Games Workshop has recovered £7.8 million in tariffs following a U.S. Supreme Court decision that struck down Donald Trump's emergency trade powers, but the tabletop gaming giant faces fresh headwinds from global conflict and a new tariff regime.
The British miniatures maker paid £12 million in U.S. tariffs over the past financial year as Trump's duties hit imports hard. When the Supreme Court ruled in February that the president's use of the International Emergency Economic Powers Act was illegal, Games Workshop successfully reclaimed most of that money through February 2026.
But the victory proved short-lived. Trump's subsequent 10% global tariff announcement will cost the company an estimated £13 million this financial year, CEO Kevin Rountree disclosed in the company's latest earnings statement. "Well, I thought this would be drama free, how wrong I was," Rountree said during prepared remarks, adding that Games Workshop treats tariffs not as one-time shocks but as an ongoing cost of global business.
The company is absorbing the hit through price increases announced last October and operational adjustments. Games Workshop does not plan to pass tariff refunds back to consumers, mirroring the stance taken by Nintendo, which recently refused to rebate Switch 2 buyers despite paying higher prices due to Trump's tariffs.
Beyond tariff drama, Rountree flagged a more serious threat: geopolitical instability. Conflicts around the world are creating supply chain vulnerabilities for the company, which manufactures the majority of its revenue through miniature sales used in tabletop games like Warhammer 40,000. Global energy volatility and higher plastic input costs are expected to inflict roughly £2 million in additional damage from supply-chain disruption and inflation.
Despite the turbulence, Warhammer momentum remains strong. Games Workshop reported profit before tax of £275.7 million for the fiscal year ended May 31, up 4.9% to a record high, driven by sustained expansion in its core Warhammer business. The U.S. represents a significant market for the company, making tariff exposure particularly acute.
Rountree expressed confidence that the franchise and wider hobby are resilient. "Games Workshop and the Warhammer hobby are in great shape," he said. For now, continued growth in miniature sales appears to be outpacing the financial drag from tariffs and supply pressures, though the calculus could shift if geopolitical tensions worsen further.
Author Emily Chen: "Games Workshop dodged a bullet on the Supreme Court ruling, but the company's commentary on global conflicts threatening supply chains reads like a warning bell that tariff drama may be the least of its problems going forward."
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