Take-Two Interactive Software (TTWO) Q2 2026 earnings summary

Executive summary

• Q2 FY2026 net bookings reached $1.96 billion, up 33% year-over-year and above guidance, driven by NBA 2K26, Mafia: The Old Country, Borderlands 4, and strong mobile performance.

• GAAP net revenue for Q2 was $1.77 billion, a 31% increase year-over-year, with digital channels accounting for over 95% of revenue.

• Net loss for Q2 narrowed to $133.9 million ($0.73/share), a significant improvement from the prior year.

• Major launches included NBA 2K26, Borderlands 4, Mafia: The Old Country, and Color Block Jam, with NBA 2K26 selling over 5 million units.

• Grand Theft Auto VI is scheduled for release on November 19, 2026, with expectations for record net bookings in fiscal 2027.

Financial highlights

• Net bookings for Q2 were $1.96 billion, up 32.9% year-over-year and above guidance of $1.7–$1.75 billion.

• Recurrent consumer spending grew 20% year-over-year, accounting for 73% of net bookings.

• Q2 gross profit was $980.5 million, with a gross margin of 55.3%, up from 53.8% year-over-year.

• Operating expenses for Q2 were $1.08 billion, up 5% year-over-year, mainly due to higher marketing and R&D costs.

• EBITDA for Q2 was $116.7 million, compared to a loss of $75.5 million in the prior year.

Outlook and guidance

• Fiscal 2026 net bookings outlook raised to $6.4–$6.5 billion, representing 14% growth at midpoint.

• Fiscal 2026 GAAP net revenue expected at $6.38–$6.48 billion; net loss projected at $414–$349 million.

• Fiscal 2026 EBITDA expected between $579–$637 million; operating cash flow forecast at $250 million; capex at $180 million.

• Q3 FY2026 guidance: net bookings $1.55–$1.6 billion; GAAP net revenue $1.57–$1.62 billion.

• Grand Theft Auto VI launch set for November 19, 2026.