TTWO Q2 2026 Earnings

Call Details

• Call Title: Take-Two Interactive Q2 2026 Earnings Call
• Date: November 6, 2025 at 10:30 PM UTC
• Management Team:
  • Strauss Zelnick (Chairman and Chief Executive Officer)
  • Karl Slatoff (President)
  • Lainie Goldstein (Chief Financial Officer)
  • Nicole Shevins (Senior Vice President of Investor Relations and Corporate Communications)

Call Summary

Financial Performance

• The company reported second quarter net bookings of $1.96B, which exceeded guidance of $1.7B to $1.75B for the quarter.
• GAAP net revenue increased 31% year over year to $1.77B for the quarter.
• Cost of revenue increased 27% year over year to $793M for the quarter.
• GAAP operating expenses increased 5% year over year to $1.1B for the quarter, while on a management basis operating expenses rose 13% year over year.
• Recurrent consumer spending for the quarter rose 20% and comprised 73% of net bookings for the period.
• The company raised its full-year net bookings outlook to $6.4B to $6.5B and raised gap net revenue guidance to $6.38B to $6.48B.

Guidance

• Full fiscal 2026 net bookings guidance was raised to $6.4B to $6.5B, which the company stated represents 14% growth over fiscal 2025 at the midpoint.
• Recurring consumer spending is now expected to grow approximately 11% for the fiscal year and to represent roughly 77% of net bookings.
• Label-level net bookings breakdown is projected at approximately 46% Zynga, 39% 2K, and 15% Rockstar Games for the fiscal year.
• Full-year operating cash flow forecast was raised to approximately $250M.
• Full-year capital expenditures are now expected to be approximately $180M, attributable in part to the acquisition of an office building.
• Third quarter net bookings are projected to be $1.55B to $1.6B compared to $1.37B in the prior year quarter, with recurrent consumer spending expected to increase approximately 8%.