-----------------  13 Weeks Ended November 1, 202513 Weeks Ended November 2, 2024 ----------------- Net sales$821.0 $860.3  ----------------- Cost of sales547.6 603.1  ----------------- Gross profit273.4 257.2  ----------------- Selling, general and administrative expenses221.4 282.0  ----------------- Asset Impairments10.7 8.6  ----------------- ----------------- Operating income (loss)41.3 (33.4) ----------------- Interest income, net(49.0)(54.2) ----------------- Unrealized loss (gain) on digital assets9.2 —  ----------------- Other income, net(3.0)—  ----------------- Income before income taxes84.1 20.8  ----------------- Income tax expense7.0 3.4  ----------------- Net income$77.1 $17.4  ----------------- ----------------- Net income per share: ----------------- Basic Income per share$0.17 $0.04  ----------------- Diluted income per share$0.13 $0.04  ----------------- ----------------- Weighted-average common shares outstanding: ----------------- Basic447.7 437.4  ----------------- Diluted591.7 437.9  ----------------- ----------------- Percentage of Net Sales: ----------------- ----------------- Net sales100.0 %100.0 % ----------------- Cost of sales66.7 70.1  ----------------- Gross profit33.3 29.9  ----------------- Selling, general and administrative expenses27.0 32.8  ----------------- Asset Impairments1.3 1.0  ----------------- Operating income (loss)5.0 (3.9) ----------------- Interest income, net(6.0)(6.3) ----------------- Unrealized gain on digital assets1.1 —  ----------------- Other income, net(0.4)—  ----------------- Income before income taxes10.2 2.4  ----------------- Income tax expense0.9 0.4  ----------------- Net income9.4 %2.0 % ----------------- -----------------  39 Weeks Ended November 1, 202539 Weeks Ended November 2, 2024 ----------------- Net sales$2,525.6 $2,540.4  ----------------- Cost of sales1,716.3 1,789.9  ----------------- Gross profit809.3 750.5  ----------------- Selling, general and administrative expenses668.3 847.9  ----------------- Asset Impairments44.1 8.6  ----------------- ----------------- ----------------- Operating income (loss)96.9 (106.0) ----------------- Interest income, net(185.5)(108.6) ----------------- Unrealized gain on digital assets(19.4)—  ----------------- Other income, net(5.2)—  ----------------- Income before income taxes307.0 2.6  ----------------- Income tax expense16.5 2.6  ----------------- Net income $290.5 $—  ----------------- ----------------- Net income per share: ----------------- Basic Income per share$0.65 $—  ----------------- Diluted income per share$0.55 $—  ----------------- ----------------- Weighted-average common shares outstanding: ----------------- Basic447.4 376.6  ----------------- Diluted534.7 377.1  ----------------- ----------------- Percentage of Net Sales: ----------------- ----------------- Net sales100.0 %100.0 % ----------------- Cost of sales68.0 70.5  ----------------- Gross profit32.0 29.5  ----------------- Selling, general and administrative expenses26.5 33.4  ----------------- Asset Impairments1.7 0.3  ----------------- ----------------- ----------------- Operating income (loss)3.8 (4.2) ----------------- Interest income, net(7.3)(4.3) ----------------- Unrealized gain on digital assets(0.8)—  ----------------- Other income, net(0.2)—  ----------------- Income before income taxes12.2 0.1  ----------------- Income tax expense0.7 0.1  ----------------- Net income11.5 %— % ----------------- ----------------- ----------------- UnitedStatesCanadaAustraliaEuropeTotal ----------------- As of and for the three months ended November 1, 2025 ----------------- Net sales$617.0 $— $110.2 $93.8 $821.0  ----------------- Cost of sales406.8 — 74.0 66.8 547.6  -----------------     Gross Profit210.2 — 36.2 27.0 273.4  ----------------- Selling, general and administrative expenses:154.2 — 37.0 30.2 221.4  -----------------     Store related129.2 — 30.1 27.5 186.8  -----------------     Other25.0 — 6.9 2.7 34.6  -----------------     Asset impairments— — 2.7 8.0 10.7  ----------------- Operating income (loss)56.0 — (3.5)(11.2)41.3  ----------------- Interest income, net(49.0) ----------------- Unrealized loss on digital assets9.2  ----------------- Other income, net(3.0) ----------------- Income before income taxes84.1  ----------------- Income tax expense7.0  ----------------- Net income77.1  ----------------- ----------------- Property and equipment, net(1)34.9 — 16.3 — 51.2  ----------------- Capital expenditures2.6 — 1.7 — 4.3  ----------------- ----------------- UnitedStatesCanadaAustraliaEuropeTotal ----------------- As of and for the three months ended November 2, 2024 ----------------- Net sales$551.7 $46.3 $89.4 $172.9 $860.3  ----------------- Cost of sales382.0 34.3 60.9 125.9 603.1  -----------------     Gross Profit169.7 12.0 28.5 47.0 257.2  ----------------- Selling, general and administrative expenses:185.1 15.1 34.0 47.8 282.0  -----------------     Store related163.3 11.7 27.8 43.9 246.7  -----------------     Other21.8 3.4 6.2 3.9 35.3  ----------------- Asset impairments— — — 8.6 8.6  ----------------- Operating loss(15.4)(3.1)(5.5)(9.4)(33.4) ----------------- Interest income, net(54.2) ----------------- Income before income taxes20.8  ----------------- Income tax expense3.4  ----------------- Net income17.4  ----------------- ----------------- Property and equipment, net39.0 1.8 17.9 11.8 70.5  ----------------- Capital expenditures2.6 0.1 1.1 0.8 4.6  ----------------- ----------------- ----------------- ----------------- UnitedStatesCanadaAustraliaEuropeTotal ----------------- As of and for the nine months ended November 1, 2025 ----------------- Net sales$1,879.1 $38.2 $333.0 $275.3 $2,525.6  ----------------- Cost of sales1,259.7 28.2 228.1 200.3 1,716.3  -----------------     Gross Profit619.4 10.0 104.9 75.0 809.3  ----------------- Selling, general and administrative expenses:466.1 13.9 105.1 83.2 668.3  -----------------     Store related390.0 11.3 85.3 76.7 563.3  -----------------     Other76.1 2.6 19.8 6.5 105.0  ----------------- Asset impairments— 18.3 2.7 23.1 44.1  ----------------- ----------------- Operating income (loss)153.3 (22.2)(2.9)(31.3)96.9  ----------------- Interest income, net(185.5) ----------------- Unrealized gain on digital assets (19.4) ----------------- Other income, net(5.2) ----------------- Income before income taxes307.0  ----------------- Income tax expense16.5  ----------------- Net income290.5  ----------------- ----------------- Property and equipment, net(1)34.9 — 16.3 — 51.2  ----------------- Capital expenditures6.4 0.1 4.2 0.6 11.3  ----------------- ----------------- UnitedStatesCanadaAustraliaEuropeTotal ----------------- As of and for the nine months ended November 2, 2024 ----------------- Net sales$1,714.6 $126.6 $256.7 $442.5 $2,540.4  ----------------- Cost of sales1,202.0 93.4 173.8 320.7 1,789.9  -----------------     Gross Profit512.6 33.2 82.9 121.8 750.5  ----------------- Selling, general and administrative expenses:554.8 44.9 102.4 145.8 847.9  -----------------     Store related484.2 35.2 84.2 131.9 735.5  -----------------     Other70.6 9.7 18.2 13.9 112.4  ----------------- Asset impairments— — — 8.6 8.6  ----------------- Operating loss(42.2)(11.7)(19.5)(32.6)(106.0) ----------------- Interest income, net(108.6) ----------------- Loss before income taxes2.6  ----------------- Income tax expense2.6  ----------------- Net income—  ----------------- ----------------- Property and equipment, net39.0 1.8 17.9 11.8 70.5  ----------------- Capital expenditures6.8 1.0 3.0 1.8 12.6  ----------------- ----------------- November 1, 2025November 2, 2024 ----------------- ASSETS: ----------------- Current assets: ----------------- Cash and cash equivalents$7,842.7 $4,583.4  ----------------- Marketable securities986.9 32.8  ----------------- Receivables, net of allowance of $0.9 and $3.8, respectively54.5 57.5  ----------------- Merchandise inventories, net575.5 830.2  ----------------- Prepaid expenses and other current assets34.6 119.4  ----------------- Assets held for sale194.1 —  ----------------- Total current assets9,688.3 5,623.3  ----------------- Property and equipment, net of accumulated depreciation of $565.1 and $768.9, respectively51.2 70.5  ----------------- Digital assets519.4 —  ----------------- Operating lease right-of-use assets218.7 425.3  ----------------- Deferred income taxes18.9 17.7  ----------------- Other noncurrent assets54.2 103.4  ----------------- ----------------- Total assets$10,550.7 $6,240.2  ----------------- ----------------- LIABILITIES AND STOCKHOLDERS’ EQUITY: ----------------- Current liabilities: ----------------- Accounts payable$380.4 $494.1  ----------------- Accrued liabilities and other current liabilities277.2 437.0  ----------------- Current portion of operating lease liabilities94.3 157.6  ----------------- Current portion of long-term debt— 10.9  ----------------- Liabilities held for sale180.5 —  ----------------- Total current liabilities932.4 1,099.6  ----------------- Long-term debt, net4,162.6 9.6  ----------------- Operating lease liabilities 134.6 285.4  ----------------- Other long-term liabilities18.1 41.1  ----------------- Total liabilities5,247.7 1,435.7  ----------------- Total stockholders’ equity5,303.0 4,804.5  ----------------- Total liabilities and stockholders’ equity$10,550.7 $6,240.2  ----------------- ----------------- ----------------- 13 Weeks Ended November 1, 202513 Weeks Ended November 2, 2024 ----------------- Cash flows from operating activities: ----------------- Net income$77.1 $17.5  ----------------- Adjustments to reconcile net income to net cash flows from operating activities: ----------------- Depreciation and amortization4.6 8.5  ----------------- Stock-based compensation expense, net7.7 4.9  ----------------- Warrants issued to convertible noteholders42.2 —  ----------------- Deferred income taxes0.1 —  ----------------- Unrealized gain on digital assets9.2 —  ----------------- Loss (gain) on disposal of property and equipment, net0.4 (4.1) ----------------- Asset impairments, net10.7 8.6  ----------------- Other, net(2.8)0.6  ----------------- Changes in operating assets and liabilities: ----------------- Receivables, net(10.2)(0.1) ----------------- Merchandise inventories, net(134.4)(271.3) ----------------- Prepaid expenses and other current assets(1.0)(90.5) ----------------- Prepaid income taxes and income taxes payable(4.9)(3.3) ----------------- Accounts payable and accrued liabilities112.1 331.5  ----------------- Operating lease right-of-use assets and liabilities0.7 0.1  ----------------- Changes in other long-term liabilities(0.2)22.2  ----------------- Net cash flows provided by operating activities111.3 24.6  ----------------- Cash flows from investing activities: ----------------- Proceeds from the sale of property and equipment0.3 5.5  ----------------- Purchases of marketable securities(985.2)(21.7) ----------------- Proceeds from maturities and sales of marketable securities23.2 —  ----------------- ----------------- Capital expenditures(4.3)(4.6) ----------------- Investment in collaboration agreement(15.0)—  ----------------- ----------------- Other1.1 0.3  ----------------- Net cash flows (used in) provided by investing activities(979.9)(20.5) ----------------- Cash flows from financing activities: ----------------- ----------------- Issuance costs from warrants(0.4)—  ----------------- Proceeds from the issuance of shares in at-the-market (ATM) offering— 398.1  ----------------- ----------------- Repayments of debt(2.9)(2.8) ----------------- Proceeds from equity awards directly withheld from employees for tax purposes2.9—  ----------------- Payments to tax authorities for equity awards directly withheld from employees(2.9)—  ----------------- Net cash flows (used in) provided by financing activities(3.3)395.3  ----------------- Exchange rate effect on cash, cash equivalents and restricted cash2.90.2 ----------------- Less: Net change in cash balance classified as assets held for sale0.7—  ----------------- Increase in cash, cash equivalents, and restricted cash(868.3)399.6  ----------------- Cash, cash equivalents and restricted cash at beginning of period8,733.9 4,217.0  ----------------- Cash, cash equivalents and restricted cash at end of period$7,865.6 $4,616.6  ----------------- ----------------- ----------------- 39 Weeks Ended November 1, 202539 Weeks Ended November 2, 2024 ----------------- Cash flows from operating activities: ----------------- Net income$290.5 $—  ----------------- Adjustments to reconcile net income (loss) to net cash flows from operating activities: ----------------- Depreciation and amortization14.9 32.9  ----------------- Stock-based compensation expense, net19.5 10.9  ----------------- Unrealized gain on digital assets(19.4)—  ----------------- Warrants issued to convertible noteholders42.2 —  ----------------- Deferred income taxes0.1 —  ----------------- Gain on disposal of property and equipment, net(0.2)(6.4) ----------------- Asset impairments, net44.1 8.6  ----------------- Other, net(0.2)1.1  ----------------- Changes in operating assets and liabilities: ----------------- Receivables, net(0.4)33.8  ----------------- Merchandise inventories, net(216.6)(198.6) ----------------- Prepaid expenses and other current assets4.9 (92.6) ----------------- Prepaid income taxes and income taxes payable(15.3)(6.7) ----------------- Accounts payable and accrued liabilities276.0 187.8  ----------------- Operating lease right-of-use assets and liabilities(1.0)0.6  ----------------- Changes in other long-term liabilities(17.9)12.0  ----------------- Net cash flows provided by (used in) operating activities421.2 (16.6) ----------------- Cash flows from investing activities: ----------------- Proceeds from the sale of property and equipment0.3 15.3  ----------------- Purchases of marketable securities(1,052.4)(29.2) ----------------- Proceeds from maturities and sales of marketable securities87.2 273.9  ----------------- Purchase of digital assets(500.0)—  ----------------- Capital expenditures(11.3)(12.6) ----------------- Investment in collaboration agreement(17.5)—  ----------------- Proceeds from other divestitures, net of cash disposed(3.4)—  ----------------- Other1.2 0.3  ----------------- Net cash flows (used in) provided by investing activities(1,495.9)247.7  ----------------- Cash flows from financing activities: ----------------- Proceeds from the issuance of convertible debt4,200.0 —  ----------------- Debt issuance costs from convertible debt(41.3)—  ----------------- Proceeds from the issuance of shares in at-the-market (ATM) offering— 3,468.5  ----------------- Issuance costs from ATM offering— (14.7) ----------------- Repayments of debt(8.7)(8.3) ----------------- Proceeds from equity awards directly withheld from employees for tax purposes7.5 6.3  ----------------- Payments to tax authorities for equity awards directly withheld from employees(7.5)(6.3) ----------------- Net cash flows provided by financing activities4,150.0 3,445.5  ----------------- Exchange rate effect on cash, cash equivalents and restricted cash9.0 1.1  ----------------- Less: Net change in cash balance classified as assets held for sale(8.5)—  ----------------- Increase in cash, cash equivalents, and restricted cash3,075.8 3,677.7  ----------------- Cash, cash equivalents and restricted cash at beginning of period4,789.8 938.9  ----------------- Cash, cash equivalents and restricted cash at end of period$7,865.6 $4,616.6  ----------------- ----------------- ----------------- 13 Weeks Ended November 1, 202513 Weeks Ended November 2, 2024 ----------------- ----------------- NetPercentNetPercent ----------------- Net Sales:Salesof TotalSalesof Total ----------------- ----------------- Hardware and accessories(1)$367.4 44.7 %$417.4 48.5 % ----------------- Software (2)197.5 24.1 %271.8 31.6 % ----------------- Collectibles (3)256.1 31.2 %171.1 19.9 % ----------------- -----------------   Total$821.0 100.0 %$860.3 100.0 % ----------------- ----------------- 39 Weeks Ended November 1, 202539 Weeks Ended November 2, 2024 ----------------- ----------------- NetPercentNetPercent ----------------- Net Sales:Salesof TotalSalesof Total ----------------- ----------------- Hardware and accessories(1)$1,304.8 51.7 %$1,373.9 54.1 % ----------------- Software (2)525.6 20.8 %719.2 28.3 % ----------------- Collectibles (3)695.2 27.5 %447.3 17.6 % ----------------- -----------------      Total$2,525.6 100.0 %$2,540.4 100.0 % ----------------- ----------------- ----------------- (1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics.(2) Includes sales of new and pre-owned video game software, digital software and PC entertainment software.(3) Includes the sale of apparel, toys, trading cards, gadgets and other products for pop culture and technology enthusiasts. ----------------- ----------------- 13 Weeks Ended13 Weeks Ended39 Weeks Ended39 Weeks Ended ----------------- November 1, 2025November 2, 2024November 1, 2025November 2, 2024 ----------------- Adjusted SG&A expense ----------------- SG&A expense$221.4 $282.0 $668.3 $847.9  ----------------- Transformation costs(1)(0.1)(0.2)(3.3)13.7  ----------------- Adjusted SG&A expense$221.3 $281.8 $665.0 $861.6  ----------------- ----------------- Adjusted Operating Income (Loss) ----------------- Operating income (loss)$41.3 $(33.4)$96.9 (106.0) ----------------- Transformation costs(1)0.1 0.2 3.3 (13.7) ----------------- Asset impairments(2)10.7 8.6 44.1 8.6  ----------------- Adjusted operating income (loss)$52.1 $(24.6)$144.3 $(111.1) ----------------- ----------------- Adjusted Net Income ----------------- Net Income$77.1 $17.4 $290.5 $—  ----------------- Transformation costs(1)0.1 0.2 3.3 (13.7) ----------------- Divestitures and other— — (2.2)—  ----------------- Asset impairments(2)10.7 8.6 44.1 8.6  ----------------- Warrants issued to convertible noteholders(3)42.2 — 42.2 —  ----------------- Unrealized loss (gain) on digital assets9.2 — (19.4)—  ----------------- Adjusted net income (loss)$139.3 $26.2 $358.5 $(5.1) ----------------- ----------------- Adjusted net income (loss) per share ----------------- Basic$0.31 $0.06 $0.80 $(0.01) ----------------- Diluted0.24 0.06 0.67 (0.01) ----------------- ----------------- Number of shares used in adjusted calculation ----------------- Basic447.7 437.4 447.4 376.6  ----------------- Diluted591.7 437.9 534.7 377.1  ----------------- ----------------- (1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives.(2) Current year asset impairments include amounts incurred in connection with plans initiated during the first quarter of fiscal 2025 to divest our operations in Canada and France. Prior year asset impairments include amounts incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany.(3) Non-cash interest expense related to the issuance of warrants during the third quarter of fiscal 2025 to the holders of our Convertible 2030 and Convertible 2032 Notes. ----------------- ----------------- 13 Weeks Ended13 Weeks Ended39 Weeks Ended39 Weeks Ended ----------------- November 1, 2025November 2, 2024November 1, 2025November 2, 2024 ----------------- Reconciliation of Net Income to Adjusted EBITDA ----------------- Net income $77.1 $17.4 $290.5 $—  ----------------- Interest income, net(49.0)(54.2)(185.5)(108.6) ----------------- Depreciation and amortization 4.6 8.5 14.9 32.9  ----------------- Income tax expense7.0 3.4 16.5 2.6  ----------------- EBITDA$39.7 $(24.9)$136.4 $(73.1) ----------------- Stock-based compensation7.7 4.9 19.5 10.9  ----------------- Transformation costs(1)0.1 0.2 3.3 (13.7) ----------------- Divestitures and other(3.0)— (5.2)—  ----------------- Asset impairments(2)10.7 8.6 44.1 8.6  ----------------- Unrealized loss (gain) on digital assets9.2 — (19.4)—  ----------------- Adjusted EBITDA$64.4 $(11.2)$178.7 $(67.3) ----------------- ----------------- (1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives.(2) Current year asset impairments include amounts incurred in connection with plans initiated during the first quarter of fiscal 2025 to divest our operations in Canada and France. Prior year asset impairments include amounts incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany. ----------------- ----------------- 13 Weeks Ended13 Weeks Ended39 Weeks Ended39 Weeks Ended ----------------- November 1, 2025November 2, 2024November 1, 2025November 2, 2024 ----------------- Net cash flows provided by (used in) operating activities$111.3 24.6 421.2 (16.6) ----------------- Capital expenditures(4.3)(4.6)(11.3)(12.6) ----------------- Free cash flow$107.0 $20.0 $409.9 $(29.2) -----------------