Sony Gaming Q1 Earnings — PS5 Sells, Software Carries

Hardware ASPs are flat, software attach is up, and PS Plus margins keep doing the heavy lifting.

Sony PlayStation segment posted Q1 revenue of ¥870B, with hardware roughly flat year-over-year and first-party software up 22%. The PS5 is now firmly in the back half of its cycle and the company is no longer pretending the next box is far away.

The structural story is PS Plus. Premium tier conversions are still printing 23% gross margins on revenue that was 12% margin three years ago. Cloud streaming is the cost line that should worry shareholders, but for now it is the cheapest user-acquisition tool Sony has.

Watch the Q2 guide for first-party release timing. If God of War successor and the Bend Studio open-world both slip into FY27, the FY26 software line carries a hole that PS Plus alone cannot fill.