GameStop reports highest quarterly net income in company history of $389.6 million. Highest first quarter operating income in GameStop’s history of $143.3 million. Net sales grew 14% year-over-year, driven by collectibles. Cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative asset of $9.7 billion.
https://t.co/BAu3T6V9w4
Looking at what @gamestop ($GME), @ryancohen, and the team have done since 2021 is so sexy.
ATM Share Sales (Equity Raises at Strong Prices)
• 2021:
• Apr: 3.5M shares @ ~$157.43 → $551M
• Jun: 5M shares @ ~$225.20 → $1.126B
Total 2021: ~8.5M shares, $1.677B
• 2024:
• May: 45M shares @ ~$20.74 → $933M
• Jun: 75M shares @ ~$28.49 → $2.137B
• Sep: 20M shares @ ~$20.00 → $400M
Total 2024: 140M shares, $3.47B
Convertibles (Project Rocket)
• Mar/Apr 2025: $1.5B 0% Notes due 2030 (~$29.85 conv. price)
• Jun 2025: $2.25B 0% Notes due 2032 (~$28.91 conv. price)
Total: ~$3.75B+ at 0% coupon
Warrants
• Sep/Oct 2025: ~59M warrants distributed (1 per 10 shares) @ $32 exercise price.
Potential ~$1.9B proceeds.
eBay Play (Project Sling)
• 2025/2026: Built ~7.78% stake in eBay.
• May 2026: Unsolicited $55.5–56B bid at $125/share (half cash, half stock).
Key Highlights
• Purchased 4,710 Bitcoin in May 2025 (~$513M at time of purchase) as treasury reserve asset.
• Delivered record FY2025 (ended Jan 2026): $418.4M net income (highest full-year in company history, +219% YoY).
• Launched @powerpacks (digital/physical PSA graded trading card platform) in 2026.
• Record Q1 2026 earnings: $389.6M net income (highest quarterly in company history), with collectibles revenue at $348.9M (41.8% of revenue, +65% YoY).
• June 2, 2026: Approved $2B share buyback program (through 2029).
Fortress balance sheet built with high-price ATMs, 0% convertibles, warrants, smart positioning, strong earnings, BTC treasury, and a fresh buyback authorization.
Can't wait to see what happens next! Did I get it all? Anything I missed?
@eBay Sellers, did you know over a quarter of the seller's fee goes towards Marketing?
Napkin Math:
Q1 2026 GMV: $22.2B
Seller-fee revenue: ~$2.1B
Marketing spend: $673M
@ebay could reduce the Seller's fee from 13% to 9% and make the SAME profit just by cutting Marketing. ✂️