Take-Two (NASDAQ: TTWO) lifts FY 2026 revenue 18% and guides higher on GTA VI launch
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Take-Two Interactive Software, Inc. reported strong results for its fourth quarter and fiscal year ended March 31, 2026, with growth driven by its core franchises and mobile portfolio. Fourth-quarter Net Bookings were $1.58 billion, roughly flat year over year, while GAAP net revenue rose to $1.68 billion. The company posted a GAAP net loss of $59.5 million for the quarter, a sharp improvement from a $3.73 billion loss a year earlier.
For fiscal 2026, Net Bookings grew 19% to $6.72 billion and GAAP net revenue increased 18% to $6.66 billion, supported by NBA 2K, Grand Theft Auto, Red Dead Redemption, Borderlands and Zynga titles. GAAP net loss narrowed significantly to $298.2 million, and EBITDA reached $760.6 million.
Initial fiscal 2027 guidance calls for Net Bookings of $8.0 to $8.2 billion, GAAP net revenue of $7.9 to $8.1 billion, and EBITDA of $1,013 to $1,070 million. Management expects this step-up in scale to be driven in part by the November 19, 2026 launch of Grand Theft Auto VI and continued momentum across its live services and development pipeline.
Positive
- Strong fiscal 2026 growth: Net Bookings rose 19% to $6.72 billion and GAAP net revenue increased 18% to $6.66 billion, with EBITDA improving to $760.6 million and GAAP net loss shrinking to $298.2 million from $4.48 billion.
Negative
- None.
Insights
Take-Two posts double-digit annual growth and guides to another step-up in scale for fiscal 2027.
Take-Two delivered fiscal 2026 Net Bookings of $6.72 billion, up 19%, and GAAP net revenue of $6.66 billion, up 18%. EBITDA rose to $760.6 million while the GAAP net loss narrowed to $298.2 million, reflecting a cleaner P&L after prior-year goodwill impairment.
Recurrent consumer spending accounted for roughly four-fifths of both Net Bookings and GAAP net revenue, underscoring the importance of live services and in-game monetization. Mobile remains the largest platform contributor for the year, with console and PC/other also growing, highlighting a diversified revenue base across labels like Rockstar, 2K, and Zynga.
For the year ending March 31, 2027, management guides Net Bookings to $8.0 to $8.2 billion and EBITDA to $1,013 to $1,070 million, implying another sizable increase in scale. The outlook explicitly factors in the November 19, 2026 launch of Grand Theft Auto VI and assumes timely delivery of the pipeline, a stable macro backdrop, and continued adoption of PlayStation 5 and Xbox Series X|S.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q4 2026 Net Bookings: $1.58 billion
FY 2026 Net Bookings: $6.72 billion
FY 2026 GAAP net revenue: $6.66 billion
+5 more
8 metrics
Q4 2026 Net Bookings
$1.58 billion
Fourth quarter fiscal 2026; flat versus prior-year quarter
FY 2026 Net Bookings
$6.72 billion
Fiscal year 2026; grew 19% from $5.65 billion
FY 2026 GAAP net revenue
$6.66 billion
Fiscal year 2026; increased 18% from $5.63 billion
FY 2026 GAAP net loss
$298.2 million
Fiscal year 2026; improved from $4.48 billion loss
FY 2026 EBITDA
$760.6 million
Fiscal year 2026; up from $199.1 million in 2025
FY 2027 Net Bookings outlook
$8.0–$8.2 billion
Guidance for fiscal year ending March 31, 2027
FY 2027 EBITDA outlook
$1,013–$1,070 million
Guidance for fiscal year ending March 31, 2027
FY 2026 operating cash flow
$624.3 million
Net cash provided by operating activities in fiscal 2026
Key Terms
Net Bookings, recurrent consumer spending, EBITDA, goodwill impairment, +2 more
6 terms
Net Bookings financial
"Total Net Bookings* grew 19% to $6.72 billion, as compared to $5.65 billion during last fiscal year."
Net bookings measure the total value of contracts, orders or subscriptions a company signs during a period after subtracting cancellations, returns and other order-level reductions; it counts what customers have committed to buy rather than what has already been recorded as revenue. Think of it like a restaurant’s confirmed reservations and menu orders after accounting for no-shows — it signals demand, future sales and business momentum, giving investors a view of upcoming revenue potential.
recurrent consumer spending financial
"Net Bookings from recurrent consumer spending** grew 17% and accounted for 78% of total Net Bookings."
Recurrent consumer spending is the pattern of customers making the same or similar purchases regularly—like subscriptions, routine grocery buys, or repeat service fees—rather than one-time transactions. For investors it signals more predictable revenue and customer loyalty, which can lower sales volatility and support higher valuations; think of it as a steady stream of income like a monthly utility bill versus a single occasional purchase.
EBITDA financial
"EBITDA | | 760.6 | | | 68.1 | | 305.3 | | (4.4) | | | | 18.9 | | 5.3"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
goodwill impairment financial
"Goodwill impairment | | — | | | 3,545.2 | | | — | | | 3,545.2"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
Non-GAAP financial measure financial
"In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses a Non-GAAP financial measure of performance: EBITDA."
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
deferred revenue financial
"Change in deferred net revenue and related cost of revenue"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
Earnings Snapshot
Q4 2026 GAAP net revenue: $1.68 billion · Guidance included
Q4 and FY 2026
Q4 2026 GAAP net revenue
$1.68 billion
up from $1.58 billion in Q4 2025
Q4 2026 Net Bookings
$1.58 billion
flat versus $1.58 billion in Q4 2025
FY 2026 Net Bookings
$6.72 billion
+19% from $5.65 billion
FY 2026 GAAP net revenue
$6.66 billion
+18% from $5.63 billion
FY 2026 GAAP net loss
$298.2 million
improved from $4.48 billion loss
FY 2026 EBITDA
$760.6 million
up from $199.1 million
Guidance
For fiscal 2027, Take-Two guides Net Bookings to $8.0–$8.2 billion, GAAP net revenue to $7.9–$8.1 billion, and EBITDA to $1,013–$1,070 million, reflecting contributions from Grand Theft Auto VI and its broader portfolio.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||
| of incorporation) | File Number) | Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code (646) 536-2842
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition | ||||
On May 21, 2026 , Take-Two Interactive Software, Inc. (the “Company”) issued a press release announcing the financial results of the Company for its fourth fiscal quarter and fiscal year ended March 31, 2026. A copy of the press release is attached to this Current Report as Exhibit 99.1 and is incorporated by reference herein.
The information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
Item 9.01 | Financial Statements and Exhibits | ||||
| (d) | Exhibits: | |||||||
99.1 | Press Release dated May 21, 2026 relating to Take-Two Interactive Software, Inc.’s financial results for its fourth fiscal quarter and fiscal year ended March 31, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||
| (Registrant) | ||||||||
| By: | /s/ Matthew Breitman | |||||||
| Matthew Breitman | ||||||||
| Senior Vice President, General Counsel Americas & Corporate Secretary | ||||||||
Date: | ||||||||
3
Exhibit 99.1
 | ||||||||
| FOR IMMEDIATE RELEASE | ||||||||
| CONTACT: | |||||
| (Investor Relations) | (Corporate Press) | ||||
| Nicole Shevins | Alan Lewis | ||||
| Senior Vice President | Head of Global Corporate Communications | ||||
| Investor Relations & Corporate Communications | Take-Two Interactive Software, Inc. | ||||
| Take-Two Interactive Software, Inc. | (646) 536-2983 | ||||
| (646) 536-3005 | Alan.Lewis@take2games.com | ||||
| Nicole.Shevins@take2games.com | |||||
Take-Two Interactive Software, Inc. Reports Results for Fourth Quarter and Fiscal Year 2026
$1.58 billion fiscal fourth quarter Net Bookings, above Company's guidance range
$6.72 billion fiscal year 2026 Net Bookings
Initial outlook for fiscal 2027 includes Net Bookings of $8.0 to $8.2 billion
New York, NY – May 21, 2026 – Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the fourth quarter of its fiscal year 2026, ended March 31, 2026. For further information, please see the fourth quarter fiscal 2026 results slide deck posted to the Company’s investor relations website at take2games.com/ir.
CEO Comments
Strauss Zelnick, Chairman and CEO of Take-Two Interactive, stated: “Our Fiscal 2026 performance was exceptional and exceeded our initial expectations at every label. We believe Fiscal 2027 will establish new record levels of operating performance driven by the November 19th launch of Grand Theft Auto VI, along with strong execution across our portfolio. We expect to sustain this higher level of scale, generate strong cash flows, and deliver long-term shareholder value as we release our robust development pipeline, continue to optimize our live services and capitalize on new business opportunities.”
Fourth Quarter Fiscal 2026 Financial and Operational Highlights
•Total Net Bookings* were $1.58 billion and were flat compared to last year’s fiscal fourth quarter.
◦Net Bookings from recurrent consumer spending** grew 7% and accounted for 82% of total Net Bookings.
◦The largest contributors to Net Bookings were NBA® 2K26, Grand Theft Auto® Online and Grand Theft Auto V, Toon Blast™, Match Factory!™, Empires & Puzzles™, WWE® 2K26, Color Block Jam™, Red Dead Redemption® 2 and Red Dead Online, Words With Friends™, and Civilization® VII.
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•GAAP net revenue was $1.68 billion, compared to $1.58 billion in last year’s fiscal fourth quarter.
◦Recurrent consumer spending** increased 12% and accounted for 81% of total GAAP net revenue.
◦The largest contributors to GAAP net revenue were NBA 2K26 and NBA 2K25, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, Match Factory!, Color Block Jam, Red Dead Redemption 2 and Red Dead Online, Words With Friends, Borderlands® 4, and WWE 2K26.
•GAAP net loss was $59.5 million, or $0.32 per share, as compared to $3,726.2 million, or $21.08 per share, for the comparable period last year.
* Net Bookings is our operational metric and defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.
** Recurrent consumer spending is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising.
Fourth Quarter Fiscal 2026 Financial Results
The following data is used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business:
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Financial Data | ||||||||||||||||||||||||||||||||||||||||||||
| in millions | Statement of Operations | Change in deferred net revenue and related cost of revenue | Stock-based compensation | Amortization of acquired intangibles | Business reorganization | Business acquisition | Other (a) | |||||||||||||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||||||||||||||
| Total net revenue | $ | 1,679.8 | (99.5) | |||||||||||||||||||||||||||||||||||||||||
| Cost of revenue | 741.1 | (5.3) | (4.7) | (185.4) | ||||||||||||||||||||||||||||||||||||||||
| Gross profit | 938.7 | (94.2) | 4.7 | 185.4 | ||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 927.8 | (73.7) | (15.1) | 0.9 | (3.2) | |||||||||||||||||||||||||||||||||||||||
| (Loss) income from operations | 10.9 | (94.2) | 78.4 | 200.5 | (0.9) | 3.2 | ||||||||||||||||||||||||||||||||||||||
| Interest and other, net | (23.6) | 1.2 | (0.6) | 6.7 | ||||||||||||||||||||||||||||||||||||||||
| (Loss) income before income taxes | (12.7) | (93.0) | 78.4 | 200.5 | (0.9) | 2.6 | 6.7 | |||||||||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 243.7 | (93.0) | 78.4 | (0.9) | 0.9 | 6.7 | ||||||||||||||||||||||||||||||||||||||
•The above table utilizes a management tax rate of 18%
•Share count used to calculate management reporting diluted net income per share is 186.5 million
(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar and (ii) fair value adjustments related to certain equity investments.
Fiscal Year 2026 Financial and Operational Highlights
•Total Net Bookings* grew 19% to $6.72 billion, as compared to $5.65 billion during last fiscal year.
◦Net Bookings from recurrent consumer spending** grew 17% and accounted for 78% of total Net Bookings.
◦The largest contributors to Net Bookings were NBA 2K26 and NBA 2K25, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Match Factory!, Empires & Puzzles, Borderlands 4, Color Block Jam, Red Dead Redemption 2 and Red Dead Online, Words With Friends, and Toy Blast™.
•GAAP net revenue increased 18% to $6.66 billion, as compared to $5.63 billion during last fiscal year.
◦Recurrent consumer spending** increased 16% and accounted for 78% of total GAAP net revenue.
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◦The largest contributors to GAAP net revenue were NBA 2K25 and NBA 2K26, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Match Factory!, Empires & Puzzles, Color Block Jam, Borderlands 4, Red Dead Redemption 2 and Red Dead Online, and Words With Friends.
•GAAP net loss was $298.2 million, or $1.62 per share, as compared to $4.48 billion, or $25.58 per share, for the comparable period last year.
* Net Bookings is our operational metric and defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.
** Recurrent consumer spending is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising.
Fiscal Year 2026 Financial Results
The following data is used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
| Fiscal Year Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Financial Data | ||||||||||||||||||||||||||||||||||||||||||||
| in millions | Statement of Operations | Change in deferred net revenue and related cost of revenue | Stock-based compensation | Business reorganization | Amortization of acquired intangibles | Business acquisition | Other (a) | |||||||||||||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||||||||||||||
| Total net revenue | $ | 6,656.4 | 64.6 | |||||||||||||||||||||||||||||||||||||||||
| Cost of revenue | 2,846.7 | (3.4) | 27.9 | (664.9) | ||||||||||||||||||||||||||||||||||||||||
| Gross profit | 3,809.7 | 68.0 | (27.9) | 664.9 | ||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 3,913.9 | (333.2) | 4.4 | (60.7) | (14.7) | |||||||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (104.2) | 68.0 | 305.3 | (4.4) | 725.6 | 14.7 | ||||||||||||||||||||||||||||||||||||||
| Interest and other, net | (93.6) | 0.1 | 11.0 | 5.3 | ||||||||||||||||||||||||||||||||||||||||
| (Loss) income before income taxes | (197.8) | 68.1 | 305.3 | (4.4) | 725.6 | 25.7 | 5.3 | |||||||||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 760.6 | 68.1 | 305.3 | (4.4) | 18.9 | 5.3 | ||||||||||||||||||||||||||||||||||||||
•The above table utilizes a management tax rate of 18%
•Share count used to calculate management reporting diluted net income per share is 185.6 million
(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar and (ii) fair value adjustments related to certain equity investments.
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Outlook for Fiscal Year 2027
Take-Two is providing its initial outlook for the fiscal year ending March 31, 2027 and fiscal first quarter ending June 30, 2026:
Fiscal Year Ending March 31, 2027
The Company is also providing selected data, which is used internally by its management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
| Fiscal Year Ending March 31, 2027 | ||||||||||||||||||||||||||||||||
| Financial Data | ||||||||||||||||||||||||||||||||
| $ in millions except for per share amounts | Outlook (b) | Change in deferred net revenue and related cost of revenue | Stock-based compensation | Amortization of acquired intangibles | Business acquisition & Other | |||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||
| Total net revenue | $7,900 to $8,100 | $100 | ||||||||||||||||||||||||||||||
| Cost of revenue | $3,504 to $3,626 | $(10) | $(77) | $(573) | ||||||||||||||||||||||||||||
| Operating expenses | $4,180 to $4,200 | $(350) | $(51) | |||||||||||||||||||||||||||||
| Interest and other, net | $50 | $(3) | ||||||||||||||||||||||||||||||
| Income before income taxes | $166 to $224 | $110 | $427 | $624 | $3 | |||||||||||||||||||||||||||
| Net income | $105 to $141 | |||||||||||||||||||||||||||||||
| Diluted net income per share | $0.55 to $0.75 | |||||||||||||||||||||||||||||||
| Net cash provided by operating activities | over $1,000 | |||||||||||||||||||||||||||||||
| Capital expenditures | approximately $200 | |||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||
| EBITDA | $1,013 to $1,070 | $110 | $427 | |||||||||||||||||||||||||||||
| Operational metric | ||||||||||||||||||||||||||||||||
| Net Bookings | $8,000 to $8,200 | |||||||||||||||||||||||||||||||
•Management reporting tax rate anticipated to be 18%
•Share count used to calculate GAAP and management reporting diluted net income per share is expected to be 189.7 million
(b) The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.
4
Fiscal First Quarter Ending June 30, 2026
The Company is also providing selected data, which is used internally by its management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ending June 30, 2026 | ||||||||||||||||||||||||||||||||
| Financial Data | ||||||||||||||||||||||||||||||||
| $ in millions except for per share amounts | Outlook (b) | Change in deferred net revenue and related cost of revenue | Stock-based compensation | Amortization of acquired intangibles | Business acquisition & Other | |||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||
| Total net revenue | $1,450 to $1,500 | $(130) | ||||||||||||||||||||||||||||||
| Cost of revenue | $578 to $594 | $(15) | $(1) | $(154) | ||||||||||||||||||||||||||||
| Operating expenses | $926 to $936 | $(70) | $(15) | |||||||||||||||||||||||||||||
| Interest and other, net | $13 | $1 | ||||||||||||||||||||||||||||||
| (Loss) income before income taxes | $(67) to $(43) | $(115) | $71 | $169 | $(1) | |||||||||||||||||||||||||||
| Net (loss) income | $(42) to $(27) | |||||||||||||||||||||||||||||||
| Net (loss) income per share | $(0.23) to $(0.15) | |||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||
| EBITDA | $155 to $179 | $(115) | $71 | |||||||||||||||||||||||||||||
| Operational metric | ||||||||||||||||||||||||||||||||
| Net Bookings | $1,320 to $1,370 | |||||||||||||||||||||||||||||||
•Management reporting tax rate anticipated to be 18%
•Share count used to calculate GAAP net loss per share is expected to be 186.3 million
•Share count used to calculate management reporting diluted net income per share is expected to be 188.7 million
(b) The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.
Key assumptions and dependencies underlying the Company’s outlook include: a continuation of the current economic backdrop; the timely delivery of the titles included in this financial outlook; continued growth in the installed base of PlayStation 5 and Xbox Series X|S; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; factors affecting our performance on mobile, such as player acquisition costs; our ongoing focus on our live services portfolio and new game pipeline; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following have been released since January 1, 2026:
| Label | Product | Platforms | Release Date | ||||||||
| 2K | Sid Meier's Civilization VII for Apple Arcade | iOS | February 5, 2026 | ||||||||
| 2K | PGA TOUR 2K25 | Switch 2 | February 6, 2026 | ||||||||
| 2K | WWE 2K26 | PS5, Xbox Series X|S, Switch 2, PC | March 13, 2026 | ||||||||
5
Take-Two's future lineup announced to-date includes:
| Label | Product | Platforms | Release Date | ||||||||
| 2K | NBA 2K27 | TBA | September 2026 | ||||||||
| Rockstar Games | Grand Theft Auto VI | PS5, Xbox Series X|S | November 19, 2026 | ||||||||
| 2K | PGA TOUR 2K27 | TBA | TBA | ||||||||
| 2K | WWE 2K27 | TBA | TBA | ||||||||
| Zynga | CSR 3 | iOS, Android | TBA | ||||||||
| Zynga | Top Goal | iOS, Android | TBA | ||||||||
| Ghost Story Games | Judas | PS5, Xbox Series X|S, PC | TBA | ||||||||
| 2K | Project ETHOS | TBA | TBA | ||||||||
| 2K | BioShock next iteration | TBA | TBA | ||||||||
Conference Call
Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (800) 715-9871 or (646) 307-1963 (conference ID: 9711440). A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.
Non-GAAP Financial Measure
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses a Non-GAAP measure of financial performance: EBITDA, which is defined as GAAP net income (loss) excluding interest income (expense), provision for (benefit from) income taxes, depreciation expense, and amortization and impairment of acquired intangibles.
The Company’s management believes it is important to consider EBITDA, in addition to net income, as it removes the effect of certain non-cash expenses, debt-related charges, and income taxes. Management believes that, when considered together with reported amounts, EBITDA is useful to investors and management in understanding the Company’s ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to the Company’s operations and financial condition.
This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company's operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Annual Report on Form 10-K for the period ended March 31, 2026.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, and Zynga. Our strategy is to create hit entertainment experiences, delivered on every platform relevant to our audience through a variety of sound business models. Our pillars - creativity, innovation, and efficiency - guide us as we strive to create the highest quality, most captivating experiences for our consumers. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
6
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein, which are not historical facts, including statements relating to Take-Two Interactive Software, Inc.'s ("Take-Two," the "Company," "we," "us," or similar pronouns) outlook, are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties, including risks relating to the timely release and significant market acceptance of our games; the risks of conducting business internationally, including as a result of unforeseen geopolitical events; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation®5 and Xbox Series X|S; factors affecting our mobile business, such as player acquisition costs; and the ability to maintain acceptable pricing levels on our games.
Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
7
| TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | Fiscal Year Ended March 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net revenue: | ||||||||||||||||||||||||||
| Game | $ | 1,568.4 | $ | 1,473.8 | $ | 6,162.1 | $ | 5,167.5 | ||||||||||||||||||
| Advertising | 111.4 | 108.7 | 494.3 | 466.1 | ||||||||||||||||||||||
| Total net revenue | 1,679.8 | 1,582.5 | 6,656.4 | 5,633.6 | ||||||||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||||||||
| Product costs | 203.2 | 205.1 | 863.8 | 821.1 | ||||||||||||||||||||||
| Game intangibles | 184.8 | 303.0 | 662.2 | 811.0 | ||||||||||||||||||||||
| Licenses | 119.9 | 124.7 | 463.5 | 365.8 | ||||||||||||||||||||||
| Software development costs and royalties | 150.8 | (9.7) | 439.8 | 168.1 | ||||||||||||||||||||||
| Internal royalties | 82.4 | 156.1 | 417.4 | 405.4 | ||||||||||||||||||||||
| Total cost of revenue | 741.1 | 779.2 | 2,846.7 | 2,571.4 | ||||||||||||||||||||||
| Gross profit | 938.7 | 803.3 | 3,809.7 | 3,062.2 | ||||||||||||||||||||||
| Selling and marketing | 392.2 | 402.1 | 1,770.8 | 1,683.7 | ||||||||||||||||||||||
| Research and development | 262.5 | 297.8 | 1,074.6 | 1,005.2 | ||||||||||||||||||||||
| General and administrative | 223.8 | 230.2 | 874.4 | 883.3 | ||||||||||||||||||||||
| Depreciation and amortization | 50.2 | 87.8 | 198.5 | 229.4 | ||||||||||||||||||||||
| Goodwill impairment | — | 3,545.2 | — | 3,545.2 | ||||||||||||||||||||||
| Business reorganization | (0.9) | 17.1 | (4.4) | 106.5 | ||||||||||||||||||||||
| Total operating expenses | 927.8 | 4,580.2 | 3,913.9 | 7,453.3 | ||||||||||||||||||||||
| Income (loss) from operations | 10.9 | (3,776.9) | (104.2) | (4,391.1) | ||||||||||||||||||||||
| Interest and other, net | (23.6) | (25.0) | (93.6) | (100.2) | ||||||||||||||||||||||
| Loss before income taxes | (12.7) | (3,801.9) | (197.8) | (4,491.3) | ||||||||||||||||||||||
| Provision for (benefit from) income taxes | 46.8 | (75.7) | 100.4 | (12.4) | ||||||||||||||||||||||
| Net loss | $ | (59.5) | $ | (3,726.2) | $ | (298.2) | $ | (4,478.9) | ||||||||||||||||||
| Loss per share: | ||||||||||||||||||||||||||
| Basic and diluted loss per share | $ | (0.32) | $ | (21.08) | $ | (1.62) | $ | (25.58) | ||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||
| Basic | 185.3 | 176.8 | 183.9 | 175.1 | ||||||||||||||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 1,545.5 | $ | 1,456.1 | ||||||||||
| Short-term investments | 443.8 | 9.4 | ||||||||||||
| Restricted cash and cash equivalents | 13.2 | 14.9 | ||||||||||||
Accounts receivable, net of allowances of $0.9 and $1.6 at March 31, 2026 and 2025, respectively | 737.0 | 771.1 | ||||||||||||
| Software development costs and licenses | 68.8 | 80.8 | ||||||||||||
| Contract assets | 89.7 | 80.8 | ||||||||||||
| Prepaid expenses and other | 301.5 | 402.8 | ||||||||||||
| Total current assets | 3,199.5 | 2,815.9 | ||||||||||||
| Fixed assets, net | 445.4 | 443.8 | ||||||||||||
| Right-of-use assets | 334.6 | 326.1 | ||||||||||||
| Software development costs and licenses, net of current portion | 2,277.5 | 1,892.6 | ||||||||||||
| Goodwill | 1,061.9 | 1,057.3 | ||||||||||||
| Other intangibles, net | 1,653.2 | 2,336.0 | ||||||||||||
| Long-term restricted cash and cash equivalents | 79.4 | 88.2 | ||||||||||||
| Other assets | 331.7 | 220.8 | ||||||||||||
| Total assets | $ | 9,383.2 | $ | 9,180.7 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 211.0 | $ | 194.7 | ||||||||||
| Accrued expenses and other current liabilities | 1,117.8 | 1,127.6 | ||||||||||||
| Deferred revenue | 1,159.9 | 1,083.5 | ||||||||||||
| Lease liabilities | 70.1 | 61.5 | ||||||||||||
| Short-term debt, net | 30.0 | 1,148.5 | ||||||||||||
| Total current liabilities | 2,588.8 | 3,615.8 | ||||||||||||
| Long-term debt, net | 2,488.0 | 2,512.6 | ||||||||||||
| Non-current deferred revenue | 29.7 | 25.4 | ||||||||||||
| Non-current lease liabilities | 370.2 | 383.3 | ||||||||||||
| Non-current software development royalties | 84.5 | 93.6 | ||||||||||||
| Deferred tax liabilities, net | 182.3 | 259.6 | ||||||||||||
| Other long-term liabilities | 128.8 | 152.7 | ||||||||||||
| Total liabilities | $ | 5,872.3 | $ | 7,043.0 | ||||||||||
| Stockholders' equity: | ||||||||||||||
| Preferred stock, $0.01 par value, 5.0 shares authorized: no shares issued and outstanding at March 31, 2026 and 2025 | — | — | ||||||||||||
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 209.1 and 200.8 shares issued and 185.4 and 177.1 outstanding at March 31, 2026 and 2025, respectively | 2.1 | 2.0 | ||||||||||||
| Additional paid-in capital | 11,953.7 | 10,312.0 | ||||||||||||
Treasury stock, at cost; 23.7 and 23.7 common shares at March 31, 2026 and 2025, respectively | (1,020.6) | (1,020.6) | ||||||||||||
| Accumulated deficit | (7,357.0) | (7,058.8) | ||||||||||||
| Accumulated other comprehensive loss | (67.3) | (96.9) | ||||||||||||
| Total stockholders' equity | $ | 3,510.9 | $ | 2,137.7 | ||||||||||
| Total liabilities and stockholders' equity | $ | 9,383.2 | $ | 9,180.7 | ||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
| (in millions) | ||||||||||||||
| Fiscal Year Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Operating activities: | ||||||||||||||
| Net loss | $ | (298.2) | $ | (4,478.9) | ||||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||
| Amortization and impairment of software development costs and licenses | 412.8 | 333.8 | ||||||||||||
| Stock-based compensation | 305.3 | 324.0 | ||||||||||||
| Noncash lease expense | 56.2 | 59.5 | ||||||||||||
| Amortization and impairment of intangibles | 725.7 | 922.6 | ||||||||||||
| Depreciation | 166.4 | 153.9 | ||||||||||||
| Goodwill impairment | — | 3,545.2 | ||||||||||||
| Interest expense | 151.4 | 167.3 | ||||||||||||
| Deferred income taxes | 78.0 | 139.5 | ||||||||||||
| Fair value adjustments | 12.5 | 6.9 | ||||||||||||
| Other, net | 21.4 | 24.8 | ||||||||||||
| Changes in assets and liabilities, net of effect from purchases of businesses: | ||||||||||||||
| Accounts receivable | 35.0 | (105.0) | ||||||||||||
| Software development costs and licenses | (688.9) | (691.6) | ||||||||||||
| Prepaid expenses, other current and other non-current assets | (66.5) | 11.9 | ||||||||||||
| Deferred revenue | 78.5 | 6.8 | ||||||||||||
| Accounts payable, accrued expenses and other liabilities | (365.3) | (465.9) | ||||||||||||
| Net cash provided by (used in) operating activities | 624.3 | (45.2) | ||||||||||||
| Investing activities: | ||||||||||||||
| Change in bank time deposits | (434.4) | 12.6 | ||||||||||||
| Purchases of fixed assets | (162.8) | (169.4) | ||||||||||||
| Divestitures | — | 32.7 | ||||||||||||
| Purchases of long-term investments | (22.0) | (21.1) | ||||||||||||
| Business acquisitions | (2.6) | 6.5 | ||||||||||||
| Asset acquisitions | (27.4) | (20.3) | ||||||||||||
| Other | — | 7.5 | ||||||||||||
| Net cash used in investing activities | (649.2) | (151.5) | ||||||||||||
| Financing activities: | ||||||||||||||
| Tax payment related to net share settlements on restricted stock awards | (2.9) | — | ||||||||||||
| Issuance of common stock | 1,247.5 | 77.3 | ||||||||||||
| Payment for settlement of convertible notes | — | (8.3) | ||||||||||||
| Proceeds from issuance of debt | — | 598.9 | ||||||||||||
| Cost of debt | — | (5.4) | ||||||||||||
| Repayment of debt | (1,150.0) | — | ||||||||||||
| Payment of contingent earn-out consideration | — | (12.0) | ||||||||||||
| Net cash provided by financing activities | 94.6 | 650.5 | ||||||||||||
| Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 9.2 | 3.4 | ||||||||||||
| Net change in cash, cash equivalents, and restricted cash and cash equivalents | 78.9 | 457.2 | ||||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1) | 1,559.2 | 1,102.0 | ||||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period (1) | $ | 1,638.1 | $ | 1,559.2 | ||||||||||
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our Consolidated Statements of Cash Flow includes amounts in the Cash and cash equivalents, Restricted cash and cash equivalents, and Long-term restricted cash and cash equivalents on our Consolidated Balance Sheet.
| TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||
| Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix | ||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by geographic region | ||||||||||||||||||||||||||
| United States | $ | 991.7 | 59 | % | $ | 946.1 | 60 | % | ||||||||||||||||||
| International | 688.1 | 41 | % | 636.4 | 40 | % | ||||||||||||||||||||
| Total Net revenue | $ | 1,679.8 | 100 | % | $ | 1,582.5 | 100 | % | ||||||||||||||||||
| Net Bookings by geographic region | ||||||||||||||||||||||||||
| United States | $ | 932.7 | 59 | % | $ | 961.1 | 61 | % | ||||||||||||||||||
| International | 647.6 | 41 | % | 620.4 | 39 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 1,580.3 | 100 | % | $ | 1,581.5 | 100 | % | ||||||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by distribution channel | ||||||||||||||||||||||||||
| Digital online | $ | 1,635.5 | 97 | % | $ | 1,525.6 | 96 | % | ||||||||||||||||||
| Physical retail and other | 44.3 | 3 | % | 56.9 | 4 | % | ||||||||||||||||||||
| Total Net revenue | $ | 1,679.8 | 100 | % | $ | 1,582.5 | 100 | % | ||||||||||||||||||
| Net Bookings by distribution channel | ||||||||||||||||||||||||||
| Digital online | $ | 1,540.3 | 97 | % | $ | 1,528.7 | 97 | % | ||||||||||||||||||
| Physical retail and other | 40.0 | 3 | % | 52.8 | 3 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 1,580.3 | 100 | % | $ | 1,581.5 | 100 | % | ||||||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by platform | ||||||||||||||||||||||||||
| Mobile | $ | 843.9 | 50 | % | $ | 747.7 | 48 | % | ||||||||||||||||||
| Console | 674.6 | 40 | % | 591.2 | 37 | % | ||||||||||||||||||||
| PC and other | 161.3 | 10 | % | 243.6 | 15 | % | ||||||||||||||||||||
| Total Net revenue | $ | 1,679.8 | 100 | % | $ | 1,582.5 | 100 | % | ||||||||||||||||||
| Net Bookings by platform | ||||||||||||||||||||||||||
| Mobile | $ | 829.1 | 52 | % | $ | 730.1 | 46 | % | ||||||||||||||||||
| Console | 602.1 | 38 | % | 601.7 | 38 | % | ||||||||||||||||||||
| PC and other | 149.1 | 10 | % | 249.7 | 16 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 1,580.3 | 100 | % | $ | 1,581.5 | 100 | % | ||||||||||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||
| Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix | ||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Fiscal Year Ended March 31, 2026 | Fiscal Year Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by geographic region | ||||||||||||||||||||||||||
| United States | $ | 3,940.4 | 59 | % | $ | 3,406.8 | 60 | % | ||||||||||||||||||
| International | 2,716.0 | 41 | % | 2,226.8 | 40 | % | ||||||||||||||||||||
| Total Net revenue | $ | 6,656.4 | 100 | % | $ | 5,633.6 | 100 | % | ||||||||||||||||||
| Net Bookings by geographic region | ||||||||||||||||||||||||||
| United States | $ | 4,004.9 | 60 | % | $ | 3,445.8 | 61 | % | ||||||||||||||||||
| International | 2,716.1 | 40 | % | 2,202.2 | 39 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 6,721.0 | 100 | % | $ | 5,648.0 | 100 | % | ||||||||||||||||||
| Fiscal Year Ended March 31, 2026 | Fiscal Year Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by distribution channel | ||||||||||||||||||||||||||
| Digital online | $ | 6,459.7 | 97 | % | $ | 5,431.8 | 96 | % | ||||||||||||||||||
| Physical retail and other | 196.7 | 3 | % | 201.8 | 4 | % | ||||||||||||||||||||
| Total Net revenue | $ | 6,656.4 | 100 | % | $ | 5,633.6 | 100 | % | ||||||||||||||||||
| Net Bookings by distribution channel | ||||||||||||||||||||||||||
| Digital online | $ | 6,528.3 | 97 | % | $ | 5,457.2 | 97 | % | ||||||||||||||||||
| Physical retail and other | 192.7 | 3 | % | 190.8 | 3 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 6,721.0 | 100 | % | $ | 5,648.0 | 100 | % | ||||||||||||||||||
| Fiscal Year Ended March 31, 2026 | Fiscal Year Ended March 31, 2025 | |||||||||||||||||||||||||
| Amount | % of total | Amount | % of total | |||||||||||||||||||||||
| Net revenue by platform | ||||||||||||||||||||||||||
| Mobile | $ | 3,333.0 | 50 | % | $ | 2,942.0 | 52 | % | ||||||||||||||||||
| PC and other | 2,597.3 | 39 | % | 2,099.1 | 37 | % | ||||||||||||||||||||
| Console | 726.1 | 11 | % | 592.5 | 11 | % | ||||||||||||||||||||
| Total Net revenue | $ | 6,656.4 | 100 | % | $ | 5,633.6 | 100 | % | ||||||||||||||||||
| Net Bookings by platform | ||||||||||||||||||||||||||
| Mobile | $ | 3,300.9 | 49 | % | $ | 2,872.0 | 51 | % | ||||||||||||||||||
| PC and other | 2,687.0 | 40 | % | 2,167.4 | 38 | % | ||||||||||||||||||||
| Console | 733.1 | 11 | % | 608.6 | 11 | % | ||||||||||||||||||||
| Total Net Bookings | $ | 6,721.0 | 100.0 | % | $ | 5,648.0 | 100 | % | ||||||||||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
| ADDITIONAL DATA | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | Net revenue | Cost of revenue- Product costs | Cost of revenue- Game intangibles | Cost of revenue- Licenses | Cost of revenue- Software development costs and royalties | Cost of revenue- Internal royalties | Selling and marketing | ||||||||||||||||||||||||||||||||||
| As reported | $ | 1,679.8 | $ | 203.2 | $ | 184.8 | $ | 119.9 | $ | 150.8 | $ | 82.4 | $ | 392.2 | |||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | (99.5) | (1.2) | (0.7) | (3.4) | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (4.7) | (21.5) | |||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangibles | (0.6) | (184.8) | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | Research and development | General and administrative | Depreciation and amortization | Business reorganization | Interest and other, net | ||||||||||||||||||||||||||||||||||||
| As reported | $ | 262.5 | $ | 223.8 | $ | 50.2 | (0.9) | $ | (23.6) | ||||||||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 1.2 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (17.1) | (35.1) | |||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangibles | (7.2) | (7.9) | |||||||||||||||||||||||||||||||||||||||
| Acquisition related expenses | (0.4) | (2.8) | (0.6) | ||||||||||||||||||||||||||||||||||||||
| Impact of business reorganization | 0.9 | ||||||||||||||||||||||||||||||||||||||||
| Other | 6.7 | ||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | Net revenue | Cost of revenue - Product costs | Cost of revenue -Game intangibles | Cost of revenue- Licenses | Cost of revenue- Software development costs and royalties | Cost of revenue- Internal royalties | Selling and marketing | ||||||||||||||||||||||||||||||||||
| As reported | $ | 1,582.5 | $ | 205.1 | $ | 303.0 | $ | 124.7 | $ | (9.7) | $ | 156.1 | $ | 402.1 | |||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | (1.0) | (1.2) | (1.3) | 2.5 | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (0.8) | (24.3) | |||||||||||||||||||||||||||||||||||||||
| Amortization and impairment of acquired intangibles | (0.8) | (303.0) | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | Research and development | General and administrative | Depreciation and amortization | Business reorganization | Goodwill impairment | Interest and other, net | |||||||||||||||||||||||||||||||||||
| As reported | $ | 297.8 | $ | 230.2 | $ | 87.8 | $ | 17.1 | $ | 3,545.2 | $ | (25.0) | |||||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 1.5 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (23.5) | (31.0) | |||||||||||||||||||||||||||||||||||||||
| Amortization and impairment of acquired intangibles | (7.2) | (48.1) | |||||||||||||||||||||||||||||||||||||||
| Acquisition related expenses | (2.4) | (27.3) | (3,545.2) | 3.7 | |||||||||||||||||||||||||||||||||||||
| Impact of business reorganization | (17.1) | ||||||||||||||||||||||||||||||||||||||||
| Other | 1.8 | ||||||||||||||||||||||||||||||||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
| ADDITIONAL DATA | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||
| Fiscal Year Ended March 31, 2026 | Net revenue | Cost of revenue - Product costs | Cost of revenue - Game intangibles | Cost of revenue- Licenses | Cost of revenue- Software development costs and royalties | Cost of revenue- Internal royalties | Selling and marketing | ||||||||||||||||||||||||||||||||||
| As reported | $ | 6,656.4 | $ | 863.8 | $ | 662.2 | $ | 463.5 | $ | 439.8 | $ | 417.4 | $ | 1,770.8 | |||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 64.6 | (1.8) | (0.1) | (1.5) | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation | 27.9 | (95.3) | |||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangibles | (2.7) | (662.2) | |||||||||||||||||||||||||||||||||||||||
| Fiscal Year Ended March 31, 2026 | Research and development | General and administrative | Depreciation and amortization | Business reorganization | Interest and other, net | ||||||||||||||||||||||||||||||||||||
| As reported | $ | 1,074.6 | $ | 874.4 | $ | 198.5 | $ | (4.4) | $ | (93.6) | |||||||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 0.1 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (88.9) | (149.0) | |||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangibles | (28.7) | (32.0) | |||||||||||||||||||||||||||||||||||||||
| Acquisition related expenses | (1.4) | (13.3) | 11.0 | ||||||||||||||||||||||||||||||||||||||
| Impact of business reorganization | 4.4 | ||||||||||||||||||||||||||||||||||||||||
| Other | 5.3 | ||||||||||||||||||||||||||||||||||||||||
| Fiscal Year Ended March 31, 2025 | Net revenue | Cost of revenue - Product costs | Cost of revenue - Game intangibles | Cost of revenue - Licenses | Cost of revenue- Software development costs and royalties | Cost of revenue - Internal royalties | Selling and marketing | ||||||||||||||||||||||||||||||||||
| As reported | $ | 5,633.6 | $ | 821.1 | $ | 811.0 | $ | 365.8 | $ | 168.1 | $ | 405.4 | $ | 1,683.7 | |||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 14.4 | (0.9) | 0.4 | 2.0 | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (9.4) | (92.4) | |||||||||||||||||||||||||||||||||||||||
| Amortization and impairment of acquired intangibles | (3.2) | (811.0) | (4.1) | ||||||||||||||||||||||||||||||||||||||
| Acquisition related expenses | (0.3) | ||||||||||||||||||||||||||||||||||||||||
| Fiscal Year Ended March 31, 2025 | Research and development | General and administrative | Depreciation and amortization | Business reorganization | Goodwill impairment | Interest and other, net | |||||||||||||||||||||||||||||||||||
| As reported | $ | 1,005.2 | $ | 883.3 | $ | 229.4 | $ | 106.5 | $ | 3,545.2 | $ | (100.2) | |||||||||||||||||||||||||||||
| Net effect from deferred revenue and related cost of revenue | 3.5 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | (99.0) | (123.2) | |||||||||||||||||||||||||||||||||||||||
| Amortization and impairment of acquired intangibles | (28.7) | (75.5) | |||||||||||||||||||||||||||||||||||||||
| Acquisition related expenses | (3.9) | (89.2) | (3,545.2) | 11.7 | |||||||||||||||||||||||||||||||||||||
| Impact of business reorganization | (106.5) | ||||||||||||||||||||||||||||||||||||||||
| Other | 15.7 | ||||||||||||||||||||||||||||||||||||||||
| TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURE | ||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | Fiscal Year Ended March 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net loss | $ | (59.5) | $ | (3,726.2) | $ | (298.2) | $ | (4,478.9) | ||||||||||||||||||
| Provision for (benefit from) income taxes | 46.8 | (75.7) | 100.4 | (12.4) | ||||||||||||||||||||||
| Interest expense | 13.6 | 18.9 | 66.3 | 68.7 | ||||||||||||||||||||||
| Depreciation and amortization | 50.2 | 87.8 | 198.5 | 229.4 | ||||||||||||||||||||||
| Amortization of acquired intangibles | 192.6 | 311.0 | 693.6 | 847.0 | ||||||||||||||||||||||
| Goodwill impairment | — | 3,545.2 | — | 3,545.2 | ||||||||||||||||||||||
| EBITDA | $ | 243.7 | $ | 161.0 | $ | 760.6 | $ | 199.1 | ||||||||||||||||||
| Outlook | ||||||||
| Fiscal Year Ending March 31, 2027 | ||||||||
| Net income | $105 to $141 | |||||||
| Provision for income taxes | $62 to $83 | |||||||
| Interest expense | $41 | |||||||
| Depreciation | $181 | |||||||
| Amortization of acquired intangibles | $624 | |||||||
| EBITDA | $1,013 to $1,070 | |||||||
| Outlook | ||||||||
| Three Months Ended June 30, 2026 | ||||||||
| Net loss | $(42) to $(27) | |||||||
| Benefit from income taxes | $(25) to $(16) | |||||||
| Interest expense | $10 | |||||||
| Depreciation | $43 | |||||||
| Amortization of acquired intangibles | $169 | |||||||
| EBITDA | $155 to $179 | |||||||
FAQ
How did Take-Two (TTWO) perform in fiscal year 2026?
Take-Two delivered strong fiscal 2026 results, with Net Bookings up 19% to $6.72 billion and GAAP net revenue up 18% to $6.66 billion. GAAP net loss narrowed sharply to $298.2 million from $4.48 billion, while EBITDA reached $760.6 million.
What were Take-Two’s Q4 2026 revenues and profitability?
In Q4 2026, Take-Two reported GAAP net revenue of $1.68 billion, up from $1.58 billion a year earlier. Net Bookings were $1.58 billion, essentially flat year over year. GAAP net loss improved to $59.5 million, compared with a $3.73 billion loss in the prior-year quarter.
What is Take-Two’s Net Bookings guidance for fiscal 2027?
For fiscal 2027, Take-Two forecasts Net Bookings between $8.0 billion and $8.2 billion. This outlook reflects contributions from the November 19, 2026 launch of Grand Theft Auto VI and continued performance from its live services and broader games portfolio.
What EBITDA and earnings does Take-Two expect for fiscal 2027?
Take-Two projects fiscal 2027 EBITDA of $1,013 million to $1,070 million and GAAP net income of $105 million to $141 million. Diluted GAAP net income per share is expected between $0.55 and $0.75, based on an anticipated share count of 189.7 million.
How important is recurrent consumer spending to Take-Two’s results?
Recurrent consumer spending is central to Take-Two’s model, representing 78% of fiscal 2026 Net Bookings and 78% of GAAP net revenue. It includes virtual currency, add-on content, in-game purchases, and in-game advertising, reflecting ongoing engagement in titles like NBA 2K and Grand Theft Auto Online.
When will Grand Theft Auto VI launch and how is it reflected in guidance?
Grand Theft Auto VI is scheduled to launch on November 19, 2026 for PlayStation 5 and Xbox Series X|S. Management explicitly includes this release in its fiscal 2027 outlook, which guides to Net Bookings of $8.0 billion to $8.2 billion and higher EBITDA.