CD Projekt Red

The studio and the company behind it

CD PROJEKT RED is the development studio of CD PROJEKT, a Polish group working out of Warsaw. The parent company started in 1994 as a software importer trading under the name CD Projekt, set up by Marcin Iwiński and Michał Kiciński, and spent its first years bringing imported CD-ROM releases to Polish shops. The studio itself, CD Projekt Red Studio, was registered in 2002 as a separate company inside the group, and a 2011 merger folded it into the parent company that carries the name today.

The split between the two names still matters when reading announcements. Reports signed CD PROJEKT describe the whole group: development, publishing offices, licensing and the financial results handed to shareholders. Statements about release dates, teams or technology come from the studio. Since the 2011 merger there is only one listed entity behind both bylines, called CD PROJEKT RED S.A., so a half-year earnings release and a game announcement arrive from the same corporate address and the same press office.

From importing discs to building worlds

The group's first decade had little to do with making games. It distributed other publishers' titles, put out packaging and manuals in Polish, and learned the market from the retail side. That changed once the studio existed: the team secured rights to the fantasy novels of Andrzej Sapkowski and began work on its own role-playing game in September 2003. A distributor had turned into a developer with a single project, no track record and one universe to build on.

The first Witcher game arrived, sequels followed, and in 2012 the studio announced a second franchise drawn from a tabletop role-playing setting. Separately, the group ran GOG.com, the DRM-free store co-founded in 2008 by Kiciński and Iwiński. It stayed inside the company for more than seventeen years and worked with the studio to bring The Witcher and Cyberpunk 2077 to players, then left: the sale of all GOG shares to co-founder Michał Kiciński was announced on 29 December 2025.

Two franchises on one balance sheet

For a company of its size the catalogue is narrow: two role-playing series and their add-ons. In May 2025 CD PROJEKT reported that The Witcher 3: Wild Hunt had passed 60 million copies sold since release, and that Phantom Liberty, the Cyberpunk 2077 expansion, had passed 10 million. Those were not endpoints. In its report on the first half of 2026 the group put The Witcher 3 above 65 million copies and total Witcher-series sales above 90 million.

The same half-year report says Cyberpunk 2077 went past 40 million copies almost six years after launch, while Phantom Liberty reached 15 million in under three years. Read together, the numbers describe a business that no longer depends on the week a new game ships: expansions, ports to new hardware and licensed appearances of the brands keep older titles selling while the next project is being built. They also mark the risk, because both franchises are old and nothing in the catalogue is young.

How the business is owned and financed

CD PROJEKT RED S.A. trades on the Warsaw Stock Exchange and sits in WIG20, the index of the twenty largest and most liquid companies on that market. Membership signals scale rather than popularity: the index is reserved for the biggest names on the exchange by liquidity. Being public also shapes what is known about the studio, since results arrive twice a year and quarterly, so revenue, profit and sales milestones are disclosed rather than estimated, and the group's own capital-group pages carry the totals.

For 2025 the group reported 867 million PLN of consolidated sales revenue and 594 million PLN of consolidated net profit. The first half of 2026 kept the same reporting shape at a smaller scale for the period: 435 million PLN of revenue, 249 million PLN of net profit and a net margin of 57.2 percent. Management credits part of the growth to licensing its brands, a line that widens whenever a game appears outside its own platforms. By the end of 2025, more than 120 million copies of the company's games had been sold worldwide.

What is announced for the years ahead

Instead of a single next release, the studio now publishes a schedule. The Witcher 3: Wild Hunt — Remastered is set to launch on 29 September 2026 for PC, PlayStation 5, Xbox Series X|S and Nintendo Switch 2, and buyers of the base game get it at no extra cost. A third expansion, Songs of the Past, is planned for 2027 and was shown to the public for the first time at gamescom's Opening Night Live show.

The next mainline title, The Witcher 4, carries a planned release window of 2028, which would put one large Witcher release into each year before it. Cyberpunk 2 moved into preproduction during the first half of 2025, and Cyberpunk: Edgerunners 2 arrives on Netflix on 20 October 2026. Taken together, that is the widest publishing line-up the company has described for itself, laid out across three consecutive years rather than one launch window.

The question the next decade has to answer

The schedule raises a question the company has not had to face before: can a studio keep one universe interesting for four years in a row without exhausting it? Three Witcher releases are spaced across 2026, 2027 and 2028, two of them built on a game that first shipped more than a decade earlier. Cyberpunk carries the other half of the load, and its next full game is still in preproduction. The plan works as long as players read each release as its own thing rather than as a stopgap.

There is a second question underneath it, about attention rather than money. A festival trailer and a free upgrade for existing owners buy interest cheaply, but they also set the expectation that something large is always close. If one of the three slips, the rhythm that the announcements rely on becomes the studio's problem, not a marketing detail. Whether a two-franchise publisher can hold an annual pace without a third pillar is the open question of the next few years.

Quick facts

Founded: 1994, as CD Projekt (CDP.pl), an importer of CD-ROM software; the development studio CD Projekt Red Studio was registered in 2002. Founders: Marcin Iwiński and Michał Kiciński, both named co-founders of CD PROJEKT in company materials. Headquarters: Warsaw, Poland, with studio teams also in Kraków and Wrocław, and development teams in Vancouver and Boston.

Ownership: Public company listed on the Warsaw Stock Exchange as part of the WIG20 index of the twenty largest and most liquid companies. Key games: The Witcher series, Cyberpunk 2077 with the expansion Phantom Liberty; internally, Cyberpunk 2 is in preproduction. Sales reported: The Witcher 3: Wild Hunt — over 65 million copies; Witcher series — over 90 million; Cyberpunk 2077 — over 40 million; Phantom Liberty — 15 million.

Cumulative copies: Over 120 million copies of the company's games sold worldwide by the end of 2025. Earlier milestone: The Witcher 3 at over 60 million copies and Phantom Liberty above 10 million. Latest reported results: First half of 2026: 435 million PLN revenue, 249 million PLN net profit, 57.2 percent net margin; full year 2025: 867 million PLN revenue, 594 million PLN net profit.

Announced releases: The Witcher 3: Wild Hunt — Remastered on 29 September 2026; Songs of the Past expansion in 2027; The Witcher 4 with a planned release window of 2028. GOG: Co-founded in 2008 by Kiciński and Iwiński, run inside the group for over seventeen years, then sold to Kiciński; the sale of all GOG shares was announced on 29 December 2025.

Games

• Cyberpunk 2
• Cyberpunk 2077
• Cyberpunk 2077: Ultimate Edition
• GWENT: Rogue Mage
• Gwent: The Witcher Card Game
• The Witcher
• The Witcher 2: Assassins of Kings
• The Witcher 2: Assassins of Kings Enhanced Edition
• The Witcher 3: Wild Hunt
• The Witcher 3: Wild Hunt – Blood and Wine
• The Witcher 3: Wild Hunt – Hearts of Stone
• The Witcher 3: Wild Hunt – Songs of the Past
• The Witcher Adventure Game
• The Witcher Battle Arena
• The Witcher: Enhanced Edition
• The Witcher: Rise of the White Wolf
• The Witcher: Side Effects
• The Witcher: The Price of Neutrality
• The Witcher: Versus
• Thronebreaker: The Witcher Tales

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