EA - Earnings call transcript Q2 2025

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Operator

Good afternoon. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Second Quarter Fiscal Year 2025 Earnings Conference Call.

I would now like to turn the conference over to Mr. Andrew Uerkwitz, Vice President, Investor Relations. ahead. go Please

Andrew Uerkwitz

filings to With Welcome and Quarter XXXX our Fiscal Canfield, available release Thank ir.ea.com. at today EA's are Call. SEC that note me CFO. CEO; our Andrew Earnings earnings our are you. Please Second and Wilson, Stuart our

addition, posted slides detailed In to remarks. prepared our we have earnings accompany

Lastly, call, post will replay we after audio a call this and our of the transcript. prepared remarks, an

X, is XXXX. calendar, our third fiscal scheduled With for call February regards our to XXXX quarter earnings

As post year earnings our we a for IR calls upcoming reminder, of schedule the the on fiscal website.

cause our our forward-looking materially and recent discussion future differ to Actual This them. duties comments Arts makes presentation XX-Q Form of and the results and events events from discussed regarding from today, the could our and of performance disclaims XXXX, company. as that most risks of October today. include actual those a to XX, statements expectations. may any these Electronic materially differ future update for We results financial you to statements refer

this made exception the otherwise the presented prior stated. a the operating comparisons metrics, basis. with margins cash unless are call on same free the period this call, in All and During will flow of financial be course against year, of GAAP non-GAAP in the

Now I'll turn the call over to Andrew Wilson.

Andrew Wilson

again Thanks, strong guidance. year the in overdelivered we and Andrew. quarter EA's our as afternoon. year Good continues raised full fiscal

vision. increasing and across strategic by depth our and driven quality quarter progress teams delivered this the and against our amazing momentum our success the of by Our content business highlights our portfolio

the of We are more for games. massive power online the in our clarity Investor on and recent beyond engage blockbuster and our company's and telling experiences future strategic community executing entertain role Creating X across shared stories our we our pillars. At content that shaping provided communities, in the how we having entertainment. of and around vision Day,

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Stuart Canfield

end Thank of a record on for bookings everyone. momentum our QX, from we delivered high range. exceeding you, QX and net hello, our guidance Building the Andrew,

to testament engage delivering prior team's experiences SPORTS franchises. a strong communities by EA and our that is performance result commitment this the Our and deeply quarter global to entertain of our high-quality to

raising an our of first guidance. wrap half up we FY incredible are the fiscal we As 'XX year,

line margins we look increased delivering the Investor focused drive executing Now and cash top outlined at to the road strategic value improve we to scale creation flow. greater as future, our on long-term map remain Day, through growth,

to QX the bookings was expectations the up our College turning XX. year-over-year, Now $X.XX strong Sports XX% quarter. with Football net reception exceeding billion, EA at

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look engagement expected than As versus the our adjusted we reflect 'XX FY forward, guidance. to rest have lower of prior we

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basis driven below moving quarterly lower X% Now of our and expenses up licensing our results. by to event largely costs. year-over-year. related people Operating XXX increased QX a result GAAP came year-over-year, at higher expenses points, mix margins our We increased initiatives. Gross largely $X.XX billion net $X.XX delivered strategic to expectations of billion, digital restructuring to costs in and support up XX% February revenue

share per was Earnings $X.XX.

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Now turning to guidance.

strong performance up to bookings billion, our 'XX for net raising FY billion X% $X.X the our to first we $X.X to range in are half, year-over-year. X% Given up guidance

previous Our top revised range midpoint implies the is a our at of end guidance. that

FY as we billion Our net for second half Day, bookings $X football follows: 'XX. assumptions business for of are to Investor the at as the continue expect year our American shared to exceed first,

FC after over record franchise to 'XX. we our a expect FC XX, to the Second, continue grow successful EA launch SPORTS FY of

despite lower we're Dragon on Legends, our our slated launch are track Age: for this maintain mid-single-digit in And core expectations title we Veilguard to live growth and for QX. assumptions partner Third, week our launch to fourth, maintaining upcoming our services. The in Apex

outlook. Turning 'XX GAAP to our FY

raising to billion. are $X.X billion $X.X guidance net We revenue to

approximately billion $X.XX X% of to billion revenue now billion, to $X.XX $X.XX We expect to to be expect $X.XXX We operating expenses X% cost up be year-over-year. billion. to

margin result, GAAP be expect XX.X%. a As XX.X% to to we operating

to share basis results to of a deferred $X.XX The impact This points. revised XX.X% be We earnings approximately margin XX change to $X.XX. is expect in net revenue to from per expected to non-GAAP XX in be operating XX.X%.

$X.XXX cash increasing Capital expenditures guidance We to now are are to $X.XXX million. our operating flow also to billion $XXX billion. expected be

to a guidance $X.XX unchanged. free cash billion remains flow our As result, of billion $X.XX

to FX. expect As net in minimal reminder, $XXX we prior we a cash from impact remain had million from rates benefit today, tax unchanged If bookings a the year.

the to please slides. more movements, refer FX For our earnings information on of impact

Turning to QX.

the billion, Dragon X% franchise. of bookings in and of driven Sports up $X.X year-over-year, our EA launch continued by net Age to expect We largely to up FC billion $X.XX X% growth

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enabling take turn long-term we our Investor framework, Andrew, through confidence year conviction us year the full building I reiterate expanded FY our our a outperform to significantly Before first moment also our Day. to upon momentum, of in 'XX, in while our I call bookings ability the the want year to have earlier we net which first Exiting 'XX financial for strong during to fiscal over growth. this introduced and guidance to half raise market

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I our our we a and thank us journey month. person and live also to Day support quick We appreciate who take future as lead joined last entertainment. want your of moment in closing, In to the you for Investor stream via those

Andrew Wilson

to across across to our things our means our delivered In and QX, business. live execute launches meaningful strategy. strength multiple long-term we drove as incredible all high-quality This great services come and additions that we momentum

and build deliver incredible everywhere. and and to fully to and less value more to games increasingly fans friction an connect players watch connected for grow As more platforms play, create, experiences opportunity embrace we have

today. future this We are for building

depth of possible utilizing in push technology teams breadth and what the is continue entertainment. cutting-edge incredible Our to

to positioned to seize people, are leader stockholders we of players, and communities in as a entertainment. grow biggest well opportunities service our in such, global and our As

And are and now your take ready Stuart questions. to I

Andrew Uerkwitz

Thanks, Andrew.

one now the reminder, to John, a are one first take take question With each As question. we ready from will that, follow-up and we analyst.

Operator

[Operator Colin Instructions] line Sebastian Your first question the of comes with Baird. from

Colin Sebastian

more Great. football. you follow-up, but long-term Andrew, to involved a The football, of more road as I done growth give a your a year-over-year us follow-up lot that those in for potentially of well guess with college that that as that? impressive, Obviously, much of services? any the very with there's a data, app, basis? broader for on product that. video on in guess will with one should a sort content momentum capture little into live community level? there on obviously do plans details the plans visibility American of map role games EA maybe in rollout sports Sports I the the partnerships the sports, growing launch we sustained on a and And sports how opportunities the how think And cadence about information play connecting How

Andrew Wilson

questions. There's in you. Thank great there, Okay. a lot but

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this is of about products the packaged bundle, biggest start Team about was doing think College. to of And the across you've across the in what now industry as this selling this really the the and fan football single certainly, Ultimate incredibly community long-term as year. we even with seen franchises, we the across is season franchises builder in goods that play the think team about both thinking out realm one the But MVP engaged team NFL which future

be We team go-forward a a have full that innovative on NFL basis business. and and creative on a working with grow to view

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X doubled our in We've ecosystem, the meaningfully Engagement growth grown into back players is the year. in than players business bringing the are this across lapsed We've players the engagement. more XXX% of are football new fan those XX% products, up community.

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Operator

comes of Handler Your the ROTH from next from question line Capital. Eric

Eric Handler

to services if you're your mean in down about live being Should for for wonder for sports? non-sports that double as guidance terms think that services digits? does will And year this be willing break I your you'd of about sort thinking of between up business? what live we

Stuart Canfield

Eric, Stuart.

Let a guidance, The obviously, outperformance, of couple through things EA live live service HX we Sports as we before our franchise. me frame elements of me which on of just obviously services let passed raising our started part launched incorporate important as in. over most and

do in bookings. that you should growth through We driven live and we of And see have half NFL, the have billion to $X stated the we've we services a to net elements. both back said to digits X of we live year. will by that's mid-single service be continue and our couple key expect across One, business College think continue reach over

a record sports remain pagination full holistic service which And expect obviously the business mid-single QX. year despite of 'XX, entertainment, will growth put as franchise prior to inside do the we at the obviously Apex, have incorporates net FY that our less heavier mix in different on on but expect digits that with our life the a back into a and prior year. or growth non-sports pragmatism year game we FC we in overall are business position that over obviously in a well. title And We launched so for

Eric Handler

And then follow-up. Okay. a just as

in of what learnings in and Apex. season with any battle you the So for and as other take the XX, I types thinking progress of How terms experiences you season believe, the passes you are about next the for season?

Stuart Canfield

Yes.

First of QX. all, talk about let's little a

guidance as outline post Day. to that talked we giving about previously we think I tried Investor

service innovation ongoing deeper as the of and how the as reinvigorate changed product and we of part bring fundamentally set We have are move forward. part the into feature we

on We extended split back on make we of the inside launched X. did split conversion meaningful and our Day, way the that levels first actually the we to Investor saw We into Battle So call aspect freemium first period, point meaningful We actually entry prior that Pass through. get premium changes. we the as out.

part the a engagement have We base rest way and through reflected the the cycle the this player we of have of all that seen lower of year.

So Apex. we Andrew's have and incredible IP game inside earlier comments, an of

to to have to you parts and future making get we we meaningful systemic the as invest to latter behind early through product expect the change continue can look see the business grow XXXX we sure back start We and as the beyond. change us we of inside that and

Andrew Wilson

a we think there little Apex. about add might I something as

XX I just what free-to-play we think particularly along large-scale the prepared West. but at experience in again, with observed think, Asia or we have these live look remarks, I little context, XX last understand more is businesses, we've to over a with the and our my what And of X you them from very, level in come service-driven base. by the mechanic, it's once displace the and world. things. incredible in innovation, really a a player years is virtue to game global with large top of is creativity tier scale a that games of played quality very reach One difficult

is community growth to what true with to level is not just the over maintain the has size. innovation creativity ensure scale But and you equally of continue to time and that can maintain

incredibly good very about and us brand incredibly as in mechanic We have very strong in a And Apex, we strong position do that community. think given that so an committed top have an global really you tier. a reached we're

forward, go we on investing X be vectors. As we'll really

and seasons we've as oriented the the in time. way game is driven from season-by-season has us a is what basis. our is think systematic quality on progressively bigger first of game course about sentiment and seen changes meaningful time, few the we adding to base, that broadly on fundamentally teams player creativity and kind in content, also Very over observed season last our But growth of level need each innovation our what the point, a more of high amongst as of that function very the step for the Stuart's high well. we're and are plays drops you've growth season over working to the The innovation

but brand, right over have believe these time. current virtue in where free-to-play of return size to of a games tier top managing And are so strength the live of the the do in growth that the that hold we of service business. course be of we trajectory the the side the business the position now the will community, able global moment the we of we by to

Operator

Your question from Raymond Andrew from James. Marok line comes the next of

Andrew Marok

of explanation the there. off Maybe back last building that

change? the As rebuild that go of Apex, the require systematic than be Apex car X.X may can like rethink is to incremental studs you're up might of motion? rather in a the maybe an something and done whole a something much be this way this how Or fixing through going it part like about while is

Andrew Wilson

is at question almost It's the this games beyond as a what But the driven the typically, what the scale never live of probably X -- and have I scope has would that in X is thing of been thing. context really service say seen again, as conversation. successful good version we version

a innovative so objective season-by-season other way they that continuing the are support have we have the the put is but these player things, basis. deliver that that creative have build on And in up to build them the global made the content players actually, investment they've that or ecosystem. right existing and that into give to progress new well ensure the not as base we do now a as to

never Anytime a our creativity, we that's the to to choose and investments made future date good community put place have to to a in. player between global they've community innovation call

engagement seasons those don't so think for can together, in X you're working our things modalities additional our bigger, of the to those separate what will and believe continue experience we're and that to we season we within opportunities kind this so. But team as And innovate get and delivers. season then key to current we And to be seasons in objective order play the core from build play and the to seeing progressively experience, do we beyond now have at modalities is mechanic different the core now. do again, of through in changing

Andrew Marok

that you I could. do maybe very Veilguard far one along then some in those last we've how feel couple what breakout I reviews And so Veilguard, lines? of as if seen in as have seen of some success the But strong kind that you fantasy might far. one tell, can And games Great. compare years? single-player of drives quick on

Andrew Wilson

performer Dragon our a conduct years ago, Inquisition in us strong entertainment. is for Age: certainly I of very Again, breakout XX Year potential. and has Game think business. Veilguard of the one was This the

living you're see context movies, that seeing innovation characters moment we live capture this moment-to-moment, in we're with of of incredibly out the TV in and much time. stories to opportunity entertainment while deliver in so And context bring rich the we set certainly And moved creative has to success storytelling follows. amazing games. see of seasons, world the course video our deeply engaged in to context service community able and that business for almost in high a and creativity over quality, those in of the of

When with we right Veilguard we storage BioWare. studio have a think what we have about in now,

storied Dragon We Age. and IP have a

compelling for team what happened across the rich took breakout And have reviews story a the were world of really the time competition it's And some We have too broader have outcome limited energized going into to the sure strong. it market I has by team capabilities. category was characters the so I while that, been to The feels that moves have a delivered. given this sense and critical they that interesting industry think was predict my has the the yes, extra make that of and game think we're is incredibly early

Stuart Canfield

for add just to Andrew, that.

we of the point. well Just original how game this at on feel maintained our the the with assumptions the the purpose comments, probably back about think we for we of for positioning year, half back obviously, Andrew's of

Operator

of from UBS. Your the comes line next Schoell Chris question from

Christopher Schoell

on bookings acceleration football guidance Stuart, football's impact there? incremental can to And just would partner But think details a you expect drivers of then any title, through dynamic that stats implies I relative fiscal maybe the going date? any one using Can XQ you in help give And evolve midpoint XQ. regarding to basis. be just College how you gave football color the do fiscal I helpful. the franchise. a there's further total a the appreciate forward? on your you on Madden to us range, believe, recognize but I

Stuart Canfield

macro implication, to So obviously full all, here we're first deliver passed in of expecting outlined the expectations the year, and framework, we balance through puts before our through which key some on with HX we by the as performance means, so properties. on takes

have phasing and in about of to title we some think launches is that back always slates, where comparable quarters look quarterly would year-on-year of you obviously, Cup. mix it's those some important the seasonality and release past differences between change As remember, World

we ago, in title year, we months launch XX didn't before. a have new have QX this

between takes puts have of So the to that QX around some take phasing as QX occur. we see and you and through the

guidance. football American the that a midpoint we saw we -- commentary performance American still business, obviously, by both incredibly both QX. we convicted both put to we properties overall of had that from the half somewhat inside of football. Obviously, the the as performance the expect the of strong On raised to that inside exist Andrew's College broader earlier, And part year virtue NPV the and through overall that to of back continue feel existed we of

Operator

of Mr. the Creutz TD Your Cowen. line comes last from Doug from question

Douglas Creutz

to then, they LoRa title ship several would Inquisition Age: well this a earlier, decade you some turnover lot done to the of BioWare What a it's mentioned put say somewhat here? challenging have about Veilguard? since ] a as You and BioWare think the [ done? strong of from does And had liked. I to And titles what say some years has future -- like that and didn't BioWare Dragon that a have What into fair as management. with past is position over work

Andrew Wilson

happened. have there's great deal question. really It's a a And good of things that

back almost also and different across we're people typically number about of and at game known I'd games as people what remind studios that would mechanics the is And building number that up different of build certainly for Bioware, to be It BioWare of a be. very, expectations BioWare into look is is a First, has do X a what probably trying the over BioWare a types to I something not what different say, living by we than should most a really of remember would different world. very game. models been while Anthem it was different BioWare true play as was really

being hoped. And in come quite pieces interesting way fidelity traversing super being high puzzle incredibly time while the didn't the and world actually the being and is together like the had and at the great world I that of something that as heralded just rich BioWare think reviews wonderful and the character

world, since powerful the to the was decisions returning of fan favorite BioWare types and A what matter nuanced really what's to returning games compelling fan context big BioWare that, favorite type and made gameplay. comradery by which relationships studio has shift in and subsequently and and really And the games, after of rich that make characters a brand they incredibly Anthem incredibly friendship really really we're strength. with happened team happened around is BioWare rallied BioWare's and stories a

to Veilguard. of made And to it's Age in world what a what the the is what BioWare the the great time like I great The against think deliver BioWare giving Age: that really and Dragon game to return been really studio context makes amounts Dragon

you through all truly and quarter. we're you growing, entertainment. making for in inspiring of questions. our been great future thank excellent Day. the here, you leading as into you thank for innovating the for next Well, are all, strategic and to progress Okay. shared and we than your focused speak opportunities. to continue continue for position a ever company, on It's we we opportunity vision We're Thank Investor our extraordinary an continue and more lean the talk time at being It's an to to biggest to

Operator

That concludes today's for Thank joining. meeting. you all

may disconnect. now You

Electronic Arts (EA) 29 Oct 242025 Q2 Earnings call transcript