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GameSquare Holdings (GAME) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · GameSquare Holdings (GAME) Q2 2026 earnings results →
Q2 2026 Revenue up 137% year over year to $18.5M · 58¢ of every $1 of revenue lost · operating margin -9.3%
GameSquare Holdings made $18.5M in Q2 2026 (+137% Y/Y): Marketing Agency $5.9M, Talent Agency $4.7M, SaaS $2.6M. Operating margin -9.3%, net loss $10.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $18.5M in Q2 2026, up 137% year over year and up 27% from the previous quarter. Marketing Agency was the largest line at 32% of revenue. Marketing Agency added $3.9M year over year (up 197%), 36% of the total change. Consumer Products - Royalties declined 13%.
Gross margin was 49.0%, up 19.6 points from Q2 2025. Operating costs exceeded revenue by $1.7M, an operating margin of -9.3%. Operating expenses grew 64% against revenue growth of 137%. The fastest-growing cost line was Other operating costs (+173%). The quarter ended with a net loss of $10.6M, narrower than the previous quarter's $17.7M loss. Net interest and other expense of $8.9M was the main reason.
Operating cash flow was −$2.8M. Non-cash charges added back $539K of depreciation and amortization and $332K of share-based compensation. Working capital and other items added $7.0M. Capital expenditures of $6K exceeded it, leaving free cash flow of −$2.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $18.5M | +137% | -9.3% | −$10.6M | −$2.8M |
| Q1 2026 | 10-Q | May 14, 2026 | $14.5M | +95% | -23.3% | −$17.7M | −$6.4M |
| Q4 2025 | 10-K | Apr 8, 2026 | $18.5M | +142% | -78.4% | −$31.1M | −$1.1M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $11.3M | +22% | -21.2% | −$808K | −$10.4M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $15.9M | -11% | -29.8% | −$3.0M | $1.7M |
| Q1 2025 | 10-Q | May 15, 2025 | $21.1M | +19% | -33.7% | −$7.2M | −$8.6M |
| Q4 2024 | 10-K | Apr 15, 2025 | $23.5M | +50% | -107.2% | −$29.6M | −$5.2M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About GameSquare Holdings
GameSquare Holdings, Inc. (“GameSquare,” the “Company,” “we,” “us,” and “our”) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare’s end-to-end platform includes Swingman LLC dba as Zoned, a gaming and lifestyle marketing agency, Code Red Esports Ltd. (“Code Red”), a UK based esports talent agency, Click Management Pty Ltd (“Click”), an Australia based gaming and esports talent agency, FaZe Holdings Inc. (“FaZe”), a lifestyle and media platform rooted in gaming and youth culture whose premium brand, talent network, and large audience can be monetized across a variety of products and services, GameSquare Esports, (USA), Inc. dba as Fourth Frame Studios, a creative production studio, Mission Supply, a merchandise and consumer products business, Stream Hatchet S.L.
In its own words, from its 10-K, filed Apr 8, 2026.
GameSquare Holdings against its Services-Amusement & Recreation Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +137% against the peers' median +10%. Operating margin: -9.3% against the peers' median 7.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GAME GameSquare Holdings | Q2 2026 | $18.5M | +137% | -9.3% |
| LYV Live Nation Entertainment | Q3 2026 | $10.1B | +19% | 8.8% |
| WMG Warner Music Group | Q3 FY26 | $1.9B | +10% | 16.4% |
| TKO TKO Group Holdings | Q3 2026 | $1.4B | +22% | 27.8% |
| FUN Six Flags Entertainment | Q3 2026 | $1.2B | -11% | -25.6% |
| ACEL Accel Entertainment | Q3 2026 | $364M | +10% | 7.9% |
| BATRA Atlanta Braves Holdings | Q3 2026 | $325M | +4% | 2.7% |
| LUCK Lucky Strike Entertainment | Q1 FY27 | $303M | +4% | 9.3% |
| SPHR Sphere Entertainment | Q3 2026 | $274M | +4% | -87.7% |
Source: GameSquare Holdings 10-Q on SEC EDGAR · CIK 1714562 · Services-Amusement & Recreation Services
More on GAME
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results