Electronic Arts · Earnings release · 8-K Exhibit 99

Electronic Arts Reports Q4 and FY25 Results

Strong finish to FY25 from EA SPORTS FC and Split Fiction; positions EA for growth

acceleration and a Battlefield launch in FY26

REDWOOD CITY, CA – May 6, 2025 – Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2025.

“The incredible success of College Football and the enduring strength of FC drove another record year for EA SPORTS, while The Sims capped FY25 with a historic Q4,” said Andrew Wilson, CEO of Electronic Arts. “As we look to the future, we’re confident in our ability to execute across a deep pipeline — T1beginning this summer with the highly anticipated reveal of Battlefield, a pivotal step in delivering on our next generation of blockbuster entertainment.”

“Q4 marked a strong finish to FY25, with broad-based momentum across the portfolio positioning the business for accelerated growth,” said Stuart Canfield, CFO of Electronic Arts. “As we enter FY26, we remain focused on disciplined execution as we build toward a slate of groundbreaking upcoming releases.”

Selected Operating Highlights and Metrics

•Net bookings1 for FY25 totaled $7.355 billion.

•T2The EA SPORTS portfolio delivered another record net bookings year in FY25.

•T3EA’s American Football franchise exceeded expectations and reached over $1 billion in net bookings in FY25.

•T4Celebrating its 25th birthday, The Sims franchise continues its strong momentum with double digit growth in the quarter.

•In EA SPORTS FC, player monetization was up double digits, starting with the mid-January gameplay update.

•T5Split Fiction has sold nearly 4 million units since its hugely successful launch in March.

Selected Financial Highlights and Metrics

•Net revenue for FY25 was $7.463 billion.

•Net cash provided by operating activities was $549 million for the quarter and $2.079 billion for the fiscal year.

•EA repurchased 9.8 million shares for $1.375 billion during the quarter, bringing the total for the fiscal year to 17.6 million shares for $2.500 billion.

Dividend

EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock. The dividend is payable on June 18, 2025 to stockholders of record as of the close of business on May 28, 2025.

Business Outlook as of May 6, 2025

Fiscal Year 2026 Expectations

Operational outlook metrics:

•G1Fiscal year 2026 net bookings is expected to be approximately $7.600 billion to $8.000 billion.

◦G2Year-over-year net bookings growth in fiscal year 2026 is expected to be driven by the EA SPORTS portfolio, The Sims, and the launches of Battlefield and skate., T6partially offset by approximately 5 points of weakness in catalog and Apex Legends.

•T7The Company expects continued growth in live services, as well as the launch of new non-annual titles in fiscal year 2027.

Financial outlook metrics:

•G3Net revenue is expected to be approximately $7.100 billion to $7.500 billion.

◦G4Change in deferred net revenue (online-enabled games) is expected to be approximately $500 million.

•G5GAAP operating expenses are expected to be approximately $4.470 billion to $4.570 billion.

◦T8Year-over-year increases in expenses are largely attributable to costs related to Battlefield marketing.

•G6Net income is expected to be approximately $795 million to $974 million.

•G7Diluted earnings per share is expected to be approximately $3.09 to $3.79.

•G8Operating cash flow is expected to be approximately $2.200 billion to $2.400 billion.

•G9The Company estimates a share count of 257 million for purposes of calculating diluted earnings per share.

•G10T9The Company intends to return at least 80% of free cash flow with stock repurchases and dividends through fiscal year 2027.

•The Company reiterates its financial margin framework through fiscal year 2027 shared at its September 2024 Investor Day.

Operational outlook metric:

•G11Net bookings is expected to be approximately $1.175 billion to $1.275 billion.

◦G12G13Live services growth, excluding Apex Legends, is expected to be up low-single-digits year-over-year led by the EA SPORTS portfolio, offset by approximately 5 points of headwind from Apex Legends and 2 points of headwind from catalog.

Financial outlook metrics:

•G14Net revenue is expected to be approximately $1.550 billion to $1.650 billion.

◦G15Change in deferred net revenue (online-enabled games) is expected to be approximately ($375) million.

•G16GAAP operating expenses are expected to be approximately $1.110 billion to $1.120 billion.

◦T10Expenses in Q1 are impacted by continued investments in line with Q4 FY25, as well as costs associated with resource reprioritization.

•G17Net income is expected to be approximately $125 million to $169 million.

•G18Diluted earnings per share is expected to be approximately $0.49 to $0.66.

•G19The Company estimates a share count of 255 million for purposes of calculating diluted earnings per share.

Quarterly Financial Highlights

Three Months Ended

(in $ millions, except per share amounts)

Full game

Live services and other

Total net revenue

Net income

Diluted earnings per share

Operating cash flow

Value of shares repurchased

Number of shares repurchased

Cash dividend paid

Fiscal Year Financial Highlights

Twelve Months Ended

(in $ millions, except per share amounts)

Full game

Live services and other

Total net revenue

Net income

Diluted earnings per share

Operating cash flow

Value of shares repurchased

Number of shares repurchased

Cash dividend paid

Operating Metric

The following is a calculation of our total net bookings for the periods presented:

Three Months Ended

Twelve Months Ended

(in $ millions)

Total net revenue

Change in deferred net revenue (online-enabled games)

Total net bookings

Conference Call and Supporting Documents

Electronic Arts will host a conference call on May 6, 2025 at 2:00 pm PT (5:00 pm ET) to review its results for the fourth fiscal quarter and fiscal year ended March 31, 2025 and its outlook for the future. During the course of the call, Electronic Arts may disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live through the following dial-in number (855) 761-5600 (domestic) or (646) 307-1097 (international), using the conference code 5939891 or via webcast at EA’s IR Website at http://ir.ea.com.

EA has posted a slide presentation with a financial model of EA’s historical results and guidance on EA’s IR Website. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR Website.

A dial-in replay of the conference call will be available until May 13, 2025 at (800) 770-2030 (domestic) or (609) 800-9099 (international) using conference code 5939891. An audio webcast replay of the conference call will be available for one year on EA’s IR Website.

Forward-Looking Statements

Some statements set forth in this release, including the information relating to EA’s expectations under the heading “Business Outlook as of May 6, 2025” and other information regarding EA's expectations contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements.

Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences and trends; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; economic and geopolitical conditions; changes in our tax rates or tax laws; and other factors described in Part II, Item 1A of Electronic Arts’ latest Quarterly Report on Form 10-Q under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

These forward-looking statements are current as of May 6, 2025. Electronic Arts assumes no obligation to revise or update any forward-looking statement, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.

While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended March 31, 2025.

About Electronic Arts

Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.

In fiscal year 2025, EA posted GAAP net revenue of approximately $7.5 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FC™, Battlefield™, Apex Legends™, The Sims™, EA SPORTS™ Madden NFL, EA SPORTS™ College Football, Need for Speed™, Dragon Age™, Titanfall™, Plants vs. Zombies™ and EA SPORTS F1®. More information about EA is available at www.ea.com/news.

EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Dragon Age, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and F1 are the property of their respective owners and used with permission.

For additional information, please contact:

Andrew Uerkwitz

Justin Higgs

Vice President, Investor Relations

Vice President, Corporate Communications

auerkwitz@ea.com

jhiggs@ea.com

1 Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(in $ millions, except per share data)

Three Months Ended

Twelve Months Ended March 31,

Net revenue

Cost of revenue

Gross profit

Operating expenses:

Research and development

Marketing and sales

General and administrative

Amortization and impairment of intangibles

Restructuring

3

Total operating expenses

Operating income

Interest and other income (expense), net

Income before provision for income taxes

Provision for income taxes

Net income

Earnings per share

Basic

Diluted

Number of shares used in computation

Basic

Diluted

Results (in $ millions, except per share data)

The following table reports the variance of the actuals versus our guidance provided on February 4, 2025 for the three months ended March 31, 2025 plus a comparison to the actuals for the three months ended March 31, 2024.

Three Months Ended March 31,

Variance

Net revenue

Net revenue

GAAP-based financial data

Change in deferred net revenue (online-enabled games)1

Cost of revenue

Cost of revenue

GAAP-based financial data

Acquisition-related expenses

—

Stock-based compensation

(4)

1

(3)

(2)

Operating expenses

Operating expenses

GAAP-based financial data

Acquisition-related expenses

3

Restructuring and related charges

(7)

3

(4)

Stock-based compensation

2

Income before tax

Income before tax

GAAP-based financial data

Acquisition-related expenses

(3)

Change in deferred net revenue (online-enabled games)1

Restructuring and related charges

7

(3)

4

Stock-based compensation

(3)

Tax rate used for management reporting

%

%

%

Earnings per share

Basic

Diluted

Number of shares used in computation

Basic

(5)

Diluted

(5)

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(in $ millions)

ASSETS

Current assets:

Cash and cash equivalents

Short-term investments

Receivables, net

Other current assets

Total current assets

Property and equipment, net

Goodwill

Acquisition-related intangibles, net

Deferred income taxes, net

Other assets

TOTAL ASSETS

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable, accrued, and other current liabilities

Deferred net revenue (online-enabled games)

Senior notes, current, net

—

Total current liabilities

Senior notes, net

Income tax obligations

Other liabilities

Total liabilities

Stockholders’ equity:

Common stock

3

3

Retained earnings

Accumulated other comprehensive loss

Total stockholders’ equity

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

2Derived from audited consolidated financial statements.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Cash Flows

(in $ millions)

Three Months Ended March 31,

Twelve Months Ended March 31,

OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization, accretion and impairment

Stock-based compensation

Change in assets and liabilities

Receivables, net

Other assets

Accounts payable, accrued, and other liabilities

Deferred income taxes, net

(6)

Deferred net revenue (online-enabled games)

Net cash provided by operating activities

INVESTING ACTIVITIES

Capital expenditures

Proceeds from maturities and sales of short-term investments

Purchase of short-term investments

Net cash provided by (used in) investing activities

FINANCING ACTIVITIES

Proceeds from issuance of common stock

Cash dividends paid

Cash paid to taxing authorities for shares withheld from employees

Common stock repurchases and excise taxes paid

Net cash used in financing activities

Effect of foreign exchange on cash and cash equivalents

8

(8)

Change in cash and cash equivalents

Beginning cash and cash equivalents

Ending cash and cash equivalents

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Supplemental Financial Information and Business Metrics

(in $ millions, except per share data)

Q4

Q1

Q2

Q3

Q4

YOY %

Change

Net revenue

Net revenue

7

%

GAAP-based financial data

Change in deferred net revenue (online-enabled games)1

Gross profit

Gross profit

7

%

Gross profit (as a % of net revenue)

%

%

%

%

%

GAAP-based financial data

Acquisition-related expenses

Change in deferred net revenue (online-enabled games)1

Stock-based compensation

2

4

4

3

3

Operating income

Operating income

%

Operating income (as a % of net revenue)

%

%

%

%

%

GAAP-based financial data

Acquisition-related expenses

Change in deferred net revenue (online-enabled games)1

Restructuring and related charges

6

—

4

Stock-based compensation

Net income

Net income

%

Net income (as a % of net revenue)

%

%

%

%

%

GAAP-based financial data

Acquisition-related expenses

Change in deferred net revenue (online-enabled games)1

Restructuring and related charges

6

—

4

Stock-based compensation

Tax rate used for management reporting

%

%

%

%

%

Diluted earnings per share

%

Number of shares used in computation

Basic

Diluted

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Supplemental Financial Information and Business Metrics

(in $ millions)

Q4

Q1

Q2

Q3

Q4

YOY %

Change

QUARTERLY NET REVENUE PRESENTATIONS

Net revenue by composition

Full game downloads

%

Packaged goods

3

%

Full game

%

Live services and other

1

%

Total net revenue

7

%

Full game

%

%

%

%

%

Live services and other

%

%

%

%

%

Total net revenue %

%

%

%

%

%

GAAP-based financial data

Full game downloads

Packaged goods

9

Full game

Live services and other

Total change in deferred net revenue (online-enabled games) by composition1

Net revenue by platform

Console

%

PC & Other

1

%

Mobile

(7

%)

Total net revenue

7

%

GAAP-based financial data

Console

PC & Other

Mobile

(9)

—

1

Total change in deferred net revenue (online-enabled games) by platform1

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Supplemental Financial Information and Business Metrics

(in $ millions)

Q4

Q1

Q2

Q3

Q4

YOY %

Change

CASH FLOW DATA

Investing cash flow

Investing cash flow - TTM

%

Financing cash flow

Financing cash flow - TTM

%)

Operating cash flow

Operating cash flow - TTM

%)

Capital expenditures

Capital expenditures - TTM

%

Free cash flow3

Free cash flow3 - TTM

%)

Common stock repurchases and excise taxes paid

%

Cash dividends paid

(6

%)

DEPRECIATION

Depreciation expense

2

%

BALANCE SHEET DATA

Cash and cash equivalents

Short-term investments

Cash and cash equivalents, and short-term investments

%)

Receivables, net

%

STOCK-BASED COMPENSATION

Cost of revenue

2

4

4

3

3

Research and development

Marketing and sales

General and administrative

Total stock-based compensation

RESTRUCTURING AND RELATED CHARGES

Restructuring

2

1

3

Office space reductions

2

4

1

(1)

1

Total restructuring and related charges

6

—

4

3Free cash flow is defined as Operating cash flow less Capital expenditures.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(in $ millions)

The following table provides a reconciliation of non-GAAP operating income and margin to their most directly comparable GAAP financial measure for the twelve months ended March 31, 2025 plus a comparison to the actuals for the twelve months ended March 31, 2024.

Twelve Months Ended

YOY % Change

Net revenue

(1%)

GAAP operating income

—

Acquisition-related expenses

Restructuring and related charges

Stock-based compensation

Non-GAAP operating income

(2%)

GAAP operating margin

Non-GAAP operating margin

Impact from change in deferred net revenue (online-enabled games)

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(in $ millions)

The following table provides a reconciliation of non-GAAP operating income and margin to their most directly comparable GAAP financial measure for the three months ended March 31, 2025 plus a comparison to the actuals for the three months ended March 31, 2024.

Three Months Ended

YOY % Change

Net revenue

7%

GAAP operating income

Acquisition-related expenses

Restructuring and related charges

4

Stock-based compensation

Non-GAAP operating income

8%

GAAP operating margin

Non-GAAP operating margin

Impact from change in deferred net revenue (online-enabled games)

ELECTRONIC ARTS INC. AND SUBSIDIARIES

GAAP Guidance to Non-GAAP Guidance

(in $ millions)

The following table provides GAAP to Non-GAAP reconciliation of the Company’s FY26 guidance.

GAAP-Based Financial Data

GAAP-Based Financial Data

A

B

C

GAAP Guidance Range

Acquisition-related expenses5

Stock-based compensation5

Non-GAAP Guidance Range = A + B +C

Change in deferred net revenue (online-enabled games)5

Net revenue

to

—

—

to

Cost of revenue

to

to

—

Operating expense

to

to

—

G20Operating margin

to

to

Income before provision for income taxes

to

to

Net income4

to

Number of shares used in computation:

Diluted

4 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods.

5 The mid-point of the range has been used for purposes of presenting reconciling items to operating margin.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

GAAP-Based Financial Data for Guidance

(in $ millions)

The following table provides supplemental information to the Company’s Q1 FY26 guidance.

GAAP-Based Financial Data

GAAP Guidance Range

Acquisition-related expenses

Stock-based compensation

Change in deferred net revenue (online-enabled games)

Net revenue

to

—

—

Cost of revenue

to

(5)

—

Operating expense

to

—

Income before provision for income taxes

to

Net income4

to

Number of shares used in computation:

Diluted

4 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods.

Non-GAAP Financial Measures

As a supplement to the Company’s financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance, including non-GAAP operating margin and free cash flow. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting and differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

The non-GAAP financial measures exclude acquisition-related expenses, stock-based compensation, restructuring and related charges, and capital expenditures, as applicable in any given reporting period and our outlook. The Company may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Management believes that these non-GAAP financial measures provide investors with additional useful information to better understand and evaluate the Company’s operating results and future prospects because they exclude certain items that may not be indicative of the Company’s core business, operating results, or future outlook. These non-GAAP financial measures, with further adjustments are used by management to understand ongoing financial and business performance.

The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan, and analyze future periods. Accordingly, the Company applies the same tax rate to its management reporting financial results.

Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure.