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Electronic ArtsEA

Status
Delisted Aug 14, 2026
Legal name
Electronic Arts Inc.
Sector
Technology
Industry
Services-Prepackaged Software
Exchange
Nasdaq

Delisted Aug 14, 2026 · last close

Latest filings

Filing record · 2016–202610-K1210-Q328-K135

EA filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 135 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · May ’17May ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $7.53B
YoY changeLargest recent move+24.2%in FY22Latest +0.9%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All EA Financial Metrics58 metrics

Income Statement15

Balance Sheet25

Cash Flow13

Per Share5

02—Overview

Electronic Arts Financial Overview 2022–2026

Updated Nov 3, 2026

Electronic Arts decoupled its financial performance from the volatile blockbuster release cycle, transforming into a recurring cash engine where live services revenue routinely drives over 71% of total net revenue. This relentless focus on high-margin digital monetization ultimately triggered an all-cash buyout by an investor consortium for $210a per share, validating the premium value of the publisher's captive player base.

The company’s top line demonstrated steady expansion as total net revenue grew from $6.991 billion in FY2022 to $7.531 billionb in FY2026. Over this period, the underlying business became structurally more profitable. By FY2025, gross margin expanded to 79.3%, generating the liquidity to execute $2.5 billion in stock repurchases that year. While operating expenses spiked by 22% in Q3 2026 due to merger-related fees and R&D costs, broader cash generation remained intact; net cash provided by operating activities jumped 30% year-over-year to $1.973 billion during the first nine months of FY2026.

The market heavily rewarded this baseline stability and the subsequent takeover bid. At the close of FY2025, the stock traded at a 34.0x P/E ratio with a $36.4 billionc market cap. By the end of FY2026, as shares converged on the final acquisition price, EA closed at $203.87, pushing its valuation to a 58.1x P/E ratio and a $51.2 billion market cap.

Recent Developments (Q4 2026 and Q1 2027)

EA closed its roughly $55 billiond take-private on August 4, 2026, ending its Nasdaq listing. The deal carries about $15.5 billion of new debt, with note coupons of 6.250% to 8.750%.

Operating momentum was strong before the close. Q4 2026 net revenue rose 12% to $2.120 billione, and operating margin reached 26.6% versus 20.8% a year earlier. Q1 2027 revenue grew 19% to $1.986 billion, while gross margin rose 3 points to 86.2%. Net income reached $397 million. Operating cash flow was a $242 million use, driven by tax and bonus payments. Buybacks stopped in Q4 2026.

Bull case: record bookings of $8.026 billion and margin gains support the buyers' bet on cash generation. Bear case: heavy leverage and negative Q1 2027 cash flow raise the burden on the private owners. At 59.8x earnings as of the August 2, 2026 quarterly report date, the stock priced in the $210 payout, not growth. That multiple is not current, since the shares no longer trade.

What to watch: debt service from the first January 1, 2027 interest payment; free cash flow recovery after the Q1 2027 outflow

03—Filings

Recent SEC Filings

  1. 8-KElectronic Arts 8-K Report, Material Agreement (Aug 4, 2026)On August 4, 2026, Electronic Arts completed its acquisition by a consortium of PIF, Silver Lake, and Affinity Partners at $210 per share in cash, a transaction valued at approximately $55 billion. As a result, EA became a wholly owned subsidiary of the buyer entity (Parent), its board members resigned, its charter and bylaws were replaced, and its common stock is being suspended and delisted from Nasdaq before trading opens on August 5, 2026. Public common shareholders no longer hold any equity interest and are entitled only to the Merger Consideration, so this filing marks the end of EA's public-market existence. To fund the deal, Parent entered into a new credit agreement with JPMorgan providing a $6,125.0 million USD term loan B, a €1,725.0 million EUR term loan B, a $3,250.0 million term loan A, and a $500.0 million revolver. It also issued $2,875.0 million of 7.250% senior secured USD notes due 2033, €1,080.0 million of 6.250% senior secured EUR notes due 2033, and $2,500.0 million of 8.750% senior unsecured notes due 2034, with EA guaranteeing these obligations. The secured debt is backed by substantially all assets of Parent and guarantors, so the new capital structure is significantly more leveraged than EA's prior investment-grade profile, and creditors now hold the primary claims on the company's cash flows. EA's existing revolving credit facility was terminated at closing while undrawn. Tender offers for its 2031 and 2051 senior notes resulted in tenders of only $68.8 million and $7.9 million respectively, leaving $681.2 million and $742.1 million outstanding. The remaining notes were defeased through a trust funded with U.S. government obligations. Going forward, EA intends to file a Form 15 to deregister its common stock and suspend its SEC reporting obligations, which means future financial disclosure will depend on any voluntary reporting or debt-holder requirements.
  2. 8-KElectronic Arts 8-K Report, Corporate Update (Jul 30, 2026)Electronic Arts Inc. (EA) has filed an 8-K report on July 30, 2026, announcing significant progress towards the closing of its previously announced merger. All necessary regulatory approvals have been secured, and the company now anticipates the transaction to close on or about August 4, 2026. This merger, initiated on September 28, 2025, involves EA becoming a wholly owned subsidiary of a parent entity formed by a consortium of investors, including The Public Investment Fund (PIF), Silver Lake Group, L.L.C., and Affinity Partners. While the anticipated closing date is imminent, the report emphasizes that the merger's completion is still contingent upon the satisfaction or waiver of remaining customary closing conditions outlined in the Merger Agreement. Investors should note the cautionary statement regarding forward-looking statements, which highlights potential risks and uncertainties that could impact the actual outcome or timeline of the transaction, including business disruptions and potential adverse effects on stock price if the merger is not consummated.
  3. 8-KElectronic Arts 8-K Report, Financial Results (May 5, 2026)Electronic Arts reported preliminary fourth-quarter and fiscal 2026 results (year ended March 31, 2026) on May 5, 2026, highlighting a record fiscal year for net bookings and operating cash flow. FY26 net bookings reached a record $8.026 billion, up 9% year over year, driven by a strong Battlefield 6 launch and growth in live services. Net revenue rose 1% to $7.531 billion, and operating cash flow grew 23% to $2.553 billion. Q4 was the standout quarter: net revenue climbed 12% to $2.120 billion, GAAP operating margin expanded to 26.6% from 20.8%, and diluted EPS rose to $1.81 from $0.98. Much of the Q4 improvement reflects a $256 million negative change in deferred revenue flowing through the period rather than underlying demand alone, and full-year GAAP net income fell 21% to $887 million with diluted EPS of $3.51 versus $4.25. Capital allocation shifted sharply during the year. EA repurchased only $750 million of stock in FY26 versus $2.5 billion in FY25, with no buybacks in Q4, and it repaid $400 million of senior notes that matured in the quarter. The company declared a $0.19 per-share quarterly dividend payable June 17, 2026. Cash and short-term investments rose to $2.98 billion at year-end, and the balance sheet remains modestly levered with $1.49 billion of long-term senior notes. The release is overshadowed by the pending all-cash acquisition by a consortium of The Public Investment Fund, Silver Lake, and Affinity Partners at an enterprise value of roughly $55 billion. Management noted that a limited number of regulatory reviews remain outstanding and said it will not host an earnings call given the pending transaction. Investors should note that these results are preliminary and may change in the Form 10-K, and that the pending deal constrains both valuation and strategic flexibility.
  4. 8-KElectronic Arts 8-K Report, Corporate Update (Feb 10, 2026)Electronic Arts Inc. (EA) has filed an 8-K report on February 9, 2026, detailing a significant update regarding its proposed acquisition by an investor consortium. The key development is the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, which is a crucial step towards closing the merger. The transaction, initially announced on September 28, 2025, involves EA being acquired by Oak-Eagle AcquireCo, Inc., a subsidiary of an entity formed by the Public Investment Fund (PIF), Silver Lake, and Affinity. While the HSR clearance is a positive step, investors should note that the merger is still contingent upon other regulatory approvals and customary closing conditions. The company anticipates the transaction will close during the first quarter of its fiscal year ending March 31, 2027, which spans from April 1, 2026, to June 30, 2026. This 8-K also reiterates the risks and uncertainties associated with the transaction, as previously disclosed in the merger agreement and SEC filings.
  5. 8-KElectronic Arts 8-K Report, Financial Results (Feb 3, 2026)Electronic Arts reported preliminary fiscal Q3 2026 results (quarter ended December 31, 2025) with net revenue of $1.901 billion, roughly flat (+1%) year over year, and net bookings of $3.046 billion, up 38% year over year, a record for the company. The bookings surge was driven primarily by the landmark launch of Battlefield 6, which the company describes as the best-selling shooter of 2025, along with a large increase in deferred net revenue (online-enabled games) of $1.145 billion. Because bookings include deferred revenue that is recognized over time, the headline bookings figure overstates the near-term earnings power of the quarter. GAAP profitability weakened sharply: operating income fell 66% to $127 million (6.7% margin versus 20.0% a year earlier), net income fell 70% to $88 million, and diluted EPS dropped to $0.35 from $1.11. Management attributed part of the decline to elevated acquisition-related expenses of $53 million, which include transaction fees tied to the pending buyout. Cash generation was strong, with operating cash flow of $1.826 billion in the quarter and $2.522 billion on a trailing twelve-month basis, and free cash flow of $1.772 billion for the quarter. Cash and short-term investments rose to $2.899 billion at December 31, 2025. No share repurchases were made in the quarter, and the company declared a quarterly dividend of $0.19 per share payable March 18, 2026. Management also confirmed that no earnings conference call will be held this quarter due to the pending transaction. The central overhang for investors is the definitive agreement, announced September 29, 2025, to be acquired in an all-cash deal by a consortium including the Public Investment Fund, Silver Lake, and Affinity Partners at an enterprise value of about $55 billion. The deal is expected to close in the first quarter of fiscal 2027 pending regulatory approvals. Investors should weigh the strong bookings and cash flow against the sharply lower GAAP earnings, the mostly-flat revenue trend, and the fact that the stock's value is increasingly anchored to deal completion rather than standalone fundamentals.
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04—See also

Related Companies

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