Take-Two Interactive Software, Inc. Reports Results for Fiscal Third Quarter 2025

Key insights

6 takeaways

01
Take-Two maintained a stable fiscal Q3 2025 performance with $1.37 billion in net bookings and reaffirmed full-year guidance of $5.55 to $5.65 billion, driven by the upcoming launch of Grand Theft Auto VI.See it on page 1
02
The company reported a net loss of $125.2 million for the quarter ending December 31, 2024, an increase from the $91.6 million loss recorded in the same period last year.See it on page 4
03
Mobile platforms now account for 54% of total revenue, marking a significant shift in the company's earnings mix as console-based revenue continues to decline.See it on page 11
04
EBITDA for the nine-month period ending December 31, 2024, fell sharply to $38.2 million, down from $283.1 million in the prior year.See it on page 15
05
Adjusted unrestricted operating cash flow moved into a deficit of $77.3 million, reflecting heavy investment phases ahead of major software releases.See it on page 9
06
Management projects a recovery in full-year EBITDA to a range of $263 million to $317 million, despite the current fiscal headwinds and stagnant total net revenue of $1.36 billion.See it on page 3

Summary

Take-Two Interactive Software, Inc. maintains a stable financial trajectory for fiscal year 2025, anchored by consistent net bookings of $1.37 billion for the third quarter ending December 31, 2024. The company’s performance reflects a strategic reliance on established franchises like NBA 2K, which successfully mitigated softer results within the mobile gaming portfolio. Management remains committed to a full-year net bookings guidance of $5.55 to $5.65 billion, signaling confidence in the long-term pipeline, most notably the highly anticipated launch of Grand Theft Auto VI.

Financial results reveal a complex operational landscape characterized by a net loss of $125.2 million, an increase from the $91.6 million loss recorded in the prior year’s corresponding period. While total net revenue remained stagnant at approximately $1.36 billion, the underlying revenue mix shifted significantly toward mobile platforms, which now account for 54% of total earnings, contrasting with a decline in console-based revenue. This transition highlights the evolving consumption patterns across the company’s global digital footprint.

Profitability metrics indicate substantial pressure, as EBITDA for the nine-month period ending December 31, 2024, dropped sharply to $38.2 million from $283.1 million the previous year. Furthermore, adjusted unrestricted operating cash flow moved into a deficit of $77.3 million. Despite these immediate fiscal headwinds, the company projects a recovery in EBITDA to a range of $263 million to $317 million for the full fiscal year. These figures underscore a period of heavy investment and structural transition as the organization positions itself for the next cycle of major software releases.