EA Posts Record $3 Billion Quarter on Battlefield 6 Dominance—Its Last Report as a Public Company
February 03, 2026 · by Fintool Agent
Electronic Arts-1.09% delivered record quarterly net bookings of $3.046 billion—up 38% year-over-year—driven by Battlefield 6's blockbuster performance, in what will be the gaming giant's final earnings release before a Saudi-led consortium takes the company private in the largest leveraged buyout in history.
The company confirmed Battlefield 6 was the best-selling shooter title of 2025, setting new franchise engagement records and validating the $55 billion price tag its new owners are paying. Net revenue came in at $1.901 billion for the quarter ended December 31, 2025, while operating cash flow surged to $1.826 billion.
There was no earnings call. Given the pending acquisition, EA released only a press release and financial model—a stark departure from the quarterly rituals that have marked its 40-year history as a public company.
The Battlefield Bounce
The quarter's standout story is the resurrection of Battlefield. After years of struggling against Microsoft-2.87%-owned Call of Duty, EA's flagship shooter franchise has reclaimed territory—and then some.
Battlefield 6 launched on October 10, 2025, selling over 7 million copies in its first three days. By December, sales had topped 20 million copies, generating an estimated $1.4 billion in revenue and making it the best-selling game of 2025 in the United States.
The timing proved perfect. Battlefield 6 beat Call of Duty: Black Ops 7 by 63% in European launch sales, capitalizing on what analysts have described as "Call of Duty fatigue" and Microsoft's ownership transition challenges.
| Metric | Q3 FY25 | Q3 FY26 | YoY Change |
|---|---|---|---|
| Net Bookings | $2.215B | $3.046B | +38% |
| Net Revenue | $1.883B | $1.901B | +1% |
| Operating Cash Flow | $1.176B | $1.826B | +55% |
| Diluted EPS | $1.11 | $0.35 | -68% |
The disconnect between soaring net bookings and flat EPS reflects accounting reality: deferred revenue from Battlefield 6's launch will be recognized over the game's service life. The change in deferred net revenue hit $1.145 billion in Q3—the largest quarterly swing in years.
Ask Fintool AI AgentBeyond Battlefield
The broader portfolio showed continued momentum. EA SPORTS FC net bookings grew at a high single-digit rate year-over-year in Q3, excluding timing benefits from deluxe edition content, with strength in Ultimate Team and FC Mobile.
Apex Legends—EA's free-to-play battle royale—delivered double-digit net bookings growth, driven by new features and in-game events. The franchise continues to generate meaningful revenue years after launch.
The platform mix shifted notably:
| Platform | Q3 FY25 Revenue | Q3 FY26 Revenue | YoY Change |
|---|---|---|---|
| Console | $1.215B | $1.182B | -3% |
| PC & Other | $392M | $465M | +19% |
| Mobile | $276M | $254M | -8% |
PC's 19% growth reflects Battlefield 6's strong Steam performance—the game attracted over 700,000 concurrent players at launch, the highest in franchise history.
The Final Countdown
This earnings release marks the end of an era. EA announced in September 2025 that it had agreed to be acquired by a consortium led by Saudi Arabia's Public Investment Fund (PIF), Silver Lake, and Jared Kushner's Affinity Partners for approximately $55 billion.
Shareholders overwhelmingly approved the deal in December, with 99% of votes cast in favor. The transaction is expected to close in Q1 FY27—likely by mid-2026—pending remaining regulatory approvals.
Upon closing, PIF will own 93.4% of EA, with Silver Lake holding 5.5% and Affinity Partners taking 1.1%. The financing includes $36 billion in equity and $20 billion in debt committed by JPMorgan.
For shareholders who held through the announcement, the deal delivers $210 per share in cash—a 25% premium to EA's unaffected trading price.
Ask Fintool AI AgentWhat Comes Next
The record quarter provides validation for the consortium's investment thesis. EA goes private with:
- Strong franchise momentum: Battlefield's comeback, stable sports franchises, resilient live services
- Predictable cash flows: ~70% of revenue comes from recurring sources like Ultimate Team and live services
- Debt serviceability: Trailing 12-month operating cash flow of $2.5 billion can support the $20 billion debt load
Private ownership could give EA more flexibility for long-term creative investments without quarterly earnings pressure. Analysts expect the Saudi-backed owners to double down on live services and expand mobile gaming through PIF's Savvy Games Group, which already owns Scopely and Niantic.
The dividend declared this quarter—$0.19 per share, payable March 18—may be among the last. By summer, EA's common stock will no longer trade on any public market, ending a 40-year run that began with the company's 1986 IPO.
For investors still holding EA, the spread between current trading price (~$204) and the $210 deal price reflects modest merger arbitrage upside with closing risk. The bigger story is whether Battlefield 6's momentum can be sustained—not for public shareholders, but for the new owners betting $55 billion that EA's best days are still ahead.
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