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Mar 31, 2025
Take-Two Q4 2025 Earnings Report
Take-Two reported a significant net loss in Q4 despite revenue growth, driven by heavy impairment charges.
Key Takeaways
Take-Two posted higher revenue and bookings in Q4 FY25, led by strong contributions from NBA 2K25, GTA Online, and Civilization VII. However, a massive goodwill impairment drove a multi-billion dollar net loss.
Revenue rose 13% YoY to $1.5825 billion.
Net loss reached $3.7262 billion due to $3.55 billion in goodwill impairment.
Digital revenue accounted for 96% of total revenue.
Recurrent consumer spending made up 77% of Net Bookings.
Revenue by Geographic Location
Forward Guidance
For FY26, Take-Two expects revenue of $5.95–$6.05 billion and net bookings of $5.9–$6.0 billion, anticipating improved profitability and growth momentum.
Positive Outlook
- Net Bookings expected to rise to $5.9–$6.0 billion.
- Operating expenses projected to decline significantly.
- High-impact titles like Grand Theft Auto VI to launch in FY27.
- Digital and mobile momentum expected to continue.
- Improved EBITDA guidance of $508–$562 million.
Challenges Ahead
- Another projected net loss of $439–$499 million.
- Lower net cash from operations (~$130 million).
- Continued amortization drag on profitability.
- High reliance on future releases for growth.
- Slight decrease in forecasted capital expenditures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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