Research · Sep 3, 2026
[EA] Electronic Arts Thesis 2026: Bookings Growth Recovery Guided as Live Services Stabilize
Electronic Arts Inc. FY25 (Mar year-end) revenue $7.46B (-1%); op income $1.52B (flat); NI $1.12B (-12%); EPS $4.23 (-10%). Q4 net bookings $1.8B (+8%); full game $384M (+48%, Split Fiction); live services $1.42B (+1%). EA Sports biggest net bookings year ever. American football $1B+ (+70% YoY) — Madden + College Football combined platform. The Sims +30% Q4 net bookings (25th birthday + legacy re-releases). EA SPORTS FC engagement + monetization rebound after January gameplay update. FCF $1.86B (-12%). Buyback $-2.51B (+93% YoY). FY26 guide: net bookings $7.6-$8B (+3-9%); GAAP revenue $7.1-$7.5B; non-GAAP op margin 27.2-29.2%; GAAP EPS $3.09-$3.79; Q1 net bookings $1.175-$1.275B. Risks: annual sports calendar dependency, loot box / microtransaction regulation, FC franchise continuity, competitive landscape, new IP execution.