Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

GameStop Corp., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Federal	(700)	(2,100)	(13,200)	(154,900)	(25,300)	45,000)
State	1,200)	4,000)	7,600)	(1,500)	1,500)	12,800)
Foreign	6,000)	11,700)	7,800)	18,800)	(100)	38,500)
Current tax expense (benefit)	6,500)	13,600)	2,200)	(137,600)	(23,900)	96,300)
Federal	—)	—)	—)	45,500)	12,600)	(36,000)
State	—)	—)	—)	7,600)	3,200)	(4,000)
Foreign	(100)	(2,600)	(16,300)	29,200)	45,700)	(14,600)
Deferred tax expense (benefit)	(100)	(2,600)	(16,300)	82,300)	61,500)	(54,600)
Income tax expense (benefit)	6,400)	11,000)	(14,100)	(55,300)	37,600)	41,700)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Current tax expense (benefit)	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	GameStop Corp. current tax expense (benefit) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Deferred tax expense (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	GameStop Corp. deferred tax expense (benefit) increased from 2022 to 2023 and from 2023 to 2024.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	GameStop Corp. income tax expense (benefit) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

GameStop Corp., effective income tax rate (EITR) reconciliation

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal effect	151.50%	2.30%	3.10%	5.00%	-1.00%	-0.90%
Foreign income tax rate differential	-35.00%	0.20%	0.40%	-3.90%	-0.50%	2.80%
Change in valuation allowance	-133.40%	-27.20%	-33.60%	-41.80%	-17.90%	0.00%
Change in unrecognized tax benefits	-20.20%	-0.40%	-1.40%	0.00%	3.40%	0.20%
Transition tax	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%
Foreign tax credit	0.00%	0.00%	0.00%	0.00%	0.20%	0.10%
Withholding tax expense	5.00%	-0.30%	-0.30%	-0.30%	-0.20%	-0.30%
Stock-based compensation	30.50%	-0.20%	6.40%	0.00%	0.00%	0.00%
Impairment of goodwill	0.00%	0.00%	0.00%	0.00%	-15.40%	-25.60%
Nondeductible interest	0.00%	0.00%	0.00%	0.00%	-0.10%	-4.20%
U.S. impact of foreign operations	0.00%	0.00%	0.00%	7.60%	0.00%	0.00%
Incremental benefit of net operating loss carryback	0.00%	1.10%	3.60%	23.50%	0.00%	0.00%
Loss on worthless debt and related investment	0.00%	0.00%	5.50%	10.70%	0.00%	0.00%
Simply Mac loss on sale	0.00%	0.00%	0.00%	0.00%	1.60%	0.00%
Other, including permanent differences	29.50%	-0.10%	-1.10%	-1.30%	0.10%	-1.60%
Effective tax rate	48.90%	-3.60%	3.60%	20.50%	-8.80%	-5.50%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	GameStop Corp. effective tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

GameStop Corp., components of deferred tax assets and liabilities

US$ in thousands

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Inventory	13,600)	6,800)	8,600)	1,500)	10,700)	14,700)
Deferred rents	700)	1,000)	900)	2,100)	1,000)	3,900)
Operating lease liabilities	140,800)	162,900)	180,000)	212,300)	201,300)	—)
Stock-based compensation	4,500)	10,000)	4,700)	1,500)	1,700)	1,800)
Net operating losses and other loss carryforwards	273,700)	280,700)	219,800)	111,800)	77,300)	78,500)
Customer liabilities	21,700)	34,300)	15,100)	18,100)	11,600)	18,600)
Property and equipment	—)	—)	—)	—)	3,500)	11,300)
Credits	7,700)	25,200)	25,100)	27,600)	27,900)	18,200)
Accrued compensation	3,100)	6,400)	9,300)	12,900)	9,600)	12,100)
Intangible assets	700)	13,900)	25,500)	29,800)	28,500)	21,800)
Goodwill	500)	700)	900)	1,200)	1,500)	—)
Other	33,900)	48,400)	48,100)	24,500)	22,400)	13,100)
Deferred tax assets	500,900)	590,300)	538,000)	443,300)	397,000)	194,000)
Valuation allowance	(355,200)	(408,500)	(338,300)	(225,700)	(112,700)	(32,900)
Deferred tax assets, net	145,700)	181,800)	199,700)	217,600)	284,300)	161,100)
Property and equipment	(1,000)	(4,800)	(5,400)	(7,900)	—)	—)
Goodwill	—)	—)	—)	—)	—)	(10,200)
Prepaid expenses	(300)	(200)	(900)	(2,000)	(3,300)	(3,600)
Operating lease right-of-use assets	(127,100)	(157,800)	(177,100)	(207,400)	(198,500)	—)
Other	—)	(800)	—)	(300)	(200)	(100)
Deferred tax liabilities	(128,400)	(163,600)	(183,400)	(217,600)	(202,000)	(13,900)
Net deferred tax assets (liabilities)	17,300)	18,200)	16,300)	—)	82,300)	147,200)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	GameStop Corp. deferred tax assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	GameStop Corp. deferred tax assets, net decreased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	GameStop Corp. net deferred tax assets (liabilities) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

GameStop Corp., deferred tax assets and liabilities, classification

US$ in thousands

		Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
	Deferred income taxes, assets	17,300)	18,300)	16,300)	—)	83,000)	147,300)
	Deferred income taxes, liabilities	—)	—)	—)	—)	700)	100)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

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Item	Description	The company
Deferred income taxes, assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.
Deferred income taxes, liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

GameStop Corp., adjustments to financial statements

US$ in thousands

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Adjustment to Total Assets
Total assets (as reported)	2,709,000)	3,113,400)	3,499,300)	2,472,600)	2,819,700)	4,044,300)
Less: Noncurrent deferred tax assets, net	17,300)	18,300)	16,300)	—)	83,000)	147,300)
Total assets (adjusted)	2,691,700)	3,095,100)	3,483,000)	2,472,600)	2,736,700)	3,897,000)
Adjustment to Total Liabilities
Total liabilities (as reported)	1,370,400)	1,791,100)	1,896,800)	2,035,900)	2,208,200)	2,708,100)
Less: Noncurrent deferred tax liabilities, net	—)	—)	—)	—)	700)	100)
Total liabilities (adjusted)	1,370,400)	1,791,100)	1,896,800)	2,035,900)	2,207,500)	2,708,000)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	1,338,600)	1,322,300)	1,602,500)	436,700)	611,500)	1,336,200)
Less: Net deferred tax assets (liabilities)	17,300)	18,200)	16,300)	—)	82,300)	147,200)
Stockholders’ equity (adjusted)	1,321,300)	1,304,100)	1,586,200)	436,700)	529,200)	1,189,000)
Adjustment to Net Income (loss)
Net income (loss) (as reported)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Add: Deferred income tax expense (benefit)	(100)	(2,600)	(16,300)	82,300)	61,500)	(54,600)
Net income (loss) (adjusted)	6,600)	(315,700)	(397,600)	(133,000)	(409,400)	(727,600)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

GameStop Corp., Financial Data: Reported vs. Adjusted

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GameStop Corp., adjusted financial ratios

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net Profit Margin
Reported net profit margin	0.13%	-5.28%	-6.34%	-4.23%	-7.28%	-8.12%
Adjusted net profit margin	0.13%	-5.33%	-6.61%	-2.61%	-6.33%	-8.78%
Total Asset Turnover
Reported total asset turnover	1.95	1.90	1.72	2.06	2.29	2.05
Adjusted total asset turnover	1.96	1.92	1.73	2.06	2.36	2.13
Financial Leverage
Reported financial leverage	2.02	2.35	2.18	5.66	4.61	3.03
Adjusted financial leverage	2.04	2.37	2.20	5.66	5.17	3.28
Return on Equity (ROE)
Reported ROE	0.50%	-23.68%	-23.79%	-49.30%	-77.01%	-50.37%
Adjusted ROE	0.50%	-24.21%	-25.07%	-30.46%	-77.36%	-61.19%
Return on Assets (ROA)
Reported ROA	0.25%	-10.06%	-10.90%	-8.71%	-16.70%	-16.64%
Adjusted ROA	0.25%	-10.20%	-11.42%	-5.38%	-14.96%	-18.67%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	GameStop Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	GameStop Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	GameStop Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	GameStop Corp. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	GameStop Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

GameStop Corp., Financial Ratios: Reported vs. Adjusted

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	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Profitability Ratio
Net profit margin¹	0.13%	-5.28%	-6.34%	-4.23%	-7.28%	-8.12%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	6,600)	(315,700)	(397,600)	(133,000)	(409,400)	(727,600)
Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Profitability Ratio
Adjusted net profit margin²	0.13%	-5.33%	-6.61%	-2.61%	-6.33%	-8.78%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 6,700 ÷ 5,272,800 = 0.13%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 6,600 ÷ 5,272,800 = 0.13%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	GameStop Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Total assets	2,709,000)	3,113,400)	3,499,300)	2,472,600)	2,819,700)	4,044,300)
Activity Ratio
Total asset turnover¹	1.95	1.90	1.72	2.06	2.29	2.05
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Adjusted total assets	2,691,700)	3,095,100)	3,483,000)	2,472,600)	2,736,700)	3,897,000)
Activity Ratio
Adjusted total asset turnover²	1.96	1.92	1.73	2.06	2.36	2.13

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 5,272,800 ÷ 2,709,000 = 1.95

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 5,272,800 ÷ 2,691,700 = 1.96

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	GameStop Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets	2,709,000)	3,113,400)	3,499,300)	2,472,600)	2,819,700)	4,044,300)
Stockholders’ equity	1,338,600)	1,322,300)	1,602,500)	436,700)	611,500)	1,336,200)
Solvency Ratio
Financial leverage¹	2.02	2.35	2.18	5.66	4.61	3.03
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	2,691,700)	3,095,100)	3,483,000)	2,472,600)	2,736,700)	3,897,000)
Adjusted stockholders’ equity	1,321,300)	1,304,100)	1,586,200)	436,700)	529,200)	1,189,000)
Solvency Ratio
Adjusted financial leverage²	2.04	2.37	2.20	5.66	5.17	3.28

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 2,709,000 ÷ 1,338,600 = 2.02

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 2,691,700 ÷ 1,321,300 = 2.04

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	GameStop Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Stockholders’ equity	1,338,600)	1,322,300)	1,602,500)	436,700)	611,500)	1,336,200)
Profitability Ratio
ROE¹	0.50%	-23.68%	-23.79%	-49.30%	-77.01%	-50.37%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	6,600)	(315,700)	(397,600)	(133,000)	(409,400)	(727,600)
Adjusted stockholders’ equity	1,321,300)	1,304,100)	1,586,200)	436,700)	529,200)	1,189,000)
Profitability Ratio
Adjusted ROE²	0.50%	-24.21%	-25.07%	-30.46%	-77.36%	-61.19%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 6,700 ÷ 1,338,600 = 0.50%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 6,600 ÷ 1,321,300 = 0.50%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	GameStop Corp. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Total assets	2,709,000)	3,113,400)	3,499,300)	2,472,600)	2,819,700)	4,044,300)
Profitability Ratio
ROA¹	0.25%	-10.06%	-10.90%	-8.71%	-16.70%	-16.64%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	6,600)	(315,700)	(397,600)	(133,000)	(409,400)	(727,600)
Adjusted total assets	2,691,700)	3,095,100)	3,483,000)	2,472,600)	2,736,700)	3,897,000)
Profitability Ratio
Adjusted ROA²	0.25%	-10.20%	-11.42%	-5.38%	-14.96%	-18.67%

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

2024 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 6,700 ÷ 2,709,000 = 0.25%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 6,600 ÷ 2,691,700 = 0.25%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	GameStop Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

GameStop Corp. (NYSE:GME)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

GameStop Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

GameStop Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)