Revenue growth has accelerated to 6.1% as of 2026Q4, yet structural margin volatility persists with gross margins fluctuating between 33.5% and 62.8% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 6.66B | 5.63B | 5.35B | 5.35B | 3.5B | 3.37B | 3.09B | 2.67B | 1.79B | 1.78B | 1.41B | 1.08B | 2.35B | 1.21B | 825.82M | 1.14B | 968.49M | 1.54B | 981.79M | 1.04B | 1.2B | 1.13B | 1.03B | 794.68M | 451.4M | 364M | 304.71M | 194.1M | 97.3M |
| Revenue Growth % | 18.16% | 5.31% | -0.01% | 52.64% | 3.91% | 9.19% | 15.76% | 48.83% | 0.74% | 25.89% | 30.54% | -53.93% | 93.54% | 47.06% | -27.36% | 17.39% | -37.01% | 56.6% | -5.4% | -13.6% | 6.51% | 9.1% | 30.08% | 76.05% | 24.01% | 19.46% | 56.99% | 99.49% | - |
| Cost of Goods Sold | 3.05B | 2.57B | 3.11B | 3.06B | 1.54B | 1.54B | 1.54B | 1.52B | 898.31M | 1.02B | 813.87M | 794.87M | 1.41B | 715.84M | 528.86M | 689.38M | 717.83M | 988.7M | 735.03M | 825.48M | 786.38M | 749.68M | 637.55M | 500.08M | 306.32M | 235.98M | 213.9M | 146.4M | 80.8M |
| COGS % of Revenue | 45.83% | 45.64% | 58.09% | 57.28% | 43.81% | 45.51% | 49.93% | 57.1% | 50.1% | 57.48% | 57.57% | 73.4% | 60.17% | 58.94% | 64.04% | 60.64% | 74.12% | 64.3% | 74.87% | 79.54% | 65.46% | 66.48% | 61.68% | 62.93% | 67.86% | 64.83% | 70.2% | 75.42% | 83.04% |
| Gross Profit | 3.61B | 3.06B | 2.24B | 2.29B | 1.97B | 1.84B | 1.55B | 1.14B | 894.58M | 756.79M | 599.83M | 288.07M | 936.24M | 498.65M | 296.97M | 447.5M | 250.66M | 548.84M | 246.76M | 212.36M | 414.84M | 378.07M | 396.14M | 294.59M | 145.07M | 128.02M | 90.81M | 47.7M | 16.5M |
| Gross Margin % | 54.17% | 54.36% | 41.91% | 42.72% | 56.19% | 54.49% | 50.07% | 42.9% | 49.9% | 42.52% | 42.43% | 26.6% | 39.83% | 41.06% | 35.96% | 39.36% | 25.88% | 35.7% | 25.13% | 20.46% | 34.54% | 33.52% | 38.32% | 37.07% | 32.14% | 35.17% | 29.8% | 24.57% | 16.96% |
| Gross Profit Growth % | 17.75% | 36.6% | -1.9% | 16.04% | 7.17% | 18.83% | 35.1% | 27.96% | 18.21% | 26.17% | 108.22% | -69.23% | 87.76% | 67.91% | -33.64% | 78.53% | -54.33% | 122.42% | 16.2% | -48.81% | 9.73% | -4.56% | 34.47% | 103.06% | 13.32% | 40.98% | 90.38% | 189.09% | - |
| Operating Expenses | 3.69B | 3.8B | 3.39B | 3.44B | 1.5B | 1.21B | 1.12B | 938.08M | 759M | 665.48M | 610.65M | 546.53M | 520.99M | 493.41M | 381.23M | 370.35M | 380.88M | 432.98M | 372.81M | 399.53M | 376.82M | 280.8M | 233.13M | 171.89M | 116.7M | 94.71M | 63.43M | 37M | 17.4M |
| OpEx % of Revenue | 55.45% | 67.48% | 63.29% | 64.22% | 42.66% | 35.82% | 36.3% | 35.16% | 42.33% | 37.39% | 43.2% | 50.47% | 22.16% | 40.63% | 46.16% | 32.58% | 39.33% | 28.16% | 37.97% | 38.5% | 31.37% | 24.9% | 22.55% | 21.63% | 25.85% | 26.02% | 20.82% | 19.06% | 17.88% |
| Selling, General & Admin | 2.65B | 2.57B | 2.27B | 2.43B | 1.03B | 835.4M | 776.66M | 672.63M | 503.92M | 496.86M | 390.76M | 410.43M | 402.37M | 404.59M | 304.95M | 285.78M | 283.75M | 338.82M | 279.44M | 293.26M | 281.08M | 220.18M | 191.1M | 149.53M | 97.86M | 79.26M | 55.34M | 32.3M | 13.9M |
| SG&A % of Revenue | 39.74% | 45.57% | 42.36% | 45.35% | 29.31% | 24.77% | 25.14% | 25.21% | 28.11% | 27.92% | 27.64% | 37.9% | 17.12% | 33.31% | 36.93% | 25.14% | 29.3% | 22.04% | 28.46% | 28.26% | 23.4% | 19.52% | 18.49% | 18.82% | 21.68% | 21.78% | 18.16% | 16.64% | 14.29% |
| Research & Development | 1.05B | 1.01B | 948.2M | 887.6M | 406.6M | 317.3M | 296.4M | 230.17M | 196.37M | 137.91M | 119.81M | 115.04M | 105.26M | 78.18M | 64.16M | 69.58M | 63.75M | 63.93M | 48.45M | 64.26M | 73.72M | 43.77M | 25.11M | 11.52M | 6.19M | 5.67M | 5.26M | 1.7M | 1.8M |
| R&D % of Revenue | 15.71% | 17.84% | 17.72% | 16.59% | 11.6% | 9.41% | 9.6% | 8.63% | 10.95% | 7.75% | 8.47% | 10.62% | 4.48% | 6.44% | 7.77% | 6.12% | 6.58% | 4.16% | 4.94% | 6.19% | 6.14% | 3.88% | 2.43% | 1.45% | 1.37% | 1.56% | 1.73% | 0.88% | 1.85% |
| Other Operating Expenses | 0 | 229.4M | 171.2M | 122.3M | 61.1M | 55.6M | 48.2M | 35.27M | 58.71M | 30.71M | 100.08M | 21.06M | 13.36M | 10.63M | 12.12M | 15M | 33.38M | 30.23M | 44.92M | 42.01M | 22.02M | 16.85M | 16.92M | 10.83M | 12.64M | 9.78M | 2.82M | 3M | 1.7M |
| Operating Income | -85.5M | -739.4M | -1.14B | -1.15B | 474.4M | 629.4M | 425.27M | 206.67M | 135.58M | 91.31M | -10.83M | -258.46M | 415.26M | 5.24M | -84.27M | 77.14M | -130.21M | 115.85M | -126.05M | -187.17M | 38.02M | 97.27M | 163.01M | 122.7M | 28.38M | 33.31M | 27.38M | 10.7M | -900K |
| Operating Margin % | -1.28% | -13.12% | -21.38% | -21.51% | 13.54% | 18.66% | 13.77% | 7.75% | 7.56% | 5.13% | -0.77% | -23.87% | 17.67% | 0.43% | -10.2% | 6.79% | -13.45% | 7.54% | -12.84% | -18.03% | 3.16% | 8.63% | 15.77% | 15.44% | 6.29% | 9.15% | 8.99% | 5.51% | -0.92% |
| Operating Income Growth % | 88.44% | 35.36% | 0.58% | -342.54% | -24.63% | 48% | 105.77% | 52.44% | 48.49% | 943.23% | 95.81% | -162.24% | 7826.25% | 106.22% | -209.23% | 159.24% | -212.4% | 191.91% | 32.65% | -592.31% | -60.92% | -40.33% | 32.85% | 332.41% | -14.81% | 21.65% | 155.9% | 1288.89% | - |
| EBITDA | 1.22B | 602.8M | 617.7M | 626.1M | 731.5M | 831.8M | 661.81M | 471.5M | 280.5M | 350.66M | 152.6M | -103.61M | 697.71M | 253.62M | 79.54M | 239.88M | -5.59M | 290.06M | 19.91M | -20.79M | 145.19M | 187.6M | 226.17M | 139.8M | 42.19M | 42.43M | 30.69M | 13.7M | 800K |
| EBITDA Margin % | 18.32% | 10.7% | 11.55% | 11.7% | 20.87% | 24.66% | 21.42% | 17.67% | 15.64% | 19.7% | 10.79% | -9.57% | 29.68% | 20.88% | 9.63% | 21.1% | -0.58% | 18.87% | 2.03% | -2% | 12.09% | 16.63% | 21.88% | 17.59% | 9.35% | 11.66% | 10.07% | 7.06% | 0.82% |
| EBITDA Growth % | 102.29% | -2.41% | -1.34% | -14.41% | -12.06% | 25.69% | 40.36% | 68.09% | -20.01% | 129.78% | 247.29% | -114.85% | 175.1% | 218.86% | -66.84% | 4389.68% | -101.93% | 1356.71% | 195.8% | -114.32% | -22.61% | -17.05% | 61.79% | 231.38% | -0.57% | 38.26% | 124% | 1612.5% | - |
| D&A (Non-Cash Add-back) | 1.3B | 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 |
| EBIT | -85.5M | -4.32B | -3.56B | -1.19B | 489.9M | 688.4M | 463.69M | 240.82M | 158.89M | 91.31M | 60.46M | -258.46M | 415.26M | 5.24M | -84.27M | 77.14M | -125.67M | 115.56M | -108.59M | -187.17M | 38.02M | 97.27M | 163.01M | 122.7M | 28.38M | 33.31M | 27.38M | 10.7M | -900K |
| Net Interest Income | -66.3M | -70.7M | -75M | -110.1M | -6.9M | 8.1M | 42.09M | 29.99M | -1M | -21.7M | -29.24M | -29.9M | -33.96M | -30.76M | -20.62M | -15.25M | -7.09M | 695K | 2.27M | 2.68M | 3.7M | 1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 85.1M | 98.6M | 65.6M | 33.8M | 17.6M | 18.7M | 47.34M | 38.02M | 21.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 648K | 4.11M | 3.72M | 2.68M | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 151.4M | 169.3M | 140.6M | 143.9M | 24.5M | 10.6M | 5.25M | 8.03M | 22.27M | 21.7M | 29.24M | 29.9M | 33.96M | 30.76M | 20.62M | 15.25M | 7.74M | 3.41M | 1.45M | 0 | 0 | -1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -112.3M | -3.75B | -2.56B | -187.5M | -9M | 48.4M | 33.17M | 26.11M | 1.05M | -14.34M | -27.52M | -14.42M | -39.11M | -31.35M | -19.57M | -13.52M | -3.19M | -3.71M | -2.16M | 2.68M | 3.7M | -5.53M | 2.3M | -1.77M | -32.59M | -24.35M | -2.96M | -3.7M | 900K |
| Pretax Income | -197.8M | -4.49B | -3.7B | -1.34B | 465.4M | 677.8M | 458.44M | 232.78M | 136.63M | 76.97M | -38.35M | -272.88M | 376.15M | -26.11M | -103.84M | 63.62M | -133.41M | 112.14M | -128.22M | -184.48M | 41.72M | 91.74M | 165.31M | 120.94M | -4.21M | 8.96M | 24.43M | 7M | 0 |
| Pretax Margin % | -2.97% | -79.72% | -69.22% | -25.01% | 13.28% | 20.1% | 14.84% | 8.72% | 7.62% | 4.32% | -2.71% | -25.2% | 16% | -2.15% | -12.57% | 5.6% | -13.78% | 7.29% | -13.06% | -17.78% | 3.47% | 8.14% | 15.99% | 15.22% | -0.93% | 2.46% | 8.02% | 3.61% | - |
| Income Tax | 100.4M | -12.4M | 41.4M | -213.4M | 47.4M | 88.9M | 53.98M | -101.05M | -36.91M | 9.66M | -30.05M | 6.59M | 14.46M | 5.05M | 3.86M | 9.82M | 4.52M | 15.05M | 10.19M | 407K | 6.41M | 29.63M | 67.2M | 49.38M | -2.45M | 2.54M | 8.09M | -300K | 0 |
| Effective Tax Rate % | -50.76% | 0.28% | -1.12% | 15.95% | 10.18% | 13.12% | 11.77% | -43.41% | -27.01% | 12.55% | 78.35% | -2.41% | 3.84% | -19.34% | -3.72% | 15.43% | -3.39% | 13.42% | -7.95% | -0.22% | 15.35% | 32.29% | 40.65% | 40.83% | 58.14% | 28.39% | 33.14% | -4.29% | - |
| 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 | 361.61M | -29.49M | -108.82M | 48.46M | -137.93M | 97.1M | -138.41M | -184.89M | 35.31M | 62.12M | 98.12M | 71.56M | 3.57M | 6.42M | 16.33M | 7.1M | -2.8M |
| Net Margin % | -4.48% | -79.5% | -69.99% | -21.02% | 11.93% | 17.46% | 13.09% | 12.51% | 9.68% | 3.78% | -0.59% | -25.81% | 15.38% | -2.43% | -13.18% | 4.26% | -14.24% | 6.32% | -14.1% | -17.81% | 2.94% | 5.51% | 9.49% | 9.01% | 0.79% | 1.76% | 5.36% | 3.66% | -2.88% |
| Net Income Growth % | 93.34% | -19.62% | -232.91% | -369.07% | -29.02% | 45.6% | 21.15% | 92.38% | 157.84% | 910.68% | 97.03% | -177.29% | 1326.15% | 72.9% | -324.56% | 135.13% | -242.05% | 170.15% | 25.14% | -623.56% | -43.15% | -36.69% | 37.11% | 1904.57% | -44.37% | -60.71% | 130.03% | 353.57% | - |
| Net Income (Continuing) | -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 | -1.67M | 6.42M | 16.33M | 7.3M | -2.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -86K | 1.67M | -1.12M | -5.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 |
| EPS (Diluted) | -1.62 | -25.58 | -22.01 | -7.03 | 3.58 | 5.09 | 3.54 | 2.90 | 1.54 | 0.72 | -0.10 | -3.48 | 3.20 | -0.34 | -1.31 | 0.56 | -1.80 | 1.28 | -1.93 | -2.85 | 0.53 | 0.94 | 1.37 | 1.21 | -0.13 | 0.11 | 0.51 | 0.28 | -0.33 |
| EPS Growth % | 93.67% | -16.22% | -213.09% | -296.37% | -29.67% | 43.79% | 22.07% | 88.31% | 113.89% | 823.62% | 97.14% | -208.75% | 1041.18% | 74.05% | -333.93% | 131.11% | -240.63% | 166.32% | 32.28% | -637.74% | -43.62% | -31.39% | 13.22% | 1030.77% | -218.18% | -78.43% | 82.14% | 184.85% | - |
| EPS (Basic) | -1.62 | -25.58 | -22.01 | -7.03 | 3.62 | 5.14 | 3.58 | 2.95 | 1.58 | 0.73 | -0.10 | -3.48 | 3.79 | -0.34 | -1.31 | 0.56 | -1.80 | 1.29 | -1.93 | -2.94 | 0.54 | 0.95 | 1.41 | 1.25 | -0.13 | 0.11 | 0.53 | 0.33 | -0.33 |
| Diluted Shares Outstanding | 185.3M | 175.1M | 170.1M | 159.9M | 116.78M | 115.74M | 114.14M | 115.2M | 112.76M | 92.33M | 83.42M | 80.37M | 113.88M | 85.58M | 83.36M | 80.52M | 76.81M | 75.94M | 71.86M | 64.95M | 69.86M | 69.77M | 64.81M | 63.42M | 49.65M | 60.16M | 32.23M | 25.59M | 12.79M |
| Basic Shares Outstanding | 185.3M | 175.1M | 170.1M | 159.9M | 115.48M | 114.6M | 113.1M | 113.18M | 110.11M | 90.18M | 83.02M | 80.31M | 84.52M | 85.58M | 83.36M | 80.51M | 76.81M | 75.04M | 71.86M | 62.95M | 69.86M | 68.53M | 62.95M | 61.89M | 49.65M | 56.62M | 31.01M | 22.12M | 12.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Delayed Major Title Releases
As reported in recent financial filings, Take-Two's revenue growth has accelerated to 6.1% in 2026Q4, following a peak of 31.1% in 2026Q2, suggesting that the company's transition toward a mobile-heavy revenue mix is beginning to provide a more consistent, albeit lower-margin, top-line expansion trajectory.
The recent acceleration in revenue appears driven by the integration of Zynga, which provides a higher volume of daily active users compared to the traditional console-centric model. Investors should monitor whether this growth is sustainable or merely a reflection of inorganic expansion, as the core Rockstar portfolio remains lumpy.
Based on the provided income statement data, Take-Two's gross margin has fluctuated between 33.5% and 62.8% over the last ten quarters, reflecting the inherent volatility of a business model heavily reliant on platform fees and the amortization of acquired intangible assets from recent large-scale acquisitions.
The variability in gross margins suggests that the company lacks the pricing power of peers like Electronic Arts, which maintains significantly higher margins. This structural weakness implies that Take-Two remains highly susceptible to the '30% tax' imposed by major digital storefronts, limiting its ability to capture full value.
According to the company's income statements, operating income has struggled to scale, frequently dipping into negative territory despite revenue growth, which indicates that SG&A and R&D expenses are currently outpacing the gross profit generated by the firm's diverse portfolio of gaming assets and mobile operations.
The inability to achieve consistent operating leverage suggests that the company is in a heavy investment phase, likely tied to the development of upcoming tentpole titles. Analysts should interpret this as a sign that the firm's cost structure is currently too rigid to support its current revenue scale.
As evidenced by the reported figures, Take-Two has consistently posted net losses over the last ten quarters, with a significant outlier in 2025Q4, suggesting that stock-based compensation and high R&D amortization are significantly weighing on the company's ability to generate meaningful bottom-line profitability for shareholders.
The recurring net losses warrant further investigation into the company's long-term capital allocation strategy, particularly regarding the high price paid for recent acquisitions. Investors should be cautious, as the lack of positive net income makes traditional valuation metrics like P/E ratios largely irrelevant for assessing current performance.
While the bull case centers on the upcoming release of major titles, the income statement reveals a concerning trend of margin compression and high operating expenses that may indicate the company's current business model is fundamentally less efficient than the market's premium valuation currently implies.
Short-sellers would likely focus on the persistent negative operating margins and the potential for impairment charges if development cycles continue to extend. The reliance on mobile monetization, which faces headwinds from privacy changes, suggests that the company's path to profitability may be more difficult than anticipated.
Quick answers to the most common questions about buying TTWO stock.
For fiscal year 2026, Take-Two Interactive Software, Inc. (TTWO) reported total revenue of $6.66B. This represents a 6741.1% increase compared to $97.3M in 1998.
Take-Two Interactive Software, Inc. (TTWO) reported a net loss of $298.2M for the fiscal year ending 2026.
Take-Two Interactive Software, Inc. (TTWO) reported an operating income of $-85.5M, resulting in an operating profit margin of -1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Take-Two Interactive Software, Inc. (TTWO) generated $3.61B in gross profit for the year, representing a gross profit margin of 54.2%. This demonstrates the company's core pricing power and production efficiency.