Sony has released their latest financial report covering Q4 2025, containing lots of juicy numbers for all of us to pore over. But it also contains a surprise, although arguably not a surprise to all those who thought Sony bought Bungie for far too high a price.

The report mentions that Sony has now filed for a second impairment against Bungie, basically saying Sony has officially reduced Bungie’s estimated value on its books.

This impairment is for  88.6 billion yen, which is roughly $565 million at current going rates. Sony has not given an exact reason for the impairment, but really, it could only likely be because of Destiny 2’s continued decline and Marathon’s recent launch not meeting expectations.

That’s on top of the prior impairment in Q2 of 2025, which Sony said was 31.5 billion yen (approx. $204.2 million) and was specifically stated to because of Destiny 2 underperforming.

In simple terms, Sony has reduced Bungie’s on-paper value by an estimated $765 million since acquiring the studio for $3.6 billion back in 2022.

Impairments are not unusual in the financial world, but a second one does raise the ‘ol eyebrows a bit. It means Sony likely expected a lot more from Marathon.