GameStop Issues >$600M Adjusted EBITDA Guidance as eBay Bid Advances

GameStop is a specialty retailer of video games, hardware, and collectibles with approximately 1,600 U.S. locations and a market capitalization of roughly $9.8 billion. Under CEO Ryan Cohen, the company has executed a significant cost restructuring since fiscal 2021—reducing SG&A by nearly $800 million—and pivoted its merchandise mix heavily toward trading cards and other collectibles, which now represent the largest single revenue category.

The company has simultaneously built a substantial investment portfolio. At the close of the first quarter ended May 2, 2026, total cash, marketable securities, digital assets, and related receivables—including collateral pledged for derivatives—stood at $9.7 billion. That balance sheet has become central to the company's strategy: in May 2026, GameStop submitted a non-binding proposal to acquire eBay Inc. at $125 per share in a 50% cash, 50% stock combination, valuing eBay at approximately $55.5 billion. GameStop also holds a 5% economic stake in eBay through derivatives and direct share ownership.

Three days before the June 26 guidance announcement, Cohen withdrew his proposed CEO Performance Award—a 171.5 million share option grant approved by the board in January 2026—stating that leadership should remain focused on operating performance and the eBay pursuit. The award had been scheduled for a shareholder vote.