-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：EA第四季度净预订额达到创纪录的80.26亿美元（同比增长9%），运营现金流达到25.53亿美元（同比增长23%），其中第四季度净预订额为18.64亿美元（同比增长4%），稀释后每股收益飙升至1.81美元（同比增长85%）。在经历了几个季度因高额投资支出而导致的利润率下滑后，第四季度营业利润率回升至27%（同比增长580个基点）。我们认为，这些业绩验证了管理层大力投资的策略，《战地6》取得了创纪录的系列业绩，《Apex英雄》也实现了其最强劲的季度表现。在收购进行期间，管理层暂停了财报电话会议和业绩展望，但表示将就这项550亿美元的交易与监管机构进行建设性沟通。由PIF、Silver Lake和Affinity Partners组成的财团以全现金方式收购EA的交易，对EA的估值为每股210美元，预计将于2027财年第一季度完成。我们预计《战地6》的成功运营和利润率的恢复表明投资周期正在产生回报，尽管全部收益可能最终归于收购财团。
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