GameStop's Collectibles Business Now Accounts for Nearly Half of Its Sales
In the second quarter, GameStop (GME) reported that its collectibles business accounted for 45.1% of total net sales, a significant increase from 23.4% in Q2 2025. This shift reflects an adaptation to declining physical video game sales and growing interest in collectible items such as action figures, models, toys, and trading cards. Despite the growth in this segment, GameStop's overall net sales fell by 19%, reaching $790.2 million for Q2 2026. However, its net income rose sharply to $298.7 million from $168.6 million a year earlier — an increase of 77%. The company attributed the drop in video game sales primarily to challenging comparisons with last year's Nintendo Switch 2 release. GameStop has been exploring new strategies, including its Bitcoin investment and past attempts at acquiring larger consumer companies like eBay (EBAY), which was rejected. While it remains a meme stock favorite from years ago, current valuations show that the market is now pricing GameStop based on fundamentals rather than speculative hype.
Topics: collectibles business GameStop meme stock retail transformation