Sony’s latest earnings report landed today, and the Bungie number is hard to look at. The company recorded $765 million in impairment losses against Bungie’s assets for fiscal year 2025 — that’s more than 20% of the $3.6 billion it paid to acquire the studio back in 2022.
The hit came in two stages. A first charge of roughly $204 million arrived in Q2, tied directly to Destiny 2 missing performance targets. Then a second, much larger charge of around $560 million landed in Q4 — timed almost exactly with the launch of Marathon.
That second number tells you most of what you need to know. Marathon reportedly cost north of $250 million to produce, and by Sony’s own accounting, the game has not performed at the level the acquisition price implied. Bungie has acknowledged the game’s steep learning curve, framing it as something players warm up to over time. Sony’s balance sheet suggests patience is wearing thin.
It’s worth noting that an impairment charge is a non-cash writedown — Sony isn’t burning money in real time, it’s adjusting what Bungie is worth on paper. Still, writing down $765 million in a single year on a $3.6 billion deal is a blunt signal that the studio has underdelivered.
The broader PlayStation business actually held up fine — gaming operating income rose 12% for the year, and the PS5 has now shipped 93.7 million units. But Bungie remains the one visible drag on an otherwise solid report, and Sony flagged the possibility of further impairment charges in fiscal year 2026.