TTWO Q4 2025 Earnings

Call Details

• Call Title: Take-Two Interactive Q4 2025 Earnings Call
• Date: May 15, 2025 at 8:30 PM UTC
• Management Team:
  • Nicole Shevins (Senior Vice President of Investor Relations and Corporate Communications)
  • Strauss Zelnick (Chairman and Chief Executive Officer)
  • Karl Slatoff (President)
  • Lainie Goldstein (Chief Financial Officer)

Call Summary

Financial Performance

• First quarter net bookings were reported as $1.2B and later cited as $1.22B in the same call, with the company stating results were in line with guidance.
• GAAP net revenue increased 4% year-over-year to $1.34B for the quarter.
• Cost of revenue declined 6% year-over-year to $567M for the quarter.
• Operating expenses increased 8% year-over-year to $956M on a GAAP basis for the quarter.
• On a management basis, operating expenses rose 12% year-over-year for the quarter, which the company said was better than forecast due to lower R&D and marketing costs.
• Recurrent consumer spending was flat for the period and represented 83% of net bookings for the quarter.

Guidance

• The company reiterated full-year net bookings guidance of $5.55-$5.65B, which it stated represents 5% growth over fiscal 2024.
• The company forecasted GAAP net revenue for the year of $5.57-$5.67B and cost of revenue of $2.38-$2.41B.
• Total operating expenses for the year were guided to $3.7-$3.72B on a GAAP basis.
• Recurrent consumer spending for the full year was forecasted to grow approximately 3% and to represent 77% of net bookings.
• The company expects the label split of net bookings to be roughly 50% Zynga, 32% 2K, 17% Rockstar Games, and 1% other.
• The company expects geographic net bookings to be approximately 60% United States and 40% international.