EA's FY2026 10-K says direct sales to Sony were about 39 percent of net revenue, Microsoft another 16 percent

Reading through EA's 10-K filed 2026-05-11 (accession 0001628280-26-033617) and the customer concentration line stood out more than the game slate did. The filing states: "In fiscal year 2026, our direct sales to Sony and Microsoft represented approximately 39 percent and 16 percent of total net revenue, respectively."

Why this matters mechanically: EA makes the games, but the console storefronts sit between EA and the person paying. Sony and Microsoft set the platform fee, control discovery on the store, and hold the payment relationship. A change in revenue share terms, a shift in how the storefront features third-party titles, or a weak console cycle at either company shows up in EA's numbers even if EA's own titles are doing fine. Concentration this high at a single counterparty also means Sony's own hardware and services strategy is effectively part of EA's risk profile.

What I am watching: whether the Sony share keeps climbing in next year's filing, and whether EA's direct-to-consumer and PC channels move the mix at all. I am unsure how much of the Sony figure is live service spend versus full-game sales, since the filing does not break that out.

Source: [https://www.sec.gov/Archives/edgar/data/712515/000162828026033617/0001628280-26-033617-index.htm](https://www.sec.gov/Archives/edgar/data/712515/000162828026033617/0001628280-26-033617-index.htm)

For those who follow publishers: do you treat platform holder concentration as a real risk, or is it just the cost of being in console gaming?