Take-Two Interactive Software program let the cat out of the bag because it postponed the launch of Grand Theft Auto VI (now approaching Could 26, 2026), and now we are able to see the impression of that on its outlook.
The corporate reported its web bookings for the fourth-fiscal quarter ended March 31 hit $1.58 billion, up 17% from the identical quarter a yr in the past. The outcomes have been within the high finish of the corporate’s personal steerage.
Good outcomes for NBA 2K25, Grand Theft Auto On-line and Grand Theft Auto V, Civilization VII, Toon Blast, Match Manufacturing unit, Empires & Puzzles, Purple Lifeless Redemption 2 and Purple Lifeless On-line and WWE 2K25.
The corporate mentioned that giving Rockstar Video games extra time to complete Grand Theft Auto VI will enhance high quality, and it famous that its most up-to-date trailer on GTA VI acquired 475 million views in 24 hours, up from the announcement trailer of 93 million views.
GAAP web income was $1.582 billion, up 13% from final yr’s fiscal fourth quarter. The GAAP web loss was $3.373 billion, or $21.08 per share, as in comparison with $2.9 billion, or $17.02 per share, for the comparable interval final yr. Analysts have been anticipating GAAP revenues of $1.55 billion and a loss per share of 5 cents. The GAAP outcomes included impairment prices of $3.55 billion associated to goodwill and $176.3 million for acquisition-related intangible belongings.
Internet bookings are the corporate’s operational metric, and it’s outlined as the web quantity of services offered digitally or sold-in bodily in the course of the interval. It contains licensing charges, merchandise, in-game promoting, technique guides and writer incentives. GAAP revenues don’t rely income that’s booked within the quarter however realized at later instances.
The most important contributors to web bookings have been NBA 2K25 and NBA 2K24, Grand Theft Auto On-line and Grand Theft Auto V, Civilization VII, Toon Blast, our hyper-casual cell portfolio, Match Manufacturing unit!, Empires & Puzzles, Purple Lifeless Redemption 2 and Purple Lifeless On-line and WWE 2K25.
As of March 31, 2025, Take-Two’s variety of workers was 12,928, together with 10,096 in-house growth studio employees. That was up about 31 folks for the reason that earlier quarter, and the remainder of the corporate’s headcount was up about 49 folks. About 22% of the employees have been in low-cost places (India, China, Turkey, Serbia, Chile, and Hungary).
Take-Two Interactive chief government Strauss Zelnick.
“We achieved outstanding results in our 2025 Fiscal Year, with each of our labels contributing meaningfully to our performance,” mentioned Strauss Zelnick, CEO of Take-Two, in an announcement. “Our Fiscal 2026 outlook reflects continuing positive momentum, with Net Bookings guidance of $5.9 to $6.0 billion. As we bring our exciting lineup to market, including Grand Theft Auto VI in Fiscal 2027, we expect to achieve record levels of Net Bookings that will establish a new baseline for our business and set us on a path of enhanced profitability.”
In an interview with GamesBeat, Zelnick tole me some context across the announcement of the delay of Grand Theft Auto VI.
“We’re constantly seeking perfection here at Take-Two. Broadly and specifically, Rockstar Games sometimes requires more time. In this case, to deliver this groundbreaking project at the level that its fans demand.”
I requested why it was such a exact date, by way of the brand new date for launching the sport on Could 26, 2026. Zelnick mentioned that, typically talking, when Take-Two proclaims a selected date, they stick with these dates, traditionally talking.
Whereas to me it appeared like an extended delay, Zelnick mentioned that he would quibble that it was an extended delay, because it was lower than six months later. Since we didn’t know the unique date Rockstar had in thoughts, we didn’t comprehend it was a brief delay. I requested if Zelnick felt just like the {industry} was stabilizing, however he mentioned Take-Two wasn’t reporting on how the {industry} was doing, solely the corporate itself, and that it was an excellent fiscal yr.
I discussed that within the earlier quarter we had mentioned the uncertainty round tariffs. He replied, “Well, you know that tariffs have been a moving target. So far, we don’t expect tariffs will have a meaningful impact, if any, on software pricing, and therefore sales [would not likely be affected].”
I requested concerning the larger pricing of Change 2 titles like Mario Kart World, which is able to promote on the Change 2 for $80. Whereas not commenting on Nintendo’s pricing, he mentioned rivals have introduced variable pricing, however the firm has all the time had variable pricing itself.
“Our job as a company, and I think the job of the industry is to deliver way more value given what we charge. And of course, interactive entertainment [delivers] so many hours of gameplay associated with titles that people love,” he mentioned.
He famous that the purpose is to supply the very best worth within the enterprise by way of worth per hours performed. He confirmed that Borderlands 4 is launching on PC and consoles (Xbox and PlayStation) whereas the Change 2 model is popping out later however doesn’t have a ship date but. He mentioned that, past Grand Theft Auto VI, there was no important motion within the firm’s slate for upcoming titles. Take-Two expects progress within the fiscal yr 2027, which is yr GTA VI will launch now, to be optimistic at about 5% within the midrange however the firm shouldn’t be spelling out a quantity for anticipated bookings in that yr.
Take-Two mentioned every of its labels contributed meaningfully to efficiency within the quarter.
The corporate mentioned, “2K posted a fantastic quarter, with the successful launches of Sid Meier’s Civilization VII, WWE 2K25, and PGA TOUR 2K25. NBA 2K delivered one of its strongest periods on-record, including recurrent consumer spending growth of 42%. Rockstar Games excelled once again, with the Grand Theft Auto and Red Dead Redemption series surpassing our forecasts; and Zynga continued to gain momentum, led by Match Factory, Toon Blast, and Rollic’s newest hit – Color Block Jam.”
Recurrent client spending progress was up 14% over final yr and accounting for 77% of web bookings. NBA 2K grew over 40%, whereas Grand Theft Auto On-line and cell each elevated mid-single digits. All of those companies significantly exceeded forecasts.
For the fiscal yr, Take-Two reported web bookings of $5.65 billion, which was additionally the highest of steerage vary of $5.55 billion to $5.65 billion.
Recurrent client spending exceeded the agency’s outlook, rising 7%, and accounted for 80% of web bookings. NBA 2K grew high-teens; cell elevated mid-single-digits; and Grand Theft Auto On-line declined modestly.
Working bills elevated 28% to $7.5 billion, as a result of impairment prices recorded throughout our fourth quarter. On a administration foundation, working bills rose 11% year-over-year, barely above steerage, attributable to larger growth prices for titles not technologically possible. The corporate spent roughly $169 million on capital expenditures, which was above forecast of $140 million, primarily attributable to larger recreation know-how bills.
Division label outcomes
2K: NBA 2K25 posted near-record efficiency and exceeded our forecast. To this point, the title has sold-in practically 10 million items — a 7% enhance in comparison with NBA 2K24 throughout the identical timeframe.
Engagement grew considerably, with Each day Lively Customers, MyCareer Each day Gamers, and Common Video games Per Consumer rising 30%, 40%, and 80%, respectively. The corporate was please with the efficiency of model extensions for the franchise.
NBA 2K25 Arcade Version stays a top-5 performing title on Apple Arcade; NBA 2K On-line in China continues to carry its place because the No. 1 PC sports activities recreation within the nation; and NBA 2K All-Stars cell title, which the agency developed in partnership with Tencent and launched on March 25, is sustaining the No. 1 spot on the iOS Sports activities Sport Chart for each downloads and income in China.
2K’s launch of WWE 2K25 was met with essential acclaim, together with a rating of 84 on Metacritic for Xbox Sequence X – an all-time excessive for the sequence on that platform. Visible Ideas launched new options, together with The Island, a extremely immersive WWE-themed world the place gamers can discover, compete in reside occasions, and earn rewards.
Shopper urge for food for the franchise is rising, with recurrent client spending up 20% in the course of the quarter. This contains robust efficiency from WWE SuperCard, which achieved near-record ranges of web bookings in March. WWE 2K25 has been built-in repeatedly into WWE’s televised programming and was additionally a cosponsor of final month’s spectacular WrestleMania 41.
As well as, 2K is bringing WWE 2K to Change 2 this summer time in addition to bringing WWE 2K to cell gadgets this Fall in partnership with Netflix.
2K and HB Studios efficiently launched PGA TOUR 2K25, which earned a Metacritic rating of 80 on PS 5 and is producing important recurrent client spending progress in comparison with 2K24. In the course of the interval, 2K launched Sid Meier’s Civilization VII, the brand new chapter in our esteemed technique franchise. As stewards of the Civilization sequence, Firaxis Video games strives to convey innovation with every new launch.
Take-Two mentioned it’s assured that the event workforce’s ongoing efforts to replace key areas of the sport will ship excellent outcomes over the franchise’s usually lengthy gross sales cycle. The groups are pursuing alternatives to broaden the viewers, together with the latest launch of Civilization VII VR for Meta Quest 3 and 3S, in addition to the title’s upcoming launch on Change 2, which is able to provide new mouse controls for a extremely intuitive gameplay expertise.
Rockstar Video games
The Grand Theft Auto sequence as soon as once more exceeded expectations, and to-date, GTA V has sold-in over 215 million items. Recurrent client spending outperformed our forecasts, rising 5% year-over-year, led by an array of recent modes, rewards, and automobiles for GTA On-line, in addition to ongoing demand for GTA+ memberships.
Rockstar Video games continues to broaden the chances for engagement with the sequence by ongoing growth of its FiveM creator platform. Purple Lifeless Redemption 2 additionally outperformed, with Internet Bookings rising 23% over final yr. Rockstar Video games continues to help Purple Lifeless On-line with a sequence of rewards that have interaction their group additional.
Zynga
Zynga Poker is launching multi-table tournaments.
Zynga overperformed in the course of the interval, and we’re happy that their momentum is continuous into Fiscal 2026.
Peak delivered implausible outcomes. Match Manufacturing unit exceeded our expectations, pushed by first-class live-ops execution and the introduction of Mission Heart, a limited-time occasion that drove important participant engagement. Internet Bookings grew meaningfully over final quarter, and the title is producing income.
Internet Bookings for Toon Blast grew 7% over final yr, primarily as a result of introduction of the Cannon Fest occasion. The corporate can be thrilled that the title achieved its largest quarter of Internet Bookings since Zynga acquired Peak in 2020.
Rollic’s latest hit, Shade Block Jam, is scaling quickly and is presently a top-10 downloaded recreation and among the many top-grossing titles within the U.S. Apple App Retailer. In simply 4 months of operation, the title has grow to be worthwhile and is making a formidable contribution to our cell Internet Bookings.
Take-Two mentioned it’s inspired to see stabilization in Empires & Puzzles. Small Large improved the title’s in-game financial system to help sooner participant development and developed enjoyable new options primarily based on participant suggestions, like Prompt Energy Summon, Hero Coach, and Visiting Clothes shop.
Zynga has quite a few titles in growth and comfortable launch that it mentioned it’s wanting to convey to market worldwide.
The direct-to-consumer enterprise delivered file efficiency, as our groups proceed to launch new gives, occasions, and enhanced personalization, that are driving higher conversion. Whereas Zynga have been implementing DTC in our titles for a while, the corporate believes there may be a fair better alternative to broaden this extremely accretive channel given latest useful courtroom rulings.
As the corporate approaches the three-year anniversary of its acquisition of Zynga, Take-Two mentioned this can be very happy that the label has grow to be an integral a part of the corporate. Zynga’s core franchises are robust, and the corporate is energized by the workforce’s distinctive capacity to launch hits in a extremely aggressive cell market, demonstrating additional the effectiveness of their multi-studio strategy and continued excellence in Dwell Ops.
Outlook for FY26
Portrait and way of life shoot at Zynga’s headquarters, San Francisco, CA, April 24-25, 2019. Pictured: a big group assembly with workers and their canines.
Take-Two mentioned it estimates web bookings for the FY26 yr ending March 31, 2026 is $5.9 billion to $6 billion, which represents 5% progress over Fiscal 2025 on the midpoint.
This outlook assumes a continuation of our present optimistic tendencies, together with wholesome cell efficiency and ongoing power in NBA 2K, in addition to the discharge of a number of eagerly anticipated titles, together with Mafia: The Outdated Nation and Borderlands 4.
GTA VI expectations
Again to Vice Metropolis, or Miami, for GTA6. Triple-A is getting costly.
Rockstar expects to launch Grand Theft Auto VI on Could 26, 2026, which is in fiscal yr 2027. Take-Two mentioned it believes affording Rockstar extra time for such a groundbreaking mission is a worthy funding.
Grand Theft Auto VI started growth in earnest in 2020 following the large success of Purple Lifeless Redemption 2, and the title is now probably the most anticipated leisure property of all time.
Shopper anticipation is unprecedented, with Trailer 2’s cross-platform debut final week shattering information to grow to be the largest video launch of all time, with over 475 million views in 24 hours. This follows Trailer 1’s record-breaking debut of 93 million views in 24 hours on YouTube alone. Spotify streams of the observe featured within the trailer, Sizzling Collectively, by the Pointer Sisters, surged by 182,000%, as soon as once more proving Rockstar’s capacity to affect well-liked tradition.
The ambition and complexity of Grand Theft Auto VI is bigger than any earlier Rockstar title, and the workforce is poised to launch one other astonishing leisure expertise that can exceed gamers’ expectations.
Largest contributors to web bookings are anticipated to be NBA 2K, the Grand Theft Auto sequence, Toon Blast, Borderlands 4, Match Manufacturing unit, Empires & Puzzles, Phrases With Buddies, the Purple Lifeless Redemption sequence, and Zynga Poker.
The corporate expects recurrent client spending to be flat in comparison with Fiscal 2025, and to signify 76% of Internet Bookings. Our recurrent client spending forecast assumes excessive single-digit progress for NBA 2K and declines for cell and Grand Theft Auto On-line.
Launch slate for the following yr
Take-Two Interactive
Throughout Fiscal 2026, Take-Two plans to launch 13 titles, together with 4 throughout the immersive core class; 5 cell titles, together with WWE 2K for Netflix within the fall; and 4 new iterations of prior releases, together with the latest launch of Civilization VII VR for Meta Quest 3 and 3S, in addition to Civilization VII for Change 2. As well as, our labels will proceed to supply new content material and experiences that drive engagement and recurrent client spending throughout a lot of our key choices.
The corporate expects the web bookings breakdown from our labels to be roughly 45% Zynga, 39% 2K, and 16% Rockstar Video games. Plan to deploy roughly $140 million of capital expenditures for recreation know-how and workplace buildouts.
On August 8, 2K and Hangar 13 will introduce Mafia: The Outdated Nation. This linear, narrative-driven recreation is a premium expertise within the vein of early Mafia titles, set towards the beautiful, genuine backdrop of 1900s Sicily. Pre-orders are off to a powerful begin following the debut of the primary official gameplay trailer at PAX East final week, and we’re excited for its upcoming launch.
2K and Gearbox will launch Borderlands 4 on September twelfth. Final month, in the course of the PlayStation State of Play, our groups shared an prolonged have a look at the action-packed gameplay coming within the title. Gamers have been handled to a primary have a look at two of 4 new Vault Hunters as they tore a path by a secret black web site in Terminus Vary, showcasing the damaging energy of an up to date gear system. The Borderlands group reacted very positively, with the sport trending on X, and turning into one of the wish-listed video games on Steam. 2K and Gearbox can even launch Borderlands 4 for the Change 2 sooner or later.
The corporate will launch the following iterations of the industry-leading annual sports activities franchises, NBA 2K and WWE 2K.
Lengthy-term outlook
With a player-first strategy and a deep dedication to high quality, the corporate mentioned it strives to create the very best leisure experiences for world communities and to redefine the artwork type.
As the corporate brings its thrilling lineup to market, together with Grand Theft Auto VI in Fiscal 2027, the corporate expects to realize file ranges of web bookings that can set up a brand new baseline for the enterprise and set it on a path of enhanced profitability.
Pipeline FY26-FY28
The corporate is extraordinarily optimistic about its upcoming pipeline, which incorporates roughly 38 titles between Fiscal 2026-2028.
Wanting forward, the corporate presently expects to ship 25 titles all through Fiscal 2027 and 2028 together with: 17 immersive core releases, together with Grand Theft Auto VI and 5 sports activities simulation video games; 4 cell video games; and 4 new iterations of beforehand launched titles.
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