Marathon and Destiny developer Bungie underperformed last year, causing a $765 million impairment loss for PlayStation

Sony has reported a ¥120.1 billion ($765 million) impairment loss against Bungie for its fiscal year 2025 (ended March 31, 2026), reflecting significant underperformance of the developer’s title portfolio. This represents a major write-down on the company’s 2022 acquisition of Bungie for $3.6 billion.

The impairment charge was recorded across two quarters: a ¥31.5 billion ($200 million) loss in Q2 and an additional ¥88.6 billion ($565 million) loss in Q4 2025. Sony attributed the charges to disappointing earnings from Bungie’s games, particularly its flagship franchise Destiny 2 and the newly launched extraction shooter Marathon, which failed to meet the company’s expectations. Marathon released in early April 2026, roughly four weeks after the fiscal year ended, with the Q4 charge coming shortly after its launch.

The impairment write-down reflects a devaluation of Bungie’s intangible and fixed assets, though it does not represent direct cash losses. Despite the substantial charge, Sony’s Games & Network Services segment maintained overall profitability, with full-year operating income rising 12 percent. However, the impairment significantly impacted Q4 results, contributing to a 41.6 percent decline in quarterly operating income.

The acquisition reflects Sony’s 2021-2022 push into live-service gaming as part of its strategic initiatives. However, the company now faces questions about the viability of its Bungie investment and the broader direction of these titles. Destiny 2 has experienced declining performance, while Marathon’s launch appears to have underperformed projections, putting the long-term prospects of both franchises under scrutiny.

Marathon and Destiny developer Bungie underperformed last year, causing a $765 million impairment loss for PlayStation

Sources