Last Updated: 9 July 2026
Take-Two Interactive (NASDAQ: TTWO) is one of the world's largest video-game publishers, home to Rockstar Games (Grand Theft Auto, Red Dead Redemption), 2K (NBA 2K, WWE 2K, Borderlands) and the Zynga mobile business. Fiscal 2026 (ended 31 March 2026) was a record year, with GAAP net revenue up 18% to $6.66bn and Net Bookings of $6.7bn. But the whole investment case now orbits a single date: the 19 November 2026 launch of Grand Theft Auto VI, the most anticipated entertainment release of the decade. The shares hit an all-time high in early July 2026 on that anticipation, even as the company continues to report GAAP net losses. This report sets out the numbers behind the story. See our Live Charts and Economic Calendar for context.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / Exchange | TTWO (NASDAQ) |
| Sector | Communication Services — Interactive Home Entertainment |
| Chairman & CEO | Strauss Zelnick |
| Headquarters | New York City, New York, USA |
| Employees | ~12,000 (FY2026) |
| Market cap | ~$47.9bn (early July 2026) |
| Revenue (FY2026) | $6.66bn |
| Net loss (FY2026) | $298.2m |
| Diluted EPS (FY2026) | $(1.62) |
| Dividend per share | Nil |
Take-Two's fiscal year ends 31 March. All financial figures in this report are drawn from Take-Two's Q4 and full-year fiscal 2026 earnings press release (filed 21 May 2026), SEC EDGAR XBRL filings, and the FY2026 Form 10-K.
2. Bull and Bear Case
Bull Case
- GTA VI supercycle: Grand Theft Auto VI is locked for 19 November 2026; GTA V has sold well over 200 million units, and management's FY2027 Net Bookings outlook of $8.0–8.2bn (~20% growth) leans heavily on the launch.
- Record fiscal 2026 and raised guidance: FY2026 net revenue rose 18% to $6.66bn with Net Bookings of $6.7bn, roughly $750m above initial guidance.
- Recurrent consumer spending base: recurrent spending accounted for 78% of Net Bookings, giving a large, sticky live-services annuity across GTA Online, NBA 2K and Zynga mobile titles.
- Diversified label portfolio: Rockstar, 2K and Zynga span console, PC and mobile, with a deep owned-IP catalogue (Red Dead, Borderlands, WWE 2K, Civilization).
- Operating leverage ahead: a successful GTA VI could drive a step-change in Net Bookings and Non-GAAP EBITDA from the FY2026 base of $760.6m.
Bear Case
- Single-title concentration: a valuation near all-time highs rests disproportionately on one release; any slip in GTA VI's date, quality or monetisation would hit hard.
- Persistent GAAP losses: Take-Two has posted GAAP net losses every year since FY2023, including $298.2m in FY2026, with Zynga-related amortisation and prior impairments weighing on reported earnings.
- Elevated valuation: the stock trades on ~7x sales and a very high multiple of trough free cash flow, pricing in a strong GTA VI outcome before it happens.
- Execution and delay history: GTA VI has already been delayed multiple times from an original fall-2025 target, and large releases carry launch-quality risk.
- Mobile and competitive pressure: the Zynga mobile business faces platform-fee and user-acquisition headwinds in a crowded free-to-play market.
3. Business Segments
Take-Two publishes through three labels — Rockstar Games, 2K and Zynga — and reports revenue by platform. The approximate fiscal 2026 platform mix was as follows.
| Segment | % of revenue | What it is |
|---|---|---|
| Mobile | ~48% | Zynga's free-to-play mobile games (Toon Blast, Words With Friends, Match Factory and others), monetised largely by in-app purchases and advertising. |
| Console | ~40% | Rockstar (GTA, Red Dead) and 2K (NBA 2K, WWE 2K, Borderlands) titles on PlayStation and Xbox, including GTA Online recurrent spending. |
| PC and other | ~12% | The same franchises on PC and other platforms, plus licensing and ancillary revenue. |
Roughly 78% of Net Bookings came from recurrent consumer spending — virtual currency, add-on content and in-game purchases — rather than up-front game sales.
4. What Sets It Apart
Take-Two's edge is a portfolio of owned, culturally dominant intellectual property that few rivals can match.
Grand Theft Auto. The GTA franchise is one of the best-selling and most profitable entertainment properties ever created, and GTA Online has generated a decade of recurring revenue from a single 2013 release — the template management hopes to repeat, and exceed, with GTA VI.
Sports and live services. The NBA 2K and WWE 2K franchises combine annual releases with year-round recurrent spending, giving 2K a predictable, high-margin live-services base independent of the Rockstar cycle.
Mobile scale via Zynga. The 2022 Zynga acquisition added a large free-to-play mobile business, diversifying Take-Two beyond premium console releases and giving it direct-to-consumer reach across hundreds of millions of devices — though at the cost of substantial acquisition-related amortisation on the GAAP income statement.
5. Financial Health
Revenue has grown strongly, but GAAP earnings have been deeply negative since the Zynga deal, dominated by amortisation of acquired intangibles and, in FY2025, a large goodwill impairment. Fiscal 2026 saw the GAAP loss narrow sharply as those charges eased.
| Year | Revenue | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2022 | $3.50bn | — | $3.58 | n/a¹ | Nil | $0.0m |
| FY2023 | $5.35bn | +52.6% | $(7.03) | n/a¹ | Nil | $1,733.0m |
| FY2024 | $5.35bn | -0.0% | $(22.01) | n/a¹ | Nil | $3,058.3m |
| FY2025 | $5.63bn | +5.3% | $(25.58) | n/a¹ | Nil | $2,512.6m |
| FY2026 | $6.66bn | +18.2% | $(1.62) | n/a¹ | Nil | $2,488.0m |
¹ Take-Two does not report a per-share non-GAAP adjusted EPS; it guides on Net Bookings and Non-GAAP EBITDA (FY2026 Non-GAAP EBITDA was $760.6m). Long-term debt shown is the year-end non-current portion per SEC XBRL. FY2024 revenue was essentially flat versus FY2023.
| Quarter | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q4 FY2026 | $1.68bn | n/a¹ | $(0.32) |
| Q3 FY2026 | $1.70bn | n/a¹ | $(0.50) |
| Q2 FY2026 | $1.77bn | n/a¹ | $(0.73) |
| Q1 FY2026 | $1.50bn | n/a¹ | $(0.07) |
| FY2026 total | $6.66bn | n/a¹ | $(1.62) |
Fiscal 2026 operating cash flow was $624.3m against capital expenditure of $162.8m, giving roughly $461.5m of free cash flow — a level management expects to build materially in fiscal 2027 (guided operating cash flow above $1.0bn) as the GTA VI cycle begins.
6. Valuation
Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$47.9bn (early July 2026, ~$253 share price) |
| Trailing P/E (GAAP) | n/m — GAAP loss-making (FY2026 net loss $298.2m, EPS $(1.62)) |
| P/E (forward) | n/a — company guides Net Bookings and Non-GAAP EBITDA; GAAP earnings still expected negative in FY2027 on deferred GTA VI revenue |
| P/S (TTM) | ~7.2x (market cap ~$47.9bn / FY2026 revenue $6.66bn) |
| P/FCF | ~104x (market cap ~$47.9bn / FCF ~$461.5m; FCF = operating CF $624.3m − capex $162.8m per FY2026 cash flow statement) — elevated on trough pre-GTA VI cash flow |
| Enterprise value | ~$48.4bn (market cap ~$47.9bn + total debt ~$2.49bn − cash & short-term investments ~$1.99bn per FY2026 balance sheet) |
| EV/EBITDA (TTM) | n/m on GAAP (operating loss $104.2m); on FY2026 Non-GAAP EBITDA of $760.6m, EV/EBITDA is ~63.6x — distorted by trough pre-launch earnings |
| 52-week high | $265.94 |
| 52-week low | $187.63 |
| Short interest (% of float) | ~4.5% of shares outstanding (8.40m shares, per Nasdaq/Fintel, early July 2026) |
| Days to cover | ~2.7 days |
7. What Are They Building
Take-Two's near-term future is defined by Grand Theft Auto VI, set for release on 19 November 2026 for PlayStation 5 and Xbox Series X|S, with pre-orders already announced by Rockstar Games. Management has framed fiscal 2027 and beyond around the launch and the multi-year online service expected to follow, in the mould of GTA Online. Beyond Rockstar, the company is building a deeper live-services pipeline across 2K (NBA 2K, WWE 2K, Borderlands) and continuing to reshape Zynga's mobile portfolio toward higher-retention "forever franchises". The strategy is to convert marquee single-player launches into durable, recurrent-spending platforms that generate revenue for years, smoothing the traditionally lumpy release calendar of a premium games publisher.
8. Peer Comparison
| Peer | Market cap (Jul 2026) | Key 2025 metric |
|---|---|---|
| Electronic Arts (EA) | ~$51.5bn | Subject to a proposed ~$55bn take-private at $210/share, awaiting CFIUS clearance (deadline extended to 28 Sep 2026). |
| Roblox (RBLX) | ~$40.6bn | User-generated-content platform; competes for player time and mobile spend. |
| Nintendo (NTDOY) | ~$52bn | First-party console publisher and hardware maker; per companiesmarketcap, July 2026. |
9. Insider Activity
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| ZMC Advisors (Zelnick entity) | 01 Jun 2026 | Sale | 208,969 | ~$230 | ~$48m | Rule 10b5-1 (tax on vesting) |
| Zelnick-linked trusts | 26 May 2026 | Sale | 70,000 | ~$220 | ~$15m | Open market |
| Zelnick/Belzberg Living Trust | 02–03 Mar 2026 | Sale | 60,000 | — | — | Rule 144 |
Recent insider activity has been sell-side, largely through entities associated with Chairman and CEO Strauss Zelnick and executed under pre-arranged 10b5-1 plans or to cover taxes on vesting equity. No material insider open-market purchases were identified in the most recent filings.
10. Key Risks
- Grand Theft Auto VI execution and timing: the valuation depends heavily on a smooth 19 November 2026 launch; a further delay or a disappointing commercial outcome would be a major setback.
- Single-title concentration: unusually high dependence on one franchise concentrates risk relative to a more balanced release slate.
- Persistent GAAP losses: continued net losses and heavy intangible amortisation keep reported profitability negative and complicate valuation.
- Valuation risk: shares near all-time highs leave limited margin for error if expectations are not met.
- Platform and fee dependence: reliance on Sony, Microsoft, Apple and Google storefronts exposes margins to platform fees and policy changes.
- Competitive and macro: intense competition for player time and spend, and discretionary-spending sensitivity in a softer consumer environment.
11. Recent Developments
- 21 May 2026 — Record FY2026 results and FY2027 guidance. Net revenue up 18% to $6.66bn; Net Bookings $6.7bn; FY2027 Net Bookings outlook of $8.0–8.2bn driven by GTA VI.
- Jul 2026 — All-time high. The shares reached a record high of $265.94 on 7 July 2026 amid GTA VI anticipation.
- 2026 — GTA VI pre-orders opened. Rockstar Games announced pre-orders for Grand Theft Auto VI, reaffirming the 19 November 2026 date and confirming a summer marketing ramp.
- 06 Nov 2025 — GTA VI delayed to 19 November 2026. Rockstar pushed the launch from an earlier target to allow additional polish.
- FY2025 — Goodwill impairment. The prior year included a ~$3.5bn goodwill impairment, the main driver of the FY2025 GAAP loss.
12. Key Dates to Watch
- 06 Aug 2026 — Q1 fiscal 2027 earnings (after market close).
- 19 Nov 2026 — Grand Theft Auto VI launch (PS5 and Xbox Series X|S).
- Expected Nov 2026 — Q2 fiscal 2027 earnings.
- Expected Feb 2027 — Q3 fiscal 2027 earnings (first full quarter of GTA VI sales).
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