GameStop Corporation (GME) reports third-quarter earnings Tuesday after market close, and here's the thing: this might be the least video-game-focused video game retailer earnings report you'll see all year. Instead, analysts and investors will be parsing through Bitcoin positions, collectibles growth, and the aftermath of a viral promotion where people literally traded in random household items for store credit.

Welcome to the new GameStop.

What Wall Street Expects

Analysts are forecasting third-quarter revenue of $987.3 million, up from $860.3 million in the same quarter last year, according to data from Benzinga Pro. That sounds promising, but there's context: GameStop has missed revenue estimates in eight of the last ten quarters. The company did beat expectations in the second quarter, so there's that.

On the earnings front, analysts expect 20 cents per share, a nice jump from 6 cents per share in last year's third quarter. GameStop posted profits of 17 cents and 25 cents per share in the first and second quarters, respectively, which is notable because the company spent most of 2022 and 2023 bleeding red ink. A profit this quarter would mark six consecutive profitable quarters, a remarkable turnaround for a retailer that many had written off.

The Video Game Problem

Here's where things get interesting. GameStop's traditional bread and butter—video game hardware and software—is becoming less central to the story. In the recent second quarter, the hardware segment actually posted impressive 31.2% year-over-year growth, thanks largely to the launch of the Nintendo Switch 2 console. That's the good news.

The bad news? The software segment tanked 26.6% year-over-year and remains a glaring weak spot. Meanwhile, the collectibles segment absolutely exploded with 63.3% year-over-year growth. We're talking trading cards, Pokémon cards, and other collectibles that GameStop has aggressively moved into. Investors will be laser-focused on whether these trends continued in the third quarter.

Bitcoin Holdings and Trade Anything Day

Then there's the Bitcoin (BTC) situation. GameStop's Bitcoin holdings were valued at $528.6 million in the second quarter, after the company disclosed purchasing 4,710 Bitcoin in the first quarter. Everyone will be watching to see if management bought more crypto or made other investments during the recent quarter.

And let's not forget about "Trade Anything Day," the promotion that went viral when GameStop announced people could trade in basically any item for $5 in store credit. The event happened on a Saturday, and the company might share details about how it went and how all that future store credit could boost upcoming quarterly results.

What's at Stake

Fourth-quarter guidance could send GameStop shares on a wild ride, since it's traditionally the company's highest-revenue quarter of the fiscal year. Any hint about holiday performance or strategic direction could move the stock significantly.

As of Monday, GameStop shares are up 1.3% to $23.30, trading within a 52-week range of $19.93 to $35.81. The stock is down 24.1% year-to-date in 2025, so bulls are hoping for something to get excited about when earnings drop Tuesday afternoon.