GME
The good news: profits look surprisingly muscular
GameStop said it released financial results for the second quarter ended August 1, 2026, and the company is leaning hard on one very shiny stat: operating income of $160.2 million, the highest second-quarter operating income in its history. That’s the kind of number that makes a meme-stock crowd sit up a little straighter.
The not-so-subtle shift: collectibles are doing the heavy lifting
Collectibles net sales jumped 57% year over year to $356.3 million, and they now make up 45% of the business. Translation: the old video-game-retail story is getting more and more side-character energy while collectibles become the main plotline.
- Stronger margins and higher operating income can help the stock.
- But the mix shift also tells you where the growth engine is coming from.
- If collectibles keep outpacing the rest of the business, investors may start valuing GameStop less like a struggling retailer and more like a weirdly profitable pop-culture merch machine.
Why you should care
For shareholders, this is the classic GameStop situation: a headline that looks great on first glance, then a business model that still makes you squint. The company is showing it can squeeze out real profit, but the question is whether that momentum is durable or just a particularly good quarter.
Big picture: GameStop is still GameStop — part turnaround story, part fever dream — but a record Q2 operating income gives bulls something real to brag about.