CD Projekt Past Earnings Performance
Past criteria checks 3/6
CD Projekt's earnings have been declining at an average annual rate of -15.4%, while the Entertainment industry saw earnings declining at 3.6% annually. Revenues have been declining at an average rate of 15.3% per year. CD Projekt's return on equity is 15.8%, and it has net margins of 60.1%.
Key information
-15.42%
Earnings growth rate
-16.00%
EPS growth rate
| Entertainment Industry Growth | 16.07% |
| Revenue growth rate | -15.33% |
| Return on equity | 15.83% |
| Net Margin | 60.08% |
| Next Earnings Update | 28 May 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 13
CDR: Execution Risks On Future Earnings Condition Are Expected To Pressure Shares
Analysts are maintaining their fair value estimate for CD Projekt at PLN 112.00. The refreshed price target reflects updated assumptions that include a slightly lower discount rate, marginally higher revenue growth and profit margin, and a modestly reduced future P/E multiple.
Narrative Update • Apr 28
CDR: Incentive Program Meeting Will Support Future Shareholder Value Uplift
Analysts have maintained their PLN 332.00 price target for CD Projekt, reflecting slightly adjusted assumptions around the discount rate, revenue growth, profit margin and future P/E, rather than indicating a change in their overall view. What's in the News CD Projekt has scheduled a Special and Extraordinary Shareholders Meeting for March 11, 2026, at 10:00 Central European Standard Time to address several governance and incentive related items.Narrative Update • Apr 14
CDR: Lower Revenue Outlook And Higher Discount Rate Will Pressure Shares
Analysts maintain their PLN 112.00 price target for CD Projekt, citing revised assumptions that combine a slightly higher discount rate with moderated revenue expectations, higher profit margin forecasts, and a richer future P/E multiple. What's in the News CD Projekt has scheduled a Special or Extraordinary Shareholders Meeting for March 11, 2026, at 10:00 Central European Standard Time.Narrative Update • Mar 31
CDR: Incentive Program Earnings Conditions Will Support Future Shareholder Value Uplift
Analysts have reduced their price target on CD Projekt by PLN 8 to PLN 332, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that modestly adjust their valuation outlook. What's in the News CD Projekt has scheduled a Special or Extraordinary Shareholders Meeting for March 11, 2026, at 10:00 Central European Standard Time.Narrative Update • Mar 16
CDR: Incentive Program Earnings Conditions Will Support A Higher Future Earnings Multiple
Analysts have adjusted their price target on CD Projekt to PLN340 from PLN332, citing updated assumptions around revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News CD Projekt S.A. has scheduled a Special or Extraordinary Shareholders Meeting for March 11, 2026, at 10:00 Central European Standard Time.
Narrative Update • Mar 02
CDR: Future P/E And XR Partnership Will Support Balanced Risk Profile
Analysts have kept their CD Projekt price target broadly unchanged at PLN 232.06, with only minor tweaks to inputs such as the discount rate and the assumed forward P/E multiple informing this steady view of fair value. What's in the News VITURE announced its first collaboration with CD PROJEKT RED to create the VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition XR glasses, a limited-run product tied to the Cyberpunk 2077 franchise.Analysis Article • Feb 16
Capital Allocation Trends At CD Projekt (WSE:CDR) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Narrative Update • Feb 16
CDR: Future P/E Expansion Will Balance Margins And Hardware Partnership Risks
Analysts have inched their price target for CD Projekt higher, with fair value moving from roughly PLN 229.83 to PLN 232.06 as they adjust their assumptions for the discount rate, revenue growth, profit margin and future P/E. This reflects a modest recalibration rather than a major shift in their view.Narrative Update • Feb 02
CDR: Lower Revenue Outlook And Reduced Future P/E Will Pressure Shares
Analysts have kept their headline fair value for CD Projekt steady at $112.00. They have, however, adjusted underlying assumptions, including a lower discount rate, a revised revenue growth outlook, a higher profit margin profile, and a reduced future P/E, which together shape the updated price target narrative.Narrative Update • Jan 19
CDR: Future P/E Expansion Will Outrun Eroding Profit Margins
Analysts have increased their fair value estimate for CD Projekt slightly to €229.83 from €227.22, citing updated assumptions around revenue growth, discount rate and future P/E, which are only partly offset by a modestly lower profit margin outlook. What's in the News VITURE announced its first collaboration with CD PROJEKT RED to create the VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition XR glasses, tying the Cyberpunk 2077 brand to a limited-run hardware product aimed at fans of the franchise (Key Developments).Analysis Article • Jan 17
CD Projekt S.A. (WSE:CDR) Not Lagging Market On Growth Or Pricing
When close to half the companies in Poland have price-to-earnings ratios (or "P/E's") below 12x, you may consider CD...Narrative Update • Jan 05
CDR: Future XR Partnership Will Support A Higher Earnings Multiple
Analysts now set their fair value estimate for CD Projekt at 332.0, down from 350.0, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple as key drivers of the shift. What's in the News VITURE announced its first collaboration with CD PROJEKT RED to create the VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition XR glasses, themed around Night City and limited to 10,000 serialized units worldwide (Key Developments).Narrative Update • Dec 17
CDR: Rising Future Multiple Will Likely Pressure Shares Despite Margin Compression
Analysts have lifted their price target on CD Projekt from approximately $95 to about $112 per share, citing stronger expected revenue growth despite some compression in profit margins and a higher assumed future earnings multiple. What's in the News CD PROJEKT RED entered its first collaboration with XR brand VITURE to launch a limited-run VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition, integrating the game's Night City aesthetic into next-generation XR glasses (Key Developments).Narrative Update • Dec 03
CDR: Future Earnings Multiple Expansion Will Likely Outpace Slowing Profitability
Analysts have modestly raised their price target on CD Projekt to $227.22 from $220.44, citing slightly higher expected future valuation multiples, despite trimming assumptions for revenue growth and profit margins. Valuation Changes Fair Value: increased slightly from PLN 220.44 to PLN 227.22 per share, reflecting a modest uplift in intrinsic valuation.Analysis Article • Dec 03
We Think You Should Be Aware Of Some Concerning Factors In CD Projekt's (WSE:CDR) Earnings
Following the solid earnings report from CD Projekt S.A. ( WSE:CDR ), the market responded by bidding up the stock...Analysis Article • Nov 30
CD Projekt S.A. Just Recorded A 143% EPS Beat: Here's What Analysts Are Forecasting Next
As you might know, CD Projekt S.A. ( WSE:CDR ) just kicked off its latest quarterly results with some very strong...Narrative Update • Sep 04
Witcher Four Delay Will Raise Costs Yet Cyberpunk Will Excite
With both consensus revenue growth forecasts and the discount rate remaining unchanged, analysts have left CD Projekt's price target steady at PLN220.44. Valuation Changes Summary of Valuation Changes for CD Projekt The Consensus Analyst Price Target remained effectively unchanged, at PLN220.44.Analysis Article • Aug 31
Earnings Miss: CD Projekt S.A. Missed EPS By 27% And Analysts Are Revising Their Forecasts
Last week, you might have seen that CD Projekt S.A. ( WSE:CDR ) released its second-quarter result to the market. The...Analysis Article • May 31
Results: CD Projekt S.A. Beat Earnings Expectations And Analysts Now Have New Forecasts
CD Projekt S.A. ( WSE:CDR ) defied analyst predictions to release its quarterly results, which were ahead of market...Analysis Article • May 29
CD Projekt S.A.'s (WSE:CDR) Popularity With Investors Is Clear
With a price-to-earnings (or "P/E") ratio of 46.6x CD Projekt S.A. ( WSE:CDR ) may be sending very bearish signals at...
New Narrative • Dec 19
Rising Development Costs And Lack Of New Releases May Weigh On Earnings, But Cyberpunk 2077'S Success Could Boost Future Growth
Absence of major new game releases may limit future revenue growth, despite strong sales from existing titles like Cyberpunk 2077.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How CD Projekt makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 867 | 521 | 345 | 0 |
| 30 Sep 25 | 1,125 | 570 | 402 | 0 |
| 30 Jun 25 | 1,003 | 455 | 388 | 0 |
| 31 Mar 25 | 985 | 456 | 385 | 0 |
| 31 Dec 24 | 798 | 443 | 333 | 0 |
| 30 Sep 24 | 1,115 | 439 | 419 | 0 |
| 30 Jun 24 | 1,330 | 564 | 447 | 0 |
| 31 Mar 24 | 1,282 | 512 | 432 | 0 |
| 31 Dec 23 | 1,230 | 481 | 417 | 0 |
| 30 Sep 23 | 1,097 | 425 | 353 | 0 |
| 30 Jun 23 | 900 | 320 | 311 | 0 |
| 31 Mar 23 | 911 | 347 | 287 | 0 |
| 31 Dec 22 | 953 | 346 | 299 | 0 |
| 30 Sep 22 | 897 | 299 | 317 | 0 |
| 30 Jun 22 | 795 | 218 | 320 | 0 |
| 31 Mar 22 | 907 | 245 | 360 | 0 |
| 31 Dec 21 | 888 | 209 | 371 | 0 |
| 30 Sep 21 | 2,285 | 1,101 | 604 | 0 |
| 30 Jun 21 | 2,245 | 1,108 | 566 | 0 |
| 31 Mar 21 | 2,144 | 1,091 | 524 | 0 |
| 31 Dec 20 | 2,139 | 1,150 | 478 | 0 |
| 30 Sep 20 | 682 | 279 | 179 | 0 |
| 30 Jun 20 | 670 | 271 | 193 | 0 |
| 31 Mar 20 | 633 | 250 | 183 | 0 |
| 31 Dec 19 | 521 | 175 | 168 | 0 |
| 30 Sep 19 | 435 | 108 | 180 | 0 |
| 30 Jun 19 | 410 | 108 | 155 | 0 |
| 31 Mar 19 | 368 | 104 | 144 | 0 |
| 31 Dec 18 | 363 | 109 | 144 | 0 |
| 30 Sep 18 | 359 | 114 | 137 | 0 |
| 30 Jun 18 | 377 | 134 | 131 | 0 |
| 31 Mar 18 | 439 | 178 | 144 | 0 |
| 31 Dec 17 | 463 | 200 | 143 | 0 |
| 30 Sep 17 | 504 | 234 | 144 | 0 |
| 30 Jun 17 | 520 | 234 | 158 | 0 |
| 31 Mar 17 | 596 | 263 | 164 | 0 |
| 31 Dec 16 | 584 | 251 | 164 | 0 |
| 30 Sep 16 | 592 | 237 | 161 | 0 |
| 30 Jun 16 | 604 | 241 | 152 | 0 |
| 31 Mar 16 | 859 | 380 | 182 | 0 |
| 31 Dec 15 | 798 | 342 | 161 | 0 |
| 30 Sep 15 | 611 | 284 | 118 | 0 |
| 30 Jun 15 | 534 | 242 | 97 | 0 |
Quality Earnings: CDR has a high level of non-cash earnings.
Growing Profit Margin: CDR's current net profit margins (60.1%) are higher than last year (55.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CDR's earnings have declined by 15.4% per year over the past 5 years.
Accelerating Growth: CDR's earnings growth over the past year (17.6%) exceeds its 5-year average (-15.4% per year).
Earnings vs Industry: CDR earnings growth over the past year (17.6%) exceeded the Entertainment industry -5.1%.
Return on Equity
High ROE: CDR's Return on Equity (15.8%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/22 06:47 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
CD Projekt S.A. is covered by 31 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David Mak | Arete Research Services LLP |
| Nicholas Michael Dempsey | Barclays |
| Nicholas Michael Dempsey | Barclays |