GameStop Rises 4% as Collectibles Sales Jump 57% and a Director Buys $1M

Quick Read

• GameStop’s collectibles jumped 57% to $356M, powering record Q2 operating income and an EPS beat of $0.27 against a $0.19 consensus.

• ESPO dropped 1% and peers Take-Two and Roblox offered no lift, confirming GME’s 5% rally is stock-specific, not a sector-wide move.

• Director Lawrence Cheng purchased $1M in GameStop shares the same day results dropped, lending corroborating insider confidence to the quarter.

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GameStop (NYSE:GME) stock is up 4% to $19.59 in Wednesday morning trading, powered by a fiscal second-quarter earnings beat, a surge in collectibles revenue, and a same-day insider purchase from one of its directors. The move caps a choppy stretch for the retailer’s shares and reframes the business mix that investors have been valuing.

The session gain still leaves GameStop stock down 2% year to date, so today’s rally hasn’t yet pulled the shares positive for 2026. That’s the cautionary note in the story: a single strong session doesn’t undo a flat-to-negative run, and it doesn’t yet mark a change in trend.

For context, the VanEck Video Gaming and eSports ETF (NASDAQ:ESPO) is trading at $96.77, down 1% on the same session. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) sits at $762.02, down 0.5%, so this reads as a single-name reaction rather than a broad bid for gaming equities.

Collectibles Surge Reshapes the Mix

GameStop reported fiscal Q2 2026 adjusted earnings per share of $0.27, above the analyst consensus estimate of $0.19. GameStop’s revenue came in above the consensus estimate but fell from the prior-year quarter, which GameStop attributed to the prior year’s Nintendo console launch, planned store closures, and the divestiture of its France operations.

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GameStop’s collectibles net sales rose 57% year over year to $356.3 million, a mix shift that has the trading-card, plush, and pop-culture category carrying growth while the legacy retail line shrinks. The company’s operating income was the highest for a second quarter in its history, and management raised its full-year adjusted EBITDA outlook.