Take-Two Interactive

TTWO · Nasdaq · Communication Services · Financials, fiscal 2017 to 2026

TTWO · Last close · October 26, 2026

$203.35

Take-Two Interactive's revenue rose 18.2% to $6.7 billion in fiscal 2026. Its operating margin was −1.6%, up from −77.9% a year earlier. Free cash flow was $462 million. The diluted share count rose 5.0%.

TAKE-TWO INTERACTIVE SOFTWARE, INC. Latest fiscal year ended March 31, 2026 10-K filed May 22, 2026 · 0001628280-26-037434 Updated October 9, 2026

Revenue

$6.7B

18.2%

Operating margin

−1.6%

76.4 pts

Net income

−$298M

Free cash flow

$462M

Return on capital

−2.0%

54.4 pts

Market cap

$37.9B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Take-Two Interactive does

Take-Two makes and publishes video games for game consoles, personal computers and phones. It works through three labels: Rockstar Games, maker of Grand Theft Auto and Red Dead Redemption; 2K, publisher of NBA 2K, WWE 2K, Borderlands, BioShock and Civilization; and Zynga, which makes free-to-play phone games such as Words With Friends, Toon Blast and Zynga Poker. Take-Two says the Grand Theft Auto series has sold-in, meaning shipped to stores and digital platforms, over 465 million units.

Nearly all of its revenue comes from its games: the games themselves, extra content, in-game purchases and virtual currency, plus advertising inside its phone games. It reports one business segment. Most sales go through digital stores run by platform owners, and its five largest customers made up 80.6% of net revenue in the year to March 2026, with Apple, Sony, Google and Microsoft each above 10.0%. About 40.8% of revenue came from outside the United States. It names Electronic Arts, Epic Games, Roblox, Tencent and Ubisoft among its competitors, along with Sony, Microsoft and Nintendo, which also make their own games.

Take-Two had 12,909 full-time employees in March 2026, 9,998 of them working on game development in studios across North America, Europe and Asia. Rockstar Games planned to release Grand Theft Auto VI in November 2026, during the company's 2027 fiscal year.

Its biggest risks, as it describes them

Its dependence on Grand Theft Auto and a few other hit games, so a weak or delayed release can hurt its results.
Delays and rising costs in making new games, which take years and large budgets to develop.
Its reliance on a few platform owners, such as Apple, Sony, Google and Microsoft, that approve its games, set store fees and also compete with it.
The shift to free-to-play phone games and in-game spending, a business with heavy competition and changing player habits.
Laws on content, data privacy and in-game purchases that are still changing and could limit how it sells its games.

From Take-Two Interactive's annual report on Form 10-K, filed May 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2022, earnings per share grew 37.8% a year and net income 44.1% a year, as new shares raised the share count by 24% and diluted each share's earnings. Take-Two Interactive then lost money in fiscal 2023, 2024, 2025 and 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Take-Two Interactive yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Take-Two Interactive says to expect

Fiscal year 2027: net bookingsCompany updates fiscal year 2027 outlook and reiterates expectation for Net Bookings of $8.0 to $8.2 billion

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 7, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Take-Two Interactive's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Take-Two Interactive's fiscal 2026 free cash flow of $462M, net cash of −$529M at March 31, 2026 and 184 million diluted shares, from its filings. The scenarios are fitted to Take-Two Interactive: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Interactive Home Entertainment), plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Take-Two Interactive's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 11.5% then 7% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $203.35
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Take-Two Interactive's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	2,552	1,014	776	1,466	1,989
Debt incl. finance leases	0	3,080	3,083	3,661	2,518
Net debt (negative means net cash)	−2,552	2,065	2,307	2,196	529
Net debt to EBITDA	−4.8x	—	—	—	5.6x
Debt to equity	0.0x	0.3x	0.5x	1.7x	0.7x
Interest coverage	—	−9.0x	−25.5x	−26.2x	−0.7x
Current ratio	1.8x	0.7x	0.9x	0.8x	1.2x
Quick ratio	1.8x	0.7x	0.9x	0.8x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Take-Two Interactive shares on the open market, and 10 insiders sold $117.6 million, $77.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Ellen F SiminoffDirector	Sold plan	334	$202.92	$67,775	Form 4
Oct 2, 2026	Michael ShereskyDirector	Sold plan	484	$203.69	$98,586	Form 4
Sep 29, 2026	William B GordonDirector	Sold plan	10,000	$202.39	$2.0 million	Form 4
Sep 15, 2026	Ellen F SiminoffDirector	Sold plan	334	$219.53	$73,323	Form 4
Sep 3, 2026	Daniel P EmersonChief Legal Officer	Sold plan	744	$217.03	$161,470	Form 4
Sep 2, 2026	Lainie GoldsteinChief Financial Officer	Sold plan	1,335	$217.65	$290,563	Form 4
Sep 2, 2026	Daniel P EmersonChief Legal Officer	Sold plan	917	$217.65	$199,585	Form 4
Aug 17, 2026	LaVerne Evans SrinivasanDirector	Sold	362	$245.01	$88,694	Form 4
Aug 17, 2026	Michael ShereskyDirector	Sold plan	127	$245.01	$31,116	Form 4
Aug 14, 2026	Ellen F SiminoffDirector	Sold plan	334	$242.34	$80,942	Form 4
Aug 10, 2026	Strauss ZelnickChairman, CEO, Director	Sold	40,000	$252.64	$10.1 million	Form 4
Jul 1, 2026	Ellen F SiminoffDirector	Sold plan	334	$252.53	$84,345	Form 4

The latest 12 of 44 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 9	3 of 9	7 of 9
Accruals ratio	−26.6%	−41.4%	−9.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Take-Two Interactive side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Take-Two Interactive	FY26	18.2%	−1.6%	6.9%	−2.0%	5.6x	7
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6	Compare
Pinterest	FY25	15.8%	7.6%	29.6%	13.2%	−7.2x	5	Compare
NetEase	FY25	7.0%	31.8%	44.1%	—	—	—	Compare
Versant Media Group	FY25	−5.3%	19.0%	27.7%	8.7%	0.4x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,780	1,793	2,668	3,089	3,373	3,505	5,350	5,350	5,634	6,656
Revenue growth	25.9%	0.7%	48.8%	15.8%	9.2%	3.9%	52.6%	−0.0%	5.3%	18.2%
Gross profit	757	895	1,145	1,546	1,838	1,969	2,285	2,242	3,062	3,810
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	91	136	207	425	629	474	−1,165	−3,591	−4,391	−104
Net income	67	174	334	404	589	418	−1,125	−3,744	−4,479	−298
Diluted EPS (US$)	0.72	1.54	2.90	3.54	5.09	3.58	−7.03	−22.01	−25.58	−1.62
Diluted shares (millions)	94	113	115	114	116	117	160	170	175	184
Cash flow
Cash from operations	408	494	844	686	912	258	1	−16	−45	624
Capital expenditure	21	62	67	53	69	159	204	142	169	163
Free cash flow	387	432	777	632	843	99	−203	−158	−215	462
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	155	362	0	0	200	0	0	0	0
Acquisitions	131	9	28	12	102	161	3,311	7	6	3
Stock-based compensation	82	116	248	258	110	183	318	336	324	305
Balance sheet at fiscal year end
Cash and short-term investments	1,392	1,424	1,571	2,002	2,732	2,552	1,014	776	1,466	1,989
Debt incl. finance leases	268	8	0	0	0	0	3,080	3,083	3,661	2,518
Total assets	3,149	3,738	4,243	4,949	6,028	6,546	15,862	12,217	9,181	9,383
Total liabilities	2,145	2,249	2,202	2,410	2,696	2,737	6,820	6,549	7,043	5,872
Shareholders' equity	1,004	1,489	2,041	2,539	3,332	3,810	9,042	5,668	2,138	3,511
Margins and ratios
Gross margin	42.5%	49.9%	42.9%	50.1%	54.5%	56.2%	42.7%	41.9%	54.4%	57.2%
Operating margin	5.1%	7.6%	7.8%	13.8%	18.7%	13.5%	−21.8%	−67.1%	−77.9%	−1.6%
Net margin	3.8%	9.7%	12.5%	13.1%	17.5%	11.9%	−21.0%	−70.0%	−79.5%	−4.5%
Free cash flow margin	21.7%	24.1%	29.1%	20.5%	25.0%	2.8%	−3.8%	−3.0%	−3.8%	6.9%
Return on capital	—	—	—	74.5%	96.1%	45.8%	−14.9%	−29.7%	−56.4%	−2.0%
Return on equity	8.5%	13.9%	18.9%	17.7%	20.1%	11.7%	−17.5%	−50.9%	−114.8%	−10.6%
Return on assets	2.4%	5.0%	8.4%	8.8%	10.7%	6.7%	−10.0%	−26.7%	−41.9%	−3.2%
Net debt to EBITDA	−9.2x	−7.9x	−6.4x	−4.2x	−4.0x	−4.8x	—	—	—	5.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Take-Two Interactive's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Take-Two Interactive.