Take-Two Q2 FY2027 earnings review

Net Bookings fell 18% to $1.6B, below the company's own guidance.

Take-Two Interactive Software, Inc. · Q2 FY2027 · Published Nov 10, 2026 · By DeepCell AI · Sources

Take-Two Q2 FY2027 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Take-Two (TTWO) Q2 FY2027 earnings review

Net Bookings fell 18% to $1.6B, below the company's own guidance

  1. 1.Net Bookings of $1,601.3M missed the $1,620M–$1,670M guidance issued on Aug 7
  2. 2.GAAP net revenue of $1,497.0M beat the $1,420M–$1,470M guidance range
  3. 3.GAAP net loss narrowed to ($54.0M), or a loss of $0.29 a share, from a loss of $0.73 a year earlier
  4. 4.Fiscal 2027 Net Bookings guidance was reiterated at $8.0B to $8.2B
  5. 5.Shares were +2.9% in Nov 10 pre-market at $213.50 as of 8:32 AM EST, not a close

Note: The company did not disclose a non-GAAP earnings per share figure. Net Bookings is its operational metric.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; Take-Two Form 8-K Ex. 99.1, Aug 7, 2026 (prior guidance); CNBC, Nov 10, 2026 8:32 AM EST

2

2 · Executive summary

Net Bookings missed the low end of guidance by $18.7M, while GAAP net revenue beat

Q2 FY2027 results vs. Take-Two guidance issued Aug 7, 2026

MetricActualGuidanceVarianceResult
Net Bookings$1,601.3M$1,620M–$1,670M-18.7MMiss
GAAP net revenue$1,497.0M$1,420M–$1,470M+27.0MBeat
GAAP loss per share-$0.29-$0.84 to -$0.75Narrower than the guided lossBeat

Share price, Nov 9 close to Nov 10 pre-market

Take-Two (Nasdaq)Nov 9 close, 4:00 PM ESTNov 10 pre-market, 8:32 AM ESTChange ($)Change (%)
TTWO$207.40$213.50+$6.10+2.9%

Both prices are from the CNBC quote page. The pre-market last is not a close.

Note: The company did not publish a non-GAAP EPS figure, so no Street EPS comparison is shown.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; Take-Two Form 8-K Ex. 99.1, Aug 7, 2026 (prior guidance); CNBC, Nov 10, 2026 8:32 AM EST

3

3 · Q2 results vs. guidance

Fiscal 2027 Net Bookings guidance was held at $8.0B to $8.2B

Fiscal 2027 guidance, Nov 9 vs. Aug 7

MetricAug 7 outlookNov 9 outlookMidpoint change
Net Bookings$8,000M to $8,200M$8,000M to $8,200MUnchanged
GAAP net revenue$7,900M to $8,100M$7,980M to $8,180M+80M
EBITDA$993M to $1,053M$1,024M to $1,082M+30M
GAAP diluted EPS$0.55 to $0.75$0.57 to $0.75High end unchanged

Fiscal Q3 ending Dec 31, 2026 (first issued Nov 9)

MetricLowHighMidpoint
Net Bookings$3,350M$3,500M$3,425M
GAAP net revenue$3,270M$3,420M$3,345M
GAAP diluted EPS$1.30$1.44—

Note: Capital expenditures for fiscal 2027 are guided at approximately $290 million. Operating cash flow is guided at over $1 billion.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; Take-Two Form 8-K Ex. 99.1, Aug 7, 2026 (prior guidance); analysis of company data

4

4 · FY2027 and Q3 guidance

GAAP net loss narrowed to ($54.0M), or a loss of $0.29 a share, even as Net Bookings fell

  1. Bookings declinedNet Bookings fell 18% to $1,601.3M.
  2. Revenue also declinedGAAP net revenue fell 15.6% to $1,497.0M.
  3. Loss narrowedThe net loss was ($54.0M), compared with ($133.9M) a year earlier.

Key figures

$M unless notedQ2 FY2026Q2 FY2027YoY
Net Bookings$1,960.5M$1,601.3M(18.3%)
GAAP net revenue$1,773.8M$1,497.0M(15.6%)
GAAP net loss($133.9M)($54.0M)(59.7%)
GAAP loss per share ($)-$0.73-$0.29(60.3%)

Note: Net Bookings is an operational metric, not a GAAP revenue line. Titles use the company's reported 18% and 9% declines; table year-on-year rates are DeepCell calculations from the statement amounts.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

5

5 · Q2 key financials

Recurrent consumer spending was 81% of Net Bookings, after a 9% decline

Net Bookings by content

$M, Q2 FY2026 vs. Q2 FY2027

ContentQ2 FY2026Q2 FY2027YoY
Recurrent consumer spending$1,428.3M$1,302.1M(8.8%)
Full game and other$532.2M$299.2M(43.8%)
Total Net Bookings$1,960.5M$1,601.3M(18.3%)
Grand Theft Auto VI is scheduled for Nov 19, 2026 on PlayStation 5 and Xbox Series X|S“The launch of Grand Theft Auto VI is ten days away and, with pre-orders continuing to reach unprecedented levels, we expect to deliver an historic year for our company.” Strauss Zelnick, Chairman and CEO

Note: Recurrent consumer spending includes virtual currency, add-on content, in-game purchases and in-game advertising.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

6

6 · Net Bookings by content

Full-game Net Bookings fell 43.8%, accounting for most of the decline

Net Bookings bridge

$M, Q2 FY2026 to Q2 FY2027

$M · Q2 FY2026: $1,960.5M$M · Recurrent spending: -$126.2M$M · Full game and other: -$233.0M$M · Q2 FY2027: $1,601.3MQ2 FY2026RecurrentspendingFull game andotherQ2 FY2027$1,400M$1,750M$2,000M$2,200M$1,960.5M-$126.2M-$233.0M$1,601.3M
Recurrent consumer spending Net Bookings fell 9% to $1,302.1M

Note: The bridge starts from Q2 FY2026 Net Bookings and adds the change in each content group.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

7

7 · Net Bookings bridge

Console led all platforms, with $742.6M of Net Bookings

Net Bookings by platform

$M, Q2 FY2026 vs. Q2 FY2027

Mobile · Q2 FY2026: $818MMobile · Q2 FY2027: $708MConsole · Q2 FY2026: $908MConsole · Q2 FY2027: $743MPC and other · Q2 FY2026: $235MPC and other · Q2 FY2027: $151MQ2 FY2026Q2 FY2027$0M$250M$500M$750M$1,100M$818M$708M$908M$743M$235M$151M
Mobile Net Bookings fell 13.5% to $707.6M

Note: PC and other includes personal computer and non-console, non-mobile platforms.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

8

8 · Net Bookings by platform

The operating loss widened to $117.5M as the revenue decline outweighed lower costs

Operating income (loss) bridge

$M, Q2 FY2026 to Q2 FY2027

$M · Q2 FY2026: -$98.0M$M · Net revenue: -$276.8M$M · Cost of revenue: $156.7M$M · Selling and marketing: $91.8M$M · Other costs: $8.8M$M · Q2 FY2027: -$117.5MQ2 FY2026Net revenueCost ofrevenueSelling andmarketingOther costsQ2 FY2027-$400M-$300M-$200M-$100M$0M$150M-$98.0M$156.7M$91.8M$8.8M-$117.5M
Lower selling and marketing costs added $91.8M to operating income

Note: Higher costs are shown as reductions. Other costs are research and development, general and administrative, and depreciation and amortization.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

9

9 · Operating income bridge

Gross margin was 57.5%, compared with 55.3% a year earlier

Gross and EBITDA margins

% of GAAP net revenue, Q2 FY2026 vs. Q2 FY2027

Gross margin · Q2 FY2026: 55.3%Gross margin · Q2 FY2027: 57.5%EBITDA margin · Q2 FY2026: 6.6%EBITDA margin · Q2 FY2027: 6.2%Q2 FY2026Q2 FY20270%20%40%70%55.3%57.5%6.6%6.2%
EBITDA fell 21.0% to $92.2M, a 6.2% margin

Note: EBITDA is GAAP net loss excluding interest, taxes, depreciation, and amortization of acquired intangibles.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

10

10 · Margin analysis

Operating cash flow was an outflow of $173.5M in the first six months of fiscal 2027

Cash flow, six months ended September 30

$M, first half FY2026 vs. first half FY2027

$M, six monthsH1 FY2026H1 FY2027Change
Net cash from operating activities$83.7M($173.5M)-$257.2M
Purchases of fixed assets$57.0M$163.3M$+106.3M
FY2027 capital expenditure guidance—$290M—
Fiscal 2027 capital expenditures are guided at approximately $290M

Note: The cash flow statement in the release is presented only for the six months ended September 30, not for the quarter alone.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; Take-Two Form 8-K Ex. 99.1, Aug 7, 2026 (prior guidance); analysis of company data

11

11 · Cash flow and capex

Game net revenue fell 16.1% to $1,376.0M

GAAP net revenue by type

$M, Q2 FY2026 vs. Q2 FY2027

$MQ2 FY2026Q2 FY2027YoY
Game$1,640.9M$1,376.0M(16.1%)
Advertising$132.9M$121.0M(9.0%)
Recurrent consumer spending$1,275.9M$1,210.2M(5.1%)
Full game and other$497.9M$286.8M(42.4%)
Total net revenue$1,773.8M$1,497.0M(15.6%)
Recurrent consumer spending was $1,210.2M of GAAP net revenue, down 5.1%

Note: Game net revenue is the GAAP revenue line reported separately from advertising.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

12

12 · Revenue mix

Cash, restricted cash and investments were $1,756.6M, down $325.3M since March 31

Cash, debt and equity

$M, Mar 31, 2026 vs. Sep 30, 2026

$MMar 31, 2026Sep 30, 2026
Cash and cash equivalents$1,545.5M$1,149.4M
Short-term investments$443.8M$524.2M
Cash, restricted cash and investments$2,081.9M$1,756.6M
Total debt$2,518.0M$2,519.8M
Deferred revenue, current$1,159.9M$1,017.1M
Total stockholders equity$3,510.9M$3,673.6M
Short-term debt rose to $629.2M from $30.0M, with a matching decline in long-term debt

Note: Cash, restricted cash and investments includes current and long-term restricted cash.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and debt

Fiscal 2027 guidance depends on the timely launch and reception of Grand Theft Auto VI

Indicator
What to watch
Implication
Latest reading
Grand Theft Auto VI launch
Nov 19, 2026 release on PS5 and Xbox Series X|S
Bookings concentrated in fiscal Q3
Scheduled Nov 19, 2026
NBA 2K demand
Management said NBA 2K27 was below its forecast
Softness in a core franchise
Q2 Net Bookings $1,601.3M
Live-services bookings
Recurrent consumer spending trend
Core catalogue engagement
RCS (8.8%) YoY
Cash conversion
First-half operating cash outflow
Working capital and development spend
H1 OCF ($173.5M)

Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

14

14 · Key risks to guidance

15 · Appendix: Platform detail

16 · Appendix: Cost detail

Appendix: guidance and Q2 delivery

ClaimEvidenceCalculation
Q2 Net Bookings vs. Aug guide$1,601.3M vs. $1,620M–$1,670MMissed the low end
Q2 GAAP net revenue vs. Aug guide$1,497.0M vs. $1,420M–$1,470MAbove the high end
FY2027 Net Bookings midpoint$8,100MUnchanged from August
FY2027 GAAP net revenue midpoint$8,080MAugust midpoint $8,000M
FY2027 EBITDA midpoint$1,053MAugust midpoint $1,023M

Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; Take-Two Form 8-K Ex. 99.1, Aug 7, 2026 (prior guidance); analysis of company data

17

17 · Appendix: Guidance detail

Appendix: share count and per-share loss

ClaimEvidenceCalculation
Basic weighted-average shares187.1 millionQ2 FY2026: 184.6 million
GAAP basic and diluted loss per share-$0.29Q2 FY2026: -$0.73
The company did not report non-GAAP EPSNot disclosedManagement tax rate of 18% and 188.0 million shares were cited for internal reporting, without a published per-share result

Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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18 · Appendix: Share count

Appendix: income statement detail

Revenue and costs

$M unless notedQ2 FY2026Q2 FY2027YoY
GAAP net revenue$1,773.8M$1,497.0M(15.6%)
Cost of revenue$793.3M$636.6M(19.8%)
Gross profit$980.5M$860.4M(12.2%)
Selling and marketing$536.7M$444.9M(17.1%)
Research and development$268.0M$254.4M(5.1%)

Earnings

$M unless notedQ2 FY2026Q2 FY2027YoY
General and administrative$225.0M$230.5M2.4%
Loss from operations($98.0M)($117.5M)n.m.
Net loss($133.9M)($54.0M)(59.7%)

Note: n.m. means not meaningful, because both periods were operating losses.Source: Take-Two Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Filing: Take-Two Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/946581/000162828026072175/0001628280-26-072175-index.htm
  • Results release, Q2 FY2027 (Ex. 99.1), including Net Bookings of $1,601.3M and GAAP net revenue of $1,497.0M — https://www.sec.gov/Archives/edgar/data/946581/000162828026072175/ttwo2q27earningsrelease.htm
  • Investor relations release, Nov 9, 2026 — https://taketwointeractivesoftwareinc.gcs-web.com/news-releases/news-release-details/take-two-interactive-software-inc-reports-results-fiscal-4/
  • Prior Q2 guidance and the reiterated fiscal 2027 Net Bookings range of $8.0B to $8.2B: Q1 FY2027 release (Form 8-K Ex. 99.1), Aug 7, 2026 — https://www.sec.gov/Archives/edgar/data/946581/000162828026054580/ttwo1q27earningsrelease.htm
  • Share price: CNBC TTWO quote, Nov 9, 2026 regular-session close $207.40 at 4:00 PM EST and Nov 10 pre-market $213.50 at 8:32 AM EST — https://www.cnbc.com/quotes/TTWO
  • Company figures are in U.S. dollars. The company did not disclose a non-GAAP earnings per share figure. Net Bookings is the operational metric disclosed in the release.
  • Chart and table values link to the model in the spreadsheet tabs of this file. This page is not investment advice and carries no rating or price target.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Take-Two Interactive Software, Inc.'s Form 8-K of November 9, 2026 (Exhibit 99.1) and, for prior guidance, its Form 8-K of August 7, 2026. Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled as Net Bookings or EBITDA, in U.S. dollars, for the fiscal quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Take-Two Interactive Software, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 9, 2026, and the pre-market last at 8:32 AM EST on November 10, 2026. The pre-market last is not a close.

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21

21 · Disclosures

Sources

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