GameStop now earns more from collectibles than from video games, according to a September 9 report, a milestone that reframes the original meme stock as a retailer in transition. This piece explains what the revenue-mix shift mechanically signals, what remains unknown, and how a GME holder can review their own cost basis, exposure and earnings alert without anyone telling them what to trade.
What did the September 9 report actually say about GameStop?
The September 9 report indicates that collectibles now generate more revenue for GameStop (GME) than its traditional video game software and hardware category. That is a structural first for a company that built its name selling and trading physical and digital games.
The headline number is a mix change, not necessarily a growth story. A category can become the largest slice because it grew, because the other slices shrank, or both at once.
- Collectibles at GameStop include trading cards, figures, plush and pop-culture merchandise.
- The gaming category covers new and pre-owned software, consoles and accessories.
- Physical game sales have faced years of pressure from digital downloads and direct storefronts.
What does the collectibles-over-games shift mechanically mean?
Mechanically, the shift means GameStop's revenue base is leaning on a category with different margins, different suppliers and different seasonality than packaged games. It tells you where the dollars are coming from today, not what earnings will look like next quarter.
Why the mix matters more than the label
The meme stock label describes trading behavior, not the underlying business. When people react to a GME headline, they are often reacting to two very different things at once:
- The fundamental business: store count, revenue mix, margins and the roughly $4 billion cash pile the company has reported holding.
- The market dynamics: retail sentiment, short interest and options positioning that can move the price far from fundamentals.
A collectibles-led revenue mix speaks to the first bucket. It does not tell you how the crowd will price the second.
What is still unknown
Plenty stays open after a mix headline, and honest context means naming it. The report tells you the ranking of two categories, not the health of the whole.
- Whether total revenue is rising or falling year over year.
- Whether collectibles carry higher or lower gross margins than games at GameStop specifically.
- How the cash balance is being deployed, including any treasury or Bitcoin-related moves the company has flagged.
- What management guides to at the next GameStop earnings call.
How can a GME holder review their own position?
A GME holder can review their position by pulling up three numbers first: share count, average cost basis and current market value. Those three tell you your unrealized gain or loss and how large the name sits inside your total portfolio.
If your shares are spread across brokers, this is where a dedicated tracker earns its keep. Broker apps show you the slice they hold, not the whole. Our breakdown of a portfolio tracker versus a spreadsheet walks through why a manual sheet drifts out of date the moment a corporate action lands.
- Share count: total GME shares across every account, including any bought during volatility spikes.
- Cost basis: your weighted average entry, which decides your gain or loss.
- Portfolio weight: GME as a percentage of your total holdings, so you can see your concentration in one glance.
With PortfolioTrackr you can add GME by manual entry, voice, text, CSV or a broker screenshot, so you get the full picture even if you never connect an account.
How do you calculate your GME cost basis across multiple buys?
Your cost basis is the weighted average of every purchase: total dollars invested divided by total shares held. It is the single number that turns a price move into an actual gain or loss on your statement.
Say you bought in three lots during different runs:
| Lot | Shares | Price | Cost |
|---|---|---|---|
| Lot 1 | 100 | $18.00 | $1,800 |
| Lot 2 | 50 | $24.00 | $1,200 |
| Lot 3 | 75 | $28.00 | $2,100 |
Add the costs ($5,100) and divide by total shares (225) for a weighted average of about $22.67. Every quote above that line is an unrealized gain, every quote below it an unrealized loss, before any tax.
Since US stocks settle T+1 as of May 2024, your recorded trade date and settlement date sit a day apart, which matters when you reconcile buys near a quarter end. A tracker that logs the trade automatically saves you that arithmetic every time you add a lot.
How do you set an earnings alert for GameStop?
You set an earnings alert by attaching a reminder to the reporting date and, separately, a price alert to the levels that matter to you. The two work together: one flags when new information arrives, the other flags when the price reaches a level you chose.
What PortfolioTrackr alerts actually do
Every position and every watchlist level is checked once a minute, around the clock, so you hear within a minute of your level being hit. The alert reports status against your own numbers, it does not tell you what to do.
- Still below target: the price has not reached the level you set.
- Target 1 reached or Target 2 reached: your chosen upside level printed.
- Stop-loss level reached: your chosen downside level printed.
Watchlist alerts are a Pro and Lifetime feature, useful if you want to track GME levels before you own a single share. To wire alerts to a live account, our guide on connecting a brokerage account to a portfolio tracker covers the SnapTrade bridge and the three direct integrations.
Why do multi-broker meme-stock holders need one combined view?
Meme-stock holders often accumulate shares across several apps during fast-moving sessions, and no single broker screen shows the combined position. A consolidated view is the only way to see your true GME share count and weight in one place.
PortfolioTrackr connects through the SnapTrade bridge to 35 brokers, plus three direct integrations with Alpaca, Bybit and Interactive Brokers. Connecting is always optional; manual entry, voice, text, CSV and broker screenshots work on every plan.
- See total GME exposure across Charles Schwab, Interactive Brokers and any others in one line.
- Track alongside crypto if you also hold tokens, as our guide on tracking stocks and crypto together in one app explains.
- Convert values across 67 currencies if you invest from outside the US.
If you are still comparing tools, our real-data comparison of six portfolio trackers lays out what each one does and does not consolidate.
The bottom line
GameStop earning more from collectibles than games is a genuine structural marker, but a revenue-mix ranking is context, not a verdict on the whole business or the stock. It tells you where today's dollars come from, not what next quarter's earnings or the crowd's mood will do.
What a holder can do is entirely in their own hands: confirm your share count, calculate your cost basis, check your portfolio weight and decide whether you want an earnings alert and price levels set. Those checks are yours to make, and PortfolioTrackr keeps the numbers current so the decision stays informed.
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Frequently asked questions
Does GameStop make more money from collectibles than video games now?
According to a September 9 report, GameStop's collectibles category now generates more revenue than its traditional video game software and hardware. This is a revenue-mix ranking, which can shift because collectibles grew, games shrank, or both. It does not by itself confirm total revenue is rising.
How do I calculate my GME cost basis across several purchases?
Add up the total dollars you spent on all GME lots, then divide by the total shares held. That weighted average is your cost basis. For example, $5,100 spent across 225 shares gives about $22.67 per share, the line that separates an unrealized gain from a loss.
Can I set a GME earnings alert in PortfolioTrackr?
Yes. PortfolioTrackr checks every position and watchlist level once a minute, around the clock, so you hear within a minute of your chosen level being reached. Alerts report status against your own targets, such as Target 1 reached or stop-loss level reached, without telling you what to do. Watchlist alerts are a Pro and Lifetime feature.
Why is GameStop still called a meme stock?
The meme stock label describes trading behavior, not the underlying business. GME can move sharply on retail sentiment, short interest and options positioning, separate from fundamentals like revenue mix, store count or its roughly $4 billion cash pile. The label reflects how the crowd trades it, not the company's operations.
How can I track GME shares held across multiple brokers in one place?
Use a consolidated portfolio tracker. PortfolioTrackr connects through the SnapTrade bridge to 35 brokers plus direct integrations with Alpaca, Bybit and Interactive Brokers, and also accepts manual entry, voice, text, CSV or broker screenshots. That gives you one combined GME share count and portfolio weight across every account.