CD Projekt S.A. Stock (PLOPTTC00011): Full Year 2025 Earnings Show Record Profits and Strategic Focus

CD Projekt S.A. reported record profits in its full year 2025 earnings, drawing attention from U.S. investors tracking European gaming stocks amid strong revenue growth outpacing the Polish market average.

CD Projekt S.A., the Polish video game developer known for titles like Cyberpunk 2077 and The Witcher series, released its full year 2025 earnings on August 28, 2025. The results highlighted record profits and strategic shifts, as discussed in the earnings call. This development is relevant for U.S. investors with access to the stock via over-the-counter trading under OTGLF, given the company's global fanbase and U.S. market exposure through popular franchises.

As of 29.04.2026

By the AD HOC NEWS editorial team – specialist desk for gaming stocks.

At a glance

• Name: CD Projekt S.A.
• ISIN: PLOPTTC00011
• Sector/industry: Video games and entertainment software
• Headquarters/country: Poland
• Key markets: Global, with strong U.S. presence
• Main revenue drivers: Game sales, digital distribution
• Primary listing/trading venue: Warsaw Stock Exchange (WSE:CDR)
• Trading currency: PLN, with OTC access in USD for U.S. investors

How CD Projekt S.A. makes money

CD Projekt S.A. generates revenue primarily through the development, publishing, and digital distribution of premium video games. The company focuses on story-driven role-playing games (RPGs), with flagship franchises including The Witcher and Cyberpunk 2077. These titles are sold across multiple platforms, including PC, PlayStation, Xbox, and increasingly mobile adaptations, reaching a global audience.

Revenue streams include initial game sales, downloadable content (DLC) expansions, and ongoing digital updates that extend product lifecycles. The company also operates GOG.com, a digital distribution platform offering DRM-free games, which provides a steady stream of income from third-party titles and its own catalog. This model emphasizes high-margin digital sales over physical retail.

In comparison, peers like Electronic Arts Inc. follow a similar freemium and live-service model but with more free-to-play elements, while CD Projekt prioritizes single-purchase premium experiences. This approach has built a loyal fanbase, particularly in the U.S., where RPGs command premium pricing.

The key revenue and product drivers for CD Projekt S.A.

The full year 2025 earnings call on August 28, 2025, emphasized record profits driven by sustained sales of Cyberpunk 2077 and expansions. Revenue for the last twelve months ending March 31, 2025, stood at 984.55 million PLN, though down 23.22% year-over-year, according to data from stockanalysis.com. The quarter ending March 31, 2025, saw 226.31 million PLN in revenue, a slight decline of 0.21%.

Annual revenue growth reached 32.9%, significantly outpacing the Polish market average of 4.8%, as noted in a Simply Wall St analysis. Key drivers include post-launch updates for Cyberpunk 2077, which boosted player engagement, and anticipation for The Witcher 4. Digital distribution via GOG.com continues to contribute, with over 100 million users registered globally.

U.S. sales represent a major portion, fueled by strong performance on platforms like Steam and consoles available in North America. The company's focus on high-quality narratives appeals to U.S. gamers, supporting long-term revenue stability.

Industry trends and competitive position

The video game industry is shifting toward live-service models and cross-platform play, with global market size projected to grow steadily. CD Projekt S.A. maintains a competitive edge through its emphasis on narrative depth, differentiating from peers focused on multiplayer battle royales. Titles like Cyberpunk 2077 have sold millions in the U.S., underscoring its position.

Competitors such as Ubisoft Entertainment SA and Activision Blizzard (now part of Microsoft) compete in open-world RPGs, but CD Projekt's independence allows agile development. Recent trends include AI integration in game design and cloud gaming, areas where the company is investing for future releases.

European developers like CD Projekt benefit from talent pools and lower costs compared to U.S. giants, yet face currency risks with PLN exposure for dollar-based investors. The sector's resilience post-pandemic highlights demand for immersive entertainment.

Why CD Projekt S.A. matters for U.S. investors

U.S. investors can access CD Projekt S.A. stock through OTC markets under the symbol OTGLF, providing exposure to European gaming without direct Warsaw Stock Exchange trading. The company's titles like Cyberpunk 2077 have generated substantial U.S. revenue, with millions of copies sold on Steam and consoles popular in North America.

PLN trading introduces currency risk for USD holders, but the stock's growth—32.9% annual revenue increase—outpaces many U.S.-listed peers. Global franchises ensure diversified revenue, with U.S. gamers contributing significantly to ongoing sales and DLC uptake.

Regulatory exposure remains low, unlike U.S. tech firms facing antitrust scrutiny, making it an option for portfolios seeking international entertainment sector plays.

Which investor profile fits CD Projekt S.A. stock — and which may not

Investors interested in growth-oriented tech with creative industry exposure may find alignment, particularly those holding European equities or gaming ETFs. The focus on premium RPGs suits profiles tolerant of development cycle volatility, as releases drive revenue spikes.

Those preferring stable dividend payers or low-beta stocks may look elsewhere, given the cyclical nature tied to game launches. High-growth seekers comfortable with foreign exchange fluctuations could monitor alongside U.S. peers like Take-Two Interactive.

Retail investors using OTC access should note liquidity differences compared to primary listings.

Risks and open questions for CD Projekt S.A.

Development delays, as seen with Cyberpunk 2077's launch issues, pose risks to timelines and reputation. Revenue declines, like the 23.22% drop in trailing twelve months to March 31, 2025, highlight dependence on hit releases.

Currency volatility in PLN affects USD returns, and competition from U.S. studios intensifies in open-world genres. Ongoing investments in new titles like The Witcher 4 carry execution risks amid rising production costs.

Geopolitical factors in Europe could impact operations, though the digital model mitigates some supply chain issues.

Bottom line

CD Projekt S.A.'s full year 2025 earnings on August 28, 2025, showcased record profits amid strategic shifts toward new RPG projects. Revenue growth of 32.9% continues to exceed Polish market averages, supporting interest from U.S. investors via OTC trading. The company's global reach and pipeline position it for ongoing relevance in gaming.

Disclaimer: This is not investment advice. Stocks are volatile financial instruments.