Take-Two Interactive Software (TTWO) investor relations material

Executive summary

• Fiscal 2026 net bookings reached $6.72 billion, up 19% year-over-year, exceeding initial guidance by $750 million, with Q4 net bookings at $1.58 billion, driven by strong performance in Grand Theft Auto, NBA 2K, Zynga, and mobile.

• Recurrent consumer spending grew 17% for fiscal 2026, accounting for 78% of net bookings, led by NBA 2K (+30%), mobile (+13%), and GTA Online (+6%).

• Fiscal 2026 GAAP net revenue was $6.66 billion, up 18% year-over-year.

• Fiscal 2026 GAAP net loss was $298 million, a significant improvement from the prior year’s $4.48 billion loss.

• Fiscal 2027 is expected to be a breakout year, driven by the November 19th launch of Grand Theft Auto VI and a robust pipeline of 29 titles through fiscal 2029.

Financial highlights

• Q4 GAAP net revenue increased 6% year-over-year to $1.68 billion; Q4 GAAP net loss was $59.5 million ($0.32 per share), better than guidance.

• Fiscal 2026 EBITDA was $761 million, up from $199.1 million in fiscal 2025.

• Operating cash flow for fiscal 2026 was $624 million, well above the $450 million forecast.

• Digital online channels contributed 97% of both net revenue and net bookings for the year.

• Mobile platforms generated 50% of net revenue and 49% of net bookings in fiscal 2026.

Outlook and guidance

• Fiscal 2027 net bookings projected at $8.0–$8.2 billion, up ~20% year-over-year, led by GTA VI and continued portfolio execution.

• Fiscal 2027 GAAP net revenue projected at $7.9–$8.1 billion; net income forecasted at $105–$141 million, with EBITDA between $1.01–$1.07 billion.

• Q1 fiscal 2027 net bookings guidance is $1.32–$1.37 billion; net loss of $42–$27 million expected.

• Recurrent consumer spending expected to be flat year-over-year and represent 65% of net bookings; Q1 FY27 RCS expected to decline 3% YoY.

• Operating cash flow forecasted to exceed $1 billion; net cash position expected by year-end.