EA Delivers Record Fiscal Year in Net Bookings and Operating Cash Flow, Underpinned by a Successful Battlefield 6 Launch and Live Services Portfolio Growth
REDWOOD CITY, CA. – May 5, 2026 – Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2026.
“Driven by our talented teams and disciplined execution, we delivered a record FY26, highlighted by the incredibly successful launch of our iconic Battlefield franchise,” said Andrew Wilson, CEO of Electronic Arts. “With the recent completion of a debt process that was met with strong investor demand and our ongoing constructive engagement with regulators, we look ahead to closing the transaction and the opportunities it will unlock.”
Selected Operating Highlights and Metrics
•Net bookings1 were a record $8.026 billion in FY26, up 9% year-over-year.
•Battlefield 6 was the best performing Battlefield in a fiscal year setting numerous franchise fiscal year records.
•Global Football net bookings was up mid-single-digits for FY26 with growth across EA SPORTS FC 26, FC Online, and FC Mobile.
•Apex Legends delivered its strongest net bookings quarter of the fiscal year in Q4 reflecting continued momentum as engagement and monetization continue to improve. For FY26, Apex Legends net bookings finished up double digits year-over-year.
Selected Financial Highlights and Metrics
•Net revenue for FY26 was $7.531 billion, up 1% year over year.
•Net cash provided by operating activities was $580 million for the quarter and $2.553 billion for the fiscal year, up 6% and 23% year over year, respectively.
Dividend
EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock. The dividend is payable on June 17, 2026 to stockholders of record as of the close of business on May 27, 2026.
Quarterly Financial Highlights
Three Months Ended
March 31,
(in $ millions, except per share amounts)
2026
2025
Full game
609
437
Live services and other
1,511
1,458
Total net revenue
2,120
1,895
Net income
461
254
Diluted earnings per share
1.81
0.98
Operating cash flow
580
549
Value of shares repurchased
—
1,375
Number of shares repurchased
—
9.8
Cash dividend paid
48
48
Fiscal Year Financial Highlights
Twelve Months Ended
March 31,
(in $ millions, except per share amounts)
2026
2025
Full game
2,148
2,002
Live services and other
5,383
5,461
Total net revenue
7,531
7,463
Net income
887
1,121
Diluted earnings per share
3.51
4.25
Operating cash flow
2,553
2,079
Value of shares repurchased
750
2,500
Number of shares repurchased
5.3
17.6
Cash dividend paid
191
199
Operating Metric
The following is a calculation of our total net bookings for the periods presented:
Three Months Ended March 31,
Twelve Months Ended March 31,
(in $ millions)
2026
2025
2026
2025
Total net revenue
2,120
1,895
7,531
7,463
Change in deferred net revenue (online-enabled games)
(256)
(96)
495
(108)
Total net bookings
1,864
1,799
8,026
7,355
Pending Acquisition by Investor Consortium
On September 29, 2025, EA announced that it has entered into a definitive agreement to be acquired by an investor consortium (“the Consortium”) comprised of The Public Investment Fund, private investment funds affiliated with Silver Lake Group, L.L.C. and private investment funds affiliated with Affinity Partners in an all-cash transaction that values EA at an enterprise value of approximately $55 billion. There are a limited number of regulatory reviews outstanding, and the parties are working diligently to complete these remaining reviews. For additional information, please refer to EA’s filings with the Securities and Exchange Commission.
Conference Call and Supporting Documents
Given the pending transaction, Electronic Arts will not be hosting an earnings conference call this quarter.
For further information and discussion of EA’s financial results, please refer to the financial model of EA’s historical results posted on EA’s IR Website at http://ir.ea.com and EA’s upcoming Annual Report on Form 10-K for the fiscal year ended March 31, 2026.
Forward-Looking Statements
Some statements set forth in this release contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements. Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences and trends; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; economic and geopolitical conditions; changes in our tax rates or tax laws; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction with the Consortium that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement entered into in connection with the proposed transaction; the risk that the parties to the proposed transaction may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of the Company’s business resulting from the proposed transaction, including disruption of management time from ongoing business operations due to the proposed transaction; risks relating to certain restrictions during the pendency of the proposed transaction that may impact the ability of the Company to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock, including if the proposed transaction is not consummated; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key
personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally; the risks and uncertainties that are described in the proxy statement that the Company has filed with the Securities Exchange Commission in connection with the proposed transaction; and other factors described in Part II, Item 1A of Electronic Arts’ latest Quarterly Report on Form 10-Q under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
These forward-looking statements are current as of May 5, 2026. Electronic Arts assumes no obligation to revise or update any forward-looking statement, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.
While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended March 31, 2026.
About Electronic Arts
Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.
In fiscal year 2026, EA posted GAAP net revenue of approximately $7.5 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FC™, Battlefield™, Apex Legends™, The Sims™, EA SPORTS™ Madden NFL, EA SPORTS™ College Football, Need for Speed™, Dragon Age™, Titanfall™, Plants vs. Zombies™ and EA SPORTS F1®. More information about EA is available at www.ea.com/news.
EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Dragon Age, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and F1 are the property of their respective owners and used with permission.
For additional information, please contact:
Andrew Uerkwitz
Justin Higgs
Vice President, Investor Relations
Vice President, Corporate Communications
650-674-7191
925-502-9253
auerkwitz@ea.com
jhiggs@ea.com
1 Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
Three Months Ended March 31,
Twelve Months Ended March 31,
2026
2025
2026
2025
Net revenue
2,120
1,895
7,531
7,463
Cost of revenue
364
368
1,584
1,543
Gross profit
1,756
1,527
5,947
5,920
Operating expenses:
Research and development
732
686
2,828
2,569
Marketing and sales
254
234
1,128
962
General and administrative
191
192
763
745
Amortization of intangibles
15
17
66
67
Restructuring
—
3
—
57
Total operating expenses
1,192
1,132
4,785
4,400
Operating income
564
395
1,162
1,520
Interest and other income (expense), net
15
12
18
85
Income before provision for income taxes
579
407
1,180
1,605
Provision for income taxes
118
153
293
484
Net income
461
254
887
1,121
Earnings per share
Basic
1.84
0.99
3.55
4.28
Diluted
1.81
0.98
3.51
4.25
Number of shares used in computation
Basic
250
257
250
262
Diluted
254
259
253
264
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)
March 31, 2026
March 31, 20251
ASSETS
Current assets:
Cash and cash equivalents
2,864
2,136
Short-term investments
116
112
Receivables, net
632
679
Other current assets
361
349
Total current assets
3,973
3,276
Property and equipment, net
613
586
Goodwill
5,388
5,376
Acquisition-related intangibles, net
195
293
Deferred income taxes, net
2,433
2,420
Other assets
529
417
TOTAL ASSETS
13,131
12,368
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued, and other current liabilities
1,564
1,359
Deferred net revenue (online-enabled games)
2,233
1,700
Senior notes, current, net
—
400
Total current liabilities
3,797
3,459
Senior notes, net
1,485
1,484
Income tax obligations
604
594
Other liabilities
481
445
Total liabilities
6,367
5,982
Stockholders’ equity:
Common stock
3
3
Additional paid-in capital
256
—
Retained earnings
6,607
6,470
Accumulated other comprehensive loss
(102)
(87)
Total stockholders’ equity
6,764
6,386
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
13,131
12,368
1Derived from audited consolidated financial statements.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended March 31,
Twelve Months Ended March 31,
2026
2025
2026
2025
OPERATING ACTIVITIES
Net income
461
254
887
1,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and impairment
83
79
323
356
Stock-based compensation
152
162
656
642
Change in assets and liabilities
Receivables, net
197
64
46
(115)
Other assets
4
19
(85)
40
Accounts payable, accrued, and other liabilities
(78)
29
206
190
Deferred income taxes, net
17
48
(13)
(41)
Deferred net revenue (online-enabled games)
(256)
(106)
533
(114)
Net cash provided by operating activities
580
549
2,553
2,079
INVESTING ACTIVITIES
Capital expenditures
(61)
(54)
(230)
(221)
Proceeds from maturities and sales of short-term investments
42
329
129
695
Purchase of short-term and other investments
(43)
(61)
(158)
(437)
Acquisitions, net of cash acquired
—
—
(17)
—
Net cash provided by (used in) investing activities
(62)
214
(276)
37
FINANCING ACTIVITIES
Proceeds from issuance of common stock
38
35
83
78
Payment of senior notes
(400)
—
(400)
—
Cash dividends paid
(48)
(48)
(191)
(199)
Cash paid to taxing authorities for shares withheld from employees
(25)
(23)
(291)
(234)
Common stock repurchases and excise taxes paid
—
(1,375)
(769)
(2,508)
Net cash used in financing activities
(435)
(1,411)
(1,568)
(2,863)
Effect of foreign exchange on cash and cash equivalents
(3)
8
19
(17)
Change in cash and cash equivalents
80
(640)
728
(764)
Beginning cash and cash equivalents
2,784
2,776
2,136
2,900
Ending cash and cash equivalents
2,864
2,136
2,864
2,136
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
Q4
Q1
Q2
Q3
Q4
YOY %
FY25
FY26
FY26
FY26
FY26
Change
Net revenue
Net revenue
1,895
1,671
1,839
1,901
2,120
12
%
GAAP-based financial data
Change in deferred net revenue (online-enabled games)2
(96)
(373)
(21)
1,145
(256)
Gross profit
Gross profit
1,527
1,392
1,396
1,403
1,756
15
%
Gross profit (as a % of net revenue)
81
%
83
%
76
%
74
%
83
%
GAAP-based financial data
Acquisition-related expenses
10
10
9
9
9
Change in deferred net revenue (online-enabled games)2
(96)
(373)
(21)
1,145
(256)
Stock-based compensation
3
3
3
3
2
Operating income
Operating income
395
271
200
127
564
43
%
Operating income (as a % of net revenue)
21
%
16
%
11
%
7
%
27
%
GAAP-based financial data
Acquisition-related expenses*
27
27
26
53
25
Change in deferred net revenue (online-enabled games)2
(96)
(373)
(21)
1,145
(256)
Restructuring and related charges
4
—
—
—
—
Stock-based compensation
162
152
174
178
152
Net income
Net income
254
201
137
88
461
81
%
Net income (as a % of net revenue)
13
%
12
%
7
%
5
%
22
%
GAAP-based financial data
Acquisition-related expenses*
27
27
26
53
25
Change in deferred net revenue (online-enabled games)2
(96)
(373)
(21)
1,145
(256)
Restructuring and related charges
4
—
—
—
—
Stock-based compensation
162
152
174
178
152
Tax rate used for management reporting
19
%
19
%
19
%
19
%
19
%
Diluted earnings per share
0.98
0.79
0.54
0.35
1.81
85
%
Number of shares used in computation
Basic
257
251
250
250
250
Diluted
259
254
252
253
254
2The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of gains/losses on cash flow hedges.
*Includes (i) amortization and impairment of intangibles, and (ii) fees and other direct expenses related to our proposed transaction with the Consortium announced on September 29, 2025.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q4
Q1
Q2
Q3
Q4
YOY %
FY25
FY26
FY26
FY26
FY26
Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads
367
233
401
546
528
44
%
Packaged goods
70
56
217
86
81
16
%
Full game
437
289
618
632
609
39
%
Live services and other
1,458
1,382
1,221
1,269
1,511
4
%
Total net revenue
1,895
1,671
1,839
1,901
2,120
12
%
Full game
23
%
17
%
34
%
33
%
29
%
Live services and other
77
%
83
%
66
%
67
%
71
%
Total net revenue %
100
%
100
%
100
%
100
%
100
%
GAAP-based financial data
Full game downloads
(27)
(46)
37
451
(220)
Packaged goods
(26)
(29)
45
59
(49)
Full game
(53)
(75)
82
510
(269)
Live services and other
(43)
(298)
(103)
635
13
Total change in deferred net revenue (online-enabled games) by composition2
(96)
(373)
(21)
1,145
(256)
Net revenue by platform
Console
1,182
1,007
1,212
1,182
1,293
9
%
PC & Other
426
374
352
465
555
30
%
Mobile
287
290
275
254
272
(5
%)
Total net revenue
1,895
1,671
1,839
1,901
2,120
12
%
GAAP-based financial data
Console
(86)
(317)
1
747
(222)
PC & Other
(11)
(54)
(6)
343
(87)
Mobile
1
(2)
(16)
55
53
Total change in deferred net revenue (online-enabled games) by platform2
(96)
(373)
(21)
1,145
(256)
2The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of gains/losses on cash flow hedges.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q4
Q1
Q2
Q3
Q4
YOY %
FY25
FY26
FY26
FY26
FY26
Change
CASH FLOW DATA
Investing cash flow
214
(89)
(68)
(57)
(62)
Investing cash flow - TTM
37
17
(5)
—
(276)
(846
%)
Financing cash flow
(1,411)
(568)
(429)
(136)
(435)
Financing cash flow - TTM
(2,863)
(2,885)
(2,912)
(2,544)
(1,568)
45
%
Operating cash flow
549
17
130
1,826
580
Operating cash flow - TTM
2,079
1,976
1,872
2,522
2,553
23
%
Capital expenditures
54
72
43
54
61
Capital expenditures - TTM
221
226
219
223
230
4
%
Free cash flow3
495
(55)
87
1,772
519
Free cash flow3 - TTM
1,858
1,750
1,653
2,299
2,323
25
%
Common stock repurchases and excise taxes paid
1,375
375
394
—
—
(100
%)
Cash dividends paid
48
48
48
47
48
—
DEPRECIATION
Depreciation expense
51
52
53
53
58
14
%
BALANCE SHEET DATA
Cash and cash equivalents
2,136
1,518
1,148
2,784
2,864
Short-term investments
112
112
112
115
116
Cash and cash equivalents, and short-term investments
2,248
1,630
1,260
2,899
2,980
33
%
Receivables, net
679
533
1,077
829
632
(7
%)
STOCK-BASED COMPENSATION
Cost of revenue
3
3
3
3
2
Research and development
115
110
123
127
107
Marketing and sales
14
12
15
16
14
General and administrative
30
27
33
32
29
Total stock-based compensation
162
152
174
178
152
RESTRUCTURING AND RELATED CHARGES
Restructuring
3
—
—
—
—
Office space reductions
1
—
—
—
—
Total restructuring and related charges
4
—
—
—
—
3Free cash flow is defined as Operating cash flow less Capital expenditures.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in $ millions)
The following table provides a reconciliation of non-GAAP operating income and margin to their most directly comparable GAAP financial measure for the twelve months ended March 31, 2026 plus a comparison to the actuals for the twelve months ended March 31, 2025.
Twelve Months Ended
March 31,
2026
2025
YOY % Change
Net revenue
7,531
7,463
1%
GAAP operating income
1,162
1,520
(24)%
Acquisition-related expenses*
131
107
Restructuring and related charges
—
62
Stock-based compensation
656
642
Non-GAAP operating income
1,949
2,331
(16%)
GAAP operating margin
15.4%
20.4%
Non-GAAP operating margin
25.9%
31.2%
Impact from change in deferred net revenue (online-enabled games)
460 bps
(100 bps)
*Includes (i) amortization and impairment of intangibles, and (ii) fees and other direct expenses related to our proposed transaction with the
Consortium announced on September 29, 2025.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in $ millions)
The following table provides a reconciliation of non-GAAP operating income and margin to their most directly comparable GAAP financial measure for the three months ended March 31, 2026 plus a comparison to the actuals for the three months ended March 31, 2025.
Three Months Ended
March 31
2026
2025
YOY % Change
Net revenue
2,120
1,895
12%
GAAP operating income
564
395
43%
Acquisition-related expenses*
25
27
Restructuring and related charges
—
4
Stock-based compensation
152
162
Non-GAAP operating income
741
588
26%
GAAP operating margin
26.6%
20.8%
Non-GAAP operating margin
35.0%
31.0%
Impact from change in deferred net revenue (online-enabled games)
(900 bps)
(370 bps)
*Includes (i) amortization and impairment of intangibles, and (ii) fees and other direct expenses related to our proposed transaction with the
Consortium announced on September 29, 2025.
Non-GAAP Financial Measures
As a supplement to the Company’s financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance, including non-GAAP operating margin and free cash flow. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting and differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.
The non-GAAP financial measures exclude acquisition-related expenses, stock-based compensation, restructuring and related charges, and capital expenditures, as applicable in any given reporting period and our outlook. The Company may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Management believes that these non-GAAP financial measures provide investors with additional useful information to better understand and evaluate the Company’s operating results and future prospects because they exclude certain items that may not be indicative of the Company’s core business, operating results, or future outlook. These non-GAAP financial measures, with further adjustments are used by management to understand ongoing financial and business performance.
The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan, and analyze future periods. Accordingly, the Company applies the same tax rate to its management reporting financial results.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure.
