FromSoftware Fiscal Year 2024 Financial Results

Key insights

5 slides

Financial Snapshot

FromSoftware's revenue and operating profit declined significantly in fiscal year 2024.

Revenue decreased by 29% to ¥15.5 billion ($103.2 million), and operating profit fell by 49.9% to ¥6.5 billion ($43.7 million).

Expansion Success

The Shadow of the Erdtree expansion sold 5 million copies in its first three days.

This success is expected to revitalize interest in the base game and drive renewed engagement across digital storefronts.

Strong Launch. The launch of the Elden Ring: Shadow of the Erdtree expansion, which sold 5 million copies in its first three days, is expected to drive a financial recovery in the…

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Summary

FromSoftware experienced a notable decline in financial performance for the fiscal year ending March 31, 2024, as the company transitioned away from the peak release window of its major title, Elden Ring. Revenue fell 29% year-over-year to ¥15.5 billion ($103.2 million), while operating profit dropped 49.9% to ¥6.5 billion ($43.7 million). Despite these double-digit decreases, the studio maintained a robust operating profit margin of 42.5%, underscoring the continued efficiency of its operations.

The primary driver for these results is the year-over-year comparison against the extraordinary commercial success of Elden Ring, which launched in early 2022. While the 2023 fiscal period saw a decline in total revenue, FromSoftware remained the central pillar of its parent company, Kadokawa, accounting for more than 60% of the parent firm’s total gaming segment revenue. The gaming segment as a whole reported ¥25.3 billion ($168.7 million) in revenue, representing a 16.5% decrease compared to the previous year.

Operational performance in 2023 was supported by the release of Armored Core VI: Fires of Rubicon, which exceeded internal expectations by surpassing 3 million units sold within its first year. Looking ahead, the company anticipates a recovery in financial performance for the 2024 fiscal year. This optimism is largely anchored by the successful launch of the Shadow of the Erdtree expansion for Elden Ring, which sold 5 million copies in its first three days, effectively revitalizing interest in the base game and driving renewed engagement across digital storefronts.