Here’s the number CD Projekt FY2025 earnings call doesn’t want you to fixate on tonight: the Witcher IP generated 154M PLN in revenue in FY2025 — down 19% year-on-year.
A franchise with 85 million copies sold across its trilogy is quietly fading as a commercial engine. That’s the tension sitting underneath an otherwise exceptional set of CD Projekt FY2025 earnings results — and it’s the tension that makes everything else on tonight’s call worth paying close attention to.
Net profit hit 594M PLN. Revenue grew 9%. The company sold GOG.com to its own co-founder and is now a pure-play game developer for the first time in its history. And 933 developers are building games that won’t launch until 2027 at the earliest, funded entirely by a five-year-old open-world RPG about a city in neon.
Here’s the full breakdown.
CD Projekt FY2025 Results: The Headline Numbers
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Sales Revenue | 798M PLN | 867M PLN | +9% |
| Gross Profit | 681M PLN | 788M PLN | +16% |
| EBIT | 367M PLN | 471M PLN | +28% |
| Net Profit (continuing ops) | 443M PLN | 521M PLN | +18% |
| Net Profit (total incl. GOG sale) | 444M PLN | 595M PLN | +34% |
| Net Margin | 55.5% | 60.1% | +4.6pp |
| Cash, Deposits & Bonds | 1,472M PLN | 1,325M PLN | -10% |
| Total Assets | 3,026M PLN | 3,503M PLN | +16% |
| Dev Expenditure Capitalised (2025) | — | 512M PLN | New |
| Capitalised Dev Asset (balance sheet) | 695M PLN | 1,148M PLN | +65% |
Source: CD Projekt FY2025 Consolidated Financial Statements | CD Projekt Investor Relations (March 19, 2026)
A 60.1% net margin with no new game launch. That’s not a financial result — that’s a royalty business wearing a game developer’s clothes.
Cyberpunk 2077 — released in 2020 and still the subject of ongoing platform expansion — generated 671M PLN in revenue this year. Six years on the shelf and still printing money.
Cyberpunk Carries the Load — But Witcher IP Revenue Is Falling
This is the most important split in the entire CD Projekt FY2025 results release, and it deserves more attention than the headline profit number.
| IP | FY2024 Revenue | FY2025 Revenue | Change |
|---|---|---|---|
| Cyberpunk IP (2077 + Phantom Liberty) | 599M PLN | 672M PLN | +12% |
| Witcher IP (Witcher 3 + back catalog) | 192M PLN | 155M PLN | -19% |
| Total IP revenue from products | 791M PLN | 827M PLN | +5% |
Cyberpunk IP: 671M PLN — up 12%
Every analyst expected Cyberpunk to be the primary revenue driver, and it delivered. The Nintendo Switch 2 launch edition of the Ultimate Edition, the Apple Silicon Mac release, and ongoing PlayStation Plus catalog inclusion all contributed to sustained momentum from a game that first shipped in 2020. Phantom Liberty has now crossed 10 million copies sold — making it one of the fastest-selling expansions in RPG history.
Witcher IP: 154M PLN — down 19%
The Witcher 3: Wild Hunt crossed 60 million total copies in May 2025. The franchise trilogy has now sold 85 million combined. And yet Witcher IP revenue fell nearly a fifth. This is the long-tail decay curve in action. Without new content, without a DLC, without a Witcher 4 launch, the franchise is slowly ceding commercial momentum. The 10th anniversary boost has passed.
The implication for investors is direct: CD Projekt is a one-IP commercial engine right now. If Cyberpunk 2077 catalog sales moderate in 2026, there is no Witcher revenue buffer to absorb it. That’s the structural vulnerability hiding beneath a 60.1% net margin.
The GOG.com Sale: What It Means for CD Projekt’s Future
The biggest structural story in tonight’s CD Projekt FY2025 results happened quietly in December 2025: CD Projekt sold 100% of GOG sp. z o.o. shares to co-founder Michał Kiciński. GOG.com — the DRM-free digital distribution platform CD Projekt has operated since 2008 — is gone from the Group’s consolidated financials.
The sale generated a significant after-tax gain contributing approximately 73M PLN to the ‘discontinued operations’ net profit line — accounting for most of the gap between the 521M PLN continuing operations figure and the 595M PLN total.
| Item | Detail |
|---|---|
| Buyer | Michał Kiciński (CD Projekt co-founder) |
| Sale date | December 29–31, 2025 |
| After-tax gain (est.) | ~73M PLN (included in discontinued ops line) |
| Effect from Jan 1, 2026 | CD Projekt is now a pure-play game developer |
| GOG.com segment | No longer consolidated — ceased December 31, 2025 |
| Digital sales share (FY2025) | 87.4% of Group sales revenues were digital |
| Export sales share (FY2025) | 96.7% of Group revenues came from exports |
Effective January 1, 2026, CD Projekt is a pure-play game developer. No distribution business, no platform revenues, no GOG catalog management overhead. Every resource, every developer, every PLN of capital allocation now points at one objective: building and selling CD Projekt RED games.
For investors, this simplification likely unlocks margin clarity while removing a modest revenue diversification buffer. The margin clarity benefit is the dominant effect. Analysts modelling 2026 should note that GOG’s contribution disappears entirely from the consolidated P&L going forward.
The Development Pipeline: 933 Developers and the Games Nobody Can Play Yet
As of February 28, 2026, CD Projekt has 933 developers engaged across all active projects — up from 707 a year ago. Every developer costs money. And right now, none of them are working on a game that ships in 2026.
| Project | Developers | Status | Est. Release |
|---|---|---|---|
| The Witcher 4 (Polaris) | 499 (54%) | Full production — Unreal Engine 5 | After 2026 |
| Shared Services | 169 (18%) | Central QA, localisation, data, motion cap | Ongoing |
| Cyberpunk 2 (Project Orion) | 149 (16%) | Pre-production — Boston & Vancouver hubs | ~2029–2031 |
| Project Sirius | 71 (8%) | Development — multiplayer Witcher spinoff | TBA |
| Project Hadar | 26 (3%) | Early stage — new original IP | TBA |
| Other | 19 (2%) | Various support functions | — |
| TOTAL | 933 | — | — |
Source: CD Projekt FY2025 Earnings Presentation | February 28, 2026 headcount
Witcher 4: 499 developers — more than half the studio
The Witcher 4 tech demo unveiled at State of Unreal 2025 in June was met with highly positive reception across gaming media and the community. Co-CEO Michał Nowakowski has said the team aims to “redefine the RPG genre as a whole.” The release date remains confirmed only as “after 2026”.
Cyberpunk 2: 149 developers in pre-production
The North American hubs in Boston and Vancouver are leading Cyberpunk 2 (Project Orion). CD Projekt’s stated 4–5 year pre-production-to-release timeline puts this in the 2029–2031 range. In July 2025, CD Projekt also announced a collaboration with Studio TRIGGER on Cyberpunk: Edgerunners 2 — a second anime installment for Netflix, which further expands the franchise’s transmedia footprint without requiring a new game release.
The development spend: 512M PLN capitalized in FY2025 alone
The total capitalised development asset on the balance sheet hit 1,148M PLN — up 65% from 695M PLN at end-2024. CD Projekt is betting its entire balance sheet on games it hasn’t released, financed by Cyberpunk 2077 catalog revenue. The math works — until it doesn’t.
Incentive Program B: How Close Is Management to Getting Paid?
The FY2025 earnings presentation included a slide that directly addresses the management incentive gap — and it’s the most important single slide for understanding why a 2026 content announcement matters so much.
CD Projekt’s Incentive Program B tracks cumulative net profit across overlapping four-year windows. The 2023–2026 tranche — the nearest deadline — is now 74% complete. With 26% remaining to be earned in a single year, the pressure on management to secure a meaningful 2026 revenue catalyst is real and quantifiable.
| “In the coming year we will continue to reinforce our development teams and accelerate work on key projects. We will also offer new content to fans of our franchise, enabling them to further interact with their favorite universes.” — Michał Nowakowski, Co-CEO, CD Projekt FY2025 Management Report |
“New content to fans of our franchise.” That phrase is doing a lot of work in the management letter. It is the closest thing to a Witcher 3 DLC confirmation in tonight’s official communications — without being a confirmation. Watch the webcast carefully.
CDR Stock: What Tonight’s CD Projekt FY2025 Earnings Mean for Investors
CDR was trading at 246.70 PLN heading into tonight (per Warsaw Stock Exchange data) — sitting above its 52-week low of 195.30 but below its 52-week high of 294.00 PLN. The FY2025 results give investors several things to process simultaneously.
| Scenario | Trigger | CDR Implication |
|---|---|---|
| 🐂 Bull | Witcher 3 DLC confirmed on tonight’s webcast. September 2026 launch. Strong attach rate. | Stock re-rates toward 52-week high of 294 PLN. 2023–2026 incentive tranche gap closes visibly. |
| 📊 Base | No DLC confirmation. FY2025 solid but no 2026 content catalyst announced. | Stock stays range-bound 230–260 PLN. Investors wait for Witcher 4 production newsflow. |
| 🐻 Bear | FY2025 profit beats but no 2026 catalyst. Cyberpunk catalog decelerates in H1 2026. | Stock retests 52-week low of 195.30 PLN. No-game-year risk narrative dominates. |
What the CD Projekt FY2025 Earnings balance sheet tells us
Cash, deposits and bonds fell 10% to 1.32B PLN as development expenditure consumed capital. Per the consolidated financial statements: total liabilities fell 15% to 213M PLN, equity grew 19% to 3.29B PLN. The company is financially sound — but it is spending its way toward a slate of games that won’t generate revenue for years.
Strip the GOG gain before modelling forward
Net profit of 595M PLN includes approximately 73M PLN from the discontinued GOG operations and the disposal gain. The continuing operations figure of 521M PLN — up 18% — is the cleaner measure of CD Projekt’s core earning power. Analysts should strip the GOG contribution from any year-on-year comparison to avoid overstating the 2026 baseline.
The Bottom Line on CD Projekt FY2025 Earnings
CD Projekt delivered a legitimately exceptional FY2025 — 60% net margins, 34% profit growth, and a balance sheet that expanded 16% in a year with no game launch. The company sold its distribution business, focused entirely on game development, and has 499 developers building what may be the most anticipated RPG in years.
But the FY2025 results also crystallise the central investor tension: this is a company trading on the promise of games that are 12–24+ months away. The Witcher 4 is ‘after 2026.’ Cyberpunk 2 is after 2029. And the Witcher IP — the franchise that built this company — generated less revenue in 2025 than it did in 2024.
The one phrase that matters from tonight is Nowakowski’s reference to ‘new content to fans of our franchise’ in 2026. If that phrase becomes an announcement, the CDR investment thesis gets materially stronger. If it doesn’t, CD Projekt faces a second consecutive year of catalog-only revenue — and the 2023–2026 incentive tranche closes with 26% unearned.
That’s a really interesting point about the Witcher IP’s contribution. It’s smart to look beyond just overall revenue figures when assessing a company’s success.