Warhammer 40K Statistics 2026: Revenue, Players, Space Marine 2 Sales and Market Data
Key Takeaways: Warhammer 40K Statistics 2026
- Revenue£626.8M core revenue FY2025/26 (+10.9% YoY) — total revenue £659.7M (+6.8%). Record in both metrics. Trade was the growth engine at +17.2% to £405.3M. [GW Annual Report, 52 weeks to 31 May 2026]
- ProfitProfit before tax: £275.7M (+4.9% YoY) — core operating profit £245.1M (+£33.3M YoY). Core gross margin improved from 69.5% to 71.1%. Despite record sales, licensing income fell 37% due to Space Marine 2’s fading tailwind. [GW Annual Report 2026]
- Stores598 Games Workshop-owned stores in 24 countries — 42 opened, 14 closed in FY2025/26. Independent retail accounts grew to c.9,100 across 71 countries (+1,000 YoY). [GW Annual Report 2026]
- Space Marine 215 million players (October 2026) — up from 7M (June 2025) and 4.5M (one month post-launch, Oct 2024). Year 3 update drove highest weekly Steam activity since October 2024. Space Marine 3 already in development. [PULLUP Entertainment investor report; Focus Entertainment; Insider Gaming]
- 11th EditionWarhammer 40,000 11th Edition launched June 2026 — new editions are GW’s most reliable commercial catalyst. 10th Edition (2023) was GW’s single best sales month ever at launch. 11th Edition launched mid-FY2026/27 so impact will be fully seen in next annual report. [Wikipedia; Wargamer; GW trading statements]
- Digital890,000 My Warhammer active users; 269,000 Warhammer+ subscribers — both records at 31 May 2026. The Warhammer 40K app has over 2.8 million registered users. World Championships watched by 1.5M unique online viewers. [GW Annual Report 2026; Market Intelo estimate]
- MarketGW holds ~28–32% of the $3.8B global miniatures market — the tabletop wargames market (a sub-segment) is worth $1.15B in 2025. GW is by far the dominant player. [Market Intelo; Growth Market Reports]
- Player CountNo official tabletop player count exists — GW does not publish one. The 15M Space Marine 2 players figure (including subscription users) is the closest proxy for broad franchise reach. Community estimates suggest 2–5M active tabletop players globally, with no verifiable primary source. [Icon Era; GW Annual Report caveat]
1. Games Workshop Revenue 2026: Record £659.7 Million in FY2025/26
Games Workshop Group PLC (LSE: GAW) reported total revenue of £659.7 million for the 52 weeks ending 31 May 2026, up 6.8% from £617.5 million the prior year — a new all-time record for the company. Core revenue (miniatures and hobby products, excluding licensing) reached £626.8 million (+10.9% YoY), with core gross margin improving to 71.1% from 69.5%. Profit before tax hit a record £275.7 million.
Source: GW Annual Reports FY2020/21–FY2025/26 (LSE:GAW). HIGH — primary company filings
Over the ten-year period ending May 2026, Games Workshop delivered year-on-year core business sales growth in 102 of 120 months — a remarkable consistency for any consumer hobby company. The FY2025/26 result is notable because it was achieved without the Space Marine 2 licensing windfall that boosted FY2024/25. Core miniature sales are doing the heavy lifting on their own.
2. Revenue by Sales Channel: Trade Dominates, Licensing Falls
Games Workshop sells through three channels: Trade (to independent retailers), Retail (GW-owned stores), and Online (direct). In FY2025/26, Trade was the standout performer, growing 17.2% to £405.3 million — its best year ever — as GW added approximately 1,000 new independent retail accounts globally, reaching c.9,100 accounts across 71 countries.
⚠ Licensing Revenue Fell 37% — The Space Marine 2 Effect Fades
Licensing income dropped from £52.5M to £32.9M (−37.3% YoY) in FY2025/26, as the extraordinary Space Marine 2 launch royalties from FY2024/25 did not repeat. Licensing operating profit fell from £49.5M to £29.9M. This was expected: GW’s half-yearly report (November 2025) had already warned that licensing revenues would fall “almost 50% year on year” for H1 FY2025/26, and so they did. Core miniature sales growth of 10.9% more than compensated, however — confirming that Space Marine 2 brought new hobbyists who then bought physical products, rather than substituting for them. [Source: GW Annual Report 2026; Home of Direct Commerce]
| Revenue Stream | FY2024/25 | FY2025/26 | Change | Notes |
|---|---|---|---|---|
| Core revenue (total) | £565.0M | £626.8M | +10.9% | Miniatures, paints, terrain, books |
| — Trade (independent retail) | £345.8M | £405.3M | +17.2% | Strongest channel; 9,100 accounts |
| — Retail (GW-owned stores) | £128.7M | £131.4M | +2.1% | 598 stores at year-end |
| — Online (direct) | £90.5M | £90.1M | −0.6% | +2.3% at constant currency |
| Licensing revenue | £52.5M | £32.9M | −37.3% | Space Marine 2 tailwind faded |
| Total revenue | £617.5M | £659.7M | +6.8% | New all-time record |
Source: Games Workshop Annual Report FY2025/26 (published 28 July 2026); Home of Direct Commerce. HIGH — primary company filing (LSE:GAW)
3. Warhammer Store Statistics 2026: 598 Owned Stores, 9,100 Trade Accounts
At 31 May 2026, Games Workshop operated 598 Warhammer stores across 24 countries, having opened 42 and closed 14 during the year. Retail revenue grew a modest 2.1% to £131.4M — slower than Trade — suggesting GW-owned stores serve primarily as marketing and community hubs (single-person staffed, event-focused) rather than pure revenue drivers. The company’s rapid expansion of independent retail accounts — now at 9,100 globally across 71 countries — is the more commercially significant metric, with Trade revenue up 17.2% to £405.3M.
Games Workshop has followed a deliberate strategy of keeping its own stores small, staff-light, and community-focused, while driving volume through independent games stores and hobby shops. This asset-light retail model keeps overheads low and community trust high — GW-owned stores are more akin to brand embassies than high-street retail outlets.
4. Warhammer 40,000: Space Marine 2 — From 4.5 Million to 15 Million Players
🎖 Space Marine 2: The Most Important Warhammer Event in a Decade
Space Marine 2, developed by Saber Interactive and published by Focus Entertainment, launched on 9 September 2024. It is not an exaggeration to say it transformed the Warhammer 40,000 franchise’s trajectory: it became the best-selling and most-played Warhammer video game in franchise history, attracted millions of players who had never bought a GW miniature, and gave GW its highest licensing revenue year ever in FY2024/25.
As of October 2026, two years after launch, the game has crossed 15 million players — with a Year 3 content update driving the highest weekly Steam activity since launch month. Space Marine 3 is already in development.
| Date | Milestone | Source |
|---|---|---|
| Sept 5, 2024 (Advanced Access) | 2 million players (5 days) | Focus Entertainment / Twitter |
| Oct 2024 (1 month post-launch) | 4.5 million copies sold | Focus Entertainment official |
| 225,622 CCU (Steam peak) | All-time peak concurrent on Steam | SteamDB — most-played Warhammer game ever |
| Jan 2025 (4 months) | 6 million copies sold | GameDev Reports; Focus Entertainment |
| June 2025 (9 months) | 7 million copies sold | Focus Entertainment / Insider Gaming |
| April 2026 | 12 million players | PULLUP Entertainment investor report |
| October 2026 | 15 million players | PULLUP Entertainment; Gamefragger |
Source: Focus Entertainment / PULLUP Entertainment official communications; Insider Gaming; Gamefragger (Oct 2026). HIGH — publisher-confirmed milestones
⚠ Players vs Copies Sold: An Important Distinction
The “15 million players” figure (confirmed by PULLUP Entertainment) includes players who accessed the game through subscription services (PlayStation Plus, Xbox Game Pass). It is therefore a player count, not a unit sales figure. The highest confirmed copies-sold milestone is 7 million (June 2025, nine months post-launch), which was disclosed before subscription inclusions were standard in reporting. The actual unit sales figure at October 2026 is likely higher than 7 million but lower than 15 million. This distinction matters when comparing to copy-sold figures for other games.
Space Marine 2 peaked on Steam at 225,622 concurrent players — making it the most-played Warhammer game on the platform ever, surpassing Total War: Warhammer III (168,700 CCU) and Total War: Warhammer (113,000 CCU). It was Steam’s 11th-biggest launch of 2024 by peak concurrent players. Its success also prompted Focus Entertainment and Saber Interactive to greenlight Space Marine 3 just six months after launch — an unusually rapid greenlight reflecting the commercial confidence generated by the title.
Space Marine 2’s Impact on GW’s Physical Business
According to Games Workshop’s own commentary, Space Marine 2 “attracted over four million players, particularly among parts of the core videogamer demographic who may not be familiar with the Warhammer 40K IP.” [Wargamer, citing GW half-yearly report]
GW reported its core business grew 15% in H1 FY2025/26 — the half-year without any Space Marine 2 launch buzz — suggesting the game successfully converted digital players into physical hobbyists at a measurable rate.
FY2024/25 featured “completely unprecedented licensing revenue” for GW — the highest in the company’s history — directly attributable to Space Marine 2 royalties. While FY2025/26 saw licensing fall 37%, the core miniature business absorbed and exceeded that gap. [Wargamer; GW Annual Reports]
5. Warhammer 40,000 11th Edition (2026): The New Catalyst
Warhammer 40,000 launched its 11th Edition in June 2026, with Orks receiving their new Codex in September 2026. New editions of Warhammer 40K are the single most reliable revenue catalyst in Games Workshop’s business — every edition launch triggers a cycle of army rebuilding, new starter sets, new Codexes, and renewed hobby activity that typically drives GW’s strongest sales months. The 10th Edition launch in June 2023 produced GW’s “single best sales month ever” at launch.
| Edition | Launch Year | Key Commercial Impact |
|---|---|---|
| 8th Edition | 2017 | Major rules simplification; widely credited with modernising the game and growing the player base significantly |
| 9th Edition | 2020 | Pandemic era — helped fuel GW’s explosive 2020/21 revenue growth (£287M to record at the time) |
| 10th Edition | 2023 | GW’s best-ever single sales month at launch; free core rules; further simplified entry barrier |
| 11th Edition | June 2026 | Launched mid-FY2026/27; impact will be fully visible in GW’s next annual report (July 2027). Orks Codex: September 2026 |
The strategic importance of the 11th Edition cannot be overstated. GW operates on roughly three-year edition cycles, and the edition launch is when the company converts existing players into repeat buyers (new army boxes, new Codexes, updated terrain) and attracts new starters (via bundled starter sets at accessible price points). The launch of 11th Edition in June 2026 — partway through GW’s FY2026/27 — means the next annual report will likely show another step-change in revenue, continuing the decade-long growth trajectory.
6. Warhammer Digital Statistics: 890,000 Active Users, 269,000 Subscribers
Games Workshop’s digital ecosystem has grown substantially. My Warhammer — GW’s single-login platform for its web store and apps — had approximately 890,000 active users at 31 May 2026, up from 695,000 at November 2024 (a 28% increase in six months). GW defines “active” as someone who has engaged with them online in the last six months.
Warhammer+, the subscription video service featuring animated series, battle reports, and app access, reached approximately 269,000 subscribers at 31 May 2026, up from 248,000 (November 2025) and 207,000 (November 2024). While small by Netflix standards, this is a meaningful recurring revenue stream of approximately £30–40 million annually at typical subscription pricing — and signals a dedicated, paying digital audience willing to invest in Warhammer IP beyond the physical hobby.
World Championships of Warhammer 2026
Games Workshop delivered its largest World Championships of Warhammer to date in FY2025/26, watched online by over 1.5 million unique viewers for a total of 16 million minutes. The event welcomed nearly 1,000 participants from 49 countries. GW also supports over 2,000 clubs and independent Warhammer organisers globally. [Source: GW Annual Report 2026]
Events touched over one million attendees during FY2025/26 across 24 events on three continents, making Warhammer an increasingly significant live-event brand alongside its retail and digital presence.
7. How Many People Play Warhammer 40K? The Honest Answer
Warhammer 40,000 does not have a “player count” in the way a video game does. It is a physical hobby — you buy miniatures, build and paint them, and play games at home, in clubs, or at game stores. There is no login, no daily active user metric, and no way to count players that GW has publicly shared. What GW does disclose:
- ~890,000 My Warhammer active users — people who have engaged with GW online in the last 6 months; does not capture people who buy from independent stores or play without using GW’s online platform
- ~269,000 Warhammer+ subscribers — the most dedicated digital audience; a floor for “very engaged” players
- ~2.8 million Warhammer 40K app registered users — people who have signed up to the army-builder app; active user count not disclosed
- ~9,100 independent retail accounts — stores that sell Warhammer globally; a proxy for the breadth of physical distribution
- 15 million Space Marine 2 players — video game players, many of whom may never buy physical miniatures
| Estimate Source | Claimed Count | What It Measures | Confidence |
|---|---|---|---|
| GW (My Warhammer active users) | 890,000 | Online engagement last 6 months — all products, not 40K only | HIGH (primary source) |
| GW (Warhammer+ subscribers) | 269,000 | Paying subscription — most engaged digital segment | HIGH (primary source) |
| Market Intelo / app estimate | 2.8M (app registered) | Army-builder app sign-ups — likely includes inactive accounts | MEDIUM |
| Community estimates (Reddit, hobby forums) | 2–5M “active” global | Unverified; based on tournament attendance, store data, rough extrapolation | LOW — no methodology |
| Space Marine 2 players (video game) | 15M (Oct 2026) | Digital video game players — includes subscription service players; not tabletop proxy | HIGH for video game; LOW as tabletop proxy |
Our assessment: Based on GW’s disclosed digital metrics, the addressable “engaged Warhammer tabletop community” sits somewhere between 890,000 (those who interact with GW online) and an upper community estimate of 2–5 million global players. The true number is unknowable from public data. What is knowable is that the hobby is growing — 9,100 independent stockists, 598 owned stores, record revenues, and a World Championships watched by 1.5 million people all point in one direction.
8. Warhammer 40K in Context: Miniatures Market Statistics
The global miniatures market — spanning hobby miniatures, wargames, and role-playing game miniatures — was valued at approximately $1.2 billion in 2022, with the broader tabletop miniatures game market estimated at $3.8 billion in 2025 (including all associated books, paints, terrain, and accessories). The narrower tabletop wargames market (competitive rules-based miniature gaming) is estimated at $1.15 billion in 2025, forecast to reach $2.0 billion by 2034 at a 6.4% CAGR. Games Workshop commands the dominant share in all these segments.
| Market Segment | 2025 Size | GW Share est. | Source |
|---|---|---|---|
| Tabletop Wargames (competitive miniature gaming) | $1.15B | ~55–60% | Growth Market Reports 2026 |
| Tabletop Miniatures Games (incl. RPG, all accessories) | $3.8B | ~20–25% | Market Intelo 2025 |
| Total Miniatures Market (all hobby categories) | $1.2–1.5B | ~28–32% | Market Intelo / Wifitalents |
| Total Tabletop Games (incl. board games, cards) | $19.6B | ~3–4% | Coherent Market Insights 2026 |
Source: Multiple market research firms. LOW–MEDIUM — market sizing methodologies vary significantly; treat as directional only. GW’s share is derived estimate, not published GW figure.
What is not in dispute: Games Workshop is the overwhelmingly dominant company in competitive tabletop miniature gaming. Its closest competitor in the miniatures wargames space — Battlefront Miniatures (Flames of War), Warlord Games (Bolt Action, Black Seas), and CMON (Zombicide, Rising Sun) — operate at revenues an order of magnitude smaller than GW. GW’s £626.8M core revenue dwarfs the entire rest of the tabletop wargames industry combined.
9. Warhammer 40K Community and Demographics
The active tabletop gaming community has grown substantially: an estimated 55 million active tabletop participants worldwide as of 2025 — encompassing card games, board games, and miniature wargames — representing a 22% increase versus pre-pandemic levels. Within this, miniature wargaming is the fastest-growing segment, driven by Warhammer 40K’s global expansion and the “Space Marine 2 effect” of bringing video gamers into the physical hobby.
The Warhammer 40K Grand Tournament series now spans over 40 countries, with prize pools and sponsored events growing approximately 18% annually since 2022. The hobby component — painting, modelling, lore-reading — is as significant as the competitive play for most participants: surveys consistently show that a large proportion of miniature owners rarely play formal games but invest significant time and money in the painting and collection aspects.
Warhammer 40K’s demographics have broadened markedly. The stereotype of a young male hobbyist persists but is increasingly inaccurate: dedicated YouTube painting channels with female creators, LGBTQ+ hobby communities, and adult collectors returning to the hobby after decades away have all expanded the franchise’s reach. GW’s “Warhammer for All” messaging and its inclusive tournament policies reflect this broadening.
10. Games Workshop (LSE:GAW) Share Price and Financial Highlights
| Financial Metric | FY2024/25 | FY2025/26 | Change |
|---|---|---|---|
| Total revenue | £617.5M | £659.7M | +6.8% |
| Core revenue | £565.0M | £626.8M | +10.9% |
| Licensing revenue | £52.5M | £32.9M | −37.3% |
| Core gross margin | 69.5% | 71.1% | +1.6pp |
| Core operating profit | £211.8M | £245.1M | +£33.3M |
| Profit before tax | £262.8M | £275.7M | +£12.9M |
| Net income | ~£196M | £206.0M | +~£10M |
| Earnings per share | ~596p | 624.0p | +4.7% |
| Dividend per share | N/A | 485p | Annual distribution |
| Cash buffer (new policy) | £100M | £120M | +£20M |
| Pre-dividend net cash increase | — | +£210.3M | Strong FCF generation |
Source: GW Annual Report FY2025/26 (28 July 2026); Yahoo Finance; Wikipedia (LSE:GAW). HIGH — primary listed company filings
Games Workshop has been a remarkable investment story over the past decade. Its share price (LSE: GAW) rose from under £6 in 2015 to over £120 at peak, and the company has consistently returned substantial cash to shareholders via dividends — 485p per share in FY2025/26. GW’s capital-light business model (outsourced casting, high-margin paints and books, asset-light trade retail) generates strong free cash flow: pre-dividend net cash increased by £210.3 million in FY2025/26.
11. Frequently Asked Questions
12. Methodology and Data Sources
| Data Category | Primary Source | Date | Confidence |
|---|---|---|---|
| All GW revenue and profit figures | GW Annual Report FY2025/26 (52 weeks to 31 May 2026); published 28 July 2026 | Jul 2026 | HIGH — primary listed company filing (LSE:GAW) |
| Channel revenue breakdown (Trade/Retail/Online) | GW Annual Report FY2025/26; Home of Direct Commerce | Jul 2026 | HIGH |
| My Warhammer users (890K) and Warhammer+ subscribers (269K) | GW Annual Report FY2025/26; GW Half-Yearly Report Nov 2025 | May 2026 | HIGH — GW primary disclosure |
| Store count (598 owned; 9,100 independent) | GW Annual Report FY2025/26 | May 2026 | HIGH |
| Space Marine 2 — 4.5M, 6M, 7M copies sold | Focus Entertainment official communications; Insider Gaming; GameDev Reports | 2024–2025 | HIGH — publisher-confirmed |
| Space Marine 2 — 12M players (Apr 2026); 15M players (Oct 2026) | PULLUP Entertainment investor report; Gamefragger | 2026 | HIGH — parent company investor filing |
| 11th Edition launch date (June 2026) | Wikipedia Codex article; Wargamer; GW trading statements | 2026 | HIGH |
| Tabletop wargames market size ($1.15B, 2025) | Growth Market Reports (2026 publication) | 2026 | MEDIUM — market research estimate |
| Total miniatures market ($3.8B) and GW share estimates | Market Intelo; Wifitalents; Growth Market Reports | 2025–2026 | LOW–MEDIUM — market sizing methodologies vary |
| Player count estimates (2–5M community claims) | Community sources; no primary GW disclosure | Various | LOW — unverified; no methodology |
| Average wargamer age (34); hobby behaviour stats | Wifitalents miniatures industry statistics | 2026 | LOW–MEDIUM — survey-based; population unclear |
Data timestamp: October 29, 2026. The most recent GW financial data is the Annual Report for 52 weeks ending 31 May 2026, published 28 July 2026. Games Workshop’s next interim report (half-year to November 2026) is expected January 2027. Not financial or investment advice.
Abi has been writing about gaming, sports, puzzles, and UK entertainment since 2019. She covers everything from game reviews and festival previews to your daily Wordle hints — always from a British perspective.
