Net Bookings

Q2 2026

$1.175B–$1.275B "

$1.8B–$1.9B " "

raised

Net Revenue (GAAP)

Q2 2026

$1.55B–$1.65B "

$1.75B–$1.85B "

raised

Cost of Revenue (GAAP)

Q2 2026

$265M–$285M "

$430M–$450M "

raised

Operating Expenses (GAAP)

Q2 2026

$1.11B–$1.12B "

$1.215B–$1.235B "

raised

GAAP Earnings Per Share (EPS)

Q2 2026

$0.49–$0.66 "

$0.29–$0.46 "

lowered

FX Impact

Q2 2026

5-point headwind and additional 2-point headwind "

1-point tailwind "

raised

Net Bookings

FY 2026

$7.6B–$8B "

$7.6B–$8B "

no change

Net Revenue (GAAP)

FY 2026

$7.1B–$7.5B "

$7.1B–$7.5B "

no change

GAAP Operating Expenses

FY 2026

$4.47B–$4.57B "

$4.47B–$4.57B "

no change

GAAP Operating Margin

FY 2026

16.3%–18.9% "

16.3%–18.9% "

no change

Non-GAAP Operating Margin

FY 2026

27.2%–29.2% "

27.2%–29.2% "

no change

GAAP EPS

FY 2026

$3.09–$3.79 "

$3.09–$3.79 "

no change

Operating Cash Flow

FY 2026

$2.2B–$2.4B "

$2.2B–$2.4B "

no change

Capital Expenditures

FY 2026

$225M "

$225M "

no change

Free Cash Flow

FY 2026

$1.975B–$2.175B "

$1.975B–$2.175B "

no change

FX Impact

FY 2026

1-point headwind "

1-point headwind "

no change

Apex Legends Net Bookings Decline

FY 2026

40% decline "

40% decline "

no change

Live Services Performance and Growth

Q4 2025 noted overall live services net bookings of $5.34 billion with a 2% year‐over‐year decline driven by weaknesses in Apex Legends, while strong contributions came from Global Football, FC Ultimate Team, and The Sims " " "

Q1 2026 reported overall net bookings of $1,080 million with a 1% decline year‐over‐year; excluding Apex Legends, live services grew in the low single digits, with improved Global Football momentum and a two‐point improvement in Apex Legends performance " "

Continued focus on live services resilience with a shift toward better operational execution and innovation despite minor declines. " " " " "

Flagship Title Investments

Q4 2025 mentioned a strategic intent to invest in the biggest long-term opportunities without detailed flagship title commentary "

Q1 2026 provided explicit details on prioritizing flagship titles—with Battlefield 6 receiving record investments and an integrated focus on major franchises like Global Football, American Football, and The Sims " " "

Increased emphasis and more detailed capital allocation toward flagship titles. " " " "

Competitive Pricing Strategy Risks

Q4 2025 described EA’s unchanged pricing approach with confidence in delivering “incredible quality and exponential value” "

Q1 2026 reiterated no planned changes to their pricing strategy while maintaining steady guidance, reinforcing consistent messaging " "

Steady sentiment and a consistent approach to pricing with no significant adjustments. " " "

High Marketing Investment Risks

Q4 2025 highlighted increased operating expenses driven by Battlefield marketing efforts, implying potential risk if returns fall short "

Q1 2026 mentioned front‐loaded marketing investments for Battlefield 6 with significant campaigns planned into Q2 and Q3, but without explicitly raising risk concerns "

Ongoing high marketing investments remain, with phased spending and less emphasis on risk in the current period. " "

Robust and Diversified Product Portfolio

Q4 2025 focused on a broad portfolio spanning strong sports franchises (EA SPORTS FC, Madden NFL), mobile growth via FC Mobile, The Sims, and new IP successes like Split Fiction " " " "

Q1 2026 stressed strong performance across Global Football, Apex Legends, American Football, Star Wars, and upcoming titles like Battlefield 6 and SKATE, reinforcing a diverse offering " " "

Consistent and expanding diversification, with reinforcement of key franchises and entry of new titles to drive future growth. " " " " "

Core Gameplay Optimization

Q4 2025 detailed significant gameplay updates and optimization in EA SPORTS FC, Battlefield, and American Football to boost engagement and monetization " " " "

Q1 2026 did not explicitly mention “Core Gameplay Optimization,” though gameplay improvements were described within the context of titles like Madden NFL, Apex Legends, and Battlefield " "

Explicit focus on core gameplay optimization has shifted, with improvements now integrated into broader gameplay innovation discussions. " " " "

Sports Franchise Expansion and Global Monetization

Q4 2025 discussed expansion via EA SPORTS FC, American Football, mobile growth with FC Mobile, and leveraging global events like the 2026 World Cup to drive monetization " " " "

Q1 2026 emphasized expansion in sports franchises with strong performance in EA Sports F1 and Global Football along with localized monetization strategies and cross-platform integration " " "

Sustained and aggressive expansion globally with enhanced emphasis on localized content and cross-platform monetization. " " " " "

FC Transition Friction

Q4 2025 explicitly addressed transition friction from FC 24 to FC 25, citing slower player migration and gameplay concerns from the core competitive cohort, followed by targeted marketing and gameplay updates "

Q1 2026 did not mention FC Transition Friction, implying that the prior issues may have been resolved or deprioritized in current discussions " " "

FC Transition Friction is no longer highlighted, suggesting successful mitigation of previous concerns. " " " "