GameStop Just Delivered a Historic Quarter. GME Could Be the Most Undervalued Meme Stock to Buy.

Meme stocks have been relatively quiet in 2026. The wild Reddit-fueled rallies of 2021 feel like ancient history. But GameStop (GME) never fully faded away. Over the last few months, the company has quietly rebuilt itself. It cut costs, leaned into higher-margin collectibles, and hoarded billions in cash. Then it dropped a bombshell. GameStop reported the highest net income and operating income in its entire history.

The big news hit this week when GameStop delivered a quarter for the ages. Net income came in at $389.6 million. Operating income hit $143.3 million. Both were all-time records. Investors did not hold back. Volume spiked to three times the daily average and the stock surged 9% in a single session. This wasn’t a short-squeeze mirage. Real profits powered the move. The milestone gives the company immense credibility and proves that the relentless cost-cutting and pivot toward higher-margin categories are working.

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The stock exploded higher, and suddenly the old meme flame flickered again. This time, though, the numbers actually backed up the excitement.

GameStop is no longer just a mall-based video game retailer. It now operates a lean omnichannel platform that sells hardware, software, collectibles, and digital goods while holding a fortress-like balance sheet.