Games Workshop's core business model is the creation, manufacture, and sale of miniature-based tabletop fantasy and science fiction wargames, primarily through its Warhammer intellectual properties. The company designs proprietary intellectual property, produces miniatures and rulebooks in-house, and sells them through a vertically integrated network of owned retail stores, independent retailers, and e-commerce channels. Revenue is driven by recurring customer purchases of miniatures, paints, books, and gaming accessories, supported by continuous content releases that keep players engaged over long periods. The business is further enhanced by high-margin licensing income from video games, books, merchandise, and media adaptations based on the Warhammer universe.

The company reports revenue and operating profit for its core activities, ie miniatures and games, and licensing. Licensing revenue can be lumpy based on the timing and scale of new licences, as well as the accounting standards that require minimum guarantees to be recorded at the start of the licence. There is no visibility on when the company may sign a new licence.

Games Workshop's competitive advantage stems from its ownership of the deeply established Warhammer intellectual property, which creates strong customer loyalty, high switching costs, and powerful community network effects. Players invest significant time and money into armies, lore, and social communities, making the hobby highly sticky and recurring in nature. This is reinforced by Games Workshop's vertically integrated model — controlling design, manufacturing, publishing, retail, and distribution — which supports premium pricing, strong margins, and consistent quality. Its global fan ecosystem, frequent content releases, and expanding licensing opportunities across video games, books, and media further strengthen the brand and make the business difficult for competitors to replicate.

In December 2024, management confirmed it had reached a final agreement with Amazon to adapt the Warhammer 40K universe into films and television series, with associated merchandising rights. Amazon also has an option for exclusive rights in the Warhammer Fantasy universe (ie AoS and Old World) after the release of any initial 40K production. As with any other licence, the terms are confidential. The aim of the exclusive agreement is to initially place the 40K intellectual property into new markets and to a wider audience, which naturally should generate incremental new revenue. Management hopes the content encourages more people to take up the hobby and benefit the core business.