Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the third quarter of its fiscal year 2026, ended December 31, 2025. For further information, please see the third quarter fiscal 2026 results slide deck posted to the Company’s investor relations website attake2games.com/ir

CEO Comments

Strauss Zelnick, Chairman and CEO of Take-Two Interactive, stated: “Our outstanding third quarter results reflect outperformance from all of our labels, and we are once again raising our Net Bookings outlook for Fiscal 2026. With ongoing momentum across many of our businesses, and the highly anticipated launch ofGrand Theft Auto VI^th

Third Quarter Fiscal 2026 Financial and Operational Highlights

Third Quarter Fiscal 2026 Financial Results

The following data is used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business:

Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar and (ii) fair value adjustments related to certain equity investments.^(a)

Outlook for Fiscal Year 2026

Take-Two is raising its outlook for the fiscal year and providing its initial outlook for its fiscal fourth quarter ending March 31, 2026:

Fiscal Year Ending March 31, 2026

The Company is also providing selected data, which is used internally by its management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.^(b)

Other includes adjustments for (i) business reorganization expenses, (ii) the revaluation of the Turkish Lira against the U.S. Dollar, and (iii) fair value adjustments related to certain equity investments.^(c)

Fiscal FourthQuarter Ending March 31, 2026

Key assumptions and dependencies underlying the Company’s outlook include: a continuation of the current economic backdrop; the timely delivery of the titles included in this financial outlook; continued growth in the installed base of PlayStation 5 and Xbox Series X|S, as well as engagement on Xbox One and PlayStation 4; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; factors affecting our performance on mobile, such as player acquisition costs; our ongoing focus on our live services portfolio and new game pipeline; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.

Product Releases

The following have been released since October 1, 2025:

Take-Two's future lineup announced to-date includes:

Conference Call

Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (800) 715-9871 or (646) 307-1963 (conference ID: 9711440). A live listen-only webcast of the call will be available by visitinghttp://ir.take2games.com

, which is defined as GAAP net income (loss) excluding interest income (expense), provision for (benefit from) income taxes, depreciation expense, and amortization and impairment of acquired intangibles.Non-GAAP Financial Measure

EBITDA

The Company’s management believes it is important to consider EBITDA, in addition to net income, as it removes the effect of certain non-cash expenses, debt-related charges, and income taxes. Management believes that, when considered together with reported amounts, EBITDA is useful to investors and management in understanding the Company’s ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to the Company’s operations and financial condition.

This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company's operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.

Final Results

The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Quarterly Report on Form 10-Q for the period ended December 31, 2025.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, and Zynga. Our strategy is to create hit entertainment experiences, delivered on every platform relevant to our audience through a variety of sound business models. Our pillars – creativity, innovation, and efficiency – guide us as we strive to create the highest quality, most captivating experiences for our consumers. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website athttp://www.take2games.com

All trademarks and copyrights contained herein are the property of their respective holders.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein, which are not historical facts, including statements relating to Take-Two Interactive Software, Inc.'s ("Take-Two," the "Company," "we," "us," or similar pronouns) outlook, are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties, including risks relating to the timely release and significant market acceptance of our games; the risks of conducting business internationally, including as a result of unforeseen geopolitical events; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on ourNBA 2KGrand Theft Auto

Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed atwww.take2games.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20260203145448/en/

* Net Bookings is our operational metric and defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.

** Recurrent consumer spending is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising

Three Months Ended December 31, 2025

Financial Data

in millions

Statement of Operations

Change in deferred net revenue and related cost of revenue

Stock-based compensation

Amortization of acquired intangibles

Business reorganization

Business acquisition

Other^(a)

GAAP

Total net revenue

$1,699.0

58.0

Cost of revenue

753.5

(3.1)

(3.6)

(160.7)

Gross profit

945.5

61.1

3.6

160.7

Operating expenses

984.2

(86.7)

(15.1)

(0.6)

(4.0)

(Loss) income from operations

(38.7)

61.1

90.3

175.8

0.6

4.0

Interest and other, net

(17.1)

(1.6)

4.5

0.1

(Loss) income before income taxes

(55.8)

59.6

90.3

175.8

0.6

8.5

0.1

Non-GAAP

EBITDA

174.8

59.6

90.3

0.6

6.5

0.1

	Fiscal Year Ending March 31, 2026
		Financial Data
*$ in millions except for per share amounts*	Outlook^(b)	Change in deferred net revenue and related cost of revenue	Stock-based compensation	Amortization of acquired intangibles	Business acquisition and other^(c)
GAAP
Total net revenue	$6,550 to $6,600	$100
Cost of revenue	$2,781 to $2,797	$(5)	$31	$(641)
Operating expenses	$3,959 to $3,969		$(333)	$(68)	$(8)
Interest and other, net	$97				$(14)
(Loss) income before income taxes	$(287) to $(263)	$105	$302	$709	$22
Net loss	$(369) to $(338)
Net loss per share	$(2.00) to $(1.84)
Net cash provided by operating activities	approximately $450
Capital expenditures	approximately $180

Non-GAAP
EBITDA	$657 to $681	$105	$302		$8

Operational metric
Net Bookings	$6,650 to $6,700

	Three Months Ending March 31, 2026
		Financial Data
*$ in millions except for per share amounts*	Outlook^(b)	Change in deferred net revenue and related cost of revenue	Stock-based compensation	Amortization of acquired intangibles	Business acquisition
GAAP
Total net revenue	$1,573 to $1,623	$(63)
Cost of revenue	$675 to $692	$(10)	$1	$(161)
Operating expenses	$973 to $983		$(79)	$(17)
Interest and other, net	$26				$(4)
(Loss) income before income taxes	$(101) to $(78)	$(53)	$78	$178	$4
Net (loss) income	$(129) to $(99)
Net (loss) income per share	$(0.70) to $(0.54)

Non-GAAP
EBITDA	$138 to $161	$(53)	$78

Operational metric
Net Bookings	$1,510 to $1,560

Label	Product	Platforms	Release Date
2K	for NetflixWWE 2K Mobile	iOS, Android	November 19, 2025
Rockstar Games	andRed Dead RedemptionUndead Nightmare	PS5, Xbox Series X\|S, Switch 2	December 2, 2025
Rockstar Games	for NetflixRed Dead RedemptionUndead Nightmare	iOS, Android	December 2, 2025
Rockstar Games	Grand Theft Auto Online: A Safehouse in the Hills	PS5, PS4, Xbox Series X\|S, Xbox One, PC	December 10, 2025

Label	Product	Platforms	Release Date
2K	Apple ArcadeSid Meier's Civilization VII	iOS	February 5, 2026
2K	PGA TOUR 2K25	Switch 2	February 6, 2026
2K	WWE 2K26	PS5, Xbox Series X\|S, Switch 2, PC	March 13, 2026
Rockstar Games	Grand Theft Auto VI	PS5, Xbox Series X\|S	November 19, 2026
Zynga	CSR 3	iOS, Android	TBA
Zynga	Top Goal	iOS, Android	TBA
Ghost Story Games	Judas	PS5, Xbox Series X\|S, PC	TBA
2K	Project ETHOS	TBA	TBA
2K	next iterationBioShock	TBA	TBA


TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)

	Three Months Ended December 31,						Nine Months Ended December 31,
		2025			2024			2025			2024
Net revenue:
Game	$	1,570.3		$	1,243.1		$	4,593.7		$	3,693.7
Advertising		128.7			116.7			382.9			357.4
Total net revenue		1,699.0			1,359.8			4,976.6			4,051.1
Cost of revenue:
Product costs		220.9			200.2			660.6			616.0
Game intangibles		160.1			171.1			477.4			508.0
Licenses		118.3			88.8			343.6			241.1
Internal royalties		167.4			103.1			335.0			249.3
Software development costs and royalties		86.8			36.7			289.0			177.8
Total cost of revenue		753.5			599.9			2,105.6			1,792.2
Gross profit		945.5			759.9			2,871.0			2,258.9
Selling and marketing		433.2			388.9			1,378.6			1,281.6
Research and development		282.7			240.9			812.1			707.4
General and administrative		218.6			189.6			650.6			653.1
Depreciation and amortization		49.1			49.5			148.3			141.6
Business reorganization		0.6			23.1			(3.5	)		89.4
Total operating expenses		984.2			892.0			2,986.1			2,873.1
Loss from operations		(38.7	)		(132.1	)		(115.1	)		(614.2	)
Interest and other, net		(17.1	)		(20.8	)		(70.0	)		(75.2	)
Loss before income taxes		(55.8	)		(152.9	)		(185.1	)		(689.4	)
Provision for (benefit from) for income taxes		37.1			(27.7	)		53.6			63.3
Net loss	$	(92.9	)	$	(125.2	)	$	(238.7	)	$	(752.7	)

Loss per share:
Basic and diluted loss per share	$	(0.50	)	$	(0.71	)	$	(1.30	)	$	(4.31	)
Weighted average shares outstanding
Basic		185.0			176.0			183.4			174.5

TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)

	December 31, 2025			March 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,160.0		$	1,456.1
Short-term investments		199.0			9.4
Restricted cash and cash equivalents		13.2			14.9
Accounts receivable, net of allowances of $1.9 and $1.6 at December 31, 2025 and March 31, 2025, respectively		824.1			771.1
Software development costs and licenses		50.2			80.8
Contract assets		87.3			80.8
Prepaid expenses and other		344.8			402.8
Total current assets		3,678.6			2,815.9
Fixed assets, net		453.5			443.8
Right-of-use assets		333.7			326.1
Software development costs and licenses, net of current portion		2,244.7			1,892.6
Goodwill		1,065.7			1,057.3
Other intangibles, net		1,845.8			2,336.0
Long-term restricted cash and cash equivalents		78.6			88.2
Other assets		309.9			220.8
Total assets	$	10,010.5		$	9,180.7
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	191.3		$	194.7
Accrued expenses and other current liabilities		1,100.2			1,127.6
Deferred revenue		1,292.7			1,083.5
Lease liabilities		69.3			61.5
Short-term debt, net		582.2			1,148.5
Total current liabilities		3,235.7			3,615.8
Long-term debt, net		2,487.0			2,512.6
Non-current deferred revenue		20.1			25.4
Non-current lease liabilities		372.8			383.3
Non-current software development royalties		83.4			93.6
Deferred tax liabilities, net		190.8			259.6
Other long-term liabilities		125.1			152.7
Total liabilities	$	6,514.9		$	7,043.0
Stockholders' equity:
Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at December 31, 2025 and March 31, 2025		—			—
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 208.8 and 200.8 shares issued and 185.1 and 177.1 outstanding at December 31, 2025 and March 31, 2025, respectively		2.1			2.0
Additional paid-in capital		11,847.7			10,312.0
Treasury stock, at cost; 23.7 and 23.7 common shares at December 31, 2025 and March 31, 2025, respectively		(1,020.6	)		(1,020.6	)
Accumulated deficit		(7,297.5	)		(7,058.8	)
Accumulated other comprehensive loss		(36.1	)		(96.9	)
Total stockholders' equity	$	3,495.6		$	2,137.7
Total liabilities and stockholders' equity	$	10,010.5		$	9,180.7

TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)

	Nine Months Ended December 31,
		2025			2024
Operating activities:
Net loss	$	(238.7	)	$	(752.7	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization and impairment of software development costs and licenses		282.9			181.2
Stock-based compensation		226.9			244.4
Noncash lease expense		42.3			45.1
Amortization and impairment of intangibles		525.3			563.4
Depreciation		124.1			114.2
Interest expense		114.2			123.9
Other, net		25.8			25.2
Changes in assets and liabilities, net of effect from purchases of businesses:
Accounts receivable		(51.8	)		2.9
Software development costs and licenses		(518.5	)		(568.9	)
Prepaid expenses and other current and other non-current assets		(65.9	)		30.1
Deferred revenue		201.0			25.3
Accounts payable, accrued expenses and other liabilities		(278.7	)		(358.3	)
Net cash provided by (used in) operating activities		388.9			(324.2	)
Investing activities:
Change in bank time deposits		(189.7	)		18.7
Purchases of fixed assets		(126.0	)		(115.3	)
Divestitures		—			36.0
Purchases of long-term investments		(21.2	)		(21.4	)
Business acquisitions		(2.0	)		9.4
Asset acquisitions		(19.9	)		(16.1	)
Net cash used in investing activities		(358.8	)		(88.7	)
Financing activities:
Tax payment related to net share settlements on restricted stock awards		(2.4	)		—
Issuance of common stock		1,247.0			55.0
Payment for settlement of convertible notes		—			(8.3	)
Proceeds from issuance of debt		—			598.9
Cost of debt		—			(5.4	)
Repayment of debt		(600.0	)		—
Payment of contingent earn-out consideration		—			(12.0	)
Net cash provided by financing activities		644.6			628.2
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents		17.9			(8.4	)
Net change in cash, cash equivalents, and restricted cash and cash equivalents		692.6			206.9
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1)		1,559.2			1,102.0
Cash, cash equivalents, and restricted cash and cash equivalents, end of period (1)	$	2,251.8		$	1,308.9

Cash, cash equivalents and restricted cash and cash equivalents shown on our Condensed Consolidated Statements of Cash Flow includes amounts in the Cash and cash equivalents, Restricted cash and cash equivalents, and Long-term restricted cash and cash equivalents on our Condensed Consolidated Balance Sheet.⁽¹⁾


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in millions)

	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by geographic region
United States	$	1,012.2	60	%	$	825.7	61	%
International		686.8	40	%		534.1	39	%
Total Net revenue	$	1,699.0	100	%	$	1,359.8	100	%

Net Bookings by geographic region
United States	$	1,047.0	60	%	$	841.8	61	%
International		710.1	40	%		531.6	39	%
Total Net Bookings	$	1,757.1	100	%	$	1,373.4	100	%

	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by distribution channel
Digital online	$	1,654.5	97	%	$	1,310.7	96	%
Physical retail and other		44.5	3	%		49.1	4	%
Total Net revenue	$	1,699.0	100	%	$	1,359.8	100	%

Net Bookings by distribution channel
Digital online	$	1,711.7	97	%	$	1,324.0	96	%
Physical retail and other		45.4	3	%		49.4	4	%
Total Net Bookings	$	1,757.1	100	%	$	1,373.4	100	%

	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by platform
Mobile	$	865.8	51	%	$	731.6	54	%
Console		652.1	38	%		507.9	37	%
PC and other		181.1	11	%		120.3	9	%
Total Net revenue	$	1,699.0	100	%	$	1,359.8	100	%

Net Bookings by platform
Mobile	$	860.9	49	%	$	709.5	52	%
Console		702.6	40	%		538.0	39	%
PC and other		193.6	11	%		125.9	9	%
Total Net Bookings	$	1,757.1	100	%	$	1,373.4	100	%

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in millions)

	Nine Months Ended December 31, 2025				Nine Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by geographic region
United States	$	2,948.7	59	%	$	2,460.7	61	%
International		2,027.9	41	%		1,590.4	39	%
Total Net revenue	$	4,976.6	100	%	$	4,051.1	100	%

Net Bookings by geographic region
United States	$	3,072.2	60	%	$	2,484.7	61	%
International		2,068.5	40	%		1,581.8	39	%
Total Net Bookings	$	5,140.7	100	%	$	4,066.5	100	%

	Nine Months Ended December 31, 2025				Nine Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by distribution channel
Digital online	$	4,824.2	97	%	$	3,906.2	96	%
Physical retail and other		152.4	3	%		144.9	4	%
Total Net revenue	$	4,976.6	100	%	$	4,051.1	100	%

Net Bookings by distribution channel
Digital online	$	4,988.0	97	%	$	3,928.5	97	%
Physical retail and other		152.7	3	%		138.0	3	%
Total Net Bookings	$	5,140.7	100	%	$	4,066.5	100	%

	Nine Months Ended December 31, 2025				Nine Months Ended December 31, 2024
	Amount		% of total		Amount		% of total
Net revenue by platform
Mobile	$	2,489.1	50	%	$	2,194.3	54	%
PC and other		1,922.7	39	%		1,507.9	37	%
Console		564.8	11	%		348.9	9	%
Total Net revenue	$	4,976.6	100	%	$	4,051.1	100	%

Net Bookings by platform
Mobile	$	2,471.8	48	%	$	2,141.9	52	%
PC and other		2,084.9	41	%		1,565.7	39	%
Console		584.0	11	%		358.9	9	%
Total Net Bookings	$	5,140.7	100.0	%	$	4,066.5	100	%


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)

Three Months Ended December 31, 2025	Net revenue			Cost of revenue - Product costs			Cost of revenue - Game intangibles			Cost of revenue - Licenses			Cost of revenue - Internal royalties			Cost of revenue - Software development costs and royalties
As reported	$	1,699.0		$	220.9		$	160.1		$	118.3		$	167.4		$	86.8
Net effect from deferred revenue and related cost of revenue		58.0			1.5												(4.6	)
Stock-based compensation																	(3.6	)
Amortization of acquired intangibles					(0.6	)		(160.1	)

Three Months Ended December 31, 2025	Selling and marketing			Research and development			General and administrative			Depreciation and amortization			Business reorganization			Interest and other, net
As reported	$	433.2		$	282.7		$	218.6		$	49.1			0.6		$	(17.1	)
Net effect from deferred revenue and related cost of revenue																	(1.6	)
Stock-based compensation		(24.2	)		(25.6	)		(36.9	)
Amortization of acquired intangibles					(7.2	)					(7.9	)
Acquisition related expenses					(0.3	)		(3.7	)								4.5
Impact of business reorganization														(0.6	)
Other																	0.1
Three Months Ended December 31, 2024	Net revenue			Cost of revenue - Product costs			Cost of revenue -Game intangibles			Cost of revenue - Licenses			Cost of revenue - Internal royalties			Cost of revenue - Software development costs and royalties
As reported	$	1,359.8		$	200.2		$	171.1		$	88.8		$	103.1		$	36.7
Net effect from deferred revenue and related cost of revenue		13.7			2.7						0.1						(1.6	)
Stock-based compensation																	(2.6	)
Amortization and impairment of acquired intangibles					(0.8	)		(171.1	)

Three Months Ended December 31, 2024	Selling and marketing			Research and development			General and administrative			Depreciation and amortization			Business reorganization			Interest and other, net
As reported	$	388.9		$	240.9		$	189.6		$	49.5		$	23.1		$	(20.8	)
Net effect from deferred revenue and related cost of revenue																	2.8
Stock-based compensation		(22.4	)		(26.1	)		(31.8	)
Amortization and impairment of acquired intangibles		(1.0	)		(7.2	)					(9.2	)
Acquisition related expenses		(0.2	)		(0.8	)		7.8									2.9
Impact of business reorganization														(23.1	)
Other																	3.4

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Nine Months Ended December 31, 2025	Net revenue			Cost of revenue - Product costs			Cost of revenue - Game intangibles			Cost of revenue - Licenses			Cost of revenue - Internal royalties			Cost of revenue - Software development costs and royalties
As reported	$	4,976.6		$	660.6		$	477.4		$	343.6		$	335.0		$	289.0
Net effect from deferred revenue and related cost of revenue		164.1			(0.6	)					0.6						1.9
Stock-based compensation																	32.6
Amortization of acquired intangibles					(2.1	)		(477.4	)

Nine Months Ended December 31, 2025	Selling and marketing			Research and development			General and administrative			Depreciation and amortization			Business reorganization			Interest and other, net
As reported	$	1,378.6		$	812.1		$	650.6		$	148.3		$	(3.5	)	$	(70.0	)
Net effect from deferred revenue and related cost of revenue																	(1.1	)
Stock-based compensation		(73.8	)		(71.8	)		(113.9	)
Amortization of acquired intangibles					(21.5	)					(24.2	)
Impact of business reorganization														3.5
Acquisition related expenses					(1.0	)		(10.6	)								11.5
Other																	(1.4	)

Nine Months Ended December 31, 2024	Net revenue			Cost of revenue - Product costs			Cost of revenue - Game intangibles			Cost of revenue - Licenses			Cost of revenue - Internal royalties			Cost of revenue - Software development costs and royalties
As reported	$	4,051.1		$	616.0		$	508.0		$	241.1		$	249.3		$	177.8
Net effect from deferred revenue and related cost of revenue		15.5			0.3						1.7						(0.5	)
Stock-based compensation																	(8.6	)
Amortization and impairment of acquired intangibles					(2.4	)		(508.0	)

Nine Months Ended December 31, 2024	Selling and marketing			Research and development			General and administrative			Depreciation and amortization			Business reorganization			Interest and other, net
As reported	$	1,281.6		$	707.4		$	653.1		$	141.6		$	89.4		$	(75.2	)
Net effect from deferred revenue and related cost of revenue																	2.0
Stock-based compensation		(68.1	)		(75.5	)		(92.2	)
Amortization and impairment of acquired intangibles		(4.1	)		(21.5	)					(27.4	)
Impact of business reorganization														(89.4	)
Acquisition related expenses		(0.3	)		(1.5	)		(61.9	)								8.2
Other																	13.8

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
	Three Months Ended December 31,						Nine Months Ended December 31,
		2025			2024			2025			2024
Net loss	$	(92.9	)	$	(125.2	)	$	(238.7	)	$	(752.7	)
Provision for (benefit from) for income taxes		37.1			(27.7	)		53.6			63.3
Interest expense		13.6			12.2			52.7			50.0
Depreciation and amortization		49.1			49.5			148.3			141.6
Amortization of acquired intangibles		167.9			180.0			501.0			536.0
EBITDA	$	174.8		$	88.8		$	516.9		$	38.2

Outlook
		Fiscal Year Ending March 31, 2026
Net loss		$(369) to $(338)
Provision for income taxes		$82 to $75
Interest expense		$70
Depreciation		$166
Amortization of acquired intangibles		$708
EBITDA		$657 to $681

Outlook
		Three Months Ended March 31, 2026
Net loss		$(129) to $(99)
Provision for income taxes		$28 to $21
Interest expense		$20
Depreciation		$41
Amortization of acquired intangibles		$178
EBITDA		$138 to $161

Total Net Bookings* grew 28% to $1.76 billion, compared to $1.37 billion during last year’s fiscal third quarter.
- Net Bookings from recurrent consumer spending** grew 23% and accounted for 76% of total Net Bookings.
- The largest contributors to Net Bookings wereNBA® 2K26,Grand Theft Auto® OnlineGrand Theft Auto V, Toon Blast™Match Factory!™Empires & Puzzles™, Color Block Jam™Red Dead Redemption® 2Red Dead Online, Red Dead Redemption® and Undead NightmareWords With Friends™, WWE® 2K25Toy Blast™.

GAAP net revenue was $1.70 billion, compared to $1.36 billion in last year’s fiscal third quarter.
- Recurrent consumer spending** increased 20% and accounted for 77% of total GAAP net revenue.
- The largest contributors to GAAP net revenue wereNBA 2K26NBA 2K25, Grand Theft Auto OnlineGrand Theft Auto V,Toon BlastMatch Factory!Empires & Puzzles, Color Block Jam, Red Dead Redemption and Undead NightmareRed Dead Redemption 2Red Dead Online,Words With Friends, WWE 2K25,Borderlands® 4.

GAAP net loss was $92.9 million, or $0.50 per share, as compared to $125.2 million, or $0.71 per share, for the comparable period last year.

The above table utilizes a management tax rate of 18%
Share count used to calculate management reporting diluted net income per share is 186.5 million

Management reporting tax rate anticipated to be 18%
Share count used to calculate GAAP net loss per share is expected to be 183.9 million
Share count used to calculate management reporting diluted net income per share is expected to be 186.3 million

Management reporting tax rate anticipated to be 18%
Share count used to calculate GAAP net loss per share is expected to be 185.3 million
Share count used to calculate management reporting diluted net income per share is expected to be 187.6 million