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- **Record Q3 Performance**: $1.76B net bookings (+25% YoY), driven by mobile (+19%) and NBA 2K (+30%). 
- **AI-Driven Efficiency**: 800+ AI pilots reducing costs, freeing creators for innovation. 
- **GTA VI Hype**: Summer marketing campaign set for Nov 2026 launch, positioning FY27 for record net bookings. 
- **Mobile Growth**: Mobile DTC bookings growing, with ad revenue +10% YoY. 
- **Financial Strength**: Operating cash flow up to $450M, vs prior $250M, with $6.65B FY26 net bookings guidance.

**【CEO Summary Section】**
- Delivered Q3 net bookings of $1.76 billion, surpassing high-end guidance, driven by mobile titles like Toon Blast (+43% YoY) and NBA 2K26. 
- Raised FY26 net bookings guidance to $6.65-6.7 billion (18% YoY growth), citing strong mobile performance and GTA Online engagement. 
- Emphasized AI adoption across 800+ pilots, reducing costs and freeing creators for innovation. 
- Direct-to-consumer (DTC) strategy gaining traction, with regulatory tailwinds reducing app store fees. 
- Anticipated GTA VI launch in Nov 2026 with summer marketing campaign, positioning FY27 for record net bookings.

**【CFO Financial Commentary】**
- GAAP net revenue: $1.7 billion (25% YoY), cost of revenue: $754 million (26% YoY), operating expenses: $984 million (10% YoY). 
- Recurrent consumer spending: $1.33 billion (23% YoY), 76% of net bookings, driven by NBA 2K (+30%), GTA Online (+27%). 
- Revised FY26 guidance: 
  - Net bookings: $6.65-6.7 billion (18% YoY) 
  - Recurrent spending: +17% vs prior +11% 
  - Operating cash flow: $450 million (vs prior $250 million). 
- Q4 net bookings: $1.51-1.56 billion, with NBA 2K26, WWE 2K26, and Civilization VII launches.

**【Q&A Key Highlights】**
- **AI & Mobile**: CEO Zelnick called AI a 'game-changer', with DTC bookings growing meaningfully. CFO noted mobile ad revenue +10% YoY. 
- **GTA Online Resilience**: Despite GTA VI launch, GTA Online RCS +27% YoQ, full game sales remain strong. 
- **Capital Allocation**: 3 priorities - organic growth, accretive M&A (e.g., Zynga), and buybacks (e.g., $158M share repurchase). 
- **Affordability**: CEO emphasized value through free-to-play mobile titles and console games offering 'hours of entertainment'. 
- **M&A Strategy**: Focus on talent, IP, and tech (e.g., Genie AI) that fits Take-Two's creative culture.

Take-Two Interactive Software, Inc. (TTWO) Q3 2026 Earnings Call Transcript

- **Q2 Record Performance**: $1.96B net bookings (+31% YoY), driven by NBA 2K26 (5M units sold) and mobile titles like Toon Blast (+26% YoY). 
- **Mobile Growth Engine**: Direct-to-consumer initiatives boost mobile net bookings +10% YoY, with Rollic's Color Block Jam hitting a record. 
- **Raised Guidance**: FY26 net bookings $6.4B-$6.5B (14% growth), with NBA 2K and mobile titles accounting for 77% of recurrent spending. 
- **GTA V Delay**: Postponed to November 2026 for polish, with no impact on GTA Online engagement (220M units sold). 
- **Margin Expansion**: Mobile gross margin improving due to reduced third-party fees and direct transactions.

**【CEO Summary Section】**
- **Record Q2 Net Bookings**: $1.96 billion, driven by NBA 2K26 (5M units sold, highest average selling price), mobile titles like Toon Blast (+26% YoY), and Rockstar's GTA Online engagement (20% growth in GTA+ memberships). 
- **Mobile Growth Acceleration**: Direct-to-consumer transactions and new payment mechanisms boosted mobile net bookings by mid-teens, with Rollic's Color Block Jam hitting a net bookings record. 
- **Pipeline Strength**: Raised FY26 net bookings guidance to $6.4B-$6.5B (14% YoY growth), with NBA 2K, GTA series, and mobile titles accounting for 77% of recurrent consumer spending. 
- **GTA V Delay**: Postponed to November 2026 to ensure polish, with no change to GTA Online support or engagement trends (220M units sold to date). 

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net revenue $1.77B (+31% YoY), operating expenses $1.1B (+5% YoY) due to mobile UA investments. 
- **Recurrent Consumer Spending**: $1.43B (+20% YoY), with NBA 2K up 45% and mobile +mid-teens. 
- **FY26 Guidance**: 
  - Net bookings $6.4B-$6.5B (14% growth) 
  - Recurrent consumer spending $4.9B-$5B (+11%) 
  - Mobile net bookings $2.3B-$2.4B (+10%) 
  - Operating cash flow $250M 
- **Margin Expansion**: Direct-to-consumer initiatives and legislative changes driving higher margins, with mobile gross margin improving due to reduced third-party fees. 

**【Q&A Highlights】**
- **Mobile Margin Growth**: Direct-to-consumer transactions and legislative changes enabling 10%+ mobile net bookings growth and margin expansion. 
- **GTA V Strategy**: Delay reflects commitment to quality, with no impact on GTA Online monetization (declining as expected). 
- **AI Implementation**: Used for efficiency in QA, asset generation, and analytics, not replacing creative roles. 
- **NBA 2K Retention**: Early access passes, premium SKUs, and community features driving 30% DAU growth in MyCareer mode. 
- **Competitive Position**: Independent status and balance sheet strength (expected to be net cash by FY26) support M&A flexibility.

Take-Two Interactive Software, Inc.(TTWO)-20251107-2026 Q2 Earnings call transcript

- **Q1 Beat with Record Net Bookings**: $1.42B net bookings (+22% YoY), driven by Mobile (+low teens), NBA 2K (+48% RCG), and GTA Online (+50% new accounts).
- **Mobile Growth Engine**: Toon Blast up 22%, Color Block Jam becomes Rollic's top title, and Zynga invests in user acquisition to sustain momentum.
- **NBA 2K Unstoppable**: 11.5M units sold, RCG up 48%, with engagement metrics (DAU +30%) signaling long-term stickiness.
- **FY26 Guidance Raised**: Net bookings to $6.05-6.15B (+8% YoY), with RCG growth revised up to +4%.
- **Strategic Moves**: 
  - Launching 11 major titles in FY26, including Switch 2 debuts for NBA 2K26 and Borderlands 4.
  - Expanding direct-to-consumer monetization amid app store regulatory shifts.
  - Maintaining disciplined capital allocation with focus on quality over quantity.

**【CEO Summary Section】**
- **Record Q1 Net Bookings**: $1.42 billion, exceeding guidance of $1.25-1.3 billion, driven by Mobile titles (Toon Blast, Match Factory!), NBA 2K, and GTA Online.
- **Mobile Success**: Mobile net bookings grew low teens, with Toon Blast up 22% YoY and Rollic's Color Block Jam becoming the studio's highest-grossing title.
- **NBA 2K Dominance**: Sold over 11.5 million units, with RCG spending up 48% YoY, fueled by MyCAREER and MyTEAM engagement.
- **GTA Series Resilience**: GTA V sold over 215 million units, GTA Online new accounts up 50% YoY, and GTA VI trailer launch driving engagement.
- **Updated FY26 Guidance**: Net bookings raised to $6.05-6.15 billion (midpoint +8% YoY), with RCG expected to grow 4% (vs. prior flat forecast).

**【President's Remarks】**
- **Upcoming Releases**: 
  - *Mafia: The Old Country* (Aug 8) with 2.5M wishlists and strong press reception.
  - *NBA 2K26* (Sept 5) debuting on Switch 2, featuring Gen 9 tech and expanded MyCAREER mode.
  - *Borderlands 4* (Sept 12) praised as "best in series" with Switch 2 launch in October.
- **Pipeline Confidence**: 2026 slate includes 11 major releases, positioning for record net bookings in FY27.

**【CFO Financial Commentary】**
- **Q1 Financials**: 
  - GAAP net revenue: $1.5 billion (+12% YoY)
  - Cost of revenue: $559M (-1% YoY)
  - Operating expenses: $923M (-3% YoY)
  - RCG: $1.17 billion (+17% YoY, 83% of net bookings)
- **FY26 Outlook**: 
  - Net bookings: $6.05-6.15 billion (45% Zynga, 39% 2K, 16% Rockstar)
  - RCG: +4% (vs. prior flat)
  - Mobile: low single-digit growth
  - GTA Online: decline
  - Operating cash flow: $130M
- **Q2 Guidance**: 
  - Net bookings: $1.7-1.75 billion (vs. $1.47B last year)
  - RCG: +1% YoY
  - OpEx: $1.02-1.03 billion (+7% YoY)

**【Q&A Highlights】**
- **NBA 2K Growth**: Driven by improved telemetry analysis and engagement in MyCAREER/MyTEAM modes, with no single feature cited as the driver.
- **Mobile Deceleration**: Attributed to mature titles' natural decline and hyper-casual titles' shorter life cycles.
- **Capital Allocation**: 3 priorities - organic growth, accretive M&A (e.g., Gearbox acquisition), and shareholder returns (buybacks at "deep value").
- **Pricing Strategy**: Focus on delivering value above price point, with variable pricing based on title quality and platform.
- **Macro Risks**: Acknowledged potential consumer caution but emphasized flight to quality in entertainment; Take-Two's focus on high-quality IPs should mitigate risk.
- **App Store Regulation**: Viewed as positive for fair distribution; company plans to expand direct-to-consumer monetization (e.g., in-game currency sales via web stores).

Take-Two Interactive Software, Inc. (TTWO) Q1 2026 Earnings Call Transcript

- **Record Q4 Performance**: $1.58B net bookings driven by NBA 2K25 (10M units sold) and GTA Online (5% recurrent spending growth). 
- **2026 Outlook**: $5.9-6.0B net bookings (5% YoY growth), with GTA VI launch in FY2027 as key inflection point. 
- **Mobile Success**: Zynga's Match Factory! and Color Block Jam are profitable hits, with mobile net bookings up 7% YoY. 
- **Consumer Engagement**: GTA VI trailer 2 set record 475M views in 24 hours, signaling unprecedented demand for FY2027 release. 
- **Cost Efficiency**: Operating expenses expected to grow 3% YoY in FY2026, below net bookings growth rate. 


**【CEO Summary Section】**
- Q4 2025 net bookings reached $1.58 billion, driven by strong performance across all labels. NBA 2K25 sold 10 million units, while GTA Online recurrent spending grew 5% YoY. 
- Fiscal 2026 net bookings outlook is $5.9-6.0 billion (5% YoY growth), with GTA VI set to launch in FY2027. 
- Zynga mobile titles like Match Factory! and Color Block Jam are profitable and scaling rapidly. 
- Direct-to-consumer business is a key growth driver, enabled by recent legal rulings on third-party app stores.

**【CFO Financial Commentary】**
- FY2025 GAAP net revenue: $5.63 billion (+5% YoY). Recurrent consumer spending: $4.52 billion (+7% YoY, 80% of total bookings). 
- FY2026 guidance: $5.9-6.0 billion net bookings, with 76% of bookings from recurrent consumer spending. 
- Operating expenses expected to grow 3% YoY in FY2026, driven by higher marketing costs. 
- FY2025 operating cash flow: ($45 million) due to timing of tax payments. 

**【Q&A Key Highlights】**
- **Mobile Growth**: Zynga's Match Factory! and Color Block Jam are profitable hits, demonstrating ability to launch new native mobile titles. 
- **GTA VI Anticipation**: Trailer 2 shattered records with 475M views in 24 hours, signaling unprecedented consumer demand. 
- **Zynga Integration**: Zynga's core franchises (Toon Blast, Words with Friends) remain strong, while new titles drive growth. 
- **Switch 2 Strategy**: Launching 4 titles on Switch 2, including Borderlands 4 and Civilization VII, to capitalize on platform momentum. 
- **Pricing Strategy**: Variable pricing based on delivering value, with Mafia: The Old Country priced at $50 to maximize accessibility. 


Take-Two Interactive Software, Inc. (TTWO) Q4 2025 Earnings Call Transcript

- **NBA 2K Dominance**: 30%+ recurrent spending growth, 7M+ units sold, and 20%+ engagement metrics boost Q3 net bookings to $1.37B.
- **Growth Catalysts**: GTA VI (Q4 2025), Civilization VII (Feb 2025), and Mafia: The Old Country set to drive FY26/FY27 record net bookings.
- **Mobile Recovery**: Match Factory nearing profitability, June Blast/Toy Blast double-digit growth, but Empires & Puzzles faces challenges.
- **Financial Highlights**: FY25 net bookings $5.55B-$5.65B (+5% YoY), operating cash flow outflow $150M, capex $140M for game tech expansion.

**【CEO Summary Section】**
- **NBA 2K Strong Performance**: Net bookings of $1.37 billion, driven by NBA 2K's 30%+ recurrent spending growth and 7 million+ units sold. Engagement metrics (DAU +20%, MAU +10%) exceeded expectations.
- **Pipeline Momentum**: GTA VI (Q4 2025 launch), Civilization VII (Feb 2025), Mafia: The Old Country (Summer 2025), and Borderlands 4 (Q4 2025) set to deliver record net bookings in FY26/FY27.
- **Mobile Growth**: Match Factory on track to become Zynga's 2nd largest title by FY25 end, with June Blast and Toy Blast showing double-digit growth. Empires & Puzzles facing headwinds but strategic updates planned.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net revenue $1.36B (flat YoY), cost of revenue $600M (-13% YoY). Operating expenses $892M (+10% YoY), benefiting from delayed expenses.
- **FY25 Outlook**: Net bookings $5.55B-$5.65B (+5% YoY). Recurrent spending growth revised to low double digits (NBA 2K), mobile growth low single digits. Operating cash flow outflow $150M, capex $140M for game tech and offices.
- **Q4 Guidance**: Net bookings $1.48B-$1.58B (+8% YoY), driven by Civilization VII, PGA Tour 2K25, and WWE 2K25. Recurrent spending +3% (NBA 2K offsetting mobile decline).

Actual											1.4967	2.2954	1.9955	1.2436	1.3959	1.0143	1.6341	1.3172	1.0906	0.7124	1.303	0.8563	0.5887	0.2689	1.2174	0.7062	0.2751	0.0479	0.657	0.7238	1.0752	0.6077	1.4619	0.82
Forecast											0.9146	1.5906	1.4736	0.9626	0.7142	0.8929	1.3539	1.1153	1.0125	0.8669	1.3677	0.8902	0.6845	0.3348	1.0275	0.721	0.0854	0.0245	0.4151	0.5787	1.0976	0.2825	0.9389	0.8332
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+63.65%	+44.31%	+35.42%	+29.19%	+95.45%	+13.60%	+20.70%	+18.10%	+7.71%	-17.82%	-4.73%	-3.81%	-14.00%	-19.68%	+18.48%	-2.05%	+222.13%	+95.51%	+58.28%	+25.07%	-2.04%	+115.12%	+55.70%	-1.58%

TTWO

TTWO fundamentals

TTWO Q3 2026 Earnings

Earnings Call

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TTWO

TTWO fundamentals

TTWO Q3 2026 Earnings

Earnings Call

TTWO Earnings Call Summary for Q3/20264:30 PM on Feb 3, 2026

TTWO Earnings Call Summary for Q2/20264:30 PM on Nov 6, 2025

TTWO Earnings Call Summary for Q1/20264:30 PM on Aug 7, 2025

TTWO Earnings Call Summary for Q4/20254:30 PM on May 15, 2025

TTWO Earnings Call Summary for Q3/20254:30 PM on Feb 6, 2025

You can ask Aime