EA's Earnings Call: Contradictions Unveiled in Battlefield Pricing, Apex Legends Growth, and Live Services Strategy

Strong Start to Fiscal Year 2026:
- Electronic Arts reported net bookings of $1.3 billion for Q1 FY 2026, up 3%, exceeding the high end of guidance.
- The growth was driven by strong performance in Global Football, Star Wars, and Apex Legends franchises.

Global Football Success:
- Global Football net bookings grew mid-single digits year-over-year, with FC Online up double digits and FC Mobile having a record quarter.
- This success was attributed to strong engagement through live events, new player mechanics, and localized campaigns in FC Mobile.

Apex Legends Momentum:
- Apex Legends net bookings remained flat sequentially, driven by strong operational execution and the introduction of new content like Legend Locker.
- Improved engagement trends were fueled by strong retention, particularly among new and casual players.

Battlefield 6 and Upcoming Launches:
- Electronic Arts is well positioned for the upcoming launch of Battlefield 6, with significant investment in marketing and development.
- The company is confident in its ability to deliver an iconic experience that will drive growth and engagement.

Financial Performance and Guidance:
- Electronic Arts delivered GAAP net revenue of $1.67 billion, up 1%, with expectations for Q2 net bookings to be between $1.8 billion to $1.9 billion, down 13% to 9%.
- The guidance reflects a phasing change in FC 26 content delivery and normalized demand patterns for College Football.