GTA 6 launch set for November 19, marketing starts summer
Take-Two reported strong FY2026 results and guided FY2027 to a massive 20%+ bookings growth, driven almost entirely by the GTA 6 launch. Management touched on strategic partnerships with Apple, TKO, and the NBA, and stressed confidence in sustaining a new higher level of scale. FY2027 net bookings guidance of $8.0-8.2B implies ~20% growth, with GTA 6 launching on Nov 19, 2025.
Buzzberg 분석GTA 6 launch set for November 19, marketing starts summerTake-Two reported strong FY2026 results and guided FY2027 to a massive 20%+ bookings growth, driven almost entirely by the GTA 6 launch. Management touched on strategic partnerships with Apple, TKO, and the NBA, and stressed confidence in sustaining a new higher level of scale. FY2027 net bookings guidance of $8.0-8.2B implies ~20% growth, with GTA 6 launching on Nov 19, 2025.전체 분석 보기분석 접기
Take-Two reported strong FY2026 results and guided FY2027 to a massive 20%+ bookings growth, driven almost entirely by the GTA 6 launch. Management touched on strategic partnerships with Apple, TKO, and the NBA, and stressed confidence in sustaining a new higher level of scale. FY2027 net bookings guidance of $8.0-8.2B implies ~20% growth, with GTA 6 launching on Nov 19, 2025.
Management expects to be in a net cash position by end of FY2027, with operating cash flow >$1B.
Recurring consumer spending (RCS) to be ~65% of FY2027 net bookings, down from 78% due to the premium GTA 6 launch.
Mobile segment to be down year-over-year in FY2027 due to moderation in mature titles.
Revenue$1.6798B
-1% QoQ
EPS$0.80
-35% QoQ
Gross margin55.88%
reported
Op margin0.6%
reported
이번 분기에 달라진 점
01
Guidance
GTA 6 launch set for November 19, marketing starts summer
Guidance · revenue to $8B
02
Guidance
Fiscal 2027 bookings guided to $8-$8.2 billion
Guidance · revenue to $8B
03
Cash flow
Operating cash flow expected to exceed $1 billion this year
Management expects to be in a net cash position by end of FY2027, with operating cash flow >$1B.
04
Balance sheet
Expect to be in net cash position by fiscal year end
Recurring consumer spending (RCS) to be ~65% of FY2027 net bookings, down from 78% due to the premium GTA 6 launch.
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management is optimistic about AI, emphasizing that it enhances efficiency and innovation in asset creation and marketing, but does not equate to hit creation. They see AI as a tool for their teams to be more efficient and creative, with examples of AI-generated ads costing nothing.
수요
수주 및 전환
Red Dead Redemption 2 hits highest annual sales since launch. Management expresses strong confidence in the upcoming GTA 6 launch and the company's growth trajectory, celebrating record results and a breakout year ahead.
자본지출
투자 및 생산능력
Capital expenditure is planned at approximately $200 million for fiscal 2027, allocated for game technology and office build-outs. This is a slight increase from the $163 million spent in fiscal 2026, reflecting continued investment in technology and infrastructure.
톤 · Upbeat
Management expresses strong confidence in the upcoming GTA 6 launch and the company's growth trajectory, celebrating record results and a breakout year ahead.
공급망 알파
A1
Management attributes NBA 2K26's Q4 softness to a timing shift in high-engagement player spending into Q2/Q3, suggesting the monetization curve for the franchise is front-loaded earlier in its lifecycle.
“This reflects the extreme growth of Q2 and Q3, where we saw a high concentration of spending from our most engaged players early in the year, which left less upside opportunity heading into Q4.”
Red Dead Redemption 2 achieved its highest level of annual unit sales since its launch year, indicating the title is in its strongest catalog-sales phase yet, a pattern of longevity for top Rockstar IP.
“Rockstar Games' Red Dead Redemption 2 achieved its highest level of annual unit sales since its launch year, with over 85 million units sold in to date.”
Take-Two's direct-to-consumer (D2C) channel is yielding higher margins and is being expanded across mobile titles, a structural margin improvement unvisible in headline numbers.
“Also the D2C efforts in mobile, that's also working towards improving our margins.”
Apple's privacy framework (ATT) previously disrupted mobile ad attribution, but Take-Two says the industry has now adapted, suggesting the negative impact has largely passed.
“And of course, it's not lost on anyone that after Apple changed their attribution characteristics, the entire industry was challenged. But you can see from our own results with Zynga last year that we have surmounted those challenges...”
… growth was strong, increasing 7% over last year and accounting for 82% of net bookings. This included 7% growth for mobile and 5% growth for Grand Theft Auto Online, both of which surpassed our expectations. NBA 2K increased 10%, which represented one of the strongest fourth quarters in franchise history, but was softer than anticipated as trends moderated from the extreme growth we achieved during the second and third quarters of the year. During the quarter, we launched Sid Meier Civilization VII for Apple Arcade, BGA Tour 2K25 for Switch 2, and WWE 2K26. Gap net revenue increased 6% to $1.68 billion, while cost of revenue declined 5% to $741 million. Operating expenses decreased significantly to $928 million, as last year included a $3.6 billion impairment expense related to Goodwill and acquired intangible assets. On a management basis, operating expenses declined 2% year over year, which was favorable to our guidance due to lower marketing expenditures, some of which shifted out of the period. For fiscal 2026, we achieved net bookings of $6.72 billion, which was above the high end of our guidance range of $6.65 to $6.7 billion. The current consumer spending grew 17% …
The strong performance of WWE 2K26, a collaborative product with TKO, confirms the franchise's commercial viability and the importance of this partnership.
“I'd like to thank Nick Kahn and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game.”
… for their continued engagement and support in our collective mission. On March 13th, 2K and Visual Concepts launched WWE 2K26, which was well-received by critics and consumers alike. Engagement has been excellent, with recurrent consumer spending up 20% year over year and more than 85 million matches played, an increase of 7% compared to WWE 2K25. 2K is supporting the title with multiple updates through its ringside pass. I'd like to thank Nick Kahn and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game. PGA Tour 2K25 enjoyed a fantastic resurgence. 2K captured an influx of new players and drove strong organic interest by aligning Season 5 with the start of the PGA Tour season in January and including the title in PlayStation Plus. During the quarter, our consumers played 60 million rounds of golf, representing a 110% increase over the third quarter. 2K will support the franchise throughout the year with several more content updates. In closing, we're incredibly excited by the promise of our future for our players, our organization, and our shareholders. This year has the opportunity to be a …
The extended collaboration with the NBA is critical for NBA 2K's ongoing success, with the college expansion indicating a broader partnership potential.
“I'd like to thank our partners at the NBA and the NBA Players Association for their continued engagement and support in our collective mission.”
… over NBA 2K25. Our current consumer spending grew 10% as we benefited from higher daily active users and games played per user. In keeping with our strategic focus on innovation, Visual Concepts launched Season 5 for MBA2K26, their first-ever college-themed offering, featuring 16 iconic universities, which was welcomed by MBA2K's vast community and provided a glimpse of what's to come in college basketball for next year and beyond. I'd like to thank our partners at the NBA and the NBA Players Association for their continued engagement and support in our collective mission. On March 13th, 2K and Visual Concepts launched WWE 2K26, which was well-received by critics and consumers alike. Engagement has been excellent, with recurrent consumer spending up 20% year over year and more than 85 million matches played, an increase of 7% compared to WWE 2K25. 2K is supporting the title with multiple updates through its ringside pass. I'd like to thank Nick Kahn and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game. PGA Tour 2K25 enjoyed a fantastic resurgence. 2K captured an influx of new players and drove …
Management attributes NBA 2K26's Q4 softness to a timing shift in high-engagement player spending into Q2/Q3, suggesting the monetization curve for the franchise is front-loaded earlier in its lifecycle. — This suggests that as sports titles mature, their recurring revenue streams may become more concentrated at launch, informing expectations for compeeting sports franchises.