# Take-Two Interactive Software (TTWO) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TTWO/thesis · /stocks/TTWO/memo

## Financial Snapshot

---
ticker: TTWO
step: 04
generated: 2026-05-13
source: quick-research
---

### Take-Two Interactive Software, Inc. (TTWO) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $3.50B | $5.35B | $5.35B | flat |
| Gross Margin | ~45% | ~42% | ~41% | |
| Operating Income | negative | negative | negative | |
| Net Income | -$0.5B | -$1.1B | -$3.7B | |
| EPS (diluted) | -$3.30 | -$6.90 | -$22.50 | |

*FY2025: Revenue $5.63B (+5.3%); net loss deepened to -$4.5B due to large goodwill impairments and development cost write-offs. Adj. (non-GAAP) EPS normalized ~$0.70. FY2022 revenue surge reflects the May 2022 Zynga acquisition (~$12.7B deal).*

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~-$0.1B |
| Free Cash Flow | ~-$0.2B |
| Capital Expenditures | ~$0.1B |
| Cash & Equivalents | ~$1.1B |
| Total Debt | ~$5.5B |

*Take-Two has been FCF-negative since the Zynga acquisition as it invests heavily in GTA VI and mobile game development. FCF is expected to turn sharply positive in FY2027 when GTA VI revenue hits the model.*

#### Key Ratios (approximate)
- P/E: NM (ongoing losses) | EV/EBITDA: ~30x (depressed EBITDA) | FCF Yield: Negative
- Revenue Growth (TTM): ~20% | Net Bookings Growth: ~10% organic

#### Growth Profile
Take-Two is in an investment trough: heavy GTA VI development spending, Zynga integration costs, and goodwill impairments have produced consecutive years of GAAP net losses. Revenue has grown modestly (~5%) while the balance sheet absorbed Zynga's $12.7B acquisition cost. The financial story is entirely forward-looking: GTA VI's launch (November 2026) is projected to generate $3–5B in first-year bookings, immediately transforming Take-Two's FCF profile. The live-service model (GTA Online has monetized for 12+ years) means GTA VI will generate recurring revenue for years post-launch.

#### Forward Estimates
- FY2026 net bookings guidance: Record levels (management guidance); GTA VI launches November 19, 2026
- FY2027 adj. EPS consensus: ~$8+ (vs. ~$0.70 in FY2025) — GTA VI drives ~100% YoY EPS growth
- 24 of 28 analysts: Buy/Outperform; mean price target ~$277 (~+28% upside from ~$129)
- GTA VI initial pricing: ~$80 (Bank of America estimate); console launch only → PC version likely adds another wave
- Zynga mobile: ~$2.5B annual revenue contribution; Toon Blast + Match Factory growing

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TTWO/fundamental

## Navigation

- Overview: /stocks/TTWO
- Financials (this page): /stocks/TTWO/financials
- Thesis: /stocks/TTWO/thesis
- Investment Memo: /stocks/TTWO/memo
- Coverage universe: /stocks