Is CD Projekt profitable in 2026?

Yes. CD Projekt reported FY2025 net profit of PLN 594.7 million, up about 34% year over year, on revenue of PLN 866.99 million. Q1 2026 added PLN 106 million in net earnings on PLN 191 million revenue, up 6% YoY, as of March 31, 2026.

When will Witcher 4 be released?

No confirmed release date exists as of July 2026. Witcher 4 (Project Polaris) entered full production in November 2024 on Unreal Engine 5. The earliest plausible launch is late 2027, with 2028 or later considered more likely by industry reporting.

Could AI replace CD Projekt's developers?

Unlikely soon. Co-CEO Michal Nowakowski said in December 2025 the studio has no plans to expand headcount for generative AI, and in June 2026 said he doubts fully AI-made games are the right path, even as he acknowledged such games are coming.

Who is CD Projekt's biggest competitor?

Larian Studios is cited as inspiration after Baldur's Gate 3's success, while Rockstar Games, EA, Ubisoft and Sony are larger by revenue but cannot legally produce Witcher or Cyberpunk content, per July 2026 reporting.

Is CD Projekt stock a safe investment right now?

Mixed signals as of July 2026: Oddo BHF upgraded it to Neutral around early June 2026, while Barclays kept a Sell rating with a PLN 150 target implying about 36% downside. Analyst consensus was rated Neutral with 5 buy versus 6 sell ratings.

Did CD Projekt have layoffs?

Yes, in July 2023 CD Projekt laid off about 100 workers, roughly 9% of CD Projekt RED staff, after canceling and restarting the game then known as Project Sirius, according to Wikipedia's July 2026 entry.

Gaming companies · Poland

CD Projekt

cdprojekt.com ↗

Polish game studio that makes The Witcher and Cyberpunk 2077.

Defensible for now

Assessed 23 July 2026 · Evidence as of 23 July 2026

Real protection, with named pressure against it.

On the recordSince 23 July 2026 · Checkable from late August 2026 · Every call on the record Checkpoint: Gamescom 2026 Witcher 3: Songs of the Past reveal, no Witcher 4 news expected

The call

The company survives on owned worlds no rival can copy, but its stock story rides entirely on whether Witcher 4 avoids a repeat of the Cyberpunk 2077 launch.

CD Projekt makes story-driven video games, most famously Witcher 3 and Cyberpunk 2077, which together sold over 100 million copies. It is hard to replace because the company owns these game worlds outright and has spent two decades building the stories and characters fans love. Bigger competitors like Rockstar Games and EA cannot legally make Witcher games, and AI tools (which now help other studios with art and testing) cannot invent the emotional connection players feel to these characters. The company is making money and has almost no debt, so it will not disappear. However, the one thing that matters most is whether Witcher 4, due around 2027 or 2028, launches smoothly or becomes another disaster like Cyberpunk 2077 did in 2020, which crashed the stock and triggered lawsuits.

Why

AI pressure: None apparent. AI tools speed up concept art, QA, and localization inside the studio but no AI product can legally make a Witcher or Cyberpunk game. Could AI do the core job? Unlikely.

Bigger players: Rockstar Games, EA, Ubisoft, Sony Interactive. All bigger by revenue but none can touch Witcher or Cyberpunk IP, so they compete for shelf space, not for these worlds. Could a giant copy it? No, they are blocked.

What protects it. It owns the only legal source of Witcher and Cyberpunk games, backed by a 105 million plus install base and two decades of studio knowledge.

What would change this call

CD Projekt announces a concrete Witcher 4 release date and marketing cadence. Shows execution credibility ahead of launch, reducing repeat-of-Cyberpunk-2020 risk.
Reports of crunch, delays, or scope cuts on Witcher 4 before launch. Would echo pre-launch warning signs seen before Cyberpunk 2077's troubled 2020 debut.
H1 2026 report (Sept 2026) and Q3 2026 report (Nov 2026) profit trends versus PLN 5B 2026-2029 target. Tracks whether management is on pace to meet its incentive benchmark or falling behind.

Key numbers

FY2025 net profit PLN 594.7M, up 34% YoY (2025-12-31)
Witcher 3 sold 65M copies to date (2026-07-22)
Market cap ~PLN 23.07B (~$6.1B) (2026-07-22)

Named risks

Witcher 4 has no confirmed release date, earliest plausible late 2027, more likely 2028 or beyond. Severity: high
History of launch failure: 2020 Cyberpunk 2077 disaster triggered securities class action, settled for $1.85 million in 2024. Severity: medium
Long product gap until next major release could leave near-term growth catalysts thin. Severity: medium
PLN 5 billion 2026-2029 profit incentive target creates pressure that could drive rushed decisions or scrutiny if unmet. Severity: medium
Mixed analyst sentiment with Barclays Sell rating implying about 36% downside as of July 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Rockstar Games	contesting	Larger by revenue but legally cannot produce Witcher or Cyberpunk IP, per July 2026 analysis
Larian Studios	contesting	CD Projekt co-CEO called Baldur's Gate 3 an inspiration but confirmed no pivot to CRPG format, 2026-07-15
EA	contesting	Larger by revenue per SteamDB publisher rankings, cited July 2026
Ubisoft	gaining on	CD Projekt briefly surpassed Ubisoft's market cap in May 2020 ($8.13B)
Sony/PlayStation Publishing	contesting	Larger by revenue but cannot legally replicate CD Projekt's owned IP, per July 2026 brief

Questions people ask

Is CD Projekt profitable in 2026?: Yes. CD Projekt reported FY2025 net profit of PLN 594.7 million, up about 34% year over year, on revenue of PLN 866.99 million. Q1 2026 added PLN 106 million in net earnings on PLN 191 million revenue, up 6% YoY, as of March 31, 2026.
When will Witcher 4 be released?: No confirmed release date exists as of July 2026. Witcher 4 (Project Polaris) entered full production in November 2024 on Unreal Engine 5. The earliest plausible launch is late 2027, with 2028 or later considered more likely by industry reporting.
Could AI replace CD Projekt's developers?: Unlikely soon. Co-CEO Michal Nowakowski said in December 2025 the studio has no plans to expand headcount for generative AI, and in June 2026 said he doubts fully AI-made games are the right path, even as he acknowledged such games are coming.
Who is CD Projekt's biggest competitor?: Larian Studios is cited as inspiration after Baldur's Gate 3's success, while Rockstar Games, EA, Ubisoft and Sony are larger by revenue but cannot legally produce Witcher or Cyberpunk content, per July 2026 reporting.
Is CD Projekt stock a safe investment right now?: Mixed signals as of July 2026: Oddo BHF upgraded it to Neutral around early June 2026, while Barclays kept a Sell rating with a PLN 150 target implying about 36% downside. Analyst consensus was rated Neutral with 5 buy versus 6 sell ratings.
Did CD Projekt have layoffs?: Yes, in July 2023 CD Projekt laid off about 100 workers, roughly 9% of CD Projekt RED staff, after canceling and restarting the game then known as Project Sirius, according to Wikipedia's July 2026 entry.

Timeline

2026-06AGM approves corporate rename to CD Projekt RED S.A.
2026-05Announces Witcher 3 expansion Songs of the Past, set for 2027 release
2026-05Witcher 4 team grows to 499 to 513 employees, Cyberpunk sequel team to about 149
2026-03Shareholders approve PLN 5 billion 2026 to 2029 net profit incentive target
2026-03FY2025 results reported: PLN 866.99 million revenue, PLN 594.7 million net profit
2025GOG.com divested to co-founder Michal Kicinski
2025The Molasses Flood merged into CD Projekt RED North America
2024-11Witcher 4 (Project Polaris) moves from pre-production to full production
2023-07Lays off about 100 workers, 9% of CD Projekt RED, after Project Sirius restart
2020-05-19Briefly becomes Europe's most valuable game company at $8.13B market cap

Revision history

23 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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