Earnings Call: First Half 2026

CD PROJEKT RED’s first-half 2026 earnings report highlights a period of strong financial performance and strategic expansion across its two core franchises, Cyberpunk and The Witcher. The company reported sales revenue of 435 million zloty, representing a 23% year-on-year increase, and a net profit of nearly 250 million zloty, a 37% rise compared to the same period in 2025. This growth is underpinned by the evergreen status of Cyberpunk 2077, which has surpassed 40 million units sold, and The Witcher 3: Wild Hunt, which has reached over 65 million units sold.

The company is currently executing a multi-year release strategy aimed at maintaining high player engagement. Key upcoming milestones include the release of The Witcher 3: Wild Hunt – Remastered in September 2026, the 2027 launch of the expansion Songs of the Past, and the highly anticipated release of The Witcher 4 in 2028. To support this ambitious pipeline, the development team has grown to 1,045 personnel, with the largest unit dedicated to The Witcher 4. Additionally, the company has successfully diversified its revenue streams through IP licensing, which contributed 95 million zloty in the first half of 2026, bolstered by partnerships in gaming and merchandise.

Financial health remains robust, with liquid reserves totaling nearly 1.3 billion zloty. While the company is on track to meet the first tranche of its long-term incentive program, management noted that the second stage is unlikely to be met due to the current release schedule. Looking forward, the company continues to prioritize internal development over AI-driven automation, maintaining a focus on high-quality, complex narrative experiences while exploring new projects like the multiplayer-focused Project Sirius and the early-stage IP, Hadar.