Industry News · Platforms statistics
Xbox Statistics 2026: Game Pass, Console Sales, Revenue and Players
Microsoft’s Xbox business made $21.8 billion in fiscal 2026 (to June 2026), down 7% from a record $23.5 billion, as hardware revenue fell 29%. Game Pass had 34 million subscribers when Microsoft last said (February 2024) and nearly $5 billion in annual revenue. Microsoft has never disclosed Xbox Series X|S unit sales.
Key takeaways
- Xbox revenue was $21.8 billion in fiscal 2026, down 7% from the $23.5 billion record of fiscal 2025, and fell in every quarter of fiscal 2026, ending with a 10% drop in April–June 2026.
- Xbox hardware revenue has fallen year on year in every quarter Microsoft has given a rate for since January 2024, and by 29% across fiscal 2026; Microsoft has never published how many Xbox Series X|S consoles it has sold.
- The $75.4 billion Activision Blizzard deal, closed on 13 October 2023, lifted Xbox content and services revenue by more than 50% for four quarters; without that boost the business has been flat to shrinking.
- Game Pass grew from 10 million members in 2020 to 34 million in February 2024, the last count Microsoft gave; annual Game Pass revenue was nearly $5 billion in fiscal 2025.
- Game Pass Ultimate was cut from $29.99 to $22.99 a month on 21 April 2026, new Call of Duty games no longer join on day one, and cloud gaming moves to monthly hour limits from November 2026.
- US console prices rose by $20–$70 in October 2025 and by a further $100–$150 from 1 August 2026, which Microsoft blames on memory and storage costs that have more than doubled.
Key figures
$21.79 billion
Xbox revenue in fiscal 2026, down 7% ($1.7 billion)
Microsoft’s “XBOX” revenue line (called “Gaming” until the 2026 10-K): hardware plus content and services, including Activision Blizzard.
−10%
year-on-year change in Xbox revenue in April–June 2026 (−11% in constant currency)
Roughly $4.98 billion by our subtraction (fiscal year minus the first three quarters), against $5.53 billion a year earlier.
−29%
change in Xbox hardware revenue in fiscal 2026, “driven by lower volume of consoles sold”
After −25% in fiscal 2025 and −13% in fiscal 2024: three straight years of decline.
34 million
Xbox Game Pass subscribers, the most recent count Microsoft has published
Given on 15 February 2024, across console and PC. Later reports of about 30 million cite unnamed sources and are not Microsoft figures.
Nearly $5 billion
Game Pass annual revenue in fiscal 2025, a first
Stated by Satya Nadella on the July 2025 earnings call. Microsoft does not report Game Pass revenue in its financial statements.
500 million
monthly active users across Microsoft’s games, platforms and devices
Microsoft’s count of players “across platforms and devices”, which spans its games on PC, mobile and rival consoles, so it is not a count of Xbox console owners.
$22.99 a month
US price of Game Pass Ultimate since 21 April 2026, cut from $29.99
PC Game Pass fell from $16.49 to $13.99. New Call of Duty games now join Game Pass about a year after launch instead of on day one.
$75.4 billion
total purchase price of Activision Blizzard, completed on 13 October 2023
Mostly cash, at $95.00 per share. The deal was valued at $68.7 billion, net of Activision’s cash, when announced on 18 January 2022.
How much money does Xbox make?
$21.79 billion
Xbox revenue in fiscal 2026, down 7% ($1.7 billion)
Microsoft’s “XBOX” revenue line (called “Gaming” until the 2026 10-K): hardware plus content and services, including Activision Blizzard.
$23.46 billion
Xbox (Gaming) revenue in fiscal 2025, the highest year on record (+9%)
Up from $21.50 billion in fiscal 2024, the first year to include Activision Blizzard.
−10%
year-on-year change in Xbox revenue in April–June 2026 (−11% in constant currency)
Roughly $4.98 billion by our subtraction (fiscal year minus the first three quarters), against $5.53 billion a year earlier.
$7.11 billion
Xbox revenue in October–December 2023, the largest quarter Microsoft has reported
The first quarter with Activision Blizzard, up 49% year on year with 44 points from the acquisition.
+33%
growth in Gaming revenue in fiscal 2021, the year Xbox Series X|S launched
Revenue rose $3.8 billion to $15.37 billion; hardware revenue rose 92% and content and services 23%.
Impairment charges
booked in the Xbox business in fiscal 2026
Named in the October–December 2025, January–March 2026 and April–June 2026 results alongside severance; Microsoft did not give an Xbox-specific amount.
Xbox (Gaming) revenue by Microsoft fiscal year, FY2019–FY2026
Source: Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2021 (filed 29 July 2021); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2022 (filed 28 July 2022); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2023 (filed 27 July 2023); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2024 (filed 30 July 2024); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2025 (filed 30 July 2025); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2026 (filed 29 July 2026)
Xbox revenue by quarter, July 2022 – June 2026
Source: Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2022; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2022; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2023; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2023; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2023; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2024; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2024; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2024; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2025; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2025; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2025; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2026; Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2023 (filed 27 July 2023); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2024 (filed 30 July 2024); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2025 (filed 30 July 2025); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2026 (filed 29 July 2026)
Xbox revenue roughly doubled in seven years, from $11.4 billion in fiscal 2019 to a peak of $23.5 billion in fiscal 2025, but almost all the jump after 2023 was bought: Activision Blizzard arrived in October 2023 and lifted the holiday quarter to a record $7.1 billion. Fiscal 2026 then went backwards. Revenue fell in all four quarters and ended the year at $21.8 billion, 7% lower, as Microsoft took impairment charges and talked of resetting the business. What these numbers do not say is how profitable Xbox is: Microsoft reports Xbox revenue but not Xbox operating income, which sits inside the wider More Personal Computing segment.[6][2][1][14][24]
Xbox content and services: games, Game Pass and the Activision effect
−5%
change in Xbox content and services revenue in fiscal 2026
Content and services covers games, in-game spending, Game Pass, cloud gaming and advertising. Microsoft blamed a prior year that “benefited from strong first-party content performance”, partly offset by Game Pass growth.
−10%
change in Xbox content and services revenue in April–June 2026, the steepest quarterly fall in the series
The fourth straight quarter without growth: +1%, −5%, −5% and −10% across fiscal 2026.
+16%
growth in Xbox content and services revenue in fiscal 2025
Driven by the full year of Activision Blizzard and by Game Pass.
61 points
peak contribution of Activision to Xbox content and services growth (January–March 2024)
Content and services grew 62% that quarter; the acquisition added 55, 61, 58 and 53 points in the four quarters after closing.
Mid-single-digit decline
Microsoft’s forecast for Xbox content and services revenue in July–September 2026
Microsoft also expects hardware revenue to fall year on year, while saying it expects to return Xbox to growth in fiscal 2027.
| Quarter | Xbox revenue | Content and services | Hardware | Activision impact on content and services |
|---|---|---|---|---|
| FY23 Q1 (Jul–Sep 2022) | “slightly” up | −3% | +13% | — |
| FY23 Q2 (Oct–Dec 2022) | −13% | −12% | −13% | — |
| FY23 Q3 (Jan–Mar 2023) | −4% | +3% | −30% | — |
| FY23 Q4 (Apr–Jun 2023) | +1% | +5% | −13% | — |
| FY24 Q1 (Jul–Sep 2023) | +9% | +13% | −7% | — |
| FY24 Q2 (Oct–Dec 2023) | +49% | +61% | +3% | 55 points |
| FY24 Q3 (Jan–Mar 2024) | +51% | +62% | −31% | 61 points |
| FY24 Q4 (Apr–Jun 2024) | +44% | +61% | −42% | 58 points |
| FY25 Q1 (Jul–Sep 2024) | +43% | +61% | −29% | 53 points |
| FY25 Q2 (Oct–Dec 2024) | −7% | +2% | −29% | — |
| FY25 Q3 (Jan–Mar 2025) | +5% | +8% | −6% | — |
| FY25 Q4 (Apr–Jun 2025) | +10% | +13% | not stated | — |
| FY26 Q1 (Jul–Sep 2025) | −2% | +1% | −29% | — |
| FY26 Q2 (Oct–Dec 2025) | −9% | −5% | −32% | — |
| FY26 Q3 (Jan–Mar 2026) | −7% | −5% | −33% | — |
| FY26 Q4 (Apr–Jun 2026) | −10% | −10% | not stated | — |
Microsoft did not state Q4 hardware growth for fiscal 2025 or 2026 in its release or call; full-year hardware fell 25% and 29%. Activision results are included from 13 October 2023, so the “impact” column covers the first year after closing.
Source: Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2022; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2022; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2023; Microsoft (SEC EDGAR) — Microsoft Cloud Strength Fuels Fourth Quarter Results — press release, exhibit 99.1 to Form 8-K (25 July 2023); Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2023; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2023; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2024; Microsoft Investor Relations — Microsoft FY24 Q4 earnings call transcript (30 July 2024); Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2024; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2024; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2025; Microsoft Investor Relations — Microsoft FY25 Q4 earnings call transcript (30 July 2025); Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 30 September 2025; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 December 2025; Microsoft (SEC EDGAR) — Microsoft Form 10-Q for the quarter ended 31 March 2026; Microsoft Investor Relations — Earnings Release FY26 Q4 — Investor Metrics; Microsoft Investor Relations — Microsoft FY26 Q4 earnings call transcript (29 July 2026)
| Fiscal year | Xbox revenue | Content and services | Hardware | Microsoft’s main reason |
|---|---|---|---|---|
| FY2021 | +33% | +23% | +92% | Xbox Series X|S launch |
| FY2022 | +6% | +3% | +16% | Demand for Series X|S, Game Pass |
| FY2023 | −5% | −3% | −11% | Weaker first-party content, fewer consoles |
| FY2024 | +39% | +50% | −13% | Activision Blizzard (44 points) |
| FY2025 | +9% | +16% | −25% | Activision full year, Game Pass |
| FY2026 | −7% | −5% | −29% | Tough first-party comparison, fewer consoles |
Source: Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2021 (filed 29 July 2021); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2022 (filed 28 July 2022); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2023 (filed 27 July 2023); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2024 (filed 30 July 2024); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2025 (filed 30 July 2025); Microsoft (SEC EDGAR) — Microsoft Form 10-K for the fiscal year ended 30 June 2026 (filed 29 July 2026)
For a year after the Activision Blizzard deal closed, Xbox content and services grew by more than 60% a quarter, but 53 to 61 points of that came from the acquisition itself. Strip it out and the underlying business grew by single digits. Once Activision was in both years of the comparison, growth faded: +2% in the 2024 holiday quarter, a short rebound to +13% in April–June 2025 on hits such as Oblivion Remastered, then four quarters without growth in fiscal 2026, ending at −10%. Microsoft blamed a tough comparison with strong first-party releases a year earlier. The figures do not separate Game Pass, Call of Duty or advertising revenue; Microsoft only names them as drivers.[33][13][32][12][11][28][23][1]
How many Xbox consoles have been sold?
Not disclosed
Xbox Series X|S unit sales
Microsoft reports only the percentage change in hardware revenue. Any console sales total for Xbox Series X|S is an outside estimate, not a Microsoft figure.
−29%
change in Xbox hardware revenue in fiscal 2026, “driven by lower volume of consoles sold”
After −25% in fiscal 2025 and −13% in fiscal 2024: three straight years of decline.
−33%
change in Xbox hardware revenue in January–March 2026
The biggest quarterly fall in the series bar April–June 2024 (−42%).
−42%
change in Xbox hardware revenue in April–June 2024, the largest fall Microsoft has reported
+232%
growth in Xbox hardware revenue in January–March 2021, after the Xbox Series X|S launch
Microsoft credited “higher price and volume of consoles sold due to the Xbox Series X|S launches”.
$499 / $299
US launch prices of Xbox Series X and Xbox Series S (10 November 2020)
Estimated retail prices announced on 9 September 2020, with Xbox All Access plans from $24.99 a month.
The hardware line tells the story without unit numbers. Xbox Series X|S launched on 10 November 2020 at $499 and $299, and hardware revenue jumped 232% in early 2021. It has fallen in 12 of the 14 quarters with a stated rate since July 2022, and by 29% to 33% a quarter through fiscal 2026, “driven by lower volume of consoles sold”, even though prices went up. Because higher prices prop up revenue, the fall in units is likely steeper than the fall in revenue; Microsoft does not say by how much.[47][19][1][9][8][7]
How many Game Pass subscribers are there?
34 million
Xbox Game Pass subscribers, the most recent count Microsoft has published
Given on 15 February 2024, across console and PC. Later reports of about 30 million cite unnamed sources and are not Microsoft figures.
25 million+
Game Pass subscribers when Microsoft announced the Activision Blizzard deal
18 million
Game Pass subscribers at Microsoft’s January 2021 earnings call
15 million+
Game Pass subscribers when Microsoft agreed to buy ZeniMax (Bethesda)
Up from more than 10 million members cited on 9 September 2020.
Nearly $5 billion
Game Pass annual revenue in fiscal 2025, a first
Stated by Satya Nadella on the July 2025 earnings call. Microsoft does not report Game Pass revenue in its financial statements.
+45%
year-on-year growth in PC Game Pass revenue in January–March 2025
In October–December 2024 Microsoft said the PC Game Pass subscriber base grew more than 30%.
+22%
growth in hours played on Game Pass in April–June 2023, a fourth-quarter record
Xbox Game Pass subscribers as announced by Microsoft, 2020–2024
Source: Xbox Wire (Microsoft) — Get EA Play with Xbox Game Pass for No Additional Cost (9 September 2020); Microsoft (Source) — Microsoft to acquire ZeniMax Media and its game publisher Bethesda Softworks (21 September 2020); Microsoft Investor Relations — Microsoft FY21 Q2 earnings call transcript (26 January 2021); Microsoft (SEC EDGAR) — Microsoft to Acquire Activision Blizzard — press release, exhibit 99.1 to Form 8-K (18 January 2022); Xbox Wire (Microsoft) — Xbox’s Promise to Bring More Games to More Players Around the World (15 February 2024)
Game Pass grew fast while it was cheap and new: from 10 million members in September 2020 to 25 million in January 2022 and 34 million in February 2024. Microsoft then stopped giving subscriber counts and switched to revenue: Game Pass passed “nearly $5 billion” in annual revenue in fiscal 2025, and PC Game Pass revenue grew 45% in early 2025. Subscriber numbers of around 30 million reported in 2026 come from unnamed sources and are not confirmed by Microsoft. What the 34 million does not tell you is the mix: it covers console, PC and Ultimate plans, many of them on discounted or promotional prices.[48][21][45][28][29]
Game Pass and Xbox console prices
$22.99 a month
US price of Game Pass Ultimate since 21 April 2026, cut from $29.99
PC Game Pass fell from $16.49 to $13.99. New Call of Duty games now join Game Pass about a year after launch instead of on day one.
$9.99 / $14.99
US monthly price of Game Pass Essential (from) and Premium
Essential has 50+ games, Premium 200+ and Ultimate 400+ with day-one releases, according to Xbox Wire; xbox.com says plans start at $9.99.
15 / 10 / 5 hours
monthly cloud gaming hours in Game Pass Ultimate, Premium and Essential from November 2026
Cloud gaming has been unlimited until now; Microsoft expects the cap to affect 4% of Game Pass subscribers, who can buy extra hours.
+$100 / +$150
US price rise for 512 GB and 1 TB Xbox consoles from 1 August 2026
Worldwide; the 2 TB model is being discontinued. Microsoft says console memory and storage prices have risen “more than 2.5x” and expects another doubling by autumn 2027.
$20–$70
US Xbox console price rise in October 2025
Cited in Microsoft’s June 2026 price post as the previous increase.
| Plan | US price a month | Games | Cloud gaming from November 2026 |
|---|---|---|---|
| Game Pass Essential | from $9.99 | 50+ | 5 hours a month |
| Game Pass Premium | $14.99 | 200+ | 10 hours a month |
| Game Pass Ultimate | $22.99 (was $29.99 to 21 April 2026) | 400+, day-one releases | 15 hours a month |
| PC Game Pass | $13.99 (was $16.49) | PC library | not stated |
Prices vary by region. Pricing for extra cloud hours is due in November 2026.
Source: Xbox (Microsoft) — Xbox Game Pass — xbox.com; Xbox Wire (Microsoft) — Getting Started with Xbox Cloud Gaming (19 December 2025); Xbox Wire (Microsoft) — Xbox Game Pass Ultimate Price Update (21 April 2026); Xbox Wire (Microsoft) — Upcoming Changes to XBOX Cloud Gaming (3 September 2026)
Microsoft cut Game Pass Ultimate from $29.99 to $22.99 a month in April 2026, saying the change “responds to a lot of feedback”; in its next earnings outlook it said the price changes would weigh on content and services revenue. At the same time, new Call of Duty games stopped arriving on Game Pass at launch. Consoles went the other way: a $20–$70 US rise in October 2025 and another $100–$150 from August 2026, which Microsoft says reflects memory and storage costs that have risen more than 2.5 times. These are list prices; they do not show discounts, regional pricing or promotional first months.[40][25][42]
How many people play Xbox games?
500 million
monthly active users across Microsoft’s games, platforms and devices
Microsoft’s count of players “across platforms and devices”, which spans its games on PC, mobile and rival consoles, so it is not a count of Xbox console owners.
200 million+
monthly active users on mobile, inclusive of Activision Blizzard King
120 million+
monthly active users in gaming, a record at the time
Before the Activision deal. Xbox Live alone had more than 100 million monthly active users in October–December 2020.
155 million
Minecraft monthly active users, an all-time high
Up from nearly 140 million in January–March 2021.
50 million
people who had played Call of Duty: Black Ops 6
Microsoft called its launch the biggest Call of Duty release ever, with record day-one players and Game Pass sign-ups.
150 million+
hours of Xbox Cloud Gaming streamed in a single quarter
Up from a record 140 million in October–December 2024. Xbox Wire said overall cloud gaming hours rose 45% in the year to December 2025.
7 million+
Palworld players on Xbox and PC in its first days, the biggest third-party Game Pass launch
With a peak of nearly 3 million daily active users on Xbox.
| Reported | Figure | What it counts |
|---|---|---|
| Jan 2021 | 100M+ | Xbox Live monthly active users |
| Apr 2021 | nearly 140M | Minecraft monthly active users |
| Jan 2023 | 120M+ | Gaming monthly active users (record) |
| Jan 2024 | 200M+ | Mobile monthly active users incl. Activision Blizzard King |
| Jul 2025 | 500M | Monthly active users across platforms and devices |
| Oct 2025 | 155M | Minecraft monthly active users (all-time high) |
The definitions change from figure to figure, so the rows are not a time series. Microsoft has given only “record” statements, without numbers, for Xbox monthly active users since: in January–March 2026 it reported record monthly Xbox users and streaming hours.
Source: Microsoft Investor Relations — Microsoft FY21 Q2 earnings call transcript (26 January 2021); Microsoft Investor Relations — Microsoft FY21 Q3 earnings call transcript (27 April 2021); Microsoft Investor Relations — Microsoft FY23 Q2 earnings call transcript (24 January 2023); Microsoft Investor Relations — Microsoft FY24 Q2 earnings call transcript (30 January 2024); Microsoft Investor Relations — Microsoft FY25 Q4 earnings call transcript (30 July 2025); Microsoft Investor Relations — Microsoft FY26 Q1 earnings call transcript (29 October 2025)
Microsoft’s player figures have grown mainly by widening what they count. The 500 million monthly active users of mid-2025 are counted “across platforms and devices”, after Activision Blizzard King brought a mobile audience of more than 200 million, so they are not people with an Xbox. Microsoft still reports records for monthly Xbox users, PC players and cloud streaming hours, most recently in January–March 2026, but without numbers. The figures say nothing about how many people own an Xbox console.[28][33][25][26]
Activision Blizzard and Bethesda: what Microsoft paid
$75.4 billion
total purchase price of Activision Blizzard, completed on 13 October 2023
Mostly cash, at $95.00 per share. The deal was valued at $68.7 billion, net of Activision’s cash, when announced on 18 January 2022.
~400 million
monthly active players at Activision Blizzard when Microsoft agreed to buy it
$7.5 billion
cash price of ZeniMax Media (Bethesda), announced 21 September 2020
Took Microsoft from 15 to 23 studio teams; Activision Blizzard took it to 30.
- 21 September 2020: Microsoft agrees to buy ZeniMax Media (Bethesda) for $7.5 billion in cash.
- 18 January 2022: Microsoft announces the Activision Blizzard deal at $95.00 a share, valued at $68.7 billion including Activision’s net cash.
- 13 October 2023: the deal completes; Microsoft later puts the total purchase price at $75.4 billion, mostly cash.
- 28 March 2024: Diablo IV becomes the first Activision Blizzard game on Game Pass.
Methodology and caveats
Every figure was read by our team on 16 October 2026 from Microsoft’s own documents: the annual 10-K and quarterly 10-Q filings and the earnings press releases on SEC EDGAR, the FY2026 Q4 Investor Relations metrics page, transcripts of Microsoft’s earnings calls, the Activision Blizzard and ZeniMax deal announcements, Xbox Wire posts and xbox.com. No third-party statistics sites, analysts or trackers were used.
Revenue figures come from the “revenue by product and service offerings” tables in the 10-K and 10-Q filings; growth rates come from the management discussion in those filings or from Microsoft’s release and call. Q4 revenue is not filed on its own, so we derive it as the fiscal-year total minus the three quarters, and mark it as our calculation.
Microsoft’s fiscal year ends on 30 June; we label each period with both the fiscal quarter and the calendar months. We will update this page after each Microsoft quarterly report and log changes in the update history.
- Microsoft does not disclose Xbox console unit sales or Xbox operating profit. Hardware figures are percentage changes in revenue, which mix volume, price and accessories.
- The last official Game Pass subscriber count is 34 million (February 2024). Later subscriber numbers reported in the press rely on unnamed sources and are not used here.
- From 13 October 2023 Xbox revenue includes Activision Blizzard, so growth rates from fiscal 2024 to the first quarter of fiscal 2025 are inflated by the acquisition; Microsoft states the number of points it added.
- Player numbers use different definitions (Xbox Live users, gaming users, cross-platform users, Minecraft users) and are not comparable with each other or with console ownership.
- Prices are US list prices on the dates shown and vary by country. The English Xbox Wire post that introduced the Essential, Premium and Ultimate tiers is no longer online, so tier prices come from later Xbox Wire posts and xbox.com.
- Microsoft renamed its “Gaming” revenue line to “XBOX” in the fiscal 2026 10-K; the scope is unchanged (hardware plus content and services).
How we research and correct our content is set out in our editorial policy.
Xbox Statistics 2026: FAQ
How much revenue does Xbox make a year?
Xbox made $21.79 billion in Microsoft’s fiscal 2026 (July 2025 to June 2026), down 7% from a record $23.46 billion in fiscal 2025. The figure covers Xbox hardware plus content and services, including Activision Blizzard games, Game Pass and advertising.
How many Game Pass subscribers are there in 2026?
Microsoft’s most recent official count is 34 million Xbox Game Pass subscribers, given in February 2024. It has not published a subscriber number since, and instead said Game Pass made nearly $5 billion in revenue in fiscal 2025. Figures of about 30 million reported in 2026 are not confirmed by Microsoft.
How many Xbox Series X|S consoles have been sold?
Microsoft has never disclosed how many Xbox Series X|S consoles it has sold. It reports only the change in Xbox hardware revenue, which fell 29% in fiscal 2026, 25% in fiscal 2025 and 13% in fiscal 2024, driven by lower volume of consoles sold.
How much does Xbox Game Pass Ultimate cost?
Xbox Game Pass Ultimate costs $22.99 a month in the US since 21 April 2026, down from $29.99. PC Game Pass costs $13.99, Game Pass Premium $14.99 and Game Pass Essential from $9.99. Prices vary by region.
How much did Microsoft pay for Activision Blizzard?
Microsoft completed its acquisition of Activision Blizzard on 13 October 2023 for a total purchase price of $75.4 billion, mostly in cash, or $95.00 per share. When announced in January 2022, the deal was valued at $68.7 billion including Activision’s net cash.
How many people play Xbox?
Microsoft said in July 2025 that it had 500 million monthly active users across platforms and devices, a figure that covers its games on PC, mobile and other consoles, not only Xbox. It does not publish a count of Xbox console players.
Is Xbox revenue going down?
Yes. Xbox revenue fell year on year in every quarter of Microsoft’s fiscal 2026, ending with a 10% drop in April–June 2026, and Microsoft forecast another mid-single-digit decline in content and services for July–September 2026, while saying it expects to return Xbox to growth in fiscal 2027.
Cite or reuse these statistics
Every figure in this report is free to reuse in articles, videos, research and AI-written content under CC BY 4.0. The one condition: credit Virtwave with a link to this page, so your readers can check the number and see when it was last updated.
https://www.virtwave.com/industry-news/xbox-statistics<a href="https://www.virtwave.com/industry-news/xbox-statistics">Xbox Statistics 2026 (Virtwave)</a>Haddad, N. (2026). Xbox Statistics 2026. Virtwave. https://www.virtwave.com/industry-news/xbox-statisticsSources
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2026 (filed 29 July 2026)Accessed — XBOX revenue $21,790M (FY2025 $23,455M), −7%; content and services −5%; hardware −29%; “XBOX (formerly Gaming)” definition; impairment in the XBOX business.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2025 (filed 30 July 2025)Accessed — Gaming revenue $23,455M, +9%; content and services +16%; hardware −25%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2024 (filed 30 July 2024)Accessed — Gaming revenue $21,503M, +39%; content and services +50% (44 points Activision); hardware −13%; Activision Blizzard completed 13 October 2023 for $75.4 billion.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2023 (filed 27 July 2023)Accessed — Gaming revenue $15,466M, −5%; hardware −11%; content and services −3%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2022 (filed 28 July 2022)Accessed — Gaming revenue $16,230M, +6%; hardware +16%; content and services +3%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-K for the fiscal year ended 30 June 2021 (filed 29 July 2021)Accessed — Gaming revenue $15,370M (FY2020 $11,575M, FY2019 $11,386M), +33%; hardware +92%; content and services +23%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 March 2026Accessed — Gaming $5,341M (−7%); content and services −5%; hardware −33%; nine-month total $16,807M.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 December 2025Accessed — Gaming $5,958M (−9%); content and services −5%; hardware −32%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 30 September 2025Accessed — Gaming $5,508M (−2%); content and services +1%; hardware −29%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 March 2025Accessed — Gaming $5,721M (+5%); content and services +8%; hardware −6%; nine-month total $17,923M.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 December 2024Accessed — Gaming $6,581M (−7%); content and services +2%; hardware −29%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 30 September 2024Accessed — Gaming $5,621M (+43%); content and services +61% (53 points Activision); hardware −29%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 March 2024Accessed — Gaming $5,451M (+51%); content and services +62% (61 points Activision); hardware −31%; nine-month total $16,481M.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 December 2023Accessed — Gaming $7,111M (+49%); content and services +61% (55 points Activision); hardware +3%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 30 September 2023Accessed — Gaming $3,919M (+9%); content and services +13%; hardware −7%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 March 2023Accessed — Gaming $3,607M (−4%); content and services +3%; hardware −30%; nine-month total $11,975M.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 December 2022Accessed — Gaming $4,758M (−13%); content and services −12%; hardware −13%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 30 September 2022Accessed — Gaming $3,610M (“increased slightly”); content and services −3%; hardware +13%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 10-Q for the quarter ended 31 March 2021Accessed — Xbox hardware revenue +232% after the Xbox Series X|S launch; Gaming +50%.
- Microsoft (SEC EDGAR)First-partyMicrosoft Cloud Strength Fuels Fourth Quarter Results — press release, exhibit 99.1 to Form 8-K (25 July 2023)Accessed — April–June 2023: Gaming +$36M or 1%; content and services +5%; hardware −13%.
- Microsoft (SEC EDGAR)First-partyMicrosoft to Acquire Activision Blizzard — press release, exhibit 99.1 to Form 8-K (18 January 2022)Accessed — $95.00 per share, $68.7 billion inclusive of net cash; Game Pass over 25 million subscribers; Activision nearly 400 million monthly active players; 30 studios on close.
- Microsoft (SEC EDGAR)First-partyMicrosoft Form 8-K, item 2.01: completion of the Activision Blizzard acquisition (13 October 2023)Accessed — Completed 13 October 2023; each share converted into $95.00 in cash.
- Microsoft Investor RelationsFirst-partyEarnings Release FY26 Q4 — Investor MetricsAccessed — XBOX content and services revenue growth Q4 FY25 to Q4 FY26: 13%, 1%, −5%, −5%, −10%; FY25 16%, FY26 −5%.
- Microsoft Investor RelationsFirst-partyMicrosoft FY26 Q4 earnings call transcript (29 July 2026)Accessed — XBOX revenue −10% (−11% cc), content and services −10%; impairment charges; FY27 Q1 outlook (content and services down mid-single digits, hardware down); return to growth in fiscal 2027.
- Microsoft Investor RelationsFirst-partyMicrosoft FY26 Q3 earnings call transcript (29 April 2026)Accessed — Record monthly Xbox active users and streaming hours; Game Pass changes; Q4 outlook of a low-teens decline “as well as the recent price changes for Xbox Game Pass”.
- Microsoft Investor RelationsFirst-partyMicrosoft FY26 Q2 earnings call transcript (28 January 2026)Accessed — Record PC players and paid streaming hours; Gaming −9%; content and services −5%; impairment charges in the gaming business.
- Microsoft Investor RelationsFirst-partyMicrosoft FY26 Q1 earnings call transcript (29 October 2025)Accessed — Minecraft 155 million monthly active users, an all-time high; record quarterly content and services revenue.
- Microsoft Investor RelationsFirst-partyMicrosoft FY25 Q4 earnings call transcript (30 July 2025)Accessed — 500 million monthly active users; Game Pass annual revenue nearly $5 billion; 50 million Black Ops 6 players; Gaming +10%; content and services +13%.
- Microsoft Investor RelationsFirst-partyMicrosoft FY25 Q3 earnings call transcript (30 April 2025)Accessed — PC Game Pass revenue +45%; cloud gaming over 150 million hours in the quarter.
- Microsoft Investor RelationsFirst-partyMicrosoft FY25 Q2 earnings call transcript (29 January 2025)Accessed — Record 140 million cloud hours streamed; Game Pass quarterly revenue record; PC subscriber base up over 30%.
- Microsoft Investor RelationsFirst-partyMicrosoft FY25 Q1 earnings call transcript (30 October 2024)Accessed — Game Pass Q1 record for revenue and average revenue per subscriber; Black Ops 6 the biggest Call of Duty release ever.
- Microsoft Investor RelationsFirst-partyMicrosoft FY24 Q4 earnings call transcript (30 July 2024)Accessed — Gaming +44% (48 points Activision); content and services +61% (58 points); hardware −42%.
- Microsoft Investor RelationsFirst-partyMicrosoft FY24 Q2 earnings call transcript (30 January 2024)Accessed — Over 200 million mobile monthly active users incl. Activision Blizzard King; Gaming +49% with 44 points Activision; content and services +61% with 55 points.
- Microsoft Investor RelationsFirst-partyMicrosoft FY23 Q4 earnings call transcript (25 July 2023)Accessed — Record fourth-quarter Game Pass engagement, hours played up 22%.
- Microsoft Investor RelationsFirst-partyMicrosoft FY23 Q2 earnings call transcript (24 January 2023)Accessed — Gaming monthly active users surpassed a record 120 million.
- Microsoft Investor RelationsFirst-partyMicrosoft FY22 Q2 earnings call transcript (25 January 2022)Accessed — Game Pass more than 25 million subscribers across PC and console.
- Microsoft Investor RelationsFirst-partyMicrosoft FY21 Q3 earnings call transcript (27 April 2021)Accessed — Minecraft nearly 140 million monthly active users.
- Microsoft Investor RelationsFirst-partyMicrosoft FY21 Q2 earnings call transcript (26 January 2021)Accessed — Xbox Live more than 100 million monthly active users; Game Pass 18 million subscribers.
- Microsoft (Source)First-partyMicrosoft to acquire ZeniMax Media and its game publisher Bethesda Softworks (21 September 2020)Accessed — $7.5 billion in cash; Game Pass over 15 million subscribers; studios 15 to 23.
- Xbox Wire (Microsoft)First-partyXbox Game Pass Ultimate Price Update (21 April 2026)Accessed — Ultimate $29.99 → $22.99, PC Game Pass $16.49 → $13.99; new Call of Duty games join about a year after launch.
- Xbox Wire (Microsoft)First-partyUpcoming Changes to XBOX Cloud Gaming (3 September 2026)Accessed — From November: 15/10/5 cloud hours for Ultimate/Premium/Essential; expected to affect 4% of subscribers.
- Xbox Wire (Microsoft)First-partyUpdated XBOX Console Prices (25 June 2026)Accessed — +US$100 (512 GB) and +US$150 (1 TB) from 1 August 2026; 2 TB model sunset; October 2025 rise of $20–$70; memory and storage “more than 2.5x”.
- Xbox Wire (Microsoft)First-partyGetting Started with Xbox Cloud Gaming (19 December 2025)Accessed — Essential from $10/month with 50+ games; Premium $14.99 with 200+; Ultimate 400+ games; cloud gaming hours up 45% year on year.
- Xbox (Microsoft)First-partyXbox Game Pass — xbox.comAccessed — “Plans start at $9.99”.
- Xbox Wire (Microsoft)First-partyXbox’s Promise to Bring More Games to More Players Around the World (15 February 2024)Accessed — “our 34M XGP subscribers”; Diablo IV on Game Pass from 28 March 2024. Phil Spencer gives the same 34 million on the accompanying Official Xbox Podcast.
- Xbox Wire (Microsoft)First-partyPalworld Becomes the Biggest 3rd Party Game Pass Launch Ever (31 January 2024)Accessed — More than 7 million players across console and PC; peak of nearly 3 million daily active users on Xbox.
- Xbox Wire (Microsoft)First-partyXbox Series S and Xbox Series X Launch November 10, Starting at $24.99 a Month (9 September 2020)Accessed — Series X $499 and Series S $299 estimated retail price; Xbox All Access from $24.99/$34.99 a month; Game Pass over 10 million players.
- Xbox Wire (Microsoft)First-partyGet EA Play with Xbox Game Pass for No Additional Cost (9 September 2020)Accessed — “our 10 million members”.
Who compiled this report
Data & Market Research Lead, Virtwave · Built and maintains this calculator
Noor runs market research for Virtwave, tracking gift card volumes, redemption patterns and fraud trends across the 80+ countries we deliver to. She compiles our data reports from primary government sources (FTC, central banks) and the major market-research houses, and cross-checks every figure against our own transaction data before publication.
Senior Gaming Commerce Editor, Virtwave · Checks every figure before an update
Rayyan covers console and PC gaming wallets for Virtwave, with deep specialism in PlayStation Network, Xbox, Razer Gold and Steam. He has been writing about digital gaming commerce since 2020.
Virtwave sells game keys and gift cards, including Steam wallet codes. No platform or publisher paid for, reviewed or approved this report.
Update history
Published 16 Oct 2026: with Microsoft’s 10-K filings for fiscal 2021–2026, 10-Q filings from July 2022 to March 2026, earnings releases and call transcripts from January 2021 to July 2026, the FY26 Q4 investor metrics, the Activision Blizzard and ZeniMax announcements, Xbox Wire posts on Game Pass, cloud gaming and console prices, and xbox.com.