Take-Two Interactive Software (TTWO) Earnings Date & Reports

Key Takeaways

• Take-Two Interactive reported results for its fiscal second quarter of 2027, the three months ended September 30, 2026, with GAAP net revenue of roughly $1.5 billion, down 16% year over year.
• Net bookings of $1.6 billion came in below the company's guidance range of $1.62 billion to $1.67 billion, weighed down by a 9% decline in recurrent consumer spending.
• A GAAP net loss of $0.29 per share was narrower than the $0.86 loss FactSet had projected, while adjusted earnings of $0.99 per share exceeded the $0.94 consensus estimate.
• Management reiterated full-year fiscal 2027 net bookings guidance of $8.0 billion to $8.2 billion and modestly raised net revenue guidance to $7.98 billion to $8.18 billion.
• The company said pre-orders for Grand Theft Auto VI, which launches November 19, 2026, are reaching "unprecedented levels."
• For additional details, explore Take-Two's Major News, Today's Price Move, Price Targets, and Forecast.
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Earnings Context and Why It Matters

Take-Two enters the most consequential stretch of its fiscal year with this report, its final earnings update before Grand Theft Auto VI launches on November 19, 2026. Investors treated the September-quarter results as a read on whether the blockbuster release can deliver the step-change in bookings, revenue, and cash flow the company has projected. The quarter itself was quiet on major launches, so attention centered on recurrent consumer spending (RCS, meaning recurring in-game and add-on purchases) from franchises such as NBA 2K and Zynga's mobile portfolio, along with updated full-year guidance. Management's commentary on GTA 6 pre-orders is now setting the tone for how the market prices Take-Two's biggest release in more than a decade.

Reported Results

Take-Two posted GAAP (generally accepted accounting principles) net revenue of $1,497 million for fiscal Q2 2027, a 16% decline from $1,774 million a year earlier, reflecting the timing of major releases. Net bookings—a key industry metric that adds changes in deferred revenue—totaled $1,601 million, down 18% year over year and modestly below the company's own guidance range of $1.62 billion to $1.67 billion. Recurrent consumer spending fell 9% from the prior-year period, pressured by NBA 2K, and accounted for 81% of net bookings.

On the bottom line, Take-Two recorded a GAAP net loss of $0.29 per share, which was narrower than the $0.86 per-share loss FactSet had anticipated. Adjusted earnings came in at $0.99 per share, ahead of the $0.94 consensus. Management reiterated its fiscal 2027 net bookings outlook of $8.0 billion to $8.2 billion and slightly raised net revenue guidance to a range of $7.98 billion to $8.18 billion. For the fiscal third quarter, the company guided net revenue of $3.27 billion to $3.42 billion and adjusted earnings per share of $3.80 to $4.00.

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Market Reaction and Investor Sentiment

Take-Two shares climbed roughly 4% in after-hours trading following the report, as investors looked past a lighter bookings quarter and focused instead on the strength of GTA 6 pre-orders and the company's reiterated full-year outlook. The stock initially closed lower in the regular session before rebounding. Sentiment remains dominated by the approaching GTA VI launch, with the third-quarter bookings guidance of $3.35 billion to $3.50 billion arriving slightly below some Wall Street estimates, yet doing little to dampen enthusiasm. Investors appear willing to tolerate near-term softness in the recurring consumer spending base in exchange for exposure to what management has called a potentially "historic" year.

Forward Outlook and Key Factors to Monitor

The single most important catalyst is the November 19 launch of Grand Theft Auto VI, which management says is generating extraordinary pre-orders. Investors will watch early sales, the mix between standard and higher-priced Ultimate Edition purchases, and add-on content attach rates, all of which feed directly into the company's full-year bookings guidance of $8.0 billion to $8.2 billion.

Beyond the launch, monitor recurrent consumer spending trends. Take-Two expects flat RCS for fiscal 2027, balancing strong growth in the Grand Theft Auto series against an anticipated moderation in Zynga's mature mobile titles and the difficult comparison from last year's Color Block Jam. High-single-digit growth in NBA 2K and continued mobile discipline will matter for the second half.

On the financial side, management projects operating cash flow above $1 billion for the year and a shift to a net cash position by fiscal year-end, alongside roughly $290 million in capital expenditures. Upcoming releases—including PGA Tour 2K27, WWE 2K27, and Zynga's Top Goal—plus management's stated openness to accretive M&A (mergers and acquisitions) and geographic expansion, round out the factors worth watching in the quarters ahead.

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