Surprising no one, it’s not been a stellar year for Ubisoft. And this coming year isn’t looking much better. But don’t worry, Ubisoft says we’re getting new Assassin’s Creed, Far Cry, and Ghost Recon games…sometime in the next three years.
The company just reported its full-year earnings for the fiscal year 25-26, ending this past March. Its report shows net bookings for the final quarter down 54 percent compared to the same quarter last year, when it released Assassin’s Creed Shadows. For the full year, net bookings were down 17 percent.
The report also outlines the results of its ongoing “strategic transformation” that aims to rebound from a rough few years, reiterating that it has canceled seven projects as a part of this process and delayed six others. It’s also laid off a number of individuals in small bursts across its various global studios such as Ubisoft Halifax, Massive, and Ubisoft Stockholm.
Ubisoft assures investors that better days are ahead, they’ll just have to wait a little longer. It’s promising new Assassin’s Creed, Far Cry, and Ghost Recon games sometime during fiscal 2027-28 and 2028-29. With April beginning fiscal year 2026-27, that means these new games won’t show up until at least April of 2027, and could be as late as March of 2029…and that’s assuming no more delays.
In the meantime, it’s cautioning that this coming fiscal year will be a “low point” in its free cash flow, with a “lighter release slate.” In his statement, CEO Yves Guillemot describes this past year and next year taken together as “a disappointing short-term financial performance.” It’s leaning heavily on its back catalog, the upcoming Assassin’s Creed: Black Flag remake, and Rainbow Six Siege to keep it afloat during this transition time, during which Ubisoft also says it will “pursue and complete the execution of this transformation.”
It is unclear if that means more layoffs, cancelations, and studio closures are to come. But it’s never a good sign when Ubisoft is pointing to For Honor, which came out nearly a decade ago but posted double-digit revenue growth last quarter, as one of the bright spots in its financials.
Update 5/20/2026 4:46pm ET: This article has been updated to avoid inaccurately suggesting that Massive was closed.
