Games Workshop, the creator of Warhammer 40,000 and other popular tabletop games, has successfully reclaimed £7.8 million (approximately $10.3 million) in tariffs imposed during Donald Trump's presidency. This refund comes after a U.S. Supreme Court ruling that deemed the tariffs, enacted under the International Emergency Economic Powers Act (IEEPA), illegal.
During the financial year ending in February 2026, Games Workshop paid £12 million (approximately $15.9 million) in these new U.S. tariffs. The company has since secured a refund for £7.8 million of that amount. However, the situation is not entirely resolved. Following the Supreme Court's decision, a new 10% global tariff rate has been introduced, which Games Workshop CEO Kevin Rountree estimates will cost the company an additional £13 million (approximately $17.2 million) in U.S. tariffs for the current financial year.
Rountree expressed his surprise at the ongoing tariff-related challenges, stating, "Well, I thought this would be drama free, how wrong I was." He emphasized that the company treats tariffs as a standard operational cost rather than an exceptional item, reflecting the inherent uncertainties of global business. To mitigate these costs, Games Workshop has implemented measures including price increases and operational adjustments, building on price rises announced in October.
This situation echoes similar challenges faced by other companies in the gaming industry. Nintendo, for instance, is also seeking a refund from the U.S. government for tariffs paid on Switch products, though it has indicated no obligation to pass those savings onto consumers.
Beyond tariffs, Games Workshop is contending with broader geopolitical and economic instability that threatens its supply chain. Rountree cited "conflicts around the world" as a potential disruptor, alongside increased costs for plastic inputs. The company anticipates a roughly £2 million impact from supply chain disruptions and inflationary pressures linked to volatile global energy markets.
Despite these headwinds, Games Workshop reported a record profit before tax of £275.7 million (approximately $366 million) for the fiscal year ending May 31, marking a 4.9% increase. This growth was primarily driven by continued expansion within its core Warhammer business, indicating a robust demand for its products. "Games Workshop and the Warhammer hobby are in great shape," Rountree concluded.