Ubisoft just dropped its full-year FY2025-2026 earnings report, and the headline news for gamers is that new entries in Assassin’s Creed, Far Cry, and Ghost Recon are all confirmed to arrive before March 2029. If you’ve been waiting for any of those franchises to come back in a meaningful way, there is officially a light at the end of the tunnel.
But here’s the thing — that light is sitting at the end of a very long, very expensive tunnel. The same report that confirms those games also shows a record €1.3 billion operating loss, net bookings down 17% year-over-year, seven cancelled projects, six delayed games, and an incoming fiscal year that Ubisoft itself is calling a “low point.” The promise of a comeback is real. The scale of the hole they’re climbing out of is equally real. Let’s dig into both.
What Ubisoft Actually Confirmed
In its earnings report published May 20, 2026, Ubisoft stated it expects a “significantly stronger and diversified content pipeline” across FY2027-28 and FY2028-29. The company specifically named Assassin’s Creed, Far Cry, and Ghost Recon as the pillars of that pipeline, alongside an acceleration of its live services — primarily Rainbow Six Siege.
Because Ubisoft’s financial year runs from April 1 to March 31, FY2028-29 ends on March 31, 2029. That’s the hard deadline these games are expected to launch before. The three franchises are housed under Vantage Studios, a recently created subsidiary that consolidates Ubisoft’s biggest prestige brands under a Tencent-backed structure. Former Riot Games head Nicolo Laurent has been brought in as a special advisor to the unit.
Ubisoft’s CEO Yves Guillemot described the path to this point as painful but purposeful. The company killed seven in-development projects and delayed six more specifically to concentrate resources on this new release pipeline. Guillemot also boasted that the games released in FY2025-26 — which include Assassin’s Creed Shadows and Rainbow Six Siege content — achieved “above 80 Metacritic scores,” framing quality improvement as a core part of the turnaround strategy.
The Numbers Behind the Headlines
Before getting into the games themselves, it’s worth sitting with what this earnings report actually shows about Ubisoft’s current state, because the numbers are stark.
- €1.3 billion operating loss for the full fiscal year — a record for the company
- Net bookings of €1.53 billion, down 17% year-over-year
- Final quarter net bookings down 54% compared to the same quarter last year, when Assassin’s Creed Shadows launched
- Headcount reduced by 1,200 people through the restructuring process
- Cost base at €1.435 billion against a target of €1.25 billion — meaning more cuts are coming
- FY2026-27 free cash flow consumption expected to reach up to €500 million
That last point is the one investors are most focused on. Ubisoft is explicitly warning that the current fiscal year (ending March 2027) will be a “low point in free cash flow trajectory” due to a softer release slate, ongoing restructuring costs, and continued investment in the games that won’t generate revenue until FY2028 and beyond. The company is essentially burning cash right now to fund the comeback it’s promising for later.
Ubisoft says it will lean on its back catalogue, Rainbow Six Siege’s live service, and the recently unveiled Assassin’s Creed Black Flag Resynced to keep revenue flowing through this lean period. Black Flag Resynced, a modernized version of the beloved 2013 pirate entry, will be a critical test of whether Ubisoft can generate goodwill and sales revenue from its legacy while the new games are still in development.
Assassin’s Creed: What’s Actually Coming
The next major Assassin’s Creed is almost certainly Codename Hexe, which was originally announced back in 2022 alongside what would become Assassin’s Creed Shadows. Hexe is believed to be set in 16th century Europe, with the witch trials of the era serving as its historical backdrop. The title “Hexe” is the German word for witch, which makes the setting fairly unambiguous.
The road to release has been rough. Hexe has now gone through two directors during its development cycle, which has understandably raised questions about its internal stability. Despite that turbulence, it remains on track as the next major AC entry, with multiple reports pointing to a 2027 release — which would fall within Ubisoft’s FY2027-28 window.
There is one caveat worth flagging. Some reports have suggested the “next Assassin’s Creed” referenced in investor materials could potentially refer to an Assassin’s Creed 1 remake rather than Hexe. Ubisoft hasn’t fully clarified which game the specific reference points to, so there’s a small but real possibility of a surprise announcement. Either way, something substantial in the AC franchise is coming before March 2029.
Additionally, a Fall Guys-style multiplayer Assassin’s Creed game has reportedly been in development, though playtest feedback has reportedly been mixed to negative. Whether that project survives the restructuring or gets quietly shelved remains unclear.
Far Cry: Two Games in Development, One Coming Soon
The Far Cry series has been dormant since Far Cry 6 launched in 2021 — five years with nothing new from one of gaming’s most reliable open-world franchises. Earlier in 2026, Ubisoft confirmed it has two “very promising” Far Cry projects in development, though specifics have been scarce.
What we know about the mainline entry comes from earlier reports pointing to a project codenamed Project Blackbird. If those details are accurate, the next mainline Far Cry will feature a non-linear story built around the kidnapping of the protagonist’s family, playing out across a 72-in-game-hour timeframe that translates to roughly 24 hours of real-world playtime. That’s a genuinely unusual structural concept for the franchise, and would represent a significant departure from the sprawling open-world formula of recent entries.
The second Far Cry project has been described as a multiplayer-focused title, though whether this arrives before or after the mainline entry is unknown. With two games confirmed in development and both targeting the FY2027-29 window, Far Cry fans have more reason for optimism than at any point in the last four years — they just need to be patient for a while longer.
Ghost Recon: The Longest-Dormant Major Franchise
Ghost Recon hasn’t seen a new mainline release since Ghost Recon Breakpoint in 2019, making it arguably Ubisoft’s most neglected big franchise heading into this new cycle. Ubisoft CEO Yves Guillemot dropped a hint about a new Ghost Recon during an investor call in 2025, and the FY2026 earnings report now formally confirms it as part of the pipeline before March 2029.
Beyond that confirmation, virtually nothing is known about the new Ghost Recon. No codename, no setting, no structural details. Given that Breakpoint’s reception was a commercial and critical disappointment that essentially ended the series’ last run, the team building the new entry will have significant pressure to course-correct and deliver something that feels genuinely evolved from where the franchise was left.
The Generative AI Bet Running in Parallel
Buried in the same earnings report is a detail worth flagging for anyone following the AI conversation in gaming: Ubisoft confirmed it is “accelerating” investment behind Teammates, described as the company’s “first playable generative AI experience.” Announced in 2025 as an experiment, Teammates is a first-person shooter-adjacent experience that casts players as resistance fighters in a dystopian future, with AI-powered squad mates that players can communicate with dynamically.
Ubisoft also said its teams are making “tangible progress” on AI applications across game development pipelines — including intelligent bots for quality control teams, smarter NPCs, and game worlds that can adapt to player behavior in real time. It’s a significant pivot toward generative AI at a company that is simultaneously burning through cash and betting on its biggest traditional franchises to save it. That tension — doubling down on AI tools while also promising a “return to higher quality standards” on its core games — is one of the more interesting strategic narratives to watch going forward.
The publishing world is increasingly divided on this front. Developers across the industry are rethinking platform relationships and creative priorities simultaneously, and Ubisoft’s approach of accelerating AI investment alongside traditional franchise development puts them in a very different lane from publishers like Fireshine Games, who have drawn a hard line against generative AI in core game creation.
Can Ubisoft Actually Pull This Off?
That’s the billion-euro question — literally. Ubisoft gutted its own pipeline, eliminated over a thousand jobs, shut down studios, and killed beloved projects including the long-delayed Prince of Persia: The Sands of Time remake, all in service of focusing everything on this comeback. The math is unforgiving: if Hexe, the new Far Cry, and the new Ghost Recon all land well, Guillemot looks like someone who made the hard calls at the right time. If even one of those games stumbles, Ubisoft will have burned through its remaining safety net without the recovery it promised investors and players.
The hopeful read is that Ubisoft has genuinely course-corrected its quality bar — Assassin’s Creed Shadows and other recent releases hitting above 80 on Metacritic suggests the team still knows how to make good games when given the right conditions. The worrying read is that a €1.3 billion loss, a headcount reduced by over a thousand, and a fiscal year explicitly flagged as a “low point” is not the posture of a company operating from a position of strength.
What’s clear is that 2027 and 2028 are going to be defining years for Ubisoft as a company. The games coming out of those two fiscal years will either confirm the turnaround is real or accelerate a decline that nobody in the industry actually wants to see happen. Ubisoft has built some of gaming’s most beloved franchises, and the best version of this story is that Hexe, Far Cry, and Ghost Recon come out swinging and remind everyone why those brands still matter.
For now, the wait continues. If you’re looking to stay on top of everything happening in gaming this month while Ubisoft works toward its 2029 commitments, check out our full rundown of every game coming and leaving Xbox Game Pass in May and June 2026 — including some genuinely strong picks across multiple genres. And if the Epic Games Store drama surrounding Lords of the Fallen 2 caught your eye, our full breakdown of that exclusivity termination covers everything you need to know about what that split means for PC players. Meanwhile, the Fortnite and Apple “final battle” is heating up simultaneously — it’s a genuinely eventful week in gaming news across the board.
