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Take-Two Interactive Software

Not investment advice. Kevin may own this stock. How we value stocks

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Updated

Price
$231.31
Analysts view
Very bullish
Discount category
Far above intrinsic value
Pick status
Research only
Next earnings
Earnings Feb 2 · · estimated
History
Market cap
$43B
Shares of Oct 26, 2026
EPS (trailing)
-$1.29
12 months to Sep 30, 2026
52-week range
$183.86 – $265.94
To Nov 12, 2026
Beta
0.93
Vs S&P 500, 5 years monthly, to Oct 30, 2026
Average volume
2.8M
3 months, to Nov 12, 2026

Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings

In short

Thesis
Take-Two trades above its intrinsic value because investors pay for the launch of Grand Theft Auto VI, and only sales that match the outlook with steady recurrent spending in fiscal 2028 can support this price.
Gap
Can close. The launch of Grand Theft Auto VI on November 19, 2026 and the Q3 report in February 2027 show whether sales match the outlook.

Company guidance: Fiscal 2027 Net Bookings of $8.0 to $8.2 billion and EBITDA of $1,024 to $1,082 million; Q3 Net Bookings of $3.35 to $3.50 billion (, Q2 fiscal 2027 results release (8-K))

Price history

About

Take-Two Interactive Software, Inc. (Take-Two) is a video game publisher based in New York. Its labels are Rockstar Games, 2K and Zynga. Rockstar makes the Grand Theft Auto and Red Dead Redemption series. 2K makes NBA 2K, WWE 2K, Borderlands, BioShock and Civilization.

Zynga makes mobile games such as Toon Blast, Match Factory and Empires & Puzzles. Take-Two's fiscal year ends on March 31. Recurrent consumer spending, which comes from virtual currency, add-on content and in-game purchases, was 81% of Net Bookings in the quarter ended September 30, 2026. Net Bookings is the company's operating metric for the amount of products and services sold.

Net Bookings were $6.72 billion in fiscal 2026, and the company expects $8.0 billion to $8.2 billion in fiscal 2027. Grand Theft Auto VI is set to launch on November 19, 2026 on PlayStation 5 and Xbox Series X|S. Strauss Zelnick is Chairman and Chief Executive Officer. The shares trade on the Nasdaq in US dollars.

Thesis

Take-Two trades above its intrinsic value because investors pay for one event: the launch of Grand Theft Auto VI on November 19, 2026. The company says that pre-orders continue to reach unprecedented levels and it reiterates fiscal 2027 Net Bookings of $8.0 billion to $8.2 billion. Q2 fiscal 2027 Net Bookings fell 18% to $1.60 billion and the company had a net loss of $54.0 million, because the main release is still ahead. Fiscal 2027 outlook includes only about four months of sales of the new game.

Costs are high before launch. For the price to hold, three things must be true. The launch must sell at least as the outlook assumes, with Q3 Net Bookings of $3.35 billion to $3.50 billion. The game must keep selling and bring recurrent spending in fiscal 2028.

The other labels must keep growing without large costs. The next tests are the launch in November 2026, the Q3 report in February 2027 and the Q4 report with fiscal 2028 outlook in May 2027.

Checkpoints

  1. Nov 19, 2026Pending
    Grand Theft Auto VI launchLaunch on November 19, 2026 on the planned platforms passes; a new delay fails.
  2. Feb 2, 2027 · est.Pending
    Q3 fiscal 2027 results: launch quarterNet Bookings of $3.35 billion or more, the low end of the Q3 outlook, passes; lower Net Bookings fail.
  3. May 2027 · est.Pending
    Q4 fiscal 2027 results: fiscal 2028 outlookA fiscal 2028 outlook of Net Bookings above the fiscal 2027 outlook passes; a lower outlook fails.

Every passed and failed checkpoint across all picks

Recent events

  • November 9, 2026Take-Two reported Q2 fiscal 2027 results. Net Bookings were $1.60 billion, down 18%, and GAAP net revenue was $1.50 billion. The net loss was $54.0 million. The company reiterated fiscal 2027 Net Bookings of $8.0 billion to $8.2 billion and gave Q3 outlook of $3.35 billion to $3.50 billion.
  • September 28, 2026Take-Two and Microsoft signed a new long-term Xbox publisher license agreement, effective September 17, 2026. It replaces all earlier Xbox publisher license agreements and covers games for all Xbox devices.
  • September 4, 2026Take-Two released NBA 2K27 on PlayStation 5, Xbox Series X|S, Nintendo Switch 2 and PC.
Show 2 older events
  • August 7, 2026Take-Two reported Q1 fiscal 2027 results. Net Bookings were about $1.39 billion and the net loss was about $34 million.
  • May 21, 2026Take-Two reported fiscal 2026 results. Net Bookings were $6.72 billion, and it gave a first fiscal 2027 outlook of Net Bookings of $8.0 billion to $8.2 billion, which it linked to the launch of Grand Theft Auto VI on November 19, 2026.

Latest news and filings

Last earnings
November 9, 2026 (8-K on sec.gov)
Next earnings
Expected about February 2, 2027. The company has not confirmed the date.

Every filing on SEC EDGAR (CIK 946581)

Risks

  • The business depends on one launch. Fiscal 2027 and fiscal 2028 depend on Grand Theft Auto VI. A delay, weaker sales or a technical problem at launch would hurt Net Bookings and profit.
  • Costs are high around the launch. The fiscal 2027 outlook has EBITDA of $1,024 million to $1,082 million on Net Bookings of about $8.1 billion, which is about 13% of Net Bookings. Cost overruns around the launch would cut cash flow.
  • Recurrent spending fell 9% in Q2 fiscal 2027. Mobile and sports games make a large part of Net Bookings, and player acquisition costs and player interest change from quarter to quarter.
  • Take-Two depends on platform owners. It sells games through console makers, PC stores and mobile app stores, and the platform owners take fees. Changes in fees or in rules would change margins.
  • Debt is moderate but real. Debt was $2,529.4 million at face value at September 30, 2026, and $600.0 million of 3.70% notes are due in April 2027. The company has $1.15 billion of cash and an undrawn $1.0 billion credit facility.

Balance sheet

Take-Two held cash and cash equivalents of $1,149.4 million and short-term investments of $524.2 million at September 30, 2026, against $1,545.5 million and $443.8 million at March 31, 2026. Debt at face value was $2,529.4 million: $600.0 million of 3.70% notes due April 2027, $800.0 million of 4.95% notes due March 2028, $300.0 million of 5.40% notes due June 2029, $500.0 million of 4.00% notes due April 2032, $300.0 million of 5.60% notes due June 2034 and $29.4 million of convertible notes due December 2026.

Dividends

Take-Two Interactive Software does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.

Questions about Take-Two Interactive Software

What does Take-Two Interactive Software do?

Take-Two Interactive Software, Inc. (Take-Two) is a video game publisher based in New York. Its labels are Rockstar Games, 2K and Zynga. Its market cap is $43B at the current price of $231.31.

When does Take-Two Interactive Software report earnings next?

This is an estimate: Take-Two Interactive Software may report on February 2, 2027. It last reported results on November 9, 2026.

Is Take-Two Interactive Software stock below its intrinsic value?

Take-Two Interactive Software stock is far above intrinsic value. This is general information, not advice.

What changed recently at Take-Two Interactive Software?

The latest update is from November 9, 2026. Take-Two reported Q2 fiscal 2027 results.

What are the main risks for Take-Two Interactive Software?

The business depends on one launch. Costs are high around the launch. Recurrent spending fell 9% in Q2 fiscal 2027.

How much debt and cash does Take-Two Interactive Software have?

Take-Two held cash and cash equivalents of $1,149.4 million and short-term investments of $524.2 million at September 30, 2026, against $1,545.5 million and $443.8 million at March 31, 2026. This is as of September 30, 2026.

Does Take-Two Interactive Software pay a dividend?

No. Take-Two Interactive Software does not pay a dividend.

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