Take-Two Interactive Software Inc
Q3 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.15%.
Did TTWO Beat Earnings? Q3 2026 Results
Take-Two Interactive turned in a mixed fiscal third quarter ended December 31, 2025, beating on revenue while falling short on the bottom line — a combination that captures the company's current moment well. GAAP net revenue climbed 24.9% year-over-year to $1.70 billion, topping the $1.58 billion consensus by 7.59%, as Net Bookings surged 28% to $1.76 billion on broad strength across Rockstar Games, 2K, and Zynga. Recurrent consumer spending — virtual currency, add-on content, and in-game purchases — grew 23% and accounted for 76% of total Net Bookings, anchoring the revenue beat. On the earnings side, however, the company posted a loss of $0.50 per share, missing the $0.39 consensus by 28.57%, as heavy investment spending weighed on profitability. Management raised its full-year Net Bookings outlook to $6.65 billion–$6.70 billion and pointed to the November 2026 release of Grand Theft Auto VI as the catalyst for what could be <a href="https://247wallst.com/investing/2025/12/18/if-gta-vi-delivers-take-two-could-hit-300-in-2026/">record net bookings ahead</a>, though shares fell roughly 8% as investors weighed ongoing losses against the long-dated payoff.
- Net Bookings grew 28% year-over-year to $1.76 billion, above company guidance
- Recurrent consumer spending grew 23% and accounted for 76% of total Net Bookings
- Outperformance across all labels: Rockstar Games, 2K, and Zynga
- NBA 2K26, Grand Theft Auto Online and GTA V, and mobile titles Toon Blast, Match Factory!, Empires & Puzzles were largest Net Bookings contributors
- Digital online distribution accounted for 97% of net revenue
- GAAP net loss narrowed to $92.9 million from $125.2 million year-over-year
- Non-GAAP EBITDA nearly doubled to $174.8 million from $88.8 million
“Our outstanding third quarter results reflect outperformance from all of our labels, and we are once again raising our Net Bookings outlook for Fiscal 2026. With ongoing momentum across many of our businesses, and the highly anticipated launch of Grand Theft Auto VI on November 19th, we continue to project record levels of Net Bookings in Fiscal 2027, which we believe will establish a new financial baseline for our business, set us on a path to enhanced profitability, and provide further balance sheet strength and flexibility.”
Take-Two Interactive CEO, on the earnings call
Forward Guidance & Outlook
Take-Two raised its fiscal year 2026 outlook. Full-year Net Bookings are now expected at $6.65 billion to $6.70 billion. Full-year GAAP net revenue is expected at $6.55 billion to $6.60 billion. Full-year GAAP net loss is expected at ($369) million to ($338) million, or ($2.00) to ($1.84) per share. Full-year EBITDA is expected at $657 million to $681 million. Operating cash flow is expected at approximately $450 million with capital expenditures of approximately $180 million. For Q4 fiscal 2026, Net Bookings are expected at $1.51 billion to $1.56 billion, GAAP net revenue at $1.573 billion to $1.623 billion, and GAAP net loss at ($129) million to ($99) million, or ($0.70) to ($0.54) per share. EBITDA for Q4 is expected at $138 million to $161 million. The company projects record Net Bookings in fiscal 2027 driven by the anticipated November 19, 2026 launch of Grand Theft Auto VI.
TTWO YoY Financials
TTWO Revenue by Segment
TTWO Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.