EA Q1 FY26 slides: net bookings up 3%, full game sales surge 27%

Electronic Arts Inc . (NASDAQ:EA) reported its first quarter fiscal year 2026 results on July 29, 2025, showing modest growth in net bookings and a strong performance in full game sales. The gaming giant’s stock rose slightly in aftermarket trading following the announcement.

Quarterly Performance Highlights

EA reported Q1 FY26 net bookings of $1.298 billion, representing a 3% increase year-over-year. The company highlighted strong performance from its sports titles, particularly EA SPORTS F1 25, which delivered significant year-over-year net bookings growth. Global Football also performed well, with FC Mobile achieving record quarterly net bookings.

As shown in the following highlights from the company’s presentation:

The company’s GAAP earnings per share for the quarter came in at $0.79, with a GAAP operating margin of 16.2% and a non-GAAP operating margin of 26.9%. Live services continued to be a major revenue driver, representing 72% of trailing twelve-month net bookings, which totaled $7.4 billion.

Detailed Financial Analysis

Looking at the composition of net bookings, full game sales showed impressive growth of 27% year-over-year, reaching $214 million in Q1 FY26 compared to $168 million in Q1 FY25. Meanwhile, live services and other net bookings decreased slightly by 1% to $1.084 billion.

The following chart breaks down EA’s net bookings by composition:

When analyzing net bookings by platform, mobile gaming remained the largest contributor at $690 million (up 2% year-over-year), followed by PC & other at $320 million (up 8%), while console net bookings declined slightly to $288 million (down 1%).

Here’s the detailed breakdown by platform:

Cash flow metrics showed some weakness compared to the previous year. Operating cash flow for Q1 FY26 was just $17 million, down significantly from $120 million in Q1 FY25. Free cash flow turned negative at -$55 million compared to $53 million in the same quarter last year, though trailing twelve-month free cash flow remained strong at $1.75 billion.

The comprehensive financial outlook for the current quarter and full fiscal year is presented in this table:

Forward-Looking Statements & FY26 Title Slate

Electronic Arts provided guidance for FY26, projecting net bookings between $7.6 billion and $8.0 billion, which represents growth of 3-9% compared to FY25. For Q2 FY26, the company expects net bookings between $1.8 billion and $1.9 billion, which would be a decline of 9-13% compared to Q2 FY25’s $2.079 billion.

The company’s fiscal year 2026 will be supported by a strong lineup of titles, including several major sports franchises:

EA has already released EA SPORTS F1 25 in Q1, with EA SPORTS College Football 26, Madden NFL 26, NHL 26, and EA SPORTS FC 26 all scheduled for Q2. Looking further ahead, the company plans to release new iterations of its skate. franchise and Battlefield 6 later in the fiscal year.

Currency Impact and Constant Currency Performance

EA’s financial results were minimally impacted by currency fluctuations in Q1. The company provided a detailed breakdown of its net bookings performance in constant currency terms, showing that the 3% growth rate remained consistent even when accounting for currency effects.

The following table shows the constant currency reconciliation for Q1 net bookings:

For the full fiscal year 2026, EA’s guidance of 3-9% growth in net bookings translates to 2-8% growth in constant currency terms, assuming current exchange rate trends.

Despite some challenges in cash flow metrics, Electronic Arts’ overall performance in Q1 FY26 showed resilience, with growth in key areas like full game sales and mobile gaming. The company’s strong title slate for the remainder of the fiscal year positions it well to achieve its projected 3-9% growth in net bookings, though investors will be watching closely to see if EA can reverse the negative trend in operating cash flow in upcoming quarters.

Full presentation:

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