GameStop Corp. (NYSE:GME) announced its second-quarter results on September 8, achieving its highest-ever Q2 operating income of $160.2 million. The company also raised its full-year FY26 adjusted EBITDA forecast to over $650 million, up from previous guidance exceeding $600 million. Despite a year-over-year net sales decline of 18.7% to $790.2 million, driven by factors like the Nintendo Switch 2 launch last year and divestitures, GameStop saw collectibles net sales jump 57% to $356.3 million, now accounting for 45.1% of total net sales. The company also reduced long-term debt by approximately $1.4 billion through privately negotiated exchanges completed on September 3.