The second-best year in CD PROJEKT’s history — key takeaways from the 2025 annual report

CD PROJEKT 2025 Annual Report Highlights

The CD PROJEKT Group achieved significant financial success in 2025, marked by growth in revenue and record-level net earnings.

• Sales Revenue: Reached 867 million PLN, a 9% year-over-year increase.
• Consolidated Net Profit: Hit 595 million PLN, up 34% from 2024, making it the second-best year in company history.
• Core Game Development Profit: Net profit from continuing operations was 521 million PLN, an 18–19% increase.
• Profitability: Continuing operations maintained an exceptional net profit margin of 60.1%.
• R&D Investment: A record 513 million PLN was reinvested into future titles and technologies.
• Financial Reserves: Robust reserves exceed 1.3 billion PLN in cash and liquid assets.
• Headcount: The development team grew to 933 by February 2026, with 499 working on the next Witcher and 149 on the Cyberpunk sequel.

CD PROJEKT Second-Best Year in History Explained

The 2025 results were surpassed only by the 2020 launch year of Cyberpunk 2077. Several factors drove this performance years after the last major AAA release:

• Back-catalog Performance: The Witcher 3 and Cyberpunk 2077 acted as “long sellers,” providing sustained revenue through constant updates and long-term support.
• Strategic Expansions: The Phantom Liberty expansion and releases on new platforms like Nintendo Switch 2 and PlayStation Plus reinvigorated interest.
• Business Realignment: The sale of GOG.com provided a one-time net gain of 67.9 million PLN and improved the overall margin by removing a lower-profit segment.
• Cost Management: A focus on high-margin digital sales and disciplined operating expenses resulted in high efficiency.

CD PROJEKT 2025 Revenue 867 Million PLN Breakdown

Revenue growth was achieved organically through existing franchises without new marquee launches.

• Cyberpunk Franchise: Contributed between 672–708 million PLN (roughly 77–82% of total sales). This was fueled by the Phantom Liberty expansion and the Nintendo Switch 2 launch.
• The Witcher Franchise: Contributed 155–159 million PLN. While down 19% from a spiked 2024, the ten-year-old Witcher 3 remains a robust earner.
• Physical Sales: Rose to 40 million PLN (up from 8 million in 2024) primarily due to Cyberpunk 2077 physical cartridges for the Switch 2.
• Regional Performance: North America remains the dominant market at 75.5%, followed by Europe (11.5%) and Asia (9.3%).
• Digital vs. Physical: Digital distribution remains the core of the business, accounting for over 95% of total revenue.

CD PROJEKT 2025 Net Profit 595 Million PLN Results

The 33.7% increase in net profit was driven by core operational improvements and strategic divestment.

• Operational Profit: Continuing operations (CD Projekt RED) generated 521 million PLN. This core profit grew despite the absence of new launches due to lower marketing and fulfillment costs for established products.
• Discontinued Operations: The sale of GOG.com added a ~74 million PLN boost to the bottom line, including a 67.9 million PLN one-time gain.
• Operating Margins: Operating profit (EBIT) was 471 million PLN, a 30% year-on-year increase.
• Cash Flow: The company generated 591 million PLN in operating cash flow, supporting a 100 million PLN dividend and a 22 million PLN stock buyback.

CD PROJEKT Net Profit from Continuing Operations 521 Million PLN

Continuing operations represent the core game development and publishing business, excluding the divested GOG segment.

• Business Health: The 521 million PLN figure reflects an 18% organic growth from 2024.
• GOG Impact: GOG’s removal clears the noise of one-time events and lower-margin storefront operations, providing a cleaner view of studio profitability.
• Incentive Programs: The performance places the company ahead of its cumulative net profit goals for management bonuses.

CD PROJEKT 60.1% Net Profitability in 2025

A 60.1% net profit margin on continuing operations is among the highest in the gaming industry.

• Efficiency: For every 100 PLN earned, 60 PLN was kept as profit.
• Sunk Costs: With development costs for major titles already recouped in previous years, ongoing digital sales incur minimal incremental costs.
• Capitalized R&D: While R&D spending was record-breaking, these costs are capitalized (added to assets) rather than immediately expensed, which preserves current-year profitability figures.

Cyberpunk 2077 Sales Impact on CD PROJEKT 2025 Earnings

Cyberpunk 2077 has become a primary pillar for the company’s financial stability.

• Unit Sales: The base game reached over 35 million copies sold cumulatively by the end of 2025.
• Revenue Leader: The franchise was the top earner, growing 12% year-over-year.
• Brand Recovery: Sustained sales through 2025 prove the game’s long-term commercial success following the 2.0 patch and Phantom Liberty expansion.

Profit and target: The management incentive required 527m PLN net profit in 2026 to hit the 2bn cumulative, which CFO called “very ambitious.” Without a new game, hitting ~527m will be tough. For perspective, 2025’s 521m continuing ops profit was thanks to Phantom Liberty, PS+ deal, Switch release, etc. For 2026 to match that, they’d need similar boosts:

• Perhaps Witcher 1 Remake contributing fresh profit.
• Possibly another big subscription or platform deal (e.g., maybe Witcher 3 gets added to Game Pass or something).
• Continued sales from 2020 games likely decline somewhat, but maybe offset by any expansion releases.
  They might not reach 527m; the incentive target may go unfulfilled (which might disappoint management but not necessarily investors if it’s understood due to release timing).

In summary, the outlook for CD PROJEKT post-2025 is one of heavy development and relatively quiet release schedule until the next major game, likely The Witcher 4 around 2027. 2026 might see a smaller-scale release (e.g., a remake or minor expansion) to bridge the gap, but it will lean on back-catalog sales. The next major release timeline seems to be Witcher 4 in ~2027, Cyberpunk sequel ~2028/29, with other Witcher projects (remake, multiplayer) and possibly another Cyberpunk or new IP beyond that. CDPR is playing the long game: investing now for a flurry of high-profile releases in the second half of the decade.

The success of those will define the company’s fortunes in the 2030s, but given their track record (barring one hiccup), the future releases are poised to be huge events in the gaming world. Meanwhile, fans have plenty of Netflix episodes, anime, merchandise, and older games to enjoy as they wait – ensuring the franchises stay alive in the public consciousness.

Frequently Asked Question (FAQs)

1. How much revenue and profit did CD PROJEKT have in 2025?
   In 2025, CD PROJEKT Group generated 867 million PLN in sales revenue and a net profit of 595 million PLN. Revenue was up 9% compared to 2024, and net profit was up about 34% year-on-year. From its core games business alone (continuing operations), profit was 521 million PLN, with the remainder of the 595m coming from discontinued operations like the GOG sale. These figures made 2025 one of the company’s best years financially, reflecting strong game sales and high profitability.
2. What were the main contributors to CD PROJEKT’s 2025 revenue?
   The vast majority of 2025 revenue came from Cyberpunk 2077 and its expansion Phantom Liberty, followed by The Witcher series. Cyberpunk (including Phantom Liberty) contributed roughly 671.9–708 million PLN, about 75–80% of revenue. The Witcher franchise contributed around 154.9–159 million PLN (17–18% of revenue). The remaining small portion (~40 million PLN) came from physical product sales – mainly Cyberpunk’s release on Nintendo Switch 2 which drove cartridge sales. So, Cyberpunk was the primary revenue driver in 2025, with Witcher as a strong secondary contributor.
3. How did Cyberpunk 2077 sales perform in 2025?
   Cyberpunk 2077 continued to perform exceptionally well in 2025. By the end of the year, the base game had exceeded 35 million copies sold lifetime. In 2025 alone, Cyberpunk (plus Phantom Liberty) earned CDPR about 670–708 million PLN in revenue, which was a double-digit increase over the previous year. Sales were buoyed by the launch of Cyberpunk on new platforms (like Switch 2 and PlayStation Plus) and ongoing interest from the successful Phantom Liberty expansion. In short, Cyberpunk’s “long tail” was very strong – it remained a top-selling title years after release, significantly boosting CDPR’s earnings.
4. What is Phantom Liberty and how did it impact CD PROJEKT’s finances?
   Phantom Liberty is a major paid expansion for Cyberpunk 2077 released in late 2023. It had a huge impact on CDPR’s finances through 2024 and 2025. By 2025, Phantom Liberty had sold over 10 million copies, making it one of the best-selling game expansions ever. Its sales contributed substantially to CDPR’s 2025 revenue (part of the Cyberpunk franchise’s ~672+ million PLN that year) and helped increase Cyberpunk game sales overall (many players bought the base game to play the expansion). Phantom Liberty’s success not only directly added revenue but also revitalized Cyberpunk’s reputation and player interest, indirectly driving more base game and DLC sales in 2025. In essence, Phantom Liberty provided a second wind for Cyberpunk 2077’s commercial performance, bolstering CDPR’s earnings significantly.
5. How did The Witcher 3 contribute to CD PROJEKT’s earnings in 2025?
   The Witcher 3: Wild Hunt – despite being released in 2015 – continued to be a revenue workhorse in 2025. The Witcher franchise (largely Witcher 3 sales) brought in about 155 million PLN in 2025. This was roughly 18% of CDPR’s revenue for the year. Witcher 3’s ongoing sales were driven by its enduring popularity, periodic discounts, and the boost from the Witcher Netflix series’ continued fan interest. By 2025, Witcher 3 surpassed 60 million copies sold lifetime, making it one of the best-selling games ever. So, even a decade after launch, Witcher 3 added a very healthy amount of revenue and profit to CDPR’s results, showcasing extraordinary longevity.
6. Why did CD PROJEKT sell GOG, and how did it affect the 2025 results?
   CD PROJEKT sold its GOG.com digital storefront at the end of 2025 to refocus on its core business of game development. GOG was sold for 90.7 million PLN to CDPR’s co-founder. The sale allowed CDPR to concentrate resources on developing new Witcher and Cyberpunk projects (which require a lot of focus and investment). Financially, the sale had a one-time positive effect on 2025’s results: CDPR booked an after-tax gain of ~67.9 million PLN from the transaction, which helped boost net profit. Including GOG’s final operating profit, discontinued operations added about 74 million PLN to the 2025 profit. Going forward, CDPR no longer gets GOG’s revenue/profit, but the move is expected to improve margins (since GOG had lower profitability) and gave CDPR a cash infusion to invest in game development. GOG remains a distribution partner, so CDPR will still sell its games on GOG, just without owning the platform.
7. What net profit margin did CD PROJEKT achieve in 2025, and why is it significant?
   CD PROJEKT’s net profit margin in 2025 was an astonishing 60.1% on continuing operations. This means over 60% of revenue turned into profit – an extremely high efficiency level for any company. It’s significant because it highlights the profitability of CDPR’s digital distribution model and back-catalog sales. With no major new game launch in 2025, costs (like marketing) were relatively low, while high-margin digital sales of Witcher 3 and Cyberpunk continued strongly. Typically, big publishers have net margins in the 20-30% range, so 60% is exceptional. In fact, the last time CDPR saw ~60% was during Cyberpunk 2077’s launch year. This high margin in 2025 indicates the company was running very lean and benefiting from past investments – essentially printing profit from older titles. It gives CDPR a strong cash position to fund future projects.
8. What updates did CD PROJEKT give on new games like The Witcher 4 and Cyberpunk 2?
   The annual report provided exciting development updates on CDPR’s upcoming games. The Witcher 4 (not the official title, but the next Witcher saga game) is in full development – the team working on it has grown to about 499 developers as of early 2026. CDPR invested heavily in Witcher 4 in 2025, and it’s being built on Unreal Engine 5. It’s still a few years away (expected around 2027) but is clearly the next big release on the horizon. For Cyberpunk 2077’s sequel (codenamed Cyberpunk 2 or Project Orion), CDPR revealed that development moved out of the concept phase and into active production in 2025. About 149 developers are working on the Cyberpunk sequel now. It’s also using Unreal Engine and will likely release after Witcher 4 (potentially 2028 or later). Additionally, CDPR started early work on a new IP (Project Hadar) in 2025, though that’s in very early concept stage with a tiny team. In short, Witcher 4 and Cyberpunk 2 are well underway – teams are staffed up and progress is being made, but patience is required as these are massive projects still in development.
9. When can we expect CD PROJEKT’s next major game release, and what will it likely be?
   The next major AAA release from CD PROJEKT is expected to be the new Witcher game (Witcher 4), likely around 2027 (the company has indicated it won’t arrive in 2026). This will kick off a new Witcher saga. After that, the sequel to Cyberpunk 2077 is anticipated, possibly in 2028 or 2029, given it entered development in 2025. In the meantime, CDPR might have some smaller releases to bridge the gap – for example, there’s a Witcher 1 Remake in development by a partner studio which could potentially launch in 2026, and rumors have swirled about a possible new expansion or edition related to Witcher 3. But those would be more niche. The next major release timeline looks like: Witcher 4 in the late 2020s (2027 being the earliest likely date), then Cyberpunk sequel after that, and eventually the new IP game in the 2030s. Until then, CDPR will be steadily developing these titles and leveraging its existing games and media tie-ins to keep fans engaged.
10. When can we expect CD PROJEKT’s next major game release, and what will it likely be?
    The next major AAA release from CD PROJEKT is expected to be the new Witcher game (Witcher 4), likely around 2027 (the company has indicated it won’t arrive in 2026). This will kick off a new Witcher saga. After that, the sequel to Cyberpunk 2077 is anticipated, possibly in 2028 or 2029, given it entered development in 2025. In the meantime, CDPR might have some smaller releases to bridge the gap – for example, there’s a Witcher 1 Remake in development by a partner studio which could potentially launch in 2026, and rumors have swirled about a possible new expansion or edition related to Witcher 3. But those would be more niche. The next major release timeline looks like: Witcher 4 in the late 2020s (2027 being the earliest likely date), then Cyberpunk sequel after that, and eventually the new IP game in the 2030s. Until then, CDPR will be steadily developing these titles and leveraging its existing games and media tie-ins to keep fans engaged.

Conclusion

2025 stands out as a milestone year for CD PROJEKT – a year of reaping rewards from past successes and laying groundwork for the future. Financially, the company achieved record-high metrics: 867 million PLN in revenue and 595 million PLN in net profit, making it the second-best year in CDPR’s history after the frenzied Cyberpunk launch year. What’s remarkable is that this was accomplished without launching a new flagship game. Instead, it was the power of CDPR’s back catalog and strategic initiatives that propelled the results.

Cyberpunk 2077 – once marred by a rocky launch – emerged as a long-term triumph. Its sustained sales, bolstered by the acclaimed Phantom Liberty expansion and smart moves like the Switch 2 release and PS Plus inclusion, drove the bulk of 2025’s growth. At the same time, The Witcher 3 continued its legacy as an evergreen seller, crossing 60 million copies sold and contributing handsomely to revenue. These phenomena underscore CD PROJEKT’s success in creating games with enduring appeal and the company’s adeptness at lifecycle management (updates, expansions, and platform expansion can keep games lucrative well beyond their debut).

Crucially, 2025’s prosperity isn’t just about numbers on a balance sheet – it has fortified CD PROJEKT for what comes next. The company translated its profit into a robust operating cash flow of 591 million PLN, swelling its financial reserves to over 1.3 billion PLN. In practical terms, CDPR now has both the financial firepower and the conviction to execute its ambitious roadmap of new games.

This was evident in the staggering 513 million PLN investment in R&D during 2025 – the largest in its history – fueling parallel development of multiple AAA titles. The next Witcher saga is taking shape with nearly 500 developers, the Cyberpunk sequel is underway with a growing team, and even a brand-new IP is being carefully incubated. These efforts will define CD PROJEKT’s next decade.

Another highlight is the strategic clarity CDPR showed in 2025. By divesting GOG.com, they streamlined their focus squarely on what they do best: creating immersive, narrative-rich games. The GOG sale also exemplified management’s willingness to make tough decisions for long-term benefit, and it provided a useful one-time boost to profits. Simultaneously, CDPR has been expanding its franchises beyond games – capitalizing on Netflix series, anime, merchandise, and more – thereby evolving The Witcher and Cyberpunk into broader entertainment brands. This not only diversifies revenue but also amplifies the cultural footprint of their IP, which in turn feeds back into game interest. In essence, CDPR is crafting an ecosystem around its franchises that keeps fans engaged on multiple fronts.

Looking ahead, the horizon is both challenging and promising. 2026 and 2027 will test CD PROJEKT’s ability to maintain momentum without an immediate blockbuster release. The company will lean on its rich library, minor releases (like the Witcher 1 remake or other projects), and continued transmedia success to bridge the gap until the next big launch.

The profitability might moderate in those interim years – and indeed CDPR’s management has set ambitious internal targets that will be hard to meet without a new Witcher or Cyberpunk hitting the market. Yet, thanks to the cushion built in 2025, CDPR can afford to be patient and prioritize quality over rush. They have explicitly signaled learning from past mistakes – one can expect that Witcher 4 and Cyberpunk 2 will be given the time needed to meet the high expectations, even if that means a quieter financial period before they arrive.

In conclusion, CD PROJEKT’s 2025 can be seen as the culmination of one era and the dawn of the next. It proved that the company’s flagship games can thrive long after release and that its franchises have transcended the medium to become global phenomena. It also provided the resources and resolve to push forward into a new cycle of game development that could define the late 2020s.

For gamers and investors alike, CD PROJEKT in 2025 showcased a studio at the top of its game – leveraging the strength of its past creations to confidently finance its future dreams. If 2020 was the explosive peak and 2025 the impressive afterglow, the stage is now set for CD PROJEKT to ignite another blaze of innovation with the releases on the horizon. The coming years will be keenly watched, but as of 2025, the company has never been better positioned to deliver the next Witcher-sized or Cyberpunk-sized phenomenon.

Sources and citation

• CD PROJEKT Official Press Release (2026): “The CD PROJEKT Group wraps up 2025.”
  https://www.cdprojekt.com/en/investors/news/the-cd-projekt-group-wraps-up-2025/
• Game World Observer (Mar 20, 2026): “The second-best year in CD PROJEKT’s history — and more from the company’s report.”
  https://gameworldobserver.com/2026/03/20/cd-projekt-2025-results-second-best-year
• GamesMarkt Global (Mar 20, 2026): “Net Earnings in 2025: Second Best Year in the CD Projekt Group’s History.”
  https://www.gamesmarkt.global/en/business/net-earnings-in-2025-second-best-year-in-the-cd-projekt-groups-history-305123
• Investing.com (Mar 20, 2026): “CD Projekt shares jump 7% as Cyberpunk sales drive record annual profit.”
  https://www.investing.com/news/stock-market-news/cd-projekt-shares-jump-7-as-cyberpunk-sales-drive-record-annual-profit-3321456
• WN Hub News (Mar 20, 2026): “CD Projekt saw a 9% increase in sales in 2025, fueled by the success of the Cyberpunk franchise.”
  https://wnhub.io/news/finance/item-46872

Sources

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