TTWO Q4 2026 Earnings

Call Details

• Call Title: Take-Two Interactive Q4 2026 Earnings Call
• Date: May 21, 2026 at 8:30 PM UTC
• Management Team:
  • Strauss Zelnick (Chairman and Chief Executive Officer)
  • Karl Slatoff (President)
  • Lainie Goldstein (Chief Financial Officer)
  • Nicole Shevins (Senior Vice President, Investor Relations and Corporate Communications)

Call Summary

Financial Performance

• Fourth quarter net bookings were $1.58B, which exceeded the high end of the guidance range of $1.51B to $1.56B.
• Full fiscal year net bookings were $6.72B, which exceeded the initial guidance provided in May by approximately $750M.
• GAAP net revenue for the quarter was $1.68B, and GAAP net revenue for the fiscal year was $6.65B.
• Current consumer spending grew 7% in the fourth quarter and accounted for 82% of net bookings in Q4.
• For fiscal 2026, current consumer spending grew 17% and accounted for 78% of net bookings for the year.
• Operating cash flow for fiscal 2026 was $624M versus the company forecast of $450M, and capital expenditures in the quarter were approximately $163M.

Guidance

• Initial fiscal 2027 net bookings guidance is $8.0B to $8.2B, which the company states reflects approximately 20% growth over fiscal 2026 primarily due to the November 19, 2026 launch of Grand Theft Auto 6.
• The company expects recurring consumer spending to be flat versus fiscal 2026 and to represent 65% of net bookings in fiscal 2027.
• The expected label mix for net bookings in fiscal 2027 is roughly 36% Rockstar Games, 35% Zynga, and 29% 2K.
• Fiscal 2027 operating cash flow is forecasted to be in excess of $1.0B, and the company expects to be in a net cash position by the end of the fiscal year.
• Fiscal 2027 GAAP net revenue is guided to $7.9B to $8.1B, cost of revenue to $3.5B to $3.62B, and total operating expenses to $4.18B to $4.2B.
• First quarter fiscal 2027 net bookings are guided to $1.32B to $1.37B versus $1.42B in the first quarter last year, with current consumer spending expected to decline by approximately 3% in Q1.