《FC》表现回暖，多款新作即将推出 证券研究报告 Electronic Arts (EA US) | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 12 日│美国 | 互联网 | EA 公布 FY25Q4 业绩：净收入 18.95 亿美元，超 VA 一致预期 7.6%， yoy+6.5%；净预订收入 17.99 亿美元，超 VA 一致预期 14.9%，yoy+8%， 主因《FC》1 月更新后活跃度持续回暖及新作《Split Fiction》发布，部分 被《Apex》收入下滑抵消。净利润 2.54 亿美元，超 VA 预期 12.2%，主因 数字化游戏占比提升及经营杠杆显现。公司未来产品线充足，建议关注后续 《战地 6》新作及 26 年夏季世界杯催化。维持"买入"评级。 《FC》更新后表现回暖，橄榄球系列活跃度延续 FY25Q4 净预订收入 17.99 亿美元，高于此前 15.19 亿美元的指引中值，主 要有三大因素：1）《FC》经历 Q3 短暂下滑后于 1 月完成大版本更新，更 新后用户活跃度实现同比双位数增长，带动"Ultimate ...

Core Insights - Electronic Arts (EA) reported a 6.52% year-over-year increase in net revenue for Q4 FY2025, reaching $1.895 billion, surpassing analyst expectations of $1.55 billion, with a net profit of $254 million, up 39.56% [1] - The company's total net revenue for FY2025 was $7.463 billion, a slight decline of 1.31% from $7.562 billion in the previous year, with game business revenue at $2.002 billion and live services and others at $5.461 billion [1] - EA's new game "Split Fiction" sold over 1 million copies within 48 hours of its release and has surpassed 4 million copies globally [1] Financial Performance - For Q4 FY2025, EA's revenue growth was primarily driven by its gaming business, particularly the EA SPORTS series, which saw its American Football game surpass $1 billion in net bookings for the first time [1] - The latest installment of "The Sims" maintained double-digit growth in its 25th anniversary quarter, contributing to the overall revenue increase [1] Future Outlook - EA anticipates total bookings for FY2026 to be between $7.6 billion and $8 billion, with growth expected from EA SPORTS, "The Sims," and new titles from "Battlefield" and "Skate" [4] - The company projects operating cash flow of $2.2 billion to $2.4 billion and net revenue between $7.1 billion and $7.5 billion for FY2026, with Q1 estimates at $1.55 billion to $1.65 billion [4] Strategic Changes - EA plans to release a new "Battlefield" game before April 2026, with a full reveal expected this summer, which is seen as a key step in creating the next generation of entertainment [2] - The company is undergoing layoffs of 300-400 positions, including around 100 from Respawn Entertainment, and has canceled two projects, including a new "Titanfall" title, to focus resources on the next "Jedi" game and updates for "Apex Legends" [4]

Electronic Arts (EA) is set to report its fourth-quarter fiscal 2025 results on May 6.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.For fourth-quarter fiscal 2025, EA expects GAAP revenues between $1.682 billion and $1.832 billion and earnings per share in the range of 65 cents to $1.  The Zacks Consensus Estimate for fiscal fourth-quarter revenues is pegged at $1.56 billion, indicating a decline of 6.18% from the figure reported in the year-ago quarter.The consensus mark for fiscal ...