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Take-Two Interactive Software
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NASDAQ: TTWO Communication Services Electronic Gaming & Multimedia 🔎 Screen
S&P 500 Nasdaq 100
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$44.1B
Market Cap
42.9
P/E
0.89
PEG
-3.4%
ROCE
-10.6%
ROE
0.82
D/E
-1.6%
OPM
-11.2%
% from 52W High
48
α RS
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Currency-adjusted total returns for TTWO including FX impact
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About

Take-Two Interactive Software, Inc. develops, publishes, and markets interactive entertainment solutions for consumers worldwide.

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📈 Growth Pattern
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⭐ Superinvestors Holding TTWO
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Manager Shares Value % of Fund Period
Tiger Global Management Tiger Global Management LLC 2.00M $395.0M 1.73% Mar 2026
Jim Simons Renaissance Technologies LLC 312.6K $61.7M 0.10% Mar 2026
Steve Cohen Point72 Asset Management 183.3K $36.2M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2027
GAAP net revenue
$1.5B
+2% YoY
Net bookings
$1.39B
above $1.32B-$1.37B guidance
Recurrent consumer spending
84% of net bookings
-1% YoY
Operating expenses
$918M
flat YoY
What Went Right
  • Q1 net bookings of $1.39B came in slightly above the high end of guidance, driven by NBA 2K and GTA series outperformance.
  • NBA 2K26 sold over 12M units, up 9% vs NBA 2K25, with recurrent spending +7%, DAUs +15%, MyCAREER DAUs +25% and games played per user +35%.
  • GTA VI pre-orders are described as exceptional and unprecedented; GTA V has now sold over 230M units and GTA series recurrent spending grew 3%.
  • Mobile bright spots included Toon Blast +8%, Words with Friends +8% and Top Eleven +15% YoY.
What to Watch
  • Cost of revenue rose 17% to $651M, including a $43M impairment charge for a cancelled unannounced third-party title.
  • Mobile recurrent consumer spending fell 7% YoY, with Color Block Jam a tough comparison and user-acquisition cost pressure in the market.
  • Q2 net bookings guidance of $1.62B-$1.67B is down from $1.96B last year, with recurrent consumer spending expected to decline ~5%.
  • Management cautioned that pre-orders can be cancelled and it will not claim victory before GTA VI actually launches.
Management Guidance
  • Q2 FY27 net bookings: $1.62B-$1.67B; recurrent consumer spending expected -5% YoY.
  • Q2 FY27 GAAP revenue: $1.42B-$1.47B; operating expenses $1.01B-$1.02B; management-basis opex -5% YoY.
  • FY27 net bookings reiterated at $8B-$8.2B, ~20% growth; GAAP revenue $7.9B-$8.1B; cost of revenue $3.54B-$3.66B.
  • FY27 operating cash flow expected above $1B; on track for net cash position by year-end; CapEx now ~$290M due to planned real estate purchase.
Investor Lens
The thesis is stronger after this call: Q1 net bookings exceeded the top of guidance, NBA 2K continues to compound, and GTA VI pre-orders are described as unprecedented. The reiterated FY27 outlook of $8B-$8.2B implies a back-half-weighted year and confidence in the November launch. The main offsets are softer mobile comps, UA cost pressure and a Q2 guide below last year, but those are known and largely guided. If GTA VI executes as expected, Take-Two sees sustained scale, >$1B operating cash flow and a return to net cash this year.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q1 beats with $1.39B bookings; GTA VI pre-orders exceptional
Revenue
GAAP net revenue rose 2% YoY to $1.5B. Net bookings were $1.39B, slightly above the $1.32B-$1.37B guidance range, helped by NBA 2K and the GTA series. Recurrent consumer spending was 84% of net bookings, down 1% YoY but better than the guided 3% decline.
Profitability
Net income and EPS were not disclosed on the call. Cost of revenue increased 17% to $651M, including a $43M impairment charge for a cancelled unannounced third-party title. Total operating expenses were flat at $918M, while management-basis operating expenses declined 1% YoY.
Margins
Operating margin was not explicitly provided. Cost of revenue growth of 17% outpaced revenue growth of 2%, putting pressure on gross margin, partly due to the $43M impairment. Management-basis operating expenses declined 1%, favorable to the prior forecast of 3% growth.
Balance Sheet
Take-Two expects operating cash flow above $1B and says it remains on track to be in a net cash position by fiscal year-end. Capital expenditures are now planned at approximately $290M, up from the prior forecast due to a planned real estate purchase. Current cash and debt balances were not disclosed.
Key Risks
Mobile recurrent spending fell 7% YoY, with Color Block Jam a difficult comparison and user-acquisition costs under pressure. Q2 net bookings are guided lower YoY to $1.62B-$1.67B, and management noted pre-orders can be cancelled. A $43M impairment also highlights pipeline/cancellation risk at third-party labels.
Outlook
FY27 net bookings guidance was reiterated at $8B-$8.2B, representing roughly 20% growth, with GAAP revenue of $7.9B-$8.1B. Q2 net bookings are expected at $1.62B-$1.67B, GAAP revenue of $1.42B-$1.47B, and operating expenses of $1.01B-$1.02B.
Generated by AI · Q1 2027 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2027 Q1 2027 2026-08-07
Q1 net bookings exceeded guidance at $1.39B, driven by NBA 2K and Grand Theft Auto. Fiscal 2027 outlook is reaffirmed, with GTA VI pre-orders at record levels and strong engagement across franchises. Mobile and live services remain key revenue drivers.
Q4 2026 Q4 2026 2026-05-21
Record fiscal 2026 results were driven by strong performance across core franchises and mobile, with Net Bookings and operating cash flow exceeding guidance. Fiscal 2027 is expected to see ~20% Net Bookings growth, led by GTA VI's launch and a robust pipeline.
Q3 2026 Q3 2026 2026-02-03
Net bookings and revenue exceeded guidance, driven by strong performance in NBA 2K, Grand Theft Auto, and mobile titles. Fiscal 2026 outlook was raised, with recurrent consumer spending and operating cash flow both expected to grow significantly.
Q2 2026 Q2 2026 2025-11-06
Record Q2 net bookings of $1.96B and strong mobile growth led to raised FY26 guidance. Major launches like NBA 2K26 and Mafia: The Old Country outperformed, while direct-to-consumer mobile initiatives and industry tailwinds boosted margins and outlook.
Q1 2026 Q1 2026 2025-08-07
Q1 net bookings and revenue exceeded expectations, driven by strong mobile, NBA 2K, and GTA performance. FY26 guidance was raised, with robust upcoming releases and a focus on quality, open distribution, and balanced capital allocation.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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