At a glance: the numbers that matter

Electronic Arts announced preliminary Q2 FY26 results that paint a mixed picture for investors. Net bookings were reported at $1.818 billion, a 13% decline year-over-year. Net revenue finished near $1.839 billion. Operating cash flow for the quarter was modest—about $130 million—while trailing 12-month operating cash flow stood around $1.872 billion.

Capital returns and cash policy

EA remained active in returning capital to shareholders. During the quarter the company repurchased roughly 2.3 million shares for approximately $375 million, bringing the trailing 12‑month repurchases to about 17.5 million shares for $2.5 billion. EA also declared a quarterly dividend of $0.19 per share, signaling continued emphasis on shareholder distributions even as bookings softened.

Franchise performance: where strength came from

Despite the overall bookings decline, several franchises delivered encouraging results that explain why management is relatively upbeat about the company’s trajectory.

Madden NFL 26 and EA SPORTS titles

Madden NFL 26 contributed sequential and year-over-year improvement, supporting EA’s live-services revenue. EA SPORTS FC 26 (HD) posted mid-single-digit growth compared with its predecessor once timing differences were taken into account. These steadier contributions from sports titles helped offset weaker areas.

Apex Legends, Battlefield and skate.

Apex Legends experienced a double-digit rebound in net bookings, suggesting successful live-ops and player engagement initiatives. Battlefield 6 and skate. were cited as strategic pillars that have shown good launch momentum and engagement trends, reinforcing EA’s multi-franchise content strategy.

Investor implications: short-term pressure, long-term signals

The headline booking decline is likely to create near-term investor nervousness, particularly in momentum-driven trading for EA stock. A 13% drop in net bookings is material and invites questions about release cadence and content monetization across the portfolio.

Offsetting factors for shareholders

However, the company’s continued buybacks and a maintained dividend provide an offsetting signal. Aggressive repurchases—$2.5 billion over the trailing 12 months—reduce share count and can support EPS even in periods of softer top-line growth. The improving performance in key franchises suggests the dip may be episodic rather than structural.

What investors should watch next

Going forward, investors should focus on the full earnings release for Q2 FY26 and the accompanying conference call for more detail on seasonality, monetization assumptions, and guidance revisions. Key items to monitor include upcoming content schedules for major franchises, live-service KPIs for titles like Apex Legends, and any changes to buyback pace or dividend policy.