Ubisoft revenue drops 21.8% as restructuring continues, seven projects canceled

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Ubisoft’s latest full-year earnings paint a rough picture. For the fiscal year ending March 31, 2026, the company reported revenue of €1.4 billion, down 21.8% year-over-year, while net bookings fell 17.4% to €1.5 billion. Ubisoft blamed the drop on a lighter release schedule and its ongoing restructuring.

The company says that overhaul will continue through the current fiscal year, and it expects 2026-27 to be another weak stretch for cash flow because of restructuring costs and a softer lineup. Ubisoft is still aiming for a rebound after that, with positive free cash flow projected for 2027-28.

  • Full-year revenue: €1.4 billion, down 21.8%
  • Full-year net bookings: €1.5 billion, down 17.4%
  • Q4 revenue: €419.5 million, down 47.3%
  • Q4 net bookings: €415 million, down 54%
  • Operating losses widened from €196.5 million to €1.3 billion
  • Seven projects have now been canceled, and six games have been delayed

Even with the broader decline, a few Ubisoft series held up well. Rainbow Six Siege hit more than 10 million monthly active users in March, The Division 2 more than doubled its net bookings over the year, and Assassin’s Creed closed the period with more than 30 million players. Ubisoft also said Avatar: Frontiers of Pandora, The Crew Motorfest, and For Honor all posted growth, with Motorfest reaching a quarterly user record.

The back catalog did most of the heavy lifting. Back-catalogue net bookings were down just 1.1% for the year, which is a lot steadier than the company’s overall results. Ubisoft also said it reached 36 million monthly unique users and 129 million unique users across console and PC, excluding XDefiant.

Looking ahead, Ubisoft says it plans to keep supporting its live-service games, especially Rainbow Six Siege, while leaning on established franchises for new releases. The report mentions Assassin’s Creed Black Flag Resynced as part of that slate, with a July 9 release date, alongside other premium games based on existing Ubisoft brands.