Take-Two Interactive Software, Inc. reported its financial results for the fourth quarter and fiscal year 2025, which ended March 31, 2025. For the fourth quarter, the company posted net bookings of $1.58 billion, an increase of 17% from $1.35 billion in the same quarter last year. This figure reached the top of their projected guidance range of $1.48 billion to $1.58 billion.

For fiscal year 2025, Take-Two’s total net bookings were $5.65 billion, compared to $5.33 billion in the previous fiscal year, reflecting a growth rate of 6%. Recurrent consumer spending, which constitutes a significant component of their revenue model, increased by 7% year-over-year, representing 80% of total net bookings for the year. The largest contributors to net bookings included NBA 2K25, Grand Theft Auto Online and V, as well as various mobile titles such as Toon Blast and Match Factory!.

GAAP net revenue for the fourth quarter stood at $1.58 billion, a rise of 13% year-over-year, while GAAP net revenue for the full fiscal year amounted to $5.63 billion, up 5% from the previous year’s total of $5.35 billion. Costs of revenue decreased by 16% year-over-year to $779 million in the fourth quarter, driven by reduced impairment of acquired intangibles. However, total operating expenses surged 44% to $4.58 billion in the fourth quarter, mainly due to a substantial goodwill impairment charge of $3.55 billion.

For the fiscal year 2025, operating expenses increased by 28% to $7.45 billion, also impacted significantly by goodwill impairment. The operating loss for the fourth quarter was $3.78 billion, compared to a loss of $2.71 billion in the prior-year period. Total operating cash flow saw an outflow of $45 million for the fiscal year, marking an improvement against the forecasted outflow of $200 million.

The company’s initial guidance for fiscal year 2026 indicates net bookings are projected to be between $5.9 billion and $6 billion, suggesting a year-over-year growth of 5% at the midpoint. The guidance assumes continued strong performance from franchises such as NBA 2K and the Grand Theft Auto series, along with anticipated releases like Borderlands 4 and Mafia: The Old Country.

Additionally, recurrent consumer spending is expected to stabilize at 76% of total net bookings for fiscal 2026, though growth for NBA 2K is forecasted to be in the high single digits, while mobile revenues are predicted to face declines. The company anticipates operating cash flow to be approximately $130 million for the fiscal year.

For the first quarter of fiscal 2026, Take-Two estimates net bookings to range from $1.25 billion to $1.3 billion, with GAAP net revenue expected to be between $1.35 billion and $1.4 billion, compared to $1.22 billion for the same period in the prior year. Overall, the financial results suggest a stable position with targeted growth for the upcoming fiscal year and a promising outlook fueled by anticipated game releases and ongoing franchise performance.