Games Workshop just did something nobody saw coming. The British company that makes tiny plastic soldiers you paint yourself is now valued at £5.25 billion, roughly $8.5 billion at current exchange rates. That’s more than Disney paid for Star Wars in 2012. Even wilder, Warhammer topped Fandom’s 2024 entertainment franchises ranking, beating Marvel, DC, and every major gaming property. For a hobby that involves gluing together miniatures with questionable instructions and spending hours painting details nobody will notice, that’s an absurd level of success.
The numbers tell a remarkable story. Games Workshop’s fiscal year 2025 revenue hit £617.5 million, up from £525.7 million the previous year. Pre-tax profit jumped 29.5 percent to £262.8 million. Licensing revenue alone increased 2.5 times year-over-year, driven almost entirely by the massive success of Warhammer 40,000: Space Marine 2. The video game sold 7 million copies in less than a year, becoming one of 2024’s biggest hits and proving Warhammer could compete with AAA blockbusters.
Space Marine 2 Changed Everything
Space Marine 2 launched in September 2024 and immediately demolished expectations. Developer Saber Interactive and publisher Focus Entertainment admitted they never believed the game could hit 7 million players. The original Space Marine from 2011 was a cult hit, but nothing suggested the sequel would achieve mainstream breakout success. Yet it sold 4.5 million copies in just over a month, and the momentum never stopped.
What made it work? Saber CEO Tim Willits credited perfect execution and word-of-mouth expansion beyond the core Warhammer fanbase. The game delivered exactly what players wanted: brutal, satisfying combat where you play as genetically engineered super soldiers tearing through alien hordes. It wasn’t overpriced, overscoped, or over-designed. It launched at a reasonable price point without requiring day-one streaming service subscriptions or premium editions to access basic content.
The success was so dramatic that Focus Entertainment greenlit Space Marine 3 just six months after the sequel launched. Development is already underway, with Saber promising to apply everything they learned to create an even bigger and more spectacular third installment. For a franchise that lay dormant for 13 years between entries, that’s a stunning turnaround.
From Tabletop Niche to Entertainment Empire
Games Workshop started in 1975 as a tiny company making fantasy miniatures and board games. For decades, it occupied a comfortable but limited niche. Warhammer 40,000 launched in 1987 and Warhammer Fantasy Battles had been around even longer, but these remained hobbies for dedicated enthusiasts willing to spend hundreds of dollars and countless hours building armies.
The transformation into a genuine entertainment powerhouse happened gradually, then all at once:
- Aggressive licensing strategy that put Warhammer IP into dozens of video games across every genre
- Global retail expansion reaching 570 stores worldwide by 2025
- Strategic partnerships with Amazon for a Warhammer 40K Cinematic Universe starring Henry Cavill
- Secret Level episode on Prime Video introducing the universe to mainstream audiences
- Consistent product releases keeping both Warhammer 40K and Age of Sigmar communities engaged
- Strong social media presence and community building that made the hobby more accessible
The Numbers Behind the Empire
Breaking down Games Workshop’s success requires looking at multiple revenue streams working in concert. The core tabletop business still drives the majority of sales, but licensing has become increasingly significant as Warhammer penetrates broader entertainment markets.
| Revenue Stream | FY 2025 Performance | Growth |
|---|---|---|
| Total Revenue | £617.5 million | Up 17.5% from £525.7 million |
| Core Business (Trade/Retail/Online) | £269.4 million (H1 only) | Up 14.3% year-over-year |
| Licensing Revenue | £30.1 million (H1 only) | Increased 2.5x year-over-year |
| Pre-tax Profit | £262.8 million | Up 29.5% from previous year |
| Market Valuation | £5.25 billion ($8.5 billion) | Nearly doubled in 2 years |
The profit margins are particularly impressive. Games Workshop operates with roughly 71 percent gross margins and 30 percent net margins, efficiency levels that most entertainment companies can only dream about. The business model combines high-margin miniature sales with low-overhead digital licensing, creating a financial engine that keeps growing despite being built on a 50-year-old foundation.
How Warhammer Beat Marvel and Star Wars
Fandom’s 2024 Year in Review ranking showed Warhammer claiming the number one spot across all entertainment franchises. This marked the first time gaming properties took 75 percent of the top 20 overall franchises list, and Warhammer led the charge. Marvel came in at number 4, while Star Wars didn’t even crack the top three.
What explains this dramatic shift? Several factors converged at the right moment. First, Marvel and Star Wars both suffered from over-saturation and declining quality in their Disney+ streaming offerings. Audiences grew fatigued with constant content that often felt like homework rather than entertainment. Meanwhile, Warhammer maintained mystique by carefully controlling output and ensuring most releases met quality standards.
Second, Warhammer benefits from not being aimed primarily at children. The grimdark setting of Warhammer 40K, where there is only war and humanity fights desperately against extinction, appeals to adult sensibilities. The lore runs impossibly deep with decades of novels, codexes, and supplementary material that rewards dedicated fans without requiring consumption of every single release.
Third, the barrier to entry paradoxically works in Warhammer’s favor. You can’t casually consume Warhammer. Even playing the video games often requires some understanding of the setting to fully appreciate what’s happening. This creates passionate advocates rather than passive consumers. When someone commits to building and painting a 2,000-point army, they’re invested in a way Marvel movie viewers simply aren’t.
The Henry Cavill Factor
Games Workshop’s deal with Amazon for a Warhammer 40K Cinematic Universe represents the IP’s biggest mainstream push yet. Henry Cavill, who famously departed from both Superman and The Witcher, is not only starring but serving as executive producer. Cavill’s genuine love for Warhammer is well-documented. He’s been a hobbyist for years, painting miniatures and playing tabletop games in his spare time.
That authenticity matters enormously. Too many adaptations feel like corporate executives trying to capitalize on IP without understanding or respecting the source material. Cavill’s involvement suggests the opposite. He knows what makes Warhammer special and has the clout to protect it during development.
The Amazon partnership also brings enormous resources. While specific details remain scarce, the deal reportedly encompasses multiple films and television series exploring different corners of the Warhammer 40K universe. If executed well, this could do for Warhammer what Game of Thrones did for fantasy television, introducing millions to a universe they might otherwise never discover.
The Video Game Strategy That Actually Worked
Unlike most IP holders who carefully limit video game licenses, Games Workshop took the opposite approach. They licensed Warhammer to dozens of developers across nearly every genre imaginable. Want a real-time strategy game? There’s Dawn of War. Turn-based tactics? Mechanicus. Card battler? Warcry. Third-person shooter? Space Marine. Even match-three puzzle games exist in the Warhammer universe.
This strategy seemed risky. Flooding the market with varying quality games could dilute the brand. Some releases were indeed mediocre or worse. But the sheer volume meant great games emerged regularly, and each success introduced new audiences to the universe. Space Marine 2 benefited directly from this approach, launching into a market already primed by years of Warhammer gaming experiences.
What Challenges Remain
Games Workshop’s success isn’t without concerns. The company warned that new US tariffs could impact profits by approximately £12 million in fiscal year 2025-26, potentially reducing gross margins by about 2 percent. North American sales increased 14.6 percent to £51.7 million, but tariff policies could slow that growth.
There’s also the ever-present risk of over-expansion. The aggressive licensing strategy works until it doesn’t. Too many mediocre games could eventually damage the brand. The Amazon shows need to succeed, because high-profile failures would hurt more than quiet successes help.
The tabletop hobby itself faces demographic challenges. The barrier to entry remains high in terms of time, money, and skill. While Games Workshop has worked to make the hobby more accessible with starter sets and simplified rule editions, it will never be truly casual entertainment. Maintaining growth requires constantly recruiting new hobbyists to replace those who age out or lose interest.
Frequently Asked Questions
How much is Games Workshop worth now?
Games Workshop is currently valued at approximately £5.25 billion, which translates to roughly $8.5 billion USD depending on exchange rates. This represents nearly double the company’s market capitalization from just two years ago, driven primarily by strong core business performance and explosive licensing revenue growth from properties like Space Marine 2.
How many copies did Warhammer 40K Space Marine 2 sell?
Warhammer 40,000: Space Marine 2 sold over 7 million copies in less than a year since its September 2024 launch. The game hit 4.5 million copies in just over a month, making it one of 2024’s biggest commercial successes and dramatically exceeding publisher Focus Entertainment and developer Saber Interactive’s expectations.
Is Warhammer more popular than Marvel now?
According to Fandom’s 2024 Year in Review, Warhammer ranked as the number one entertainment franchise overall, ahead of Marvel which placed at number four. This marked the first time gaming properties dominated the list, taking 75 percent of the top 20 spots. However, this measures fan engagement and interest rather than pure revenue or cultural impact across all demographics.
What is the Henry Cavill Warhammer project?
Henry Cavill is starring in and executive producing a Warhammer 40,000 Cinematic Universe for Amazon Prime Video. The deal encompasses multiple films and television series exploring the Warhammer 40K universe. Cavill is a longtime Warhammer hobbyist who paints miniatures and plays the tabletop game, bringing authentic passion to the project rather than just celebrity involvement.
Why is Games Workshop so profitable?
Games Workshop operates with exceptional profit margins of roughly 71 percent gross and 30 percent net. The business model combines high-margin physical miniature sales with low-overhead digital licensing revenue. The company manufactures most products itself, controls distribution through owned retail stores and direct online sales, and licenses IP to video game developers for additional revenue with minimal ongoing costs.
Is Space Marine 3 confirmed?
Yes, Focus Entertainment and Saber Interactive officially announced Space Marine 3 is in development back in March 2025, just six months after Space Marine 2 launched. The developers stated they’re taking all learnings from the sequel and applying them to create an even bigger and more spectacular third installment, describing it as a love letter to the Warhammer 40,000 universe.
How did Warhammer become so popular suddenly?
Warhammer’s rise wasn’t sudden but rather the result of decades of building combined with strategic pivots in the past few years. Key factors include aggressive video game licensing that introduced the IP to millions of gamers, Space Marine 2’s breakout mainstream success, Amazon’s upcoming cinematic universe with Henry Cavill, strong social media community building, and Marvel/Star Wars fatigue creating space for alternative franchises.
How much does it cost to start playing Warhammer?
Starting Warhammer typically costs between $100-200 for a basic starter set that includes miniatures, rulebook, and essential tools. Building a full competitive army usually requires $300-600 depending on the faction chosen. Additional costs include paints, brushes, hobby supplies, and ongoing purchases for new units or expansions. The time investment for building and painting armies is substantial, often requiring dozens of hours before playing your first game.
The Bigger Picture
Warhammer’s success represents something larger than one company’s financial performance. It demonstrates that depth and complexity can compete with accessibility in entertainment. While Hollywood chases the broadest possible audiences with increasingly homogenized content, Warhammer thrives by being unapologetically itself. The lore is complicated, the hobby is expensive and time-consuming, and the universe is deliberately hostile and depressing. Yet millions of people can’t get enough.
Games Workshop’s journey from niche tabletop game maker to multi-billion dollar entertainment empire proves that passionate communities, quality products, and strategic licensing can build something extraordinary. Space Marine 2 selling 7 million copies isn’t just a gaming success story. It’s validation that there’s enormous appetite for properties that demand investment and reward dedication.
Whether Warhammer can sustain this momentum depends on execution across multiple fronts. The Amazon shows need to land with mainstream audiences while satisfying longtime fans. The tabletop business must continue evolving without alienating the core community. And the video game licensing strategy needs to maintain quality control as more projects enter development. But for now, in late 2025, Warhammer is winning. And in the grim darkness of the far future, there is only more content coming.