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0000946581false00009465812025-11-062025-11-06

 
 
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): November 6, 2025
 
TAKE-TWO INTERACTIVE SOFTWARE, INC.
(Exact name of registrant as specified in its charter)
 
Delaware 001-34003 51-0350842
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
110 West 44th Street, New York, New York 10036
(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):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value TTWO NASDAQ Global Select Market
 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 November 6, 2025, Take-Two Interactive Software, Inc. (the “Company”) issued a press release announcing the financial results of the Company for its second fiscal quarter ended September 30, 2025.  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
  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: November 6, 2025
   
3
EX-99.1 2 ttwo2q26earningsrelease.htm EX-99.1 Document

Exhibit 99.1

image_01.jpg
FOR IMMEDIATE RELEASE

CONTACT:
(Investor Relations) (Corporate Press)
Nicole Shevins Alan Lewis
Senior Vice President
Investor Relations & Corporate Communications Head of Global Corporate Communications
Take-Two Interactive Software, Inc. Take-Two Interactive Software, Inc.
(646) 536-3005 (646) 536-2983
Nicole.Shevins@take2games.com Alan.Lewis@take2games.com


Take-Two Interactive Software, Inc. Reports Results for Fiscal Second Quarter 2026

Company raises fiscal year 2026 outlook

Fiscal second quarter Net Bookings were $1.96 billion, above Company's guidance range

Net Bookings for fiscal year 2026 are now expected to range from $6.4 to $6.5 billion

Grand Theft Auto VI now launching November 19, 2026


New York, NY – November 6, 2025 – Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the second quarter of its fiscal year 2026, ended September 30, 2025. For further information, please see the second 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: “We achieved outstanding second quarter results by releasing new hit titles, driving innovation in live services, and maintaining our commitment to developing the highest quality products. With momentum across our business, particularly in mobile and NBA 2K, we are raising our Fiscal Year 2026 Net Bookings forecast for the second consecutive quarter. Rockstar Games will now release Grand Theft Auto VI on November 19, 2026, and we remain both excited and confident they will deliver an unrivalled blockbuster entertainment experience. With the most robust pipeline in our Company’s history, we expect to achieve record levels of Net Bookings in Fiscal 2027, which will establish a new baseline for our business and set us on a path of enhanced profitability.”

Second Quarter Fiscal 2026 Financial and Operational Highlights

•Total Net Bookings* grew 33% to $1.96 billion, compared to $1.47 billion during last year’s fiscal second quarter.
◦Net Bookings from recurrent consumer spending** grew 20% and accounted for 73% of total Net Bookings.
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◦The largest contributors to Net Bookings were NBA® 2K26 and NBA 2K25, Borderlands® 4, Toon Blast™, Grand Theft Auto® Online and Grand Theft Auto V, Match Factory!™, Color Block Jam™, Mafia®: The Old Country, Empires & Puzzles™, Words With Friends™, Red Dead Redemption® 2 and Red Dead Online, and Toy Blast™.

•GAAP net revenue was $1.77 billion, compared to $1.35 billion in last year’s fiscal second quarter.
◦Recurrent consumer spending** increased 18% and accounted for 72% of total GAAP net revenue.
◦The largest contributors to GAAP net revenue were NBA 2K25 and NBA 2K26, Borderlands 4, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Match Factory!, Color Block Jam, Mafia: The Old Country, Empires & Puzzles, Words With Friends, and Red Dead Redemption 2 and Red Dead Online.

•GAAP net loss was $133.9 million, or $0.73 per share, as compared to $365.5 million, or $2.08 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.

Second 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 September 30, 2025
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 $1,773.8 186.7
Cost of revenue 793.3 16.2 (4.8) (159.5)
Gross profit 980.5 170.5 4.8 159.5
Operating expenses 1,078.5 (91.1) (15.1) (0.1) (3.6)
(Loss) income from operations (98.0) 170.5 95.9 174.6 0.1 3.6
Interest and other, net (17.5) 0.1 1.6 0.7
(Loss) income before income taxes (115.5) 170.6 95.9 174.6 0.1 5.2 0.7
Non-GAAP
EBITDA 116.7 170.6 95.9 0.1 4.0 0.7

•The above table utilizes a management tax rate of 18%
•Fully diluted share count in order to calculate management diluted net income per share is 186.0 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 2026

Take-Two is raising its outlook for the fiscal year and providing its initial outlook for its fiscal third quarter ending December 31, 2025:

Fiscal Year Ending March 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 Ended March 31, 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 and other (c)
GAAP
Total net revenue
$6,380 to $6,480
$20
Cost of revenue
$2,663 to $2,685
$5 $23 $(637)
Operating expenses
$3,984 to $4,004
$(356) $(68)
Interest and other, net $103 $(9)
(Loss) income before income taxes
$(370) to $(312)
$15 $333 $705 $9
Net loss
$(414) to $(349)
Net loss per share
$(2.25) to $(1.90)
Net cash provided by operating activities
approximately $250
Capital expenditures
approximately $180
Non-GAAP
EBITDA
$579 to $637
$15 $333
Operational metric
Net Bookings
$6,400 to $6,500

•Management reporting tax rate anticipated to be 18%
•Share count used to calculate GAAP net loss per share is expected to be 183.9 million
•Share count used to calculate management reporting diluted net income per share is expected to be 186.3 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.

(c) Other includes adjustments for (i) business reorganization expenses, (ii) the revaluation of the Turkish Lira against the U.S. Dollar, and (iii) fair value adjustments related to certain equity investments.
3



Fiscal Third Quarter Ending December 31, 2025

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, 2025
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
GAAP
Total net revenue
$1,570 to $1,620
$(20)
Cost of revenue
$646 to $664
$4 $(6) $(159)
Operating expenses
$980 to $990
$(93) $(17)
Interest and other, net $24 $(1)
(Loss) income before income taxes
$(80) to $(58)
$(24) $99 $176 $1
Net (loss) income
$(90) to $(65)
Net (loss) income per share
$(0.49) to $(0.35)
Non-GAAP
EBITDA
$155 to $178
$(24) $99
Operational metric
Net Bookings
$1,550 to $1,600

•Management reporting tax rate anticipated to be 18%
•Share count used to calculate GAAP net loss per share is expected to be 185.0 million
•Share count used to calculate management reporting diluted net income per share is expected to be 187.2 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, as well as engagement on Xbox One and PlayStation 4; 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, 2025:

Label Product Platforms Release Date
2K WWE 2K25 Switch 2 July 22, 2025
2K Mafia: The Old Country PS5, Xbox Series X|S, PC August 8, 2025
2K NBA 2K26 PS5, PS4, Xbox Series X|S, Xbox One, PC, Switch 2, Switch September 5, 2025
2K Borderlands 4 PS5, Xbox Series X|S, PC September 12, 2025

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Take-Two's future lineup announced to-date includes:
Label Product Platforms Release Date
2K
WWE 2K Mobile for Netflix
iOS, Android Fall 2025
2K WWE 2K26 TBA Q4 Fiscal 2026
Rockstar Games Grand Theft Auto VI PS5, Xbox Series X|S November 19, 2026
2K Borderlands 4 Switch 2 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 Quarterly Report on Form 10-Q for the period ended September 30, 2025.

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.
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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.

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TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net revenue:
Game $ 1,640.9  $ 1,233.9  $ 3,023.4  $ 2,450.6 
Advertising 132.9  119.2  254.2  240.7 
Total net revenue 1,773.8  1,353.1  3,277.6  2,691.3 
Cost of revenue:
Product costs 229.3  212.5  439.7  415.8 
Game intangibles 158.8  173.4  317.3  336.9 
Licenses 154.4  97.2  225.3  152.3 
Software development costs and royalties 172.1  64.9  202.2  141.1 
Internal royalties 78.7  77.2  167.6  146.2 
Total cost of revenue 793.3  625.2  1,352.1  1,192.3 
Gross profit 980.5  727.9  1,925.5  1,499.0 
Selling and marketing 536.6  461.3  945.4  892.7 
Research and development 268.0  246.7  529.4  466.5 
General and administrative 225.0  253.0  432.0  463.5 
Depreciation and amortization 48.8  47.3  99.2  92.1 
Business reorganization 0.1  16.8  (4.1) 66.3 
Total operating expenses 1,078.5  1,025.1  2,001.9  1,981.1 
Loss from operations (98.0) (297.2) (76.4) (482.1)
Interest and other, net (17.5) (27.1) (52.9) (54.4)
Loss before income taxes (115.5) (324.3) (129.3) (536.5)
Provision for income taxes 18.4  41.2  16.5  91.0 
Net loss $ (133.9) $ (365.5) $ (145.8) $ (627.5)
Loss per share:
Basic and diluted loss per share $ (0.73) $ (2.08) $ (0.80) $ (3.61)
Weighted average shares outstanding
Basic 184.6  175.4  182.7  173.8 

7


















TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
September 30, 2025 March 31, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,869.1  $ 1,456.1 
Short-term investments 246.4  9.4 
Restricted cash and cash equivalents 14.2  14.9 
Accounts receivable, net of allowances of $1.8 and $1.6 at September 30, 2025 and March 31, 2025, respectively 1,165.4  771.1 
Software development costs and licenses 79.6  80.8 
Contract assets 84.5  80.8 
Prepaid expenses and other 355.7  402.8 
Total current assets 3,814.9  2,815.9 
Fixed assets, net 424.1  443.8 
Right-of-use assets 334.2  326.1 
Software development costs and licenses, net of current portion 2,101.8  1,892.6 
Goodwill 1,064.1  1,057.3 
Other intangibles, net 2,014.8  2,336.0 
Long-term restricted cash and cash equivalents 77.7  88.2 
Other assets 248.7  220.8 
Total assets $ 10,080.3  $ 9,180.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 213.5  $ 194.7 
Accrued expenses and other current liabilities 1,227.0  1,127.6 
Deferred revenue 1,250.5  1,083.5 
Lease liabilities 66.5  61.5 
Short-term debt, net 549.3  1,148.5 
Total current liabilities 3,306.8  3,615.8 
Long-term debt, net 2,517.3  2,512.6 
Non-current deferred revenue 17.6  25.4 
Non-current lease liabilities 378.6  383.3 
Non-current software development royalties 82.3  93.6 
Deferred tax liabilities, net 222.7  259.6 
Other long-term liabilities 123.1  152.7 
Total liabilities $ 6,648.4  $ 7,043.0 
Stockholders' equity:
Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at September 30, 2025 and March 31, 2025 —  — 
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 208.4 and 200.8 shares issued and 184.7 and 177.1 outstanding at September 30, 2025 and March 31, 2025, respectively
2.1  2.0 
Additional paid-in capital 11,707.0  10,312.0 
Treasury stock, at cost; 23.7 and 23.7 common shares at September 30, 2025 and March 31, 2025, respectively
(1,020.6) (1,020.6)
Accumulated deficit (7,204.6) (7,058.8)
Accumulated other comprehensive loss (52.0) (96.9)
Total stockholders' equity $ 3,431.9  $ 2,137.7 
Total liabilities and stockholders' equity $ 10,080.3  $ 9,180.7 
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TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Six Months Ended September 30,
2025 2024
Operating activities:
Net loss $ (145.8) $ (627.5)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization and impairment of software development costs and licenses 191.7  139.6 
Stock-based compensation 136.6  161.5 
Noncash lease expense 26.3  31.3 
Amortization and impairment of intangibles 349.5  374.1 
Depreciation 82.9  74.0 
Interest expense 76.3  80.4 
Fair value adjustments 11.0  4.3 
Other, net 10.5  5.9 
Changes in assets and liabilities, net of effect from purchases of businesses:
Accounts receivable (393.1) (169.6)
Software development costs and licenses (345.0) (362.8)
Prepaid expenses and other current and other non-current assets (13.1) 22.1 
Deferred revenue 156.2  (4.6)
Accounts payable, accrued expenses and other liabilities (60.3) (48.1)
Net cash provided by (used in) operating activities 83.7  (319.4)
Investing activities:
Change in bank time deposits (237.0) 18.5 
Purchases of fixed assets (57.0) (71.9)
Purchases of long-term investments (6.6) (14.7)
Asset acquisitions (11.4) (9.3)
Business acquisitions (2.0) 9.4 
Net cash used in investing activities (314.0) (68.0)
Financing activities:
Tax payment related to net share settlements on restricted stock awards (1.6) — 
Issuance of common stock 1,219.6  23.8 
Payment for settlement of convertible notes —  (8.3)
Proceeds from issuance of debt —  598.9 
Cost of debt —  (5.4)
Repayment of debt (600.0) — 
Payment of contingent earn-out consideration —  (12.0)
Net cash provided by financing activities 618.0  597.0 
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 14.1  8.0 
Net change in cash, cash equivalents, and restricted cash and cash equivalents 401.8  217.6 
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) $ 1,961.0  $ 1,319.6 
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our Condensed 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 Condensed Consolidated Balance Sheet.
9


















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
 September 30, 2025
Three Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by geographic region
United States $ 1,036.1  58  % $ 814.5  60  %
International 737.7  42  % 538.6  40  %
Total Net revenue $ 1,773.8  100  % $ 1,353.1  100  %
Net Bookings by geographic region
United States $ 1,188.6  61  % $ 914.4  62  %
International 771.9  39  % 560.5  38  %
Total Net Bookings $ 1,960.5  100  % $ 1,474.9  100  %
Three Months Ended
 September 30, 2025
Three Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by distribution channel
Digital online $ 1,693.1  95  % $ 1,300.0  96  %
Physical retail and other 80.7  % 53.1  %
Total Net revenue $ 1,773.8  100  % $ 1,353.1  100  %
Net Bookings by distribution channel
Digital online $ 1,871.2  95  % $ 1,417.2  96  %
Physical retail and other 89.3  % 57.7  %
Total Net Bookings $ 1,960.5  100  % $ 1,474.9  100  %
Three Months Ended
 September 30, 2025
Three Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by platform
Mobile $ 821.6  46  % $ 740.2  55  %
Console 720.0  41  % 491.1  36  %
PC and other 232.2  13  % 121.8  %
Total Net revenue $ 1,773.8  100  % $ 1,353.1  100  %
Net Bookings by platform
Mobile $ 818.1  42  % $ 723.0  49  %
Console 907.9  46  % 622.3  42  %
PC and other 234.5  12  % 129.6  %
Total Net Bookings $ 1,960.5  100  % $ 1,474.9  100  %






10


















TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in millions)
Six Months Ended
 September 30, 2025
Six Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by geographic region
United States $ 1,936.5  59  % $ 1,635.0  61  %
International 1,341.1  41  % 1,056.3  39  %
Total Net revenue $ 3,277.6  100  % $ 2,691.3  100  %
Net Bookings by geographic region
United States $ 2,025.2  60  % $ 1,642.9  61  %
International 1,358.4  40  % 1,050.2  39  %
Total Net Bookings $ 3,383.6  100  % $ 2,693.1  100  %
Six Months Ended
 September 30, 2025
Six Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by distribution channel
Digital online $ 3,169.7  97  % $ 2,595.5  96  %
Physical retail and other 107.9  % 95.8  %
Total Net revenue $ 3,277.6  100  % $ 2,691.3  100  %
Net Bookings by distribution channel
Digital online $ 3,276.3  97  % $ 2,604.5  97  %
Physical retail and other 107.3  % 88.6  %
Total Net Bookings $ 3,383.6  100  % $ 2,693.1  100  %
Six Months Ended
 September 30, 2025
Six Months Ended
 September 30, 2024
Amount % of total Amount % of total
Net revenue by platform
Mobile $ 1,623.3  50  % $ 1,462.7  55  %
Console 1,270.6  38  % 1,000.0  37  %
PC and other 383.7  12  % 228.6  %
Total Net revenue $ 3,277.6  100  % $ 2,691.3  100  %
Net Bookings by platform
Mobile $ 1,610.9  47  % $ 1,432.4  53  %
Console 1,382.3  41  % 1,027.7  38  %
PC and other 390.4  12  % 233.0  %
Total Net Bookings $ 3,383.6  100.0  % $ 2,693.1  100  %
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TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Three Months Ended September 30, 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
As reported $ 1,773.8  $ 229.3  $ 158.8  $ 154.4  $ 172.1  $ 78.7 
Net effect from deferred revenue and related cost of revenue 186.7  1.5  0.4  14.3 
Stock-based compensation (4.8)
Amortization of acquired intangibles (0.7) (158.8)
Three Months Ended September 30, 2025 Selling and marketing Research and development General and administrative Depreciation and amortization Business reorganization Interest and other, net
As reported $ 536.6  $ 268.0  $ 225.0  $ 48.8  0.1  $ (17.5)
Net effect from deferred revenue and related cost of revenue 0.1 
Stock-based compensation (25.2) (25.1) (40.8)
Amortization of acquired intangibles (7.2) (7.9)
Acquisition related expenses (0.3) (3.3) 1.6 
Impact of business reorganization (0.1)
Other 0.7 
Three Months Ended September 30, 2024 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
As reported $ 1,353.1  $ 212.5  $ 173.4  $ 97.2  $ 64.9  $ 77.2 
Net effect from deferred revenue and related cost of revenue 121.9  0.8  0.9  9.8 
Stock-based compensation (3.1)
Amortization and impairment of acquired intangibles (0.7) (173.4)
Three Months Ended September 30, 2024 Selling and marketing Research and development General and administrative Depreciation and amortization Business reorganization Interest and other, net
As reported $ 461.3  $ 246.7  $ 253.0  $ 47.3  $ 16.8  $ (27.1)
Net effect from deferred revenue and related cost of revenue (1.5)
Stock-based compensation (24.5) (26.2) (32.4)
Amortization and impairment of acquired intangibles (1.5) (7.2) (9.2)
Acquisition related expenses (0.1) (0.7) (52.9) 2.6 
Impact of business reorganization (16.8)
Other 6.0
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TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Six Months Ended September 30, 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
As reported $ 3,277.6  $ 439.7  $ 317.3  $ 225.3  $ 202.2  $ 167.6 
Net effect from deferred revenue and related cost of revenue 106.1  (2.0) 0.6  6.5 
Stock-based compensation 36.2 
Amortization of acquired intangibles (1.5) (317.3)
Six Months Ended September 30, 2025 Selling and marketing Research and development General and administrative Depreciation and amortization Business reorganization Interest and other, net
As reported $ 945.4  $ 529.4  $ 432.0  $ 99.2  $ (4.1) $ (52.9)
Net effect from deferred revenue and related cost of revenue 0.5 
Stock-based compensation (49.6) (46.2) (77.0)
Amortization of acquired intangibles (14.3) (16.3)
Impact of business reorganization 4.1 
Acquisition related expenses (0.6) (6.9) 2.3 
Other 3.3 
Six Months Ended September 30, 2024 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
As reported $ 2,691.3  $ 415.8  $ 336.9  $ 152.3  $ 141.1  $ 146.2 
Net effect from deferred revenue and related cost of revenue 1.8  (2.4) 1.6  1.2 
Stock-based compensation (6.0)
Amortization and impairment of acquired intangibles (1.6) (336.9)
Acquisition related expenses
Six Months Ended September 30, 2024 Selling and marketing Research and development General and administrative Depreciation and amortization Business reorganization Interest and other, net
As reported $ 892.7  $ 466.5  $ 463.5  $ 92.1  $ 66.3  $ (54.4)
Net effect from deferred revenue and related cost of revenue
Stock-based compensation (45.7) (49.4) (60.4)
Amortization and impairment of acquired intangibles (3.1) (14.3) (18.2)
Impact of business reorganization (66.3)
Acquisition related expenses (0.1) (0.7) (69.6) 5.2 
Other 10.4
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TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net loss $ (133.9) $ (365.5) $ (145.8) $ (627.5)
Provision for income taxes 18.4  41.2  16.5  91.0 
Interest expense 16.7  18.7  39.0  37.9 
Depreciation and amortization 48.8  47.3 99.2  92.1
Amortization of acquired intangibles 166.7  182.8 333.2  356.0
EBITDA $ 116.7  $ (75.5) $ 342.1  $ (50.5)

Outlook
Fiscal Year Ended March 31, 2026
Net loss
$(414) to $(349)
Provision for income taxes
$44 to $37
Interest expense $75
Depreciation $169
Amortization of acquired intangibles
$705
EBITDA
$579 to $637

Outlook
Three Months Ended December 31, 2025
Net loss
$(90) to $(65)
Provision for income taxes
$9 to $7
Interest expense $18
Depreciation $42
Amortization of acquired intangibles $176
EBITDA
$155 to $178
14