Take-Two Q2 2027: GTA VI Is the Whole Bet Now

As seen on the 24/7 Wall St. homepage on November 9, 2026.

TTWO Take-Two Interactive
Q2 2027
EPS
-$0.29
est -$0.86 +66.4%
Revenue
$1.50B
est $1.66B -9.6%

Net bookings fell 18% to $1.60 billion in a quarter with nothing bigger than NBA 2K27 to sell, yet management held full-year bookings guidance of $8.0 to $8.2 billion. That math only works if Grand Theft Auto VI delivers on November 19.

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Take-Two reported a fiscal second-quarter loss of $0.29 per share, beating expectations against a consensus $0.86 loss. The EPS figure is on a GAAP basis and includes amortization of acquired intangibles, an income tax benefit, and other income tied to fair value adjustments on equity investments and Turkish Lira revaluation.

Revenue tells a harder story. The company brought in $1.50 billion, missing expectations against a $1.66 billion consensus and falling from the same quarter a year ago. Net bookings dropped 18%, with mobile ahead of console. The quarter had no major new release beyond NBA 2K27, which launched September 4, 2026, and a Grand Theft Auto Online update from July.

Despite the revenue shortfall, management reiterated full-year net bookings guidance of $8.0 to $8.2 billion. That figure implies a dramatic acceleration in the back half of the fiscal year: third-quarter GAAP net revenue alone is guided to more than double what the just-reported quarter delivered. The company also maintained its full-year GAAP diluted EPS outlook.

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The entire thesis rests on Grand Theft Auto VI, scheduled to launch November 19, 2026, on PlayStation 5 and Xbox Series X and S. CEO Strauss Zelnick stated that pre-orders are "continuing to reach unprecedented levels" and described the upcoming period as "an historic year" for the company. The stock had already risen 13% in the week before the report as investors positioned ahead of the launch.

Short-term debt rose sharply to $629.2 million from $30.0 million, while cash and equivalents fell year over year. Operating cash flow for the full year is guided above $1.0 billion, which management will need to deliver to keep the balance sheet manageable as GTA VI marketing and distribution costs come due.

Take-Two had beaten EPS estimates in each of the six quarters before Q1 2027, when it narrowly missed. This quarter's headline beat is the largest in that stretch by percentage, though the size of the consensus estimate, a loss nearly three times what was actually reported, reflects how much uncertainty surrounded a quarter with so little on the release calendar.

Sources

Mentioned: TTWO

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Earnings · 2027 Q2 Strauss Zelnick Chairman, CEO, Take-Two Interactive
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.

Zelnick put the company's entire $38.7 billion valuation behind a single release date now ten days out, committing on the earnings call to a record year. Pre-order strength is the only read investors get before the game ships, and the next guidance update will show whether it held.

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Earnings · 2027 Q2 Strauss Zelnick Chairman, CEO, Take-Two Interactive
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.

Zelnick held the Fiscal 2027 net bookings target steady with Grand Theft Auto VI still ahead, so the guidance bar is now set for the biggest launch in the company's history. He also put accretive M&A on the list of uses for that cash, a new wrinkle for a $38.7 billion publisher.

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