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May 6, 2025 Electronic Arts Inc.Q4 and FY25 Results
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01 Safe Harbor Statement 02 Select FY25 Highlights 03 Net Bookings Results 04 Core Business and FY26 Title Slate 05 FY25 Actuals & FY26 Guidance Table of Contents 2 06 GAAP to Non-GAAP Reconciliation 07 Appendix 2
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Some statements set forth in this document, including the information relating to EA’s fiscal 2026 guidance information and title slate contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements. Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences and trends; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; economic and geopolitical conditions; changes in our tax rates or tax laws; and other factors described in Part II, Item 1A of Electronic Arts’ latest Quarterly Report on Form 10-Q under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. These forward-looking statements are current as of May 6, 2025. Electronic Arts assumes no obligation to revise or update any forward-looking statement except as required by law. In addition, the preliminary financial results set forth herein are estimates based on information currently available to Electronic Arts. While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended March 31, 2025. 3 Please review our risk factors on Form 10-Q filed with the SEC Safe Harbor Statement Refer to Appendix for additional disclosures.
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Refer to Appendix for additional disclosures. 4 Split Fiction has sold nearly 4M units since its launch in March American Football delivered over $1B in net bookings in FY25 Live Services represented 73% of total FY25 net bookings $1.9B FY25 Free Cash Flow $2.7B Total FY25 Return on Capital (through Stock Repurchase Program & Cash Dividends) $7.4B FY25 net bookings Select FY25 Highlights
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(in $ millions) Net Bookings by Composition Quarterly Refer to Appendix for additional disclosures, including constant currency (“CC”). Full Game Live services and other Fiscal Year 5 FY23 FY24 FY25 1,622 324 1,946 1,407 259 1,666 1,415 384 1,799 YoY YoY CC +8% +9% +48% +51% +1% YoY YoY CC +1% +1% (2%) FY23 FY24 FY25 5,530 1,811 7,341 5,425 2,005 7,430 5,338 2,017 7,355 (1%) +1% (2%) (1%)
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YoY YoY CC (in $ millions) Net Bookings by Platform Refer to Appendix for additional disclosures, including constant currency (“CC”). Console PC & Other Mobile 6 Quarterly Fiscal Year FY23 FY24 FY25 1,099 516 1,946 955 413 1,666 1,096 415 1,799 FY23 FY24 FY25 4,338 1,759 7,341 4,614 1,629 7,430 4,745 1,462 7,355 331 298 288 YoY YoY CC (3%) (2%) 0% +2% +15% +15% +8% +9% (10%) +3% (3%)1,244 1,187 1,148 (9%) +3% (3%) (1%) (1%)
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Massive Online Communities New Releases in FY26 Core Business and FY26 Title Slate 7 Q1 EA SPORTS™ F1® 25 (May 30) EA SPORTS™ College Football 26 EA SPORTS™ Madden NFL 26 EA SPORTS™ NHL 26 EA SPORTS FC™ 26 Q2 Q3 Q4 skate. Battlefield FY
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(in $ millions, except EPS) FY25 Actuals & FY26 Guidance 8 Refer to Appendix for additional disclosures. For additional information please refer to our Non-GAAP Operating Margin FAQ at http://ir.ea.com. FY25A Q4 FY25A FY26E Q1 FY26E Net Revenue 7,463 1,895 7,100 to 7,500 1,550 to 1,650 Cost of Revenue 1,543 368 1,475 to 1,515 265 to 285 GAAP EPS $4.25 $0.98 $3.09 to $3.79 $0.49 to $0.66 Operating Cash Flow 2,079 549 2,200 to 2,400 GAAP Operating Margin 20.4% 20.8% 16.3% to 18.9% Non-GAAP Operating Margin 31.2% 31.0% 27.2% to 29.2% Impact of GAAP Deferrals (100) bps (370) bps 480 bps to 440 bps Note: Our EPS guidance calculation does not factor in future stock repurchases. Non-GAAP Operating Margin calculated as a % of GAAP Net Revenue. Net Bookings 7,355 1,799 7,600 to 8,000 1,175 to 1,275
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(in $ millions) GAAP to Non-GAAP Reconciliation: FY25 Actuals 1 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods. 9 Twelve Months Ended March 31, 2025 GAAP-Based Financial Data GAAP-Based Financial Data A Statement of Operations B Acquisition-related expenses C Restructuring and related charges D Stock-based compensation =A+B+C+D Non-GAAP Change in deferred net revenue (online- enabled games) Net revenue 7,463 - - - 7,463 (108) Cost of revenue 1,543 (40) - (14) 1,489 - Operating expense 4,400 (67) (62) (628) 3,643 - Operating margin 20.4% 140 bps 80 bps 860 bps 31.2% (100) bps Income before provision for income taxes 1,605 107 62 642 2,416 (108) Net income1 1,121 Number of shares used in computation: Diluted shares 264 Refer to Appendix for additional disclosures.
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(in $ millions) GAAP to Non-GAAP Reconciliation: Q4 FY25 Actuals 1 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods. 10 Three Months Ended March 31, 2025 GAAP-Based Financial Data GAAP-Based Financial Data A Statement of Operations B Acquisition-related expenses C Restructuring and related charges D Stock-based compensation =A+B+C+D Non-GAAP Change in deferred net revenue (online- enabled games) Net revenue 1,895 - - - 1,895 (96) Cost of revenue 368 (10) - (3) 355 - Operating expense 1,132 (17) (4) (159) 952 - Operating margin 20.8% 140 bps 20 bps 860 bps 31.0% (370) bps Income before provision for income taxes 407 27 4 162 600 (96) Net income1 254 Number of shares used in computation: Diluted shares 259 Refer to Appendix for additional disclosures.
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(in $ millions) GAAP to Non-GAAP Reconciliation: FY26 Guidance 1 The mid-point of the range has been used for purposes of presenting reconciling items to operating margin. 2 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods. 11Refer to Appendix for additional disclosures. Twelve Months Ending March 31, 2026 GAAP-Based Financial Data GAAP-Based Financial Data A GAAP Guidance Range B Acquisition- related expenses C Stock-based compensation =A+B+C Non-GAAP Guidance Range Change in deferred net revenue (online-enabled games) Net revenue 7,100 to 7,500 - - 7,100 to 7,500 500 Cost of revenue 1,475 to 1,515 (40) (15) 1,420 to 1,460 - Operating expense 4,470 to 4,570 (70) (650) 3,750 to 3,850 - Operating margin1 16.3% to 18.9% 150 bps 910 bps 27.2% to 29.2% 480 bps to 440 bps Income before provision for income taxes 1,136 to 1,391 110 665 1,911 to 2,166 500 Net income2 795 to 974 Number of shares used in computation: Diluted shares 257
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(in $ millions) Q1 FY26 Guidance 1 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods. 12Refer to Appendix for additional disclosures. Three Months Ending June 30, 2025 GAAP-Based Financial Data GAAP Guidance Range Acquisition-related expenses Stock-based compensation Change in deferred net revenue (online-enabled games) Net revenue 1,550 to 1,650 - - (375) Cost of revenue 265 to 285 (10) (5) - Operating expense 1,110 to 1,120 (20) (145) - Income before provision for income taxes 179 to 242 30 150 (375) Net income1 125 to 169 Number of shares used in computation: Diluted shares 255
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01 Cash Flow Selected Data 02 Currency Assumptions 03 Constant Currency Reconciliation 04 Additional Disclosures Appendix 13 05 Non-GAAP Financial Measures 13
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(in $ millions) Cash Flow Selected Data 14 Free cash flow is defined as operating cash flow minus capital expenditures. Management believes free cash flow is a useful measure of the company's ability to generate cash. Actuals Q4 2025 Q4 2024 FY25 FY24 Operating Cash Flow 549 580 2,079 2,315 Capital Expenditures 54 51 221 199 Free Cash Flow 495 529 1,858 2,116 Investing Cash Flow 214 (49) 37 (207) Financing Cash Flow (1,411) (360) (2,863) (1,624)
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Currency Assumptions Note: Our financial guidance includes the forecasted impact of the FX cash flow hedging program. 1 For FY24 Q4A and FY25 Q4A, FX rates are a simple average of EA’s actual monthly P&L rates. For FY26E, the same FX rates are used for all forecast periods. 2 For all periods, FX rates are quoted using market convention. 15 Current FX assumptions 1,2 Q4 2024 Q4 2025 FY 2026E Net Bookings EUR/USD 1.09 1.04 1.08 GBP/USD 1.27 1.25 1.29 Operating Expenses US/CAD 1.34 1.43 1.43 US/SEK 10.26 10.94 10.04 If the U.S. dollar strengthens 10% against the Euro and British pound sterling: ● With hedging, total net bookings decrease ~2.0% ● Total cost of revenue and operating expenses decrease ~2.0% If the U.S. dollar strengthens 10% against the Canadian dollar and Swedish krona: ● Total net bookings decrease ~0.5% ● With hedging, total cost of revenue and operating expenses decrease ~0.5% Rule of thumb
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(in $ millions) Constant Currency Reconciliation–Net Bookings Guidance 16Numbers above may not foot due to rounding and calculation methodologies. 2026 As Guidance 2025 As Reported Percentage Change YoY Currency Impact Percentage Change YoY Constant Currency Low 7,600 7,355 +3% 36 +4% High 8,000 7,355 +9% 36 +9% Q1 2026 As Guidance Q1 2025 As Reported Percentage Change YoY Currency Impact Percentage Change YoY Constant Currency Low 1,175 1,262 (7%) 6 (6%) High 1,275 1,262 +1% 6 +2%
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(in $ millions) Constant Currency Reconciliation–Net Bookings (FY) 17Numbers above may not foot due to rounding and calculation methodologies. 2025 As Reported 2024 As Reported Percentage Change YoY 2025 Currency Impact Percentage Change YoY Constant Currency Console 4,745 4,614 +3% (14) +3% PC & other 1,462 1,629 (10%) 15 (9%) Mobile 1,148 1,187 (3%) 6 (3%) Net Bookings 7,355 7,430 (1%) 7 (1%) 2025 As Reported 2024 As Reported Percentage Change YoY 2025 Currency Impact Percentage Change YoY Constant Currency Full game 2,017 2,005 +1% 12 +1% Live services & other 5,338 5,425 (2%) (5) (2%) Net Bookings 7,355 7,430 (1%) 7 (1%)
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(in $ millions) Constant Currency Reconciliation–Net Bookings (Q4) 18Numbers above may not foot due to rounding and calculation methodologies. Q4 2025 As Reported Q4 2024 As Reported Percentage Change YoY Q4 2025 Currency Impact Percentage Change YoY Constant Currency Console 1,096 955 +15% 6 +15% PC & other 415 413 0% 5 +2% Mobile 288 298 (3%) 3 (2%) Net Bookings 1,799 1,666 +8% 14 +9% Q4 2025 As Reported Q4 2024 As Reported Percentage Change YoY Q4 2025 Currency Impact Percentage Change YoY Constant Currency Full game 384 259 +48% 5 +51% Live services & other 1,415 1,407 +1% 9 +1% Net Bookings 1,799 1,666 +8% 14 +9%
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19 Additional Disclosures Net revenue, gross profit and operating cash flow are presented on a GAAP basis. Net bookings is an operating metric that EA defines as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games. A calculation of net bookings can be found in the “Net Bookings” tab of the Financial Model provided on our IR website. We define EA’s player network as the number of active accounts used to play EA games and services on any platform over the preceding 12 months. We determine these operating metrics by using internal company data. We also use information provided by third parties, including third party network logins provided by platform providers. While we believe that the operating metrics we report are reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring how our games and services are played across large global populations. For example, while we seek to remove duplicate accounts in these metrics, we do not require players to use a common identifier or to link their accounts to play an EA game on console/PC and an EA game on their mobile device, or to play two or more EA games on a single mobile device. Therefore, a player that plays two of our games on a single mobile device or plays two of our games (or the same game) across different devices may be counted as two accounts. In addition, we evaluate our systems for false accounts, which represent user profiles that we believe are intended to be used for purposes that violate our terms of service, and remove them from our player network. From time to time, our actions may impact the period-by-period comparability of these metrics. For example, we may change our methodology or we may implement strategic decisions with respect to certain games and services, including sunsetting titles. From time to time, we make comparisons of current periods to prior periods with reference to constant currency. We evaluate our performance on a constant currency basis in order to facilitate period-to-period comparisons without regard to the impact of changing foreign currency exchange rates. To present constant currency information (both historical and forward-looking), the current period results are converted into United States dollars using the weighted average exchange rates from the comparative period rather than the rates in effect. Constant currency information is presented net of the impact of our foreign exchange hedging programs. EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Dragon Age, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and F1 are the property of their respective owners and used with permission. Forward-looking statements are valid as of May 6, 2025 only. Electronic Arts assumes no obligation to update these forward-looking statements, except required by law.
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As a supplement to the Company’s financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance, including non-GAAP operating margin, and free cash flow. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting and differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. The non-GAAP financial measures exclude acquisition-related expenses, stock-based compensation, restructuring and related charges, and capital expenditures as applicable in any given reporting period and our outlook. The Company may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Management believes that these non-GAAP financial measures provide investors with additional useful information to better understand and evaluate the Company’s operating results and future prospects because they exclude certain items that may not be indicative of the Company’s core business, operating results, or future outlook. These non-GAAP financial measures, with further adjustments, are used by management to understand ongoing financial and business performance. The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods. Accordingly, the Company applies the same tax rate to its management reporting financial results. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure. 20 Non-GAAP Financial Measures