CD Projekt 2024 Financial Report

Key insights

7 takeaways

01
CD Projekt reported a 2024 net profit of PLN 469.9 million ($121.6 million), marking its third-best annual performance despite a 20% year-over-year revenue decline to PLN 985 million ($255 million).
02
The Witcher 4 entered full production in November 2024 and currently employs 411 developers, representing the largest portion of the company's 707-person development staff.
03
CD Projekt has entered a strategic partnership with Scopely to develop a new game based on one of its existing IPs, either The Witcher or Cyberpunk.
04
Cyberpunk 2077 and its Phantom Liberty expansion generated PLN 588.8 million ($152.4 million) in 2024, a 31% decrease from the previous year, with 62% of sales occurring on PC.
05
The Witcher 3 continues to be a primary revenue driver, generating PLN 163.4 million ($42.3 million) in 2024, a 3% increase year-over-year, with digital sales accounting for 94% of its total volume.
06
Development expenditure rose by 32% to PLN 695.4 million ($180 million) in 2024, reflecting the company's ongoing investment in projects like Orion, Sirius, and the new IP, Hadar.
07
North America remains the company's dominant market, accounting for 71.9% of total sales in 2024.

Summary

CD Projekt’s 2024 financial results demonstrate a resilient business model despite a year characterized by the absence of major new game releases. The company reported annual revenue of PLN 985 million ($255 million), a 20% decline from the previous year, and a net profit of PLN 469.9 million ($121.6 million). While net profit decreased by 2% year-over-year, the figure represents the third-highest annual profit in the company’s history, trailing only the launch years of Cyberpunk 2077 and the Phantom Liberty expansion.

Revenue remains heavily concentrated in the CD Projekt Red segment, which generated PLN 801.6 million, while the GOG platform contributed PLN 199.3 million. Geographically, North America serves as the primary market, accounting for 71.9% of total sales. Sales performance for existing titles showed mixed results: Cyberpunk 2077 and its expansion saw a 31% revenue decline, whereas The Witcher 3 experienced a 3% revenue increase. Notably, the distribution of The Witcher 3 has shifted significantly toward digital channels, with physical copies accounting for only 6% of sales in 2024 compared to 51% in 2015.

The company is currently prioritizing long-term development, evidenced by a 32% increase in development expenditure to PLN 695.4 million. As of early 2025, the workforce dedicated to ongoing projects grew to 707 developers, with 411 staff members focused on The Witcher 4, which entered full production in late 2024. Strategic expansion continues through a newly announced partnership with Scopely to develop a game based on one of the company’s established intellectual properties, alongside ongoing pre-production efforts for the next Cyberpunk installment and other internal projects.