Take-Two Interactive Software, Inc. (TTWO) is a prominent developer, publisher, and marketer of interactive entertainment products for a global audience. The company operates through several well-known labels, including Rockstar Games, 2K, Private Division, and Zynga, offering products for console gaming systems, PC, and mobile platforms. These products are distributed via physical retail, digital download, online platforms, and cloud streaming services . A significant portion of their revenue is derived from popular franchises, with Grand Theft Auto being a major contributor . Recurrent consumer spending, including virtual currency and in-game purchases, forms a substantial part of their business model .
- Grand Theft Auto Franchise - Develops and markets the Grand Theft Auto series, a major revenue driver known for its open-world action-adventure games.
- Recurrent Consumer Spending - Generates revenue through virtual currency, add-on content, in-game purchases, and in-game advertising, contributing significantly to the company's financial performance.
- Rockstar Games - Produces and publishes high-quality games, including the Grand Theft Auto series, known for their immersive storytelling and expansive worlds.
- 2K - Offers a diverse range of games, including sports titles like NBA 2K, catering to various gaming audiences.
- Zynga - Focuses on mobile gaming, delivering popular social games and interactive experiences on mobile platforms.
- Private Division - Publishes independent games, supporting and promoting innovative titles from smaller development teams.
- International Sales - Engages in global distribution, with a significant portion of revenue generated from markets outside the U.S.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Karl Slatoff ExecutiveBoard | President | Partner at ZMC | President since 2013. Previously COO (2010-2013) and EVP (2008-2010). Extensive experience in operations and strategy. | View Report → |
Strauss Zelnick ExecutiveBoard | Chairman and CEO | Founder & Partner at Zelnick Media Capital (ZMC); Board Member at Starwood Property Trust, Inc.; Member of the Entertainment Software Association Board | CEO since 2011, Chairman since 2007. Extensive experience in media and entertainment. Former Chairman of ESA (2014-2017). | View Report → |
Daniel Emerson Executive | EVP and Chief Legal Officer | None | Chief Legal Officer since 2014. Oversees legal and regulatory matters. Compensation includes $850,000 base salary and bonus eligibility. | |
Lainie Goldstein Executive | Chief Financial Officer (CFO) | Director and Audit Committee Member at Phreesia, Inc. | CFO since 2007. Oversees finance, investor relations, and corporate communications. CPA with prior experience at Nautica Enterprises and Grant Thornton LLP. | |
Ellen Siminoff Board | Director | Board Member at BigCommerce and Verifone; Board of Overseers at Hoover Institution; Advisory roles at Stanford and Princeton | Joined TTWO board in 2022 after Zynga acquisition. Former CEO of Shmoop University and Efficient Frontier. Founding executive at Yahoo!. | |
J Moses Board | Director | Advisor to SimulMedia, GRID, Atlas Earth, and OnlyHands; Principal at Optin Studios | Independent director since 2007. Extensive media experience, including roles as CEO of UGO Networks and President of MTV Russia. | |
LaVerne Srinivasan Board | Lead Independent Director | VP of National Program and Program Director for Education at Carnegie Corporation of New York; Advisory roles at multiple education-focused organizations | Board member since 2017. Extensive experience in education, technology, and entertainment. Former Deputy Chancellor for NYC Department of Education. | |
Michael Sheresky Board | Director | Partner at United Talent Agency | Independent director since 2007. Extensive experience in entertainment and talent representation. Former Senior VP at William Morris Agency. | |
William "Bing" Gordon Board | Director | Partner at Kleiner Perkins; Board Member at Duolingo, Truecaller, and several private companies; Special Advisor to Amazon (until 2023) | Joined TTWO board in 2022 after Zynga acquisition. Co-founder of EA and former Chief Creative Officer. Recognized with Lifetime Achievement Award by AIAS. |
- With the increasing costs and complexities of game development, how do you plan to balance investing in new IP versus focusing on existing successful franchises to ensure sustainable growth in a maturing industry?
- Considering the competitive nature of the sports gaming market and your current portfolio, what specific strategies are you implementing to expand your presence in major sports genres beyond basketball, and how do you plan to overcome barriers in acquiring licenses for other big sports?
- Given the delays in releasing the seven core titles you mentioned earlier this fiscal year, with line of sight on only four, have any titles been pushed back, and how will this impact your financial guidance and pipeline expectations?
- With record net bookings anticipated for fiscal '26 and '27, can you provide more clarity on how you plan to sustain growth beyond the major releases like Mafia, Borderlands, and GTA VI, especially considering the challenges in maintaining momentum in subsequent years?
- As the mobile gaming landscape evolves, particularly in terms of advertising and user acquisition costs, how are you adapting your strategies to maintain growth in your mobile division, and do you see the need to rely more on third-party platforms like Chartboost, or can your internal resources suffice?
Research analysts who have asked questions during TAKE TWO INTERACTIVE SOFTWARE earnings calls.
Andrew Marok
Raymond James Financial
6 questions for TTWO
Christopher Schoell
UBS
6 questions for TTWO
Douglas Creutz
TD Cowen
6 questions for TTWO
Eric Handler
Roth Capital Partners, LLC
6 questions for TTWO
Colin Sebastian
Baird
4 questions for TTWO
Martin Yang
Oppenheimer & Co. Inc.
4 questions for TTWO
Matthew Cost
Morgan Stanley
4 questions for TTWO
Michael Hickey
The Benchmark Company, LLC
4 questions for TTWO
Clay Griffin
MoffettNathanson LLC
3 questions for TTWO
Ed Alter
Jefferies
3 questions for TTWO
Alec Brondolo
Wells Fargo
2 questions for TTWO
Clayton Griffin
MoffettNathanson
2 questions for TTWO
Cory Carpenter
JPMorgan Chase & Co.
2 questions for TTWO
Eric Sheridan
Goldman Sachs
2 questions for TTWO
James Heaney
Jefferies
2 questions for TTWO
Mike Hickey
The Benchmark Company LLC
2 questions for TTWO
Arthur Chu
Bank of America
1 question for TTWO
Benjamin Soff
Deutsche Bank
1 question for TTWO
Brian Pitz
BMO Capital Markets
1 question for TTWO
Jason Bazinet
Citigroup
1 question for TTWO
Omar Dessouky
Bank of America
1 question for TTWO
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Activision Blizzard | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. | |
Embracer Group AB | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
Playrix | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. | |
The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. | |
Scopely | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
Tencent | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
Ubisoft Entertainment S.A. | The company competes with other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than theirs. |
The company competes for both licenses to properties and the sale of interactive entertainment software with Sony, which is a large developer and marketer of software for its own platforms. | |
The company competes for both licenses to properties and the sale of interactive entertainment software with Microsoft, which is a large developer and marketer of software for its own platforms. | |
Nintendo | The company competes with Nintendo for the sale of interactive entertainment software. |
The company faces competition from high-profile companies with significant online presences with new and expanded mobile gaming offerings, such as Apple. | |
The company faces competition from high-profile companies with significant online presences with new and expanded mobile gaming offerings, such as Google. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Apple | Digital storefront for mobile transactions | Mobile | Exceeded 10% of FY 2025 net revenue ; included in top 5 customers representing 81.0% of net revenue , part of the 72.1% of gross A/R. |
Sony | Licensing for PlayStation console publishing | Console | Exceeded 10% of FY 2025 net revenue ; included in top 5 customers representing 81.0% of net revenue , part of the 72.1% of gross A/R. |
Digital storefront for mobile transactions | Mobile | Exceeded 10% of FY 2025 net revenue ; included in top 5 customers representing 81.0% of net revenue , part of the 72.1% of gross A/R. | |
Microsoft | Licensing for Xbox console publishing | Console | Exceeded 10% of FY 2025 net revenue ; included in top 5 customers representing 81.0% of net revenue , part of the 72.1% of gross A/R. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
The Gearbox Entertainment Company, Inc. | 2024 | Acquisition valued at $460 million through newly issued Take-Two common shares, completed on June 11, 2024, that added key creative IP (including Borderlands, Tiny Tina’s Wonderlands, Homeworld, among others) and an assembled workforce with expected synergies, despite initial net loss contributions. |
Popcore GmbH | 2022 | Undisclosed financial terms acquisition by Rollic (a Zynga subsidiary) aimed at strengthening its position in hyper-casual mobile gaming by leveraging Popcore’s expertise in ad-driven, free-to-play games and its strong development team based in Berlin. |
Zynga Inc. | 2022 | Enterprise value of $12.7 billion with consideration combining cash, stock, and replacement equity awards, the deal expanded Take-Two’s portfolio in mobile gaming, delivered significant developed game technology, branding assets, and goodwill, and was partly funded through a $2.7 billion senior notes offering. |
Recent press releases and 8-K filings for TTWO.
- GTA VI release pushed to November 19, 2026, triggering a ~10% intraday share drop.
- Q2 beat estimates with adjusted EPS of $1.46 and revenue of $1.96 billion.
- FY26 guidance lifted to $3.05–$3.30 adj EPS (from $2.60–$2.85) and $6.4–$6.5 billion net bookings (from $6.05–$6.15 billion).
- Q3 outlook calls for a loss of $0.49–$0.35 per share and revenue of $1.57–$1.62 billion, above consensus of ~$1.50 billion.
- Take-Two postponed Grand Theft Auto VI to November 19, 2026, marking its second delay to ensure the game meets expected polish standards.
- Approximately 30–40 staff were fired in the UK and Canada amid union-busting and leak allegations, prompting protests at Rockstar North’s Edinburgh office.
- In its Q2 report, Take-Two highlighted strong uptake for NBA 2K26 and a favorable reception for Borderlands 4.
- Grand Theft Auto V has sold about 220 million units, while GTA Online membership grew by over 20% year-over-year.
- Delivered Q2 net bookings of $1.96 B, surpassing guidance of $1.7–1.75 B, and raised FY 2026 net bookings outlook to $6.4–6.5 B.
- Recurrent consumer spending grew 20%, accounting for 73% of net bookings; driven by NBA 2K (+45%) and mobile titles, while GTA Online declined.
- GAAP net revenue was $1.77 B (+31%), cost of revenue $793 M (+27%), and operating expenses $1.1 B (+5%).
- FY 2026 guidance updated: GAAP net revenue $6.38–6.48 B, cost of revenue $2.66–2.69 B, and total operating expenses $3.98–4.00 B.
- Grand Theft Auto VI launch moved to November 19, 2026, with no change to GTA Online support cadence.
- Net bookings of $1.96 billion in Q2, the best second quarter on record, and raised fiscal 2026 net bookings guidance to $6.4–6.5 billion.
- Grand Theft Auto VI release delayed to November 19, 2026; GTA V has sold 220 million units and GTA Plus subscriptions grew 20% YoY.
- Mobile segment saw strong growth: Toon Blast net bookings +26% YoY, Match Factory +20%, Rollic achieved record net bookings with 3.8 billion lifetime downloads, and CSR reached $1 billion in lifetime in-game spending.
- Q2 GAAP net revenue of $1,774 million beat guidance of $1,650–$1,700 million; GAAP net loss was $134 million (EPS $(0.73)) versus guidance of $(136)–$(110) million (EPS $(0.75)–$(0.60)).
- Q2 net bookings reached $1.961 billion, above guidance of $1.700–$1.750 billion, with Recurrent Consumer Spending up 20% YoY driven by NBA 2K26 and Mafia: The Old Country.
- FY 2026 guidance raised: GAAP net revenue to $6.38–$6.48 billion, net bookings to $6.4–$6.5 billion, RCS growth to 11%, and operating cash flow of ~$250 million.
- Q3 FY 2026 outlook: GAAP net revenue of $1.57–$1.62 billion, GAAP net loss of $(90)–$(65) million (EPS $(0.49)–$(0.35)), net bookings of $1.55–$1.60 billion, and RCS growth of 8%.
- Record Q2 net bookings of $1.96 B vs. guidance $1.70–$1.75 B; GAAP net revenue +31% to $1.77 B, cost of revenue +27% to $793 M, and operating expenses +5% to $1.1 B.
- Raised FY26 net bookings outlook to $6.4–$6.5 B (14% growth at midpoint); Q3 net bookings expected at $1.55–$1.60 B, GAAP net revenue $1.57–$1.62 B, and operating expenses $980–$990 M.
- Major launches included Mafia: The Old Country, NBA 2K26 (sold >5 M units with 45% recurrent spending growth), and Borderlands 4; mobile titles Toon Blast +26% and Match Factory +20% net bookings; GTA V unit sales reached 220 M with GTA Plus membership +20% Y/Y.
- Pipeline highlights: WWE 2K26 to launch in Q4 FY26 and Grand Theft Auto VI slated for November 19, 2026, alongside titles such as CSR 3, The Next BioShock, Project Ethos, and Judas.
- Operating cash flow guidance raised to $250 M, capex expected around $180 M, and management‐basis operating expenses projected to grow ~9% Y/Y.
- Take-Two’s fiscal Q2 Net Bookings grew 33% to $1.96 billion, surpassing guidance, driven by strong live services and recurrent consumer spending.
- GAAP net revenue increased to $1.77 billion, while net loss narrowed to $133.9 million (-$0.73/share) versus a loss of $365.5 million (-$2.08/share) a year ago.
- The Company raised its FY2026 Net Bookings forecast to $6.4–$6.5 billion, marking the second upward revision this year.
- Rockstar Games’ Grand Theft Auto VI is now scheduled for release on November 19, 2026, setting the stage for further growth in fiscal 2027.
- Net Bookings of $1.96 B in Q2 FY26, up 33% year-over-year
- GAAP net revenue of $1.77 B and net loss of $133.9 M (−$0.73 per share), vs. a $365.5 M loss (−$2.08 per share) in Q2 FY25
- Raised FY26 Net Bookings outlook to $6.4–6.5 B
- Grand Theft Auto VI launch scheduled for November 19, 2026
- Take-Two and the NBA launch NBA Take-Two Media’s new immersive NBA 2K League (2KL), combining competitive gaming with original content and live events.
- NBAT2 secures a multi-year partnership with the NBPA to feature NBA players alongside creators across six teams, led by Honorary Commissioner Jesser.
- The inaugural season kicks off with the MyPLAYER Mayhem reality series on Nov. 5 and opens fan sign-ups for the Next Fan Up ladder competition on Nov. 16.
- 2K and Gearbox Software released Borderlands 4 worldwide on PS5, Xbox Series X|S, and PC; Nintendo Switch version arrives October 3, 2025
- Title features four new Vault Hunters, billions of weapons, seamless zone traversal, new traversal mechanics, and instanced loot with dynamic co-op for up to four players
- Available in three editions: Standard ($69.99), Deluxe ($99.99), and Super Deluxe ($129.99), each offering tiered digital content
- Post-launch support includes a roadmap of free and paid DLC packs, with details forthcoming on www.borderlands.com