(Investor Relations) -Corporate Press
CONTACT: (Investor Relations) -Corporate Press Nicole Shevins Alan Lewis Senior Vice President Head of Global Corporate Communications Investor Relations & Corporate Take-Two Interactive Software, Inc. Communications 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 Fiscal Second Quarter 2027
Company updates fiscal year 2027 outlook and reiterates expectation for Net Bookings of $8.0 to $8.2 billion
– Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the second quarter of its fiscal year 2027, ended September 30, 2026. For further information, please see the second quarter fiscal 2027 results slide deck posted to the Company’s investor relations website at take2games.com/ir .
Strauss Zelnick, Chairman and CEO of Take-Two Interactive, stated: “The launch of Grand Theft Auto VI is ten days away and, with pre-orders continuing to reach unprecedented levels, we expect to deliver an historic year for our company. We are reiterating our outlook for Fiscal 2027 Net Bookings of $8 to $8.2 billion, and are confident in our ability to build on this incredible year as we release new hits, explore emerging business opportunities, expand our geographic footprint, and pursue accretive M&A – all of which will set us on a path to unlock greater earnings power and long-term shareholder value.”
• Total Net Bookings* decreased 18% to $1.60 billion compared to $1.96 billion during last year’s fiscal second quarter.
◦ Net Bookings from recurrent consumer spending** decreased 9% and accounted for 81% of total Net Bookings.
◦ The largest contributors to Net Bookings were NBA® 2K, the Grand Theft Auto® series, Toon Blast™ , Match Factory!™ , Empires & Puzzles™, the Borderlands® franchise, Words With Friends™, the Red Dead Redemption® series , Color Block Jam™ , WWE® 2K , and Zynga Poker™.
• GAAP net revenue was $1.50 billion, compared to $1.77 billion in last year’s fiscal second quarter.
◦ Recurrent consumer spending** decreased 5% and accounted for 81% of total GAAP net revenue. 1 ◦ The largest contributors to GAAP net revenue were NBA 2K, the Grand Theft Auto series , Toon Blast , Match Factory! , Empires & Puzzles, the Borderlands franchise, Words With Friends, Color Block Jam, WWE 2K, the Red Dead Redemption series , and Zynga Poker.
• GAAP net loss was $54.0 million, or $0.29 per share, as compared to $133.9 million, or $0.73 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.
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:
• Share count used to calculate management reporting diluted net income per share is 188.0 million
(a) Other includes adjustments for (i) fair value adjustments related to certain
equity investments and (ii) the revaluation of the Turkish Lira against the U.S.
Take-Two is updating its outlook for the fiscal year and providing its initial outlook for its fiscal third quarter ending December 31, 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:
Fiscal Year Ending March 31, 2027 ────────────────────────────────────────────────────────────────────────────── Financial Data $ in Change in millions deferred Amortizati… except Outlook(b) net revenue Stock-bas… of acquired Other for per and related compensat… intangibles share cost of amounts revenue GAAP Total net $7,980 to $20 revenue $8,180 Cost of $3,679 to $(27) $(113) $(572) revenue $3,800 Operating $4,078 to $(349) $(51) $(3) expenses $4,098 Interest and $29 other, net Income before $194 to $47 $462 $623 $3 income $253 taxes Net $109 to income $142 Diluted net $0.57 to income $0.75 per share Net cash provided over by $1,000 operating activiti… Capital approxima… expendit… $290 Non-GAAP EBITDA $1,024 to $47 $462 $3 $1,082 Operatio… metric Net $8,000 to Bookings $8,200
• Share count used to calculate GAAP and management reporting diluted net income per share is expected to be 189.5 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. 3
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 December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Financial Data Change in $ in deferred millions net Amortizat… except Outlook(b) revenue Stock-based of Other for per and compensati… acquired share related intangibl… amounts cost of revenue GAAP Total net $3,270 to $80 revenue $3,420 Cost of $1,649 to $(13) $(96) $(141) revenue $1,732 Operating $1,162 to $(100) $(12) expenses $1,182 Interest and $13 $(1) other, net Income before $446 to $93 $196 $153 $1 income $493 taxes Net $250 to income $276 Diluted net $1.30 to income $1.44 per share Non-GAAP EBITDA $651 to $93 $196 $698 Operatio… metric Net $3,350 to Bookings $3,500
• Share count used to calculate GAAP and management reporting diluted net income per share is expected to be 192.0 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 Grand Theft Auto Platforms Online Kortz PS4, PS5, Xbox Center One, Xbox Series Release Date Label HeistSummer X|S, PC July 14, 2026 Rockstar Games Update PS5, Xbox Series September 4, 2K NBA 2K27 X|S, Switch 2, PC 2026 ──────────────────────────────────────────────────────────────────────────────
Product Platforms Release Date Label Grand Theft Auto PS5, Xbox Series November 19, Rockstar Games VI X|S 2026 ────────────────────────────────────────────────────────────────────────────── Zynga Top Goal iOS, Android TBA Zynga CSR 3 iOS, Android TBA 2K PGA TOUR 2K27 TBA TBA 2K WWE 2K27 TBA TBA 2K Project ETHOS TBA TBA 2K BioShocknext TBA TBA iteration Ghost Story Judas PS5, Xbox Series TBA Games X|S, PC
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 (833) 461-5787 (Meeting ID: 112-490-011). 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.
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:
, 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.
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Quarterly Report on Form 10-Q for the period ended September 30, 2026.
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. 5 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. 6
TAKE-TWO INTERACTIVE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except per share amounts) September 30, ASSETS 2026 Current assets: (Unaudited) March 31, 2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 1,149.4 $ 1,545.5 equivalents Short-term 524.2 443.8 investments Restricted cash and cash 15.0 13.2 equivalents Accounts receivable, net of allowances of $0.7 and $0.9 at September 30, 780.8 737.0 2026 and March 31, 2026, respectively Software development costs 82.4 68.8 and licenses Inventory 34.1 7.3 Contract assets — 89.7 Prepaid expenses 650.3 294.2 and other Total current 3,236.2 3,199.5 assets Fixed assets, net 526.2 445.4 Right-of-use 293.6 334.6 assets Software development costs and licenses, 2,494.9 2,277.5 net of current portion Goodwill 1,060.2 1,061.9 Other 1,344.3 1,653.2 intangibles, net Long-term restricted cash 68.0 79.4 and cash equivalents Other assets 347.3 331.7 Total assets $ 9,370.7 $ 9,383.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 207.7 $ 211.0 Accrued expenses and other current 1,053.1 1,117.8 liabilities Deferred revenue 1,017.1 1,159.9 Lease liabilities 66.9 70.1 Short-term debt, 629.2 30.0 net Total current 2,974.0 2,588.8 liabilities Long-term debt, 1,890.6 2,488.0 net Non-current 25.0 29.7 deferred revenue Non-current lease 324.7 370.2 liabilities Non-current software 72.1 84.5 development royalties Deferred tax 233.0 182.3 liabilities, net Other long-term 177.7 128.8 liabilities Total liabilities $ 5,697.1 $ 5,872.3 Stockholders' equity: Preferred stock, $0.01 par value, 5.0 shares authorized: no shares issued — — and outstanding at September 30, 2026 and March 31, 2026 Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 210.9 and 209.1 shares issued and 2.1 2.1 187.2 and 185.4 outstanding at September 30, 2026 and March 31, 2026, respectively Additional 12,214.8 11,953.7 paid-in capital Treasury stock, at cost; 23.7 and 23.7 common shares at -1,020.6 -1,020.6 September 30, 2026 and March 31, 2026, respectively Accumulated -7,445.1 -7,357.0 deficit Accumulated other comprehensive -77.6 -67.3 loss Total stockholders' $ 3,673.6 $ 3,510.9 equity Total liabilities and stockholders' $ 9,370.7 $ 9,383.2 equity
TAKE-TWO INTERACTIVE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended (in millions) September 30, Operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net loss $ -88.1 $ -145.8 Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Amortization and impairment of software 190.8 191.7 development costs and licenses Stock-based 176.0 136.6 compensation Noncash lease expense 28.4 26.3 Amortization and impairment of 321.3 349.5 intangibles Depreciation 80.5 82.9 Interest expense 60.6 76.3 Other, net -8.7 21.5 Changes in assets and liabilities: Accounts receivable -44.0 -393.1 Software development -372.4 -345.0 costs and licenses Inventory -26.7 -7.4 Prepaid expenses, other current and -205.8 -5.7 other non-current assets Deferred revenue -147.3 156.2 Accounts payable, accrued expenses and -138.1 -60.3 other liabilities Net cash (used in) provided by operating -173.5 83.7 activities Investing activities: Change in bank-time -80.4 -237.0 deposits Purchases of fixed -163.3 -57.0 assets Purchases of long-term -8.0 -6.6 investments Business acquisitions — -2.0 Asset acquisitions -19.4 -11.4 Proceeds from sale of marketable 11.2 — securities Net cash used in -259.9 -314.0 investing activities Financing activities: Tax payment related to net share -1.9 -1.6 settlements on restricted stock awards Issuance of common 32.3 1,219.6 stock Repayment of debt — -600.0 Net cash provided by financing 30.4 618.0 activities Effects of foreign currency exchange rates on cash, cash -2.7 14.1 equivalents, and restricted cash and cash equivalents Net change in cash, cash equivalents, -405.7 401.8 and restricted cash and cash equivalents Cash, cash equivalents, and restricted cash and cash 1,638.1 1,559.2 equivalents, beginning of year(1) Cash, cash equivalents, and restricted cash and cash $ 1,232.4 $ 1,961.0 equivalents, end of period(1)
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our Condensed Consolidated Statements of Cash Flows includes amounts in the Cash and cash equivalents, Restricted cash and cash equivalents, and Long-term restricted cash and cash equivalents on our Condensed Consolidated Balance Sheet.
Full text with the tables
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 Take-Two Interactive Software, Inc.
Communications
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 Fiscal Second Quarter
2027
Fiscal second quarter Net Bookings were $1.60 billion
Company updates fiscal year 2027 outlook and reiterates expectation for Net
Bookings of $8.0 to $8.2 billion
New York, NY – November 9, 2026
– Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for
the second quarter of its fiscal year 2027, ended September 30, 2026. For
further information, please see the second quarter fiscal 2027 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: “The launch
of Grand Theft Auto VI is ten days away and, with pre-orders continuing to reach
unprecedented levels, we expect to deliver an historic year for our company. We
are reiterating our outlook for Fiscal 2027 Net Bookings of $8 to $8.2 billion,
and are confident in our ability to build on this incredible year as we release
new hits, explore emerging business opportunities, expand our geographic
footprint, and pursue accretive M&A – all of which will set us on a path to
unlock greater earnings power and long-term shareholder value.”
Second Quarter Fiscal 2027 Financial and Operational Highlights
• Total Net Bookings* decreased 18% to $1.60 billion compared to $1.96 billion
during last year’s fiscal second quarter.
◦ Net Bookings from recurrent consumer spending** decreased 9% and accounted for
81% of total Net Bookings.
◦ The largest contributors to Net Bookings were NBA® 2K, the Grand Theft Auto®
series, Toon Blast™ , Match Factory!™ , Empires & Puzzles™, the Borderlands®
franchise, Words With Friends™, the Red Dead Redemption® series , Color Block
Jam™ , WWE® 2K , and Zynga Poker™.
• GAAP net revenue was $1.50 billion, compared to $1.77 billion in last year’s
fiscal second quarter.
◦ Recurrent consumer spending** decreased 5% and accounted for 81% of total GAAP
net revenue.
1
◦ The largest contributors to GAAP net revenue were NBA 2K, the Grand Theft Auto
series , Toon Blast , Match Factory! , Empires & Puzzles, the Borderlands
franchise, Words With Friends, Color Block Jam, WWE 2K, the Red Dead Redemption
series , and Zynga Poker.
• GAAP net loss was $54.0 million, or $0.29 per share, as compared to $133.9
million, or $0.73 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.
Second Quarter Fiscal 2027 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
Septe…
30,
2026
──────────────────────────────────────────────────────────────────────────────
Finan…
Data
Change
in
defer…
State… net Amort…
$ in of reven… Stock-… of Busine… Other…
mill… Opera… and compen… acqui… acquis…
relat… intan…
cost
of
reven…
GAAP
Total
net $ 1,497.0 104.3
reve…
Cost
of 636.6 3.3 -3.4 -141.3
reve…
Gross 860.4 101.0 3.4 141.3
prof…
Oper… 977.9 -86.6 -11.7 -3.1
expe…
(Los…
inco… -117.5 101.0 90.0 153.0 3.1
from
oper…
Inte…
and 5.6 0.9 0.6 -9.4
othe…
net
(Los…
inco…
befo… -111.9 101.9 90.0 153.0 3.7 -9.4
inco…
taxes
Non-…
EBIT… 92.2 101.9 90.0 2.4 -9.4
• The above table utilizes a management tax rate of 18%
• Share count used to calculate management reporting diluted net income per
share is 188.0 million
(a) Other includes adjustments for (i) fair value adjustments related to certain
equity investments and (ii) the revaluation of the Turkish Lira against the U.S.
Dollar.
2
Outlook for Fiscal Year 2027
Take-Two is updating its outlook for the fiscal year and providing its initial
outlook for its fiscal third quarter ending December 31, 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 Change in
millions deferred Amortizati…
except Outlook(b) net revenue Stock-bas… of acquired Other
for per and related compensat… intangibles
share cost of
amounts revenue
GAAP
Total net $7,980 to $20
revenue $8,180
Cost of $3,679 to $(27) $(113) $(572)
revenue $3,800
Operating $4,078 to $(349) $(51) $(3)
expenses $4,098
Interest
and $29
other,
net
Income
before $194 to $47 $462 $623 $3
income $253
taxes
Net $109 to
income $142
Diluted
net $0.57 to
income $0.75
per share
Net cash
provided over
by $1,000
operating
activiti…
Capital approxima…
expendit… $290
Non-GAAP
EBITDA $1,024 to $47 $462 $3
$1,082
Operatio…
metric
Net $8,000 to
Bookings $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 189.5 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.
3
Fiscal Third
Quarter Ending December 31, 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
December
31, 2026
──────────────────────────────────────────────────────────────────────────────
Financial
Data
Change in
$ in deferred
millions net Amortizat…
except Outlook(b) revenue Stock-based of Other
for per and compensati… acquired
share related intangibl…
amounts cost of
revenue
GAAP
Total net $3,270 to $80
revenue $3,420
Cost of $1,649 to $(13) $(96) $(141)
revenue $1,732
Operating $1,162 to $(100) $(12)
expenses $1,182
Interest
and $13 $(1)
other,
net
Income
before $446 to $93 $196 $153 $1
income $493
taxes
Net $250 to
income $276
Diluted
net $1.30 to
income $1.44
per share
Non-GAAP
EBITDA $651 to $93 $196
$698
Operatio…
metric
Net $3,350 to
Bookings $3,500
• 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 192.0 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 July 1, 2026:
Product
Grand Theft Auto Platforms
Online Kortz PS4, PS5, Xbox
Center One, Xbox Series Release Date
Label HeistSummer X|S, PC July 14, 2026
Rockstar Games Update PS5, Xbox Series September 4,
2K NBA 2K27 X|S, Switch 2, PC 2026
──────────────────────────────────────────────────────────────────────────────
4
Take-Two's future lineup announced to-date includes:
Product Platforms Release Date
Label Grand Theft Auto PS5, Xbox Series November 19,
Rockstar Games VI X|S 2026
──────────────────────────────────────────────────────────────────────────────
Zynga Top Goal iOS, Android TBA
Zynga CSR 3 iOS, Android TBA
2K PGA TOUR 2K27 TBA TBA
2K WWE 2K27 TBA TBA
2K Project ETHOS TBA TBA
2K BioShocknext TBA TBA
iteration
Ghost Story Judas PS5, Xbox Series TBA
Games X|S, PC
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
(833) 461-5787 (Meeting ID: 112-490-011). 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 Quarterly Report on Form 10-Q for the
period ended September 30, 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.
5
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.
6
TAKE…
INTE…
SOFT…
INC.
COND…
CONS…
STAT…
OF
OPER…
(Una…
(in
mill…
exce… Three Six
per Months Months
share Ended Ended
amou… Septem… Septe…
Net 30, 30,
reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Game $ 1,376… $ 1,640.9 $ 2,798.8 $ 3,023…
Adve… 121.0 132.9 232.1 254.2
Total
net 1,497… 1,773.8 3,030.9 3,277…
reve…
Cost
of
reve…
Prod… 184.0 229.3 371.8 439.7
costs
Game 140.8 158.8 295.1 317.3
inta…
Soft…
deve…
costs 107.9 172.1 243.0 202.2
and
roya…
Lice… 131.9 154.4 231.4 225.3
Inte… 72.0 78.7 146.7 167.6
roya…
Total
cost 636.6 793.3 1,288.0 1,352…
of
reve…
Gross 860.4 980.5 1,742.9 1,925…
prof…
Sell…
and 444.9 536.7 814.6 945.9
mark…
Rese…
and 254.4 268.0 528.2 524.4
deve…
Gene…
and 230.5 225.0 456.8 432.4
admi…
Depr…
and 48.1 48.8 96.3 99.2
amor…
Total
oper… 977.9 1,078.5 1,895.9 2,001…
expe…
Loss
from -117.5 -98.0 -153.0 -76.4
oper…
Inte…
and
othe…
net:
Inte… 19.3 20.7 42.1 37.2
inco…
Inte… -30.2 -37.4 -60.6 -76.3
expe…
Other
inco… 16.5 -0.8 10.3 -13.8
net
Inte…
and 5.6 -17.5 -8.2 -52.9
othe…
net
Loss
befo… -111.9 -115.5 -161.2 -129.3
inco…
taxes
(Ben…
from)
prov… -57.9 18.4 -73.1 16.5
for
inco…
taxes
Net $ -54.0 $ -133.9 $ -88.1 $ -145.8
loss
Loss
per
shar…
Basic
and
dilu… $ -0.29 $ -0.73 $ -0.47 $ -0.80
loss
per
share
Weig…
aver…
shar…
outs…
Basic 187.1 184.6 186.7 182.7
TAKE-TWO
INTERACTIVE
SOFTWARE, INC.
CONDENSED
CONSOLIDATED
BALANCE SHEETS
(in millions,
except per share
amounts) September 30,
ASSETS 2026
Current assets: (Unaudited) March 31, 2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 1,149.4 $ 1,545.5
equivalents
Short-term 524.2 443.8
investments
Restricted cash
and cash 15.0 13.2
equivalents
Accounts
receivable, net
of allowances
of $0.7 and $0.9
at September 30, 780.8 737.0
2026
and March 31,
2026,
respectively
Software
development costs 82.4 68.8
and licenses
Inventory 34.1 7.3
Contract assets — 89.7
Prepaid expenses 650.3 294.2
and other
Total current 3,236.2 3,199.5
assets
Fixed assets, net 526.2 445.4
Right-of-use 293.6 334.6
assets
Software
development costs
and licenses, 2,494.9 2,277.5
net of current
portion
Goodwill 1,060.2 1,061.9
Other 1,344.3 1,653.2
intangibles, net
Long-term
restricted cash 68.0 79.4
and cash
equivalents
Other assets 347.3 331.7
Total assets $ 9,370.7 $ 9,383.2
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts payable $ 207.7 $ 211.0
Accrued expenses
and other current 1,053.1 1,117.8
liabilities
Deferred revenue 1,017.1 1,159.9
Lease liabilities 66.9 70.1
Short-term debt, 629.2 30.0
net
Total current 2,974.0 2,588.8
liabilities
Long-term debt, 1,890.6 2,488.0
net
Non-current 25.0 29.7
deferred revenue
Non-current lease 324.7 370.2
liabilities
Non-current
software 72.1 84.5
development
royalties
Deferred tax 233.0 182.3
liabilities, net
Other long-term 177.7 128.8
liabilities
Total liabilities $ 5,697.1 $ 5,872.3
Stockholders'
equity:
Preferred stock,
$0.01 par value,
5.0
shares
authorized:
no shares issued — —
and outstanding
at
September 30,
2026 and March
31, 2026
Common stock,
$0.01 par value,
300.0 and
300.0 shares
authorized; 210.9
and 209.1
shares issued and 2.1 2.1
187.2 and 185.4
outstanding at
September 30,
2026 and
March 31, 2026,
respectively
Additional 12,214.8 11,953.7
paid-in capital
Treasury stock,
at cost; 23.7 and
23.7
common shares at -1,020.6 -1,020.6
September 30,
2026 and
March 31, 2026,
respectively
Accumulated -7,445.1 -7,357.0
deficit
Accumulated other
comprehensive -77.6 -67.3
loss
Total
stockholders' $ 3,673.6 $ 3,510.9
equity
Total liabilities
and stockholders' $ 9,370.7 $ 9,383.2
equity
TAKE-TWO INTERACTIVE
SOFTWARE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH
FLOWS (Unaudited) Six Months Ended
(in millions) September 30,
Operating activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net loss $ -88.1 $ -145.8
Adjustments to
reconcile net loss to
net
cash (used in) provided
by operating
activities:
Amortization and
impairment of software 190.8 191.7
development costs and
licenses
Stock-based 176.0 136.6
compensation
Noncash lease expense 28.4 26.3
Amortization and
impairment of 321.3 349.5
intangibles
Depreciation 80.5 82.9
Interest expense 60.6 76.3
Other, net -8.7 21.5
Changes in assets and
liabilities:
Accounts receivable -44.0 -393.1
Software development -372.4 -345.0
costs and licenses
Inventory -26.7 -7.4
Prepaid expenses, other
current and -205.8 -5.7
other non-current
assets
Deferred revenue -147.3 156.2
Accounts payable,
accrued expenses and -138.1 -60.3
other liabilities
Net cash (used in)
provided by operating -173.5 83.7
activities
Investing activities:
Change in bank-time -80.4 -237.0
deposits
Purchases of fixed -163.3 -57.0
assets
Purchases of long-term -8.0 -6.6
investments
Business acquisitions — -2.0
Asset acquisitions -19.4 -11.4
Proceeds from sale of
marketable 11.2 —
securities
Net cash used in -259.9 -314.0
investing activities
Financing activities:
Tax payment related to
net share -1.9 -1.6
settlements on
restricted stock awards
Issuance of common 32.3 1,219.6
stock
Repayment of debt — -600.0
Net cash provided by
financing 30.4 618.0
activities
Effects of foreign
currency exchange
rates on cash, cash -2.7 14.1
equivalents, and
restricted cash and
cash equivalents
Net change in cash,
cash equivalents, -405.7 401.8
and restricted cash and
cash equivalents
Cash, cash equivalents,
and restricted
cash and cash 1,638.1 1,559.2
equivalents, beginning
of
year(1)
Cash, cash equivalents,
and restricted
cash and cash $ 1,232.4 $ 1,961.0
equivalents, end of
period(1)
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our
Condensed Consolidated Statements of Cash Flows includes amounts in the Cash and
cash equivalents, Restricted cash and cash equivalents, and Long-term restricted
cash and cash equivalents on our Condensed Consolidated Balance Sheet.
TAKE…
INTE…
SOFT…
INC.
and
SUBS…
Net
Reve…
and
Net
Book…
by
Cont…
Plat…
Mix,
Dist…
Chan…
and
Geog…
Regi… Three Three
(in Months Months
mill… Ended Ended
Net Septe… Septe…
reve… 30, 30,
by 2026 % of 2025 % of
cont… Amount total Amount total
──────────────────────────────────────────────────────────────────────────────
Recu…
cons… $ 1,210… 81 % $ 1,27… 72 %
spen…
Full
game 286.8 19 % 497.9 28 %
and
other
Total
Net $ 1,497… 100 % $ 1,77… 100 %
reve…
Net
Book…
by
cont…
Recu…
cons… $ 1,302… 81 % $ 1,42… 73 %
spen…
Full
game 299.2 19 % 532.2 27 %
and
other
Total
Net $ 1,601… 100 % $ 1,96… 100 %
Book…
Three Three
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
plat…
Mobi… $ 731.1 49 % $ 821.6 46 %
Cons… 615.4 41 % 720.0 41 %
PC
and 150.5 10 % 232.2 13 %
other
Total
Net $ 1,497… 100 % $ 1,77… 100 %
reve…
Net
Book…
by
plat…
Mobi… $ 707.6 45 % $ 818.1 42 %
Cons… 742.6 46 % 907.9 46 %
PC
and 151.1 9 % 234.5 12 %
other
Total
Net $ 1,601… 100 % $ 1,96… 100 %
Book…
Three Three
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
dist…
chan…
Digi… $ 1,458… 97 % $ 1,69… 95 %
onli…
Phys…
reta… 38.2 3 % 80.7 5 %
and
other
Total
Net $ 1,497… 100 % $ 1,77… 100 %
reve…
Net
Book…
by
dist…
chan…
Digi… $ 1,562… 98 % $ 1,87… 95 %
onli…
Phys…
reta… 38.4 2 % 89.3 5 %
and
other
Total
Net $ 1,601… 100 % $ 1,96… 100 %
Book…
Three Three
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
geog…
regi…
Unit… $ 888.9 59 % $ 1,03… 58 %
Stat…
Inte… 608.1 41 % 737.7 42 %
Total
Net $ 1,497… 100 % $ 1,77… 100 %
reve…
Net
Book…
by
geog…
regi…
Unit… $ 968.2 60 % $ 1,18… 61 %
Stat…
Inte… 633.1 40 % 771.9 39 %
Total
Net $ 1,601… 100 % $ 1,96… 100 %
Book…
TAKE…
INTE…
SOFT…
INC.
and
SUBS…
Net
Reve…
and
Net
Book…
by
Cont…
Plat…
Mix,
Dist…
Chan…
and
Geog…
Regi… Six Six
(in Months Months
mill… Ended Ended
Net Septe… Septe…
reve… 30, 30,
by 2026 % of 2025 % of
cont… Amount total Amount total
──────────────────────────────────────────────────────────────────────────────
Recu…
cons… $ 2,500… 82 % $ 2,53… 77 %
spen…
Full
game 530.9 18 % 745.6 23 %
and
other
Total
Net $ 3,030… 100 % $ 3,27… 100 %
reve…
Net
Book…
by
cont…
Recu…
cons… $ 2,471… 83 % $ 2,61… 77 %
spen…
Full
game 515.7 17 % 771.8 23 %
and
other
Total
Net $ 2,987… 100 % $ 3,38… 100 %
Book…
Six Six
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
plat…
Mobi… $ 1,493… 50 % $ 1,62… 50 %
Cons… 1,255… 41 % 1,27… 38 %
PC
and 281.6 9 % 383.7 12 %
other
Total
Net $ 3,030… 100 % $ 3,27… 100 %
reve…
Net
Book…
by
plat…
Mobi… $ 1,447… 49 % $ 1,61… 47 %
Cons… 1,267… 42 % 1,38… 41 %
PC
and 272.3 9 % 390.4 12 %
other
Total
Net $ 2,987… 100 % $ 3,38… 100 %
Book…
Six Six
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
dist…
chan…
Digi… $ 2,966… 98 % $ 3,16… 97 %
onli…
Phys…
reta… 64.8 2 % 107.9 3 %
and
other
Total
Net $ 3,030… 100 % $ 3,27… 100 %
reve…
Net
Book…
by
dist…
chan…
Digi… $ 2,931… 98 % $ 3,27… 97 %
onli…
Phys…
reta… 55.7 2 % 107.3 3 %
and
other
Total
Net $ 2,987… 100 % $ 3,38… 100 %
Book…
Six Six
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025
Amount % of Amount % of
total total
Net
reve…
by
geog…
regi…
Unit… $ 1,808… 60 % $ 1,93… 59 %
Stat…
Inte… 1,222… 40 % 1,34… 41 %
Total
Net $ 3,030… 100 % $ 3,27… 100 %
reve…
Net
Book…
by
geog…
regi…
Unit… $ 1,773… 59 % $ 2,02… 60 %
Stat…
Inte… 1,213… 41 % 1,35… 40 %
Total
Net $ 2,987… 100 % $ 3,38… 100 %
Book…
T…
I…
S…
I…
a…
S…
A…
D…
(… Co…
m… of
T… re…
M… Co… Co… So… Cost
E… of of de… Cost of
S… re… re… co… of rev…
3… Net Pr… Ga… and rev… Int…
2… re… co… in… ro… Lic… roy…
──────────────────────────────────────────────────────────────────────────────
As $ 1,… $ 18… $ 14… $ 10… $ 13… $ 72…
r…
N…
e…
f…
d…
r… 10… -0… 2.8 0.7
a…
r…
c…
of
r…
S… -3…
c…
A…
of -0… -1…
a…
i…
T…
M… Se… Re… Ge… De… Int…
E… and and and and and
S… ma… de… ad… am… oth…
3… net
2…
As $ 44… $ 25… $ 23… $ 48… $ 5.6
r…
N…
e…
f…
d…
r… 0.9
a…
r…
c…
of
r…
S… -2… -2… -4…
c…
A…
of -3… -7…
a…
i…
A…
r… -0… -2… 0.6
e…
O… -9…
Co…
T… Co… Co… of Cost
M… of of re… Cost of
E… Net re… re… So… of rev…
S… re… - -G… de… rev… Int…
3… Pr… in… co… Lic… roy…
2… co… and
ro…
As $ 1,… $ 22… $ 15… $ 17… $ 15… $ 78…
r…
N…
e…
f…
d…
r… 18… 1.5 14… 0.4
a…
r…
c…
of
r…
S… -4…
c…
A…
a…
i… -0… -1…
of
a…
i…
T…
M… Se… Re… Ge… De… Int…
E… and and and and and
S… ma… de… ad… am… oth…
3… net
2…
As $ 53… $ 26… $ 22… $ 48… $ -1…
r…
N…
e…
f…
d…
r… 0.1
a…
r…
c…
of
r…
S… -2… -2… -4…
c…
A…
a…
i… -7… -7…
of
a…
i…
A…
r… -0… -3… 1.6
e…
I…
of -0…
b…
r…
O… 0.7
T…
I…
S…
I…
a…
S…
A…
D…
(… Co…
m… of
S… Co… Co… re…
M… of of So… Co…
E… re… re… de… Co… of
S… - - co… of re…
3… Net Pr… Ga… and re… In…
2… re… co… in… ro… Li… ro…
──────────────────────────────────────────────────────────────────────────────
As $ 3,… $ 37… $ 29… $ 24… $ 231… $ 146…
r…
N…
e…
f…
d…
r… -4… -3… -9… 0.1
a…
r…
c…
of
r…
S… -6…
c…
A…
of -1… -2…
a…
i…
S…
M… Se… Re… Ge… De… In…
E… and and and and and
S… ma… de… ad… am… ot…
3… net
2…
As $ 81… $ 52… $ 45… $ 96… $ -8.2
r…
N…
e…
f…
d…
r… 1.3
a…
r…
c…
of
r…
S… -4… -4… -8…
c…
A…
of -9… -1…
a…
i…
A…
r… -1… -4… 2.8
e…
O… -6.3
Co…
S… Co… Co… of Co… Co…
M… of of re… of of
E… Net re… re… So… re… re…
S… re… - - de… - -
3… Pr… Ga… co… Li… In…
2… co… in… and ro…
ro…
As $ 3,… $ 43… $ 31… $ 20… $ 225… $ 167…
r…
N…
e…
f…
d…
r… 10… -2… 6.5 0.6
a…
r…
c…
of
r…
S… 36…
c…
A…
a…
i… -1… -3…
of
a…
i…
S…
M… Se… Re… Ge… De… In…
E… and and and and and
S… ma… de… ad… am… ot…
3… net
2…
As $ 94… $ 52… $ 43… $ 99… $ -52…
r…
N…
e…
f…
d…
r… 0.5
a…
r…
c…
of
r…
S… -4… -4… -7…
c…
A…
a…
i… -1… -1…
of
a…
i…
A…
r… -0… -6… 2.3
e…
I…
of -0… 5.0 -0…
b…
r…
O… 3.3
TAK…
INT…
SOF…
INC.
and
SUB…
REC…
OF
GAAP
TO
NON…
MEA…
(in
mil…
Three Six
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 2026 2025
Net $ -54… $ -133… $ -88… $ -145…
loss
(Be…
fro…
pro… -57… 18.4 -73… 16.5
for
inc…
tax…
Int… -19… -20.7 -42… -37.2
inc…
Int… 30.2 37.4 60.6 76.3
exp…
Dep…
and 48.1 48.8 96.3 99.2
amo…
Amo…
of 145… 166… 305… 333…
acq…
int…
EBI… $ 92.2 $ 116.7 $ 259… $ 342.2
Outlook Fiscal Year Ending March 31, 2027
───────────────────────────────────────────────────────────────────────────
Net income $109 to $142
Provision for income taxes $86 to $111
Interest expense, net $41
Depreciation $165
Amortization of acquired intangibles $623
EBITDA $1,024 to $1,082
Three Months Ending December 31,
Outlook 2026
──────────────────────────────────────────────────────────────────────────────
Net income $250 to $276
Provision for income taxes $196 to $217
Interest expense, net $11
Depreciation $42
Amortization of acquired intangibles $152
EBITDA $651 to $698