billion in cash plus a conditional $20 billion TD facility against a target nearly $50 billion in size. He suggested CEO Ryan Cohen's next move is more likely an exchange offer or direct appeal to eBay holders rather than a materially higher price. Piccolo advised GameStop shareholders to stay on the sidelines pending concrete financing details, while viewing eBay as reasonably valued on standalone fundamentals with modest optionality if Cohen sweetens terms, though warning of downside risk if Cohen abandons the pursuit.
GameStop’s Uber Eats deal fails to lift shares as fair value debate widens
GameStop announced a nationwide partnership with Uber Technologies to offer games, consoles, and collectibles on the Uber Eats on-demand retail platform. Despite the deal, the stock’s 30-day return is 2.14%, its 90-day decline is 10.71%, and its one-year total shareholder return is down 5.22%. The most followed narrative on the stock sets fair value at $220, implying a 90% undervaluation from the last close of $21.92, though that view depends on margin expansion, a cash-rich balance sheet, and a premium profit multiple.
GameStop partners with Uber Eats for nationwide on-demand delivery
GameStop has entered a partnership with Uber Eats to offer on-demand delivery of video games, consoles, and accessories to customers across the United States. The arrangement places GameStop directly into the on-demand delivery channel that many consumers already use for everyday purchases. How customers respond to quick delivery of gaming products, and how widely this service is adopted across regions and store locations, will be key points to monitor over time.
UK competition watchdog clears eBay’s $1.2 billion Depop acquisition
The UK’s Competition and Markets Authority has cleared eBay’s proposed purchase of fashion resale platform Depop from Etsy. The all-cash deal, valued at approximately $1.2 billion, was first disclosed in February and will see Depop continue operating under its existing name, brand, and platform structure. Depop recorded close to $1 billion in annual gross merchandise sales during 2025, with seven million active buyers and more than three million active sellers as of 31 December 2025. eBay says the acquisition fits its consumer-to-consumer strategy to deepen engagement with younger shoppers and strengthen its foothold in resale fashion. The clearance comes as eBay recently rejected an unsolicited $55.5 billion takeover offer from GameStop and announced plans to cut about 6% of its global workforce.
Best Buy and GameStop report Q2 2026 revenue of $8.9 billion and $835.3 million
Best Buy and GameStop both reported results for the quarter ended May 2, 2026. Best Buy posted revenue of $8.9 billion and a net income margin of 3%, while GameStop recorded revenue of $835.3 million and a net income margin of 47%. GameStop also achieved its highest quarterly net income in history at $389.6 million, driven by cost management, higher revenue, and gains on investments such as Bitcoin. Best Buy's sales edged up from $8.8 billion in the prior-year quarter, while GameStop's revenue grew 14% year-over-year, helped by collectibles. The two specialty retailers continue to navigate shifts in consumer behavior, with Best Buy diversifying across product categories and GameStop facing a decline in its core video game business.
GameStop shareholders approve expanding authorized Class A shares to 2.5 billion
GameStop shareholders approved an amendment to expand the company's authorized Class A common stock to 2.5 billion shares, giving the retailer more flexibility to use stock as currency in its stalled bid for eBay. The vote came six days after Sony confirmed it will stop manufacturing physical PlayStation game discs in January 2028, accelerating the decline of GameStop's core business. GameStop's non-binding proposal to acquire eBay at $125 per share was rejected by eBay's board in May, with concerns over financing. The company directly owns 4.3 million eBay shares and holds options tied to another 39 million, according to Reuters. GameStop shares closed down 2.46% at roughly $22.20 on Tuesday and slipped further in early Wednesday trading.
GameStop Stockholders Approve Increased Share Authorization for eBay Acquisition
GameStop stockholders approved all proposals at the 2026 Annual Meeting, including an amendment to increase authorized Class A common stock. The amendment passed with 68.7% of votes cast, providing capacity to issue shares for strategic transactions such as the proposed acquisition of eBay. Stockholders also re-elected all five director nominees, approved executive compensation on an advisory basis, and ratified the appointment of the independent auditor. Final voting results will be filed with the SEC on Form 8-K.
GameStop renews eBay pursuit as Ryan Cohen drops performance award and raises targets
GameStop is pursuing a potential acquisition of eBay after an initial rejection, signaling continued interest in expanding beyond its core video game retail business. CEO Ryan Cohen has withdrawn a controversial performance award to emphasize alignment with shareholders and reduce distractions during ongoing talks. The company has raised its financial targets as it renews its push around this potential deal. The stock closed at $22.82, with the share price up 4.9% over the past week and 10.7% year to date, while the 1-year return declined 2.1% and the 5-year return declined 51.7%.
GameStop Stock Looks Undervalued on Earnings But Mixed on Fair Value
GameStop stock appears undervalued on an earnings basis, trading at about 13.4 times earnings compared with the Specialty Retail industry average of roughly 19.6 times and a peer group average of about 26.2 times. However, broader valuation checks score 4 out of 6, pointing to a mixed picture rather than a clear bargain. The market is weighing risks from the shift to digital gaming, including Sony's plan to end physical PlayStation discs, against potential benefits from GameStop's diversification into collectibles and a proposed eBay merger. The key question is whether the current discount compensates for the erosion of its traditional business or represents a mispricing if repositioning efforts gain traction.
Sony to End Physical Game Discs for New PlayStation Releases Starting 2028
Sony announced it will stop producing physical game discs for new PlayStation releases starting in 2028, a move that threatens GameStop's traditional business model. GameStop once relied heavily on selling and reselling physical video games, but its annual revenue is now 61% lower than its peak 14 fiscal years ago, with sales declining in each of the past four fiscal years. The shift to digital distribution reduces the need for in-store purchases and undercuts GameStop's high-margin refurbished game sales, though the company has offset some losses with collectibles like trading cards and toys. Despite a 14% jump in net sales driven entirely by collectibles, core video game sales fell 7%, and GameStop's recent unsolicited buyout offer for eBay was rejected. GameStop remains profitable and trades at 21 times forward earnings with a cash-rich balance sheet, but its long-term sustainability is uncertain as the industry moves away from physical media.
Global M&A Tops $2.6 Trillion in First Half, Setting Record Pace
Global mergers and acquisitions surged to $2.6 trillion in the first half of 2026, up about 30% from a year earlier, putting dealmakers on track to potentially surpass the record set in 2021. Companies struck 38 deals valued at $10 billion or more, the most ever in a six-month period, including NextEra Energy's $67 billion bid for Dominion Energy and Unilever's planned $45 billion sale of its food division to McCormick. A business-friendly regulatory environment under the Trump administration and a push for scale driven by artificial intelligence are fueling the boom, with strong cross-border activity into the US. Private equity, however, lagged as high valuations and low interest rates made exits difficult, while some ambitious tie-ups like GameStop's $53 billion move on eBay were rejected. Deal makers expect the momentum to continue after the summer, though potential headwinds include economic concerns and the November election.
GameStop reaffirms eBay takeover bid, raises fiscal 2026 outlook
GameStop reaffirmed its commitment to acquire eBay despite the board's rejection of its unsolicited offer, while projecting adjusted EBITDA for fiscal 2026 to surpass $600 million, up from $345.4 million in fiscal 2025. The company said further documentation on the proposed transaction will be released in the coming days. CEO Ryan Cohen's non-binding May proposal offered $125 per eBay share in a cash-and-stock deal valuing eBay at roughly $55.5 billion, backed by $9.4 billion in GameStop cash reserves and up to $20 billion in debt financing from TD Securities. eBay's board called the proposal neither credible nor attractive, citing concerns over financing, management, and compensation structure. GameStop, with a market value of about $10 billion, is pursuing a company roughly five times its size, and a $35 billion bonus plan tied to market-cap milestones was scrapped at Cohen's request earlier this week.
GameStop Reaffirms Pursuit of eBay Acquisition, Shares Edge Higher
GameStop shares rose 1.4% in premarket trading to $22.07 after the video game retailer reaffirmed its intention to pursue the proposed acquisition of eBay, despite the online marketplace rejecting its unsolicited takeover approach. In a regulatory filing, GameStop confirmed it remains committed to its approximately US$56 billion cash-and-stock proposal and intends to continue pursuing the transaction as part of its long-term strategic plans. The company projected adjusted EBITDA of more than US$600 million for fiscal 2026, compared with approximately US$345 million for fiscal 2025, and has increased its ownership stake in eBay to 7.8%. Chief Executive Ryan Cohen has reportedly waived a potential performance-based compensation package to focus on advancing the deal, while recent financial results showed record quarterly net income of US$389.6 million and a 14% year-over-year increase in net sales driven by the collectibles business.
GameStop projects over $600M adjusted EBITDA for FY2027, shares rise
GameStop shares rose Monday after the video game retailer projected adjusted EBITDA of more than $600 million for fiscal 2027, up sharply from $345.4 million in fiscal 2025. The company also said its leadership remains focused on advancing its proposed acquisition of eBay, reinforcing its strategic expansion plans. Earlier in May, GameStop submitted a non-binding proposal to acquire eBay at $125 per share in cash and stock, and has increased its stake to 7.8% of eBay’s outstanding shares through derivative-linked structures. Among other notable movers, Comcast surged 23% after announcing a tax-free spin-off of NBCUniversal into a separate publicly traded company, while British American Tobacco slipped 2% on plans to cut 5,500 jobs as part of an AI-driven restructuring expected to deliver an additional £600 million in annualized cost savings by 2028.
GameStop Is Not the Next Berkshire Hathaway, Despite Ryan Cohen’s Ambitions
GameStop cannot be compared to Berkshire Hathaway because it lacks the insurance float that made Warren Buffett’s conglomerate special, though CEO Ryan Cohen has revived the retailer and amassed nearly $7.4 billion in cash. Cohen broadened GameStop’s business, with collectibles now its largest segment, and used equity issuances to build a cash hoard that makes up nearly 90% of its $9.4 billion market cap. His offer to buy eBay, a $48 billion company with overlapping collectibles operations, was rejected and looks more like empire-building than a Berkshire-style investment strategy. Unlike Buffett, Cohen is an activist investor, and the eBay bid does not signal GameStop is becoming the next Berkshire Hathaway. Investors seeking a Berkshire-like model should consider Markel Group or Brookfield Corporation instead.
GameStop expects fiscal year 2026 adjusted EBITDA to exceed $600 million
GameStop announced that for the fiscal year ending January 30, 2027, it expects to generate adjusted EBITDA in excess of $600 million, compared to $345.4 million in fiscal year 2025. The company also stated that its leadership team remains focused on advancing the proposed acquisition of eBay, with additional materials regarding the transaction forthcoming. A Current Report on Form 8-K furnishing the outlook has been filed with the Securities and Exchange Commission.
Amateur investors are making the U.S. stock market less efficient, Goldman Sachs quant says
A top quant at Goldman Sachs says the rise of amateur investors is making the U.S. stock market less efficient, as fleeting enthusiasm increasingly trumps disciplined fundamental analysis. Osman Ali, partner and co-head of quantitative investment strategies at Goldman Sachs Asset Management, told MarketWatch that the share of total trading activity attributable to retail investors has more than doubled since 2010, with a big spike during the pandemic. Individual investors gravitate toward small-cap, volatile stocks with high valuations and high short interest, and shares of retail favorites tend to underperform more after disappointing earnings. Ali sees opportunities for investors who can recognize patterns and capitalize on deviations from intrinsic value, but warns that AI tools could amplify biases by driving more investors into the same hot names. The trend echoes a 2024 paper by AQR founder Cliff Asness, who blamed social media for pushing prices further from fundamentals.
GameStop CEO Ryan Cohen Forfeits $30 Billion Pay Package to Pursue eBay Bid
GameStop CEO Ryan Cohen has forfeited a $30 billion pay package tied to the company's stock performance as he pursues a $55.5 billion bid for eBay. The compensation, a CEO Performance Award that would vest only if GameStop's share price reached extraordinary levels, was disclosed as a material dilution risk in the company's Q1 FY26 filing. Cohen's offer, made on May 4, 2026, at $125 per share and structured as 50% cash and 50% stock, was rejected by eBay's board within eight days as neither credible nor attractive. The bid faces significant skepticism, with Michael Burry exiting his GameStop stake, Steve Eisman calling the deal highly improbable, and Polymarket pricing the odds of success at just 13%. GameStop's Q1 results showed revenue up 14% to $835.3 million and collectibles revenue surging 65%, while the company holds $7.4 billion in cash against $3.75 billion in convertible notes.
GameStop CEO Ryan Cohen asks board to scrap $35 billion bonus plan
GameStop's board has scrapped a proposed CEO performance award at the request of CEO Ryan Cohen, who said he wants leadership focused on the company's operating performance and its pursuit of eBay. The award, approved in January 2026, would have paid Cohen as much as $35 billion if GameStop reached a market capitalization of $100 billion. Its removal comes amid investor backlash over GameStop's unsolicited $56 billion bid for eBay, a company roughly four times its size, and a proposed class-action lawsuit filed by the City of Pontiac General Employees' Retirement System alleging the board manipulated voting rules to favor insiders. eBay's board has already rejected the offer as neither credible nor attractive, citing concerns over financing and leadership. GameStop plans to release additional details this week on the strategic rationale for the proposed acquisition, stressing the update does not constitute an offer or solicitation tied to the transaction.
GameStop and StubHub face contrasting 2026 outlooks as retail pivot meets ticketing rebound
GameStop and StubHub present divergent investment cases for 2026, with GameStop leaning on cost cuts and collectibles while StubHub shows a sharp first-quarter earnings turnaround. GameStop's fiscal 2025 revenue fell 5.1% to $3.6 billion, yet net income rose to $418.4 million from $131.3 million a year earlier, yielding an 11.5% net margin and free cash flow of $597.3 million. StubHub posted a $1.9 billion net loss on $1.7 billion in revenue for the same period, but its first quarter of 2026 swung to a $48 million profit on revenue of $446 million, up 12% year over year. GameStop trades at a forward price-to-earnings ratio of 19.7 times versus StubHub's 25.7 times, while StubHub's price-to-sales ratio of 2.3 times is lower than GameStop's 2.7 times. The analysis favors StubHub for its growth potential, citing GameStop's uncertain long-term revenue path and its rejected bid to acquire eBay.