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Jun 30, 2025
Take-Two Q1 2026 Earnings Report
Take-Two reported a small net loss despite strong top-line results.
Key Takeaways
Take-Two exceeded expectations on net bookings and revenue in Q1 FY26, driven by strong mobile and franchise title performance, although it still posted a GAAP net loss.
Net Bookings reached $1.423 billion, exceeding guidance
GAAP Net Revenue came in at $1.504 billion
Recurrent Consumer Spending rose 17% year-over-year
GAAP Net Loss narrowed to $12 million, ahead of expectations
Forward Guidance
Management raised its full-year outlook based on strong Q1 results and better-than-expected performance in mobile and NBA 2K.
Positive Outlook
- FY26 Net Bookings raised to $6.05B–$6.15B
- RCS growth expected at 4%, up from flat
- NBA 2K forecasted to grow mid-teens in FY26
- Q2 release slate includes Mafia: The Old Country and NBA 2K26
- Strong confidence in pipeline with record Net Bookings expected in FY27
Challenges Ahead
- Grand Theft Auto Online expected to decline in FY26
- GAAP Net Loss for FY26 still forecasted between $377M and $442M
- Q2 FY26 Net Loss guided between $110M and $136M
- Operating expenses remain elevated in the $1B range per quarter
- Slight growth projected for mobile in Q2, indicating a possible deceleration
Historical Earnings Impact
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Avg. Return Before/After Earnings
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