Asmodee reported a 23% sales decline in the U.S. market in the October-December 2025 quarter (fiscal Q3, calendar Q4), even as TCG sales in Europe drove record sales for the company overall. U.S. sales were $83.1 million for the quarter (converted from Euros at today’s exchange rate), down from $108.1 million in Q4 2024.
Asmodee attributed the U.S. sales decline to lower sell-in for larger retailers and negative foreign exchange effects. Overall consumer demand in the U.S. was stable, according to the report, which indicates to us that the sell-in declines were related to de-risking by retailers, likely due to concerns over tariff impacts on demand.
Overall sales for the company were up 22.2% to $618.4 million from $506.2 million in the year ago quarter, with sales in Europe of TCGs including Pokemon TCG, One Piece Card Game, Riftbound, and Magic: The Gathering all contributing, according to the report.
Those big sales increases of third-party TCGs were not only enough to lift overall sales, they did so despite sales declines of games from Asmodee studios, which declined 12.7% to $182.3 million from $208.9 million in the year ago quarter. Sales of games published by partners were up 50.3% to $419.6 million from $279.2 million in the same quarter in 2024.
Profits were also a record, growing from $4.1 million in calendar Q4 2024 to $57.9 million in the 2025 quarter.
“Our performance this quarter continues to underscore the strength of our diversified ecosystem across products, and geographies,” Asmodee CEO Thomas Koegler said in his letter accompanying the report.
Source: ICv2
