Ubisoft has published its full financial results for the fiscal year ending March 31, 2026, and the numbers show a significant drop across the board. Revenue came in at €1.4 billion, down 21.8% compared to the previous year, while net bookings hit €1.5 billion, a 17.4% year-over-year decline. The company points to a lighter release schedule and its ongoing shift to a new operating model as the main reasons behind the drop.

For the 12 months ending March 31, 2026:

• Revenue: €1.4 billion (down 21.8% YoY)
• Net bookings: €1.5 billion (down 17.4% YoY)
• Digital net bookings: €1.33 billion (down 16.0% YoY)
• Back-catalogue net bookings: €1.28 billion (down 1.1% YoY)

The final quarter of the fiscal year (January to March 2026) was particularly rough. Revenue for those three months dropped 47.3% year-over-year to €419.5 million, while net bookings fell 54% to €415 million. Back-catalogue net bookings for the quarter stood at €243 million. Operating losses also widened sharply, going from €196.5 million to €1.3 billion year-over-year, largely reflecting the costs tied to the company’s restructuring efforts.

Despite the overall decline, a few titles held up well. Rainbow Six Siege continued to show strong engagement, with monthly active users peaking at over 10 million in March. The Division 2 more than doubled its net bookings across the full fiscal year. Assassin’s Creed continued to perform strongly, with year-over-year engagement growth and over 30 million players by the end of the year.

Avatar: Frontiers of Pandora, The Crew Motorfest, and For Honor also reported growth during the period, with Motorfest hitting record quarterly user numbers. The company’s back-catalogue remained relatively stable and was a key driver of net bookings throughout the year. Across consoles and PC, Ubisoft reached 36 million monthly unique users and 129 million unique users in total, though the company noted these figures exclude XDefiant.

The report confirms that seven projects have been cancelled and six games have been delayed as part of the company’s broader restructuring. Ubisoft has also been closing studios and cutting costs, with a target of €200 million in savings tied to its new creative house structure.

Ubisoft says FY2026-27 is expected to be a “low point” in its free cash flow, with a softer release slate and continued restructuring costs. A “strong rebound” is forecast for FY2027-28, with the company targeting positive free cash flow that year and “robust” free cash flow in FY2028-29.

On the release side, Assassin’s Creed Black Flag Resynced is set to launch on July 9, and Ubisoft has said it plans to release other premium games based on existing franchises.

CEO and co-founder Yves Guillemot addressed the results directly: “This past fiscal year was one of decisive action for Ubisoft. We initiated one of the most ambitious transformations in the company’s history, building a more focused, agile and disciplined organization that is capable of consistently delivering high-quality experiences to players through a sustained release cadence while supporting value creation over time.”