Free cash flow remains highly volatile, swinging from a low of -$226.1 million in 2025Q1 to a peak of $236.2 million in 2026Q3, highlighting the lumpy nature of cash generation tied to development cycles.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 |
|---|
| Cash from Operations | 624.3M | -45.2M | -16.1M | 1.1M | 258M | 912.3M | 685.68M | 843.51M | 493.53M | 407.9M | 261.31M | 212.81M | 700.26M | -4.57M | -84.96M | 134.8M | -210.2M | 151.43M | -64.05M | 43.36M | 39.98M | 20.46M | 80.63M | 145M | 27.32M | -54.23M | -16.02M | -8M | -14.5M |
| Operating CF Margin % | 9.38% | -0.8% | -0.3% | 0.02% | 7.36% | 27.05% | 22.2% | 31.61% | 27.53% | 22.92% | 18.48% | 19.65% | 29.79% | -0.38% | -10.29% | 11.86% | -21.7% | 9.85% | -6.52% | 4.18% | 3.33% | 1.81% | 7.8% | 18.25% | 6.05% | -14.9% | -5.26% | -4.12% | -14.9% |
| Operating CF Growth % | 1481.19% | -180.75% | -1563.64% | -99.57% | -71.72% | 33.05% | -18.71% | 70.92% | 20.99% | 56.1% | 22.79% | -69.61% | 15433.09% | 94.62% | -163.03% | 164.13% | -238.82% | 336.44% | -247.7% | 8.46% | 95.42% | -74.63% | -44.39% | 430.76% | 150.38% | -238.45% | -100.29% | 44.83% | - |
| Net Income | -298.2M | -4.48B | -3.74B | -1.12B | 418M | 588.9M | 404.46M | 333.84M | 173.53M | 67.3M | -8.3M | -279.47M | 361.69M | -31.16M | -107.7M | 53.8M | -137.93M | 97.1M | -138.41M | -184.89M | 35.31M | 62.12M | 98.12M | 71.56M | -6.92M | 6.42M | 16.33M | 7.3M | -2.8M |
| Depreciation & Amortization | 1.14B | 1.34B | 1.76B | 1.78B | 257.1M | 202.4M | 236.54M | 264.83M | 144.92M | 259.36M | 163.43M | 154.85M | 282.45M | 248.38M | 163.81M | 162.74M | 124.62M | 174.21M | 145.97M | 166.38M | 107.17M | 90.33M | 63.16M | 17.09M | 13.81M | 9.12M | 3.31M | 3M | 1.7M |
| Stock-Based Compensation | 305.3M | 314.6M | 311.2M | 327.3M | 134.6M | 101.8M | 257.88M | 247.7M | 116.35M | 81.88M | 70M | 65.25M | 78.12M | 35.77M | 33.49M | 28.77M | 25.93M | 40.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 78M | 139.5M | -150.4M | -410.8M | 8.1M | 10.6M | -3.49M | 110.6M | -32.52M | 3.02M | -270K | 2.28M | -19.04M | -841K | 1.88M | -1.09M | 3.43M | -391K | -1.72M | 17.36M | -5.91M | -14.33M | 13.04M | 6.73M | -9.42M | -1.3M | 70K | 0 | 0 |
| Other Non-Cash Items | 407.9M | 3.88B | 2.69B | 288.4M | 121.8M | 33.6M | 30.11M | 675K | 28.97M | 17.69M | 24.93M | 8.28M | 28.77M | 21.39M | 10.28M | -2.1M | 11.31M | 6.69M | 20.14M | 72.61M | 23.52M | 27.38M | 158.49M | 102.97M | 101.92M | 20.59M | 5.02M | 300K | 200K |
| Working Capital Changes | -1.01B | -1.24B | -887.1M | -855.8M | -681.6M | -25M | -239.83M | -114.13M | 62.28M | -21.34M | 11.52M | 261.62M | -31.74M | -278.1M | -186.72M | -107.31M | -237.57M | -166.56M | -90.03M | -28.09M | -120.11M | -145.04M | -252.18M | -53.36M | -72.07M | -89.06M | -40.75M | -18.6M | -13.6M |
| Change in Receivables | 35M | -105M | 83.7M | 106.8M | -17.9M | 47.2M | -195.48M | -98.08M | -27M | -41.96M | 49.35M | -164.72M | 136.45M | -144.56M | 39.18M | -10.08M | -41.94M | -52.42M | 39.16M | 37.87M | 82.68M | -123.69M | -185.79M | -87.1M | -51.51M | -6.47M | -51.97M | -25.9M | -12.8M |
| Change in Inventory | 0 | 0 | 0 | 0 | 4.11M | 2.5M | 8.49M | -14.4M | 3.92M | -4.94M | 3.81M | 9.73M | 438K | -7.74M | 2.1M | -99K | 10.24M | -4.9M | -10.2M | 40.71M | 18.1M | -50.53M | -25.15M | -12.85M | -2.82M | -12.51M | -10.84M | -5.6M | -5.3M |
| Change in Payables | -365.3M | -465.9M | -200.9M | -405.1M | -45.6M | 78.7M | 299.73M | 201.15M | 198.73M | 189.34M | 170.16M | 78.58M | 194.23M | 83.73M | -39.75M | 41.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -649.2M | -151.5M | -28.2M | -2.88B | 139.2M | -806.8M | 4.05M | -223.58M | -271.83M | -129.03M | -324.52M | -220.14M | -30.81M | -16.82M | -14.16M | -7.58M | -16.99M | -16.78M | -24.61M | -25.27M | -91.03M | -64.42M | -45.88M | -18.08M | -13.48M | -12.91M | -21.54M | -700K | -2.6M |
| Capital Expenditures | -162.8M | -169.4M | -141.7M | -204.2M | -158.6M | -68.9M | -53.38M | -66.97M | -61.56M | -21.17M | -37.28M | -49.5M | -29.81M | -16.82M | -10.79M | -9.65M | -11.18M | -12.28M | -21.59M | -25.08M | -29.03M | -21.59M | -15.46M | -10.47M | -8.57M | -2.88M | -2.18M | -1.8M | -800K |
| CapEx % of Revenue | 2.45% | 3.01% | 2.65% | 3.82% | 4.53% | 2.04% | 1.73% | 2.51% | 3.43% | 1.19% | 2.64% | 4.57% | 1.27% | 1.39% | 1.31% | 0.85% | 1.15% | 0.8% | 2.2% | 2.42% | 2.42% | 1.91% | 1.5% | 1.32% | 1.9% | 0.79% | 0.72% | 0.93% | 0.82% |
| Acquisitions | -2.6M | 39.2M | -18.1M | -3.31B | -161.3M | -102.5M | -12.04M | -28.15M | -9.4M | -130.67M | 0 | 0 | -1M | 0 | -4.1M | 2.08M | 0 | 3M | -3.02M | -191K | -37.75M | -39.34M | -30.05M | -13.79M | -4.87M | -5.9M | -15.26M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -461.8M | -12.8M | -16.6M | -8.1M | 800K | 0 | 0 | 0 | -25.96M | 0 | -182.73M | -87.5M | 0 | 0 | 725K | 0 | -5.81M | -7.5M | 0 | 0 | -24.25M | -3.5M | -369K | 0 | -37K | -4.12M | -4.1M | 1.1M | -1.9M |
| Cash from Financing | 94.6M | 650.5M | -91.4M | 1.93B | -256.8M | -57.4M | -77.45M | -463.69M | -281.47M | -49.77M | -48.05M | 928K | -133.68M | 0 | 243.36M | 734K | 45.79M | 77M | 25.69M | 2.97M | 6.22M | 16.32M | 44.56M | -31.99M | -11.79M | 70.53M | 46.05M | 9M | 18.8M |
| Debt Issued (Net) | -1.15B | 590.6M | 9.3M | 1.88B | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 145.97M | 0 | 250M | 0 | 89.42M | -962K | 18M | 0 | 0 | 0 | 0 | -54.28M | -55.55M | 43.36M | 22.32M | 4.2M | 12M |
| Equity Issued (Net) | 1.25B | 77.3M | 39.4M | 65.4M | -180.3M | 14.2M | 10.52M | -362.39M | -154.79M | 0 | -26.55M | 0 | -276.84M | 0 | 0 | 0 | 0 | 25.96M | 9.5M | 2.81M | 6.29M | 16.68M | 44.87M | 23.31M | 43.82M | 6.92M | 24.46M | -1.1M | 6.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Share Repurchases | 0 | 0 | 0 | 0 | -200M | 0 | 0 | -362.39M | -154.79M | 0 | -26.55M | 0 | -276.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.93M | 0 | 0 | 0 | 0 | 0 | 0 | -1.2M | -700K |
| Other Financing | -2.9M | -17.4M | -140.1M | -17.2M | -76.3M | -71.6M | -87.97M | -101.29M | -126.67M | -49.77M | -21.5M | 928K | -2.81M | 0 | -6.64M | 734K | -43.64M | 52M | -1.81M | 163K | -71K | -368K | -303K | -1.01M | -68K | 20.26M | -725K | 5.9M | 200K |
| Net Change in Cash | 78.9M | 457.2M | -132.6M | -960.8M | 135.2M | 66.8M | 601.41M | 145.62M | -34.84M | 221.3M | -112.38M | -24.28M | 532.9M | -17.78M | 139.92M | 134.52M | -178.19M | 202.52M | -54.72M | 25.29M | -47.9M | -28.38M | 75.11M | 102.31M | 811K | -5.13M | 7.61M | 400K | 1.7M |
| Free Cash Flow | 461.5M | -214.6M | -157.8M | -203.1M | 99.4M | 843.4M | 632.29M | 776.55M | 406M | 386.74M | 224.03M | 163.31M | 670.45M | -21.39M | -95.75M | 125.14M | -227.19M | 131.65M | -85.64M | 18.28M | 10.95M | -1.13M | 65.16M | 134.53M | 18.75M | -57.11M | -18.2M | -9.8M | -15.3M |
| FCF Margin % | 6.93% | -3.81% | -2.95% | -3.8% | 2.84% | 25.01% | 20.47% | 29.1% | 22.65% | 21.73% | 15.85% | 15.08% | 28.52% | -1.76% | -11.59% | 11.01% | -23.46% | 8.56% | -8.72% | 1.76% | 0.91% | -0.1% | 6.3% | 16.93% | 4.15% | -15.69% | -5.97% | -5.05% | -15.72% |
| FCF Growth % | 315.05% | -35.99% | 22.3% | -304.33% | -88.21% | 33.39% | -18.58% | 91.27% | 4.98% | 72.63% | 37.18% | -75.64% | 3234.84% | 77.66% | -176.51% | 155.08% | -272.58% | 253.72% | -568.54% | 66.94% | 1070.66% | -101.73% | -51.56% | 617.47% | 132.83% | -213.74% | -85.74% | 35.95% | - |
| FCF per Share | 2.49 | -1.23 | -0.93 | -1.27 | 0.85 | 7.29 | 5.54 | 6.74 | 3.60 | 4.19 | 2.69 | 2.03 | 5.89 | -0.25 | -1.15 | 1.55 | -2.96 | 1.73 | -1.19 | 0.28 | 0.16 | -0.02 | 1.01 | 2.12 | 0.38 | -0.95 | -0.56 | -0.38 | -1.20 |
| FCF Conversion (FCF/Net Income) | -2.09x | 0.01x | 0.00x | -0.00x | 0.62x | 1.55x | 1.70x | 2.53x | 2.84x | 6.06x | -31.47x | -0.76x | 1.94x | 0.15x | 0.78x | 2.78x | 1.52x | 1.56x | 0.46x | -0.23x | 1.13x | 0.33x | 0.82x | 2.03x | 7.65x | -8.45x | -0.98x | -1.13x | 5.18x |
| Interest Paid | 0 | 147.1M | 137M | 79M | 0 | 1.9M | 4.75M | 5.26M | 4.12M | 7.63M | 0 | 7.66M | 9.1M | 11.23M | 6.99M | 7.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 144.3M | 150.2M | 176.8M | 31M | 70.7M | 28M | 19.28M | 8.79M | 6.65M | 0 | 9.75M | 10.03M | 4.7M | 1.02M | 6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Delayed Major Title Releases
According to the provided cash flow data, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of -3.96 in 2026Q4, suggests that non-cash charges like depreciation and amortization are significantly obscuring the underlying cash-generative capacity of the firm's core operations.
The massive divergence between reported net losses and positive operating cash flow indicates that the company's accounting earnings are heavily impacted by non-cash amortization of acquired intangibles. Investors should interpret this as a signal that cash flow is currently a more reliable indicator of operational health than GAAP profitability, though the reliance on these adjustments warrants caution.
As reported in financial statements, Take-Two's free cash flow trajectory has remained highly volatile, swinging from a low of -$226.1 million in 2025Q1 to a peak of $236.2 million in 2026Q3, which underscores the lumpy nature of cash generation tied to major product release windows.
The inconsistency in FCF margins suggests that the company is currently in a heavy investment phase where cash generation is highly sensitive to the timing of content delivery. This pattern implies that the firm's ability to sustain positive cash flow is contingent upon the successful monetization of its aging portfolio while awaiting the next major title launch.
Based on the company's reported figures, working capital has acted as a consistent drag on cash flow, with a significant outflow of $405.4 million in 2026Q1, indicating that the firm is struggling to efficiently manage its cash conversion cycle amidst its current operational expansion.
The recurring negative working capital changes suggest that the company is likely building up inventory or facing delayed collections, which may be tied to the integration of the mobile-focused Zynga business. This trend warrants further investigation into whether these outflows are temporary integration costs or a structural shift in the company's cash management efficiency.
Data from recent filings indicates that Take-Two's capital expenditure, which reached $69.0 million in 2026Q3, reflects a sustained commitment to internal development, with CapEx/Rev ratios consistently hovering between 1.7% and 4.1% over the last ten quarters as the firm prioritizes long-term asset creation.
The consistent level of capital spending suggests that the company is prioritizing the development of its intellectual property pipeline over immediate cash preservation. This capital intensity appears necessary to maintain the 'Rockstar Premium' but leaves the firm vulnerable to cash flow shortfalls if development timelines face unexpected delays.
Quick answers to the most common questions about buying TTWO stock.
Take-Two Interactive Software, Inc. (TTWO) generated $624.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Take-Two Interactive Software, Inc. (TTWO) generated $461.5M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Take-Two Interactive Software, Inc. (TTWO) spent $162.8M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.