ATVI

ATVI
Financial Analysis · Updated June 2, 2026 · Coverage 2026-Q2

Business Overview

ticker: ATVI step: 01 generated: 2026-05-13 source: quick-research note: acquired

Activision Blizzard Inc. (ATVI) — Business Overview

Note: Activision Blizzard was acquired by Microsoft Corporation (MSFT) and the deal closed on October 13, 2023. ATVI no longer trades as an independent public company. For research on Microsoft, see MSFT research files.

Business Description (Historical — Pre-Acquisition)

Activision Blizzard was one of the world's largest interactive entertainment companies, operating three segments: Activision (Call of Duty franchise), Blizzard Entertainment (World of Warcraft, Overwatch, Diablo, StarCraft, Hearthstone), and King (Candy Crush mobile games). The company served hundreds of millions of monthly active users globally across console, PC, and mobile platforms.

Acquisition by Microsoft

  • Announced: January 18, 2022
  • Deal Value: $68.7B ($95/share in cash) — largest gaming acquisition in history at the time
  • Regulatory Journey: Blocked by UK CMA initially; approved after Microsoft agreed to license Call of Duty to cloud gaming rivals
  • Closed: October 13, 2023
  • Strategic Rationale: Microsoft gained Call of Duty, World of Warcraft, Candy Crush, Overwatch for Xbox Game Pass and mobile gaming expansion

Activision Blizzard's franchises are now part of Microsoft Gaming (Xbox), contributing to Xbox Game Pass and Microsoft's broader gaming strategy.

Financial Snapshot

ticker: ATVI step: 04 generated: 2026-05-13 source: quick-research note: acquired

Activision Blizzard Inc. (ATVI) — Financial Snapshot

Note: ATVI was acquired by Microsoft (MSFT) — deal closed October 13, 2023. No longer an independent public company. Last standalone financials shown below for historical reference.

Last Reported Standalone Financials

Metric FY2021 FY2022 FY2023 (partial)
Revenue ~$8.8B ~$7.5B ~$5.9B (9 months to acquisition)
Operating Income ~$2.7B ~$1.5B N/A
Net Income ~$2.7B ~$1.5B N/A
EPS (diluted) ~$3.43 ~$1.95 N/A

Microsoft acquired ATVI for $95/share in cash ($68.7B total). ATVI's franchises (Call of Duty, World of Warcraft, Candy Crush, Overwatch) are now reported within Microsoft's More Personal Computing / Gaming segment.

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $ATVI.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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