GameStop Corp.
For the period ended Jan 31, 2026. Filed Mar 24, 2026.
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FY2026 · Filed Mar 24, 2026
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9. Leases
- Leases
The following table presents rent expenses under operating leases:
| Fiscal | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating lease cost | $196.7 | $264.1 | $284.0 |
| Variable lease cost (1) | 42.9 | 58.1 | 57.5 |
| Total rent expense | $239.6 | $322.2 | $341.5 |
(1) Variable lease cost includes percentage rentals and variable executory costs.
In fiscal 2025, we recognized $0.9 million of store-level ROU asset impairment charges compared to $0.7 million and $2.7 million of store-level ROU asset impairment charges in fiscal 2024 and 2023, respectively.
The following table presents the weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities:
| January 31, 2026 | February 1, 2025 | |
|---|---|---|
| Weighted-average remaining lease term (years) (1) | 3.4 | 3.7 |
| Weighted-average discount rate (2) | 6.3% | 6.7% |
(1) The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of January 31, 2026 and February 1, 2025.
(2) The weighted-average discount rate weights the IBR determined for each lease based on each lease's respective liability balance as of January 31, 2026 and February 1, 2025.
The following table presents expected lease payments associated with our operating lease liabilities, excluding percentage rentals, for the next five fiscal years:
| Period | Operating Leases(1) |
|---|---|
| Fiscal 2026 | $104.8 |
| Fiscal 2027 | 70.0 |
| Fiscal 2028 | 42.2 |
| Fiscal 2029 | 25.1 |
| Fiscal 2030 | 13.7 |
| Thereafter | 15.4 |
| Total remaining lease payments | 271.2 |
| Less: Interest | (30.1) |
| Present value of lease liabilities(2) | $241.1 |
(1) Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced.
(2) The future lease payments presented in the table above include amounts related to operating leases associated with our French disposal group classified as held for sale. The related lease liabilities totaling approximately $43.5 million have been reclassified to liabilities held for sale on the consolidated balance sheet and are not included in the lease liabilities line item as of January 31, 2026 With this reclassification, the present value of the lease payments reconcile to the total lease liabilities recognized. The present value of lease liabilities consist of $87.5 million classified as current portion of operating lease liabilities and $110.1 million classified as long-term operating lease liabilities on our Consolidated Balance Sheets.
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