Apex Legends

Electronic Arts 10-K FY2023

Electronic Arts’ FY2024 financial performance reflected modest revenue growth and a strengthening operating profile.

• Electronic Arts reported a 2% increase in net revenue to $7.56 billion for FY2024, supported by the launches of EA SPORTS FC 24 and Star Wars: Jedi – Survivor.
• Operating income grew 14% to $1.52 billion, while cash from operations surged 49% to $2.32 billion, facilitating a $205 million dividend and the repurchase of 10 million shares.
• Live-service revenue, which accounts for 73% of total net revenue, grew by only 1% to $5.55 billion due to performance dips in Apex Legends and legacy FIFA titles.

Electronic Arts Inc. Q4 and FY24 Results

The presentation delivers Electronic Arts’ fiscal-2024 financial performance and outlines expectations for fiscal-2025, serving as a comprehensive update for investors and analysts.

• Electronic Arts reported FY24 net bookings of $7.43 billion, a 1% year-over-year increase, with live services accounting for 73% of that total.
• Core franchises remain the primary revenue drivers, with the sports portfolio generating $5.4 billion and Apex Legends contributing $3.4 billion in FY24.
• The company demonstrated strong cash generation with $2.315 billion in operating cash flow, supporting a $5 billion stock-repurchase program.

Electronic Arts 10‑Q: Q2 FY2023

Electronic Arts reported a mixed Q2 FY2023, with net revenue of $1.924 billion—an 8% rise year-over-year—while operating income climbed to $542 million, reflecting stronger gross profit and controlled increases in R&D and marketing.

• Electronic Arts reported Q2 FY2023 net revenue of $1.924 billion, an 8% year-over-year increase, with net income reaching $402 million.
• Live-services revenue grew by 9% to $5.544 billion for FY2023, primarily fueled by content sales from Ultimate Team and Apex Legends.
• The company incurred a $158 million restructuring charge related to workforce and office-space reductions, alongside a $368 million impairment that brought total goodwill to $5.38 billion.

Electronic Arts Annual Report: FY 2023

Electronic Arts’ FY 2023 financial results demonstrate a continued emphasis on live-service and recurring revenue, with net sales reaching $7.43 billion—an increase of 5.4% over FY 2022.

• Electronic Arts generated $7.43 billion in net sales for FY 2023, a 5.4% increase over the previous year, driven primarily by $5.49 billion in live-service and recurring revenue.
• Digital downloads now represent 68% of total sales, up from 62% in FY 2021, contributing to higher gross margins through reduced distribution costs.
• Console platforms remain the dominant revenue driver at $4.44 billion, while mobile sales experienced significant growth, rising 18% year-over-year to $1.25 billion.

Electronic Arts Q4 and FY23 Financial Results

Electronic Arts concluded its fiscal year 2023 with strong financial performance, highlighted by record net bookings in the fourth quarter.

• Electronic Arts achieved record Q4 net bookings of $1.946 billion, an 11% year-over-year increase, driven primarily by live services and digital offerings which accounted for 83% of total bookings.
• The EA SPORTS FIFA franchise remains a primary growth engine, with FIFA 23 marking the most successful launch in the franchise's history and contributing to a 31% year-over-year growth in franchise net bookings for Q4.
• Despite strong revenue performance, the company reported a $12 million net loss in Q4, largely due to $155 million in restructuring charges aimed at optimizing real estate and prioritizing growth-oriented investments.

Electronic Arts 10-Q — Q3 FY2022 (November 2022)

Electronic Arts’ Q3 FY2022 10-Q delivers a detailed snapshot of the company’s financial performance and strategic posture for the quarter ended September 30, 2022.

• Electronic Arts reported a 4% year-over-year increase in net revenue to $1.90 billion for the quarter ended September 30, 2022, with operating income surging 26% to $427 million.
• Live-service and recurring revenue streams grew by 8%, contributing significantly to an improved gross margin of 75.7%.
• Digital full-game downloads now represent approximately 65% of total units sold, a strategic shift that is lowering distribution costs and enhancing overall profitability.

Electronic Arts Q4 FY 2022 Results

Electronic Arts reported record financial performance for the fiscal year ending March 31, 2022, characterized by significant growth in net bookings and an expanding player base.

• Electronic Arts achieved record financial performance in fiscal year 2022 with $7.515 billion in total net bookings, a 21% year-over-year increase.
• Live services are the primary revenue driver, accounting for 71% of total net bookings for the fiscal year.
• The company's player network grew by 16% to reach over 580 million unique active accounts, supported by strong performance from Apex Legends and the FIFA franchise.

Electronic Arts Q4 and FY22 Financial Results

Electronic Arts concluded its 2022 fiscal year with record financial performance, driven by robust engagement across its live services portfolio and a growing global player base.

Electronic Arts Q1 FY 2022 Results

Electronic Arts’ first-quarter fiscal year 2022 results demonstrate strong financial performance, characterized by the company exceeding expectations for net revenue, net bookings, and earnings per share.

Electronic Arts Q1 FY22 Financial Results

Electronic Arts reported strong financial results for the first fiscal quarter of 2022, ending June 30, 2021, characterized by revenue growth and an optimistic outlook for the remainder of the fiscal year.

• Electronic Arts reported Q1 FY22 net revenue of $1.551 billion, representing a 6% year-over-year increase.
• Live services remain the primary revenue driver, contributing $1.229 billion to the total quarterly revenue.
• Management raised its full-year outlook for FY22, projecting $6.850 billion in net revenue and $7.400 billion in net bookings.

Electronic Arts FY 2021 Annual Report

Electronic Arts’ FY 2021 filing demonstrates a strategic pivot toward high-margin live services and digital distribution, delivering a 10% year-over-year rise in that segment to $4.016 billion, which now represents 71% of total net revenue.

• Live services and digital distribution grew 10% year-over-year to $4.016 billion, now accounting for 71% of Electronic Arts' total net revenue.
• Net income declined 72% to $837 million in FY 2021, primarily due to the loss of a one-time tax benefit and increased contingent consideration costs.
• The company expanded its portfolio through the $2.3 billion acquisition of Glu Mobile and the $1.2 billion purchase of Codemasters to bolster mobile and racing game segments.

Electronic Arts Q4 and FY21 Financial Results

Electronic Arts concluded its fiscal year 2021 with record financial performance, characterized by significant growth in net bookings and robust player engagement across its portfolio.

• Electronic Arts achieved record fiscal year 2021 net bookings of $6.19 billion, representing a 15% year-over-year increase that exceeded original projections by over $600 million.
• The company generated $1.934 billion in annual operating cash flow and returned capital to shareholders by repurchasing 5.6 million shares for $729 million and initiating a $0.17 quarterly dividend.
• Growth was driven by live services and key franchises, specifically Apex Legends surpassing 100 million lifetime players and FIFA 21 Ultimate Team experiencing a 16% increase in player count.