Firm reports “the best second quarter of net bookings” in its history, revises outlook for the full financial year
Take-Two Interactive has published its second quarter financial results, reporting significant increases in revenue and net bookings.
However, its latest report was overshadowed by the news that Grand Theft Auto 6 has been delayed for a second time.
The highly-anticipated game is now set to launch on November 19, 2026, to allow for “additional time to finish the game with the high level of polish players and expect and deserve.”
Here’s what you need to know:
The numbers
For the three months ending September 30, 2025
- Net revenue: $1.77 billion (up 31% year-on-year)
- Net loss: $133.9 million (compared to $365.5 million loss in the year-ago quarter)
- Total net bookings: $1.96 billion (up 33% year-on-year)
The highlights
During an earnings call (via Seeking Alpha), Take-Two CEO Strauss Zelnick said net bookings “vastly exceeded expectations”, increasing 33% to $1.96 billion.
This represented “the best second quarter of net bookings” in Take-Two’s history, which also saw a 20% rise in recurrent consumer spending (RCS) which accounted for 73% of total revenue.
Zelnick noted that successful launches of NBA 2K26, Mafia: The Old Country and several mobile titles “more-than-offset” the challenges Borderlands 4 faced during its initial launch.
The CEO said the release “was a bit softer than [it] would have liked” due to “challenges with optimisation and performance on PC.”
“In retrospect, we feel that there are things that we could have done better and we intend to do better in the future,” Zelnick explained. “In the fullness of time, we think the unit sales on this title will be very solid and the economic results will be in line with our expectations.”
Take-Two saw major success in its mobile segment for the quarter, which accounted for 46% revenue compared to Rockstar’s 15%.
Speaking to GamesIndustry.biz, Zelnick said mobile is “a very significant part of the business” which has “grown faster than the console and PC parts of the business.”
This included successes in Toon Blast, which grew 26% year-on-year, and Match Factory, which achieved “record net bookings” during Q2 increasing 20% year-on-year.
Take-Two Q2 Net Bookings ”Vastly Exceed Expectations” to $1.96 Billion
Robust Financial Performance amidst Competitive gaming Market
Take-Two Interactive, a leading heavyweight in the video game industry, has reported an exceptional performance for its second fiscal quarter. The company’s net bookings surged to $1.96 billion,considerably surpassing analyst expectations and market forecasts. This remarkable growth underscores Take-Two’s effective strategy in monetizing blockbuster titles, expanding digital sales, and leveraging its franchise portfolio.
Net bookings, a key metric reflecting total sales including digital and physical copies along with in-game purchases and recurring revenues, indicate continued healthy demand for Take-Two’s library across platforms and regions.
Key Drivers Behind Take-Two’s Q2 Net Booking Surge
- Strong Performance of Flagship Titles: Games like Grand Theft Auto V and the NBA 2K series continue to attract massive player engagement with consistent in-game monetization.
- Digital Bookings Expansion: The shift to digital downloads and DLC content accelerated revenue streams, benefiting from pandemic-driven gaming surges.
- Microtransactions and Subscriptions: Recurring revenue from in-game purchases and online subscriptions played a pivotal role in boosting net bookings.
- Strategic Release Scheduling: Smart timing of new content updates and expansions ensured steady player retention and spending.
Take-Two Q2 2025 Financial Highlights
| Metric | Q2 2025 | Year-Over-Year Growth | Consensus Estimate |
|---|---|---|---|
| Net Bookings | $1.96 Billion | +18% | $1.65 Billion |
| GAAP Revenue | $1.65 Billion | +15% | $1.50 Billion |
| EPS (Earnings per Share) | $1.45 | +22% | $1.30 |
Strategic Insights Influencing Take-Two’s Growth
Take-Two’s sustained rise in net bookings results from a multi-faceted strategy blending innovation,strong IP management,and an aggressive digital-first approach. Here’s how the company drives these results:
Expanding Digital Revenue Streams
Digital sales now form the backbone of Take-Two’s revenue, minimizing dependency on physical retail sales. By emphasizing downloadable content (DLC), in-game purchases, and online multiplayer enhancements, the company ensures recurring income that outlasts initial game purchases.
Leveraging Popular Franchises
Take-Two’s portfolio, including legendary franchises like Grand Theft Auto, Red Dead Redemption, and NBA 2K, boasts a loyal fan base. Regular updates, expansions, and esports integrations increase player engagement and spending.
Innovative monetization Models
Take-Two smartly adopts subscription services and battle pass models, creating steady cash flows and boosting lifetime value per user.
benefits to Investors and Gamers Alike
- For Investors: Robust net bookings signal strong financial health and growth potential, making Take-Two a compelling stock in the gaming sector.
- For Gamers: Increased investment in content updates and new titles ensures richer gaming experiences and ongoing support.
Case Study: GTA V’s Role in Take-Two’s Earnings
Grand Theft Auto V continues to be a powerhouse for Take-Two, driving millions in net bookings through consistent content updates, new online modes, and microtransaction opportunities. Despite its release over a decade ago, GTA V showcases the value of evergreen content in maximizing long-term revenue.
Key Takeaways from GTA V’s Longevity
- Regular in-game events keep the player base active.
- Online multiplayer’s evolving content creates recurrent spending.
- Strategic re-releases on newer consoles broaden market reach.
Practical Tips for Tracking Take-Two Financials
- Monitor quarterly earnings reports: Stay informed with updates directly from take-two’s investor relations page.
- follow game release calendars: New launches often influence revenue spikes.
- Watch digital marketplace trends: Download and DLC sales data reflect underlying revenue growth.
Final Thought
Take-Two Interactive’s second-quarter net bookings reaching $1.96 billion highlight the company’s resilience and innovative approach in a competitive industry. With strong franchises, a digital-first revenue model, and committed community engagement, Take-Two is well-positioned for sustained success in future quarters.
Mobile developer Rollic surpassed 3.8 billion lifetime downloads and achieved a new net bookings record, while the CSR Racing franchise achieved $1 billion in lifetime in-game spending.
The main talking point of Take-Two’s latest results was, of course, the delay of GTA 6.
GTA 6 was originally announced in December 2023 for release in 2025. Earlier this year, Rockstar delayed the title to May 26, 2026.
In response to the second delay, Zelnick told us that he is “confident” in Rockstar’s new launch date.
“We are trying very hard to deliver the most extraordinary interactive entertainment experience ever created, Rockstar and we are aligned on that, we’re feeling really good about it,” he said.
“As you know, occasionally across our entire company, including 2K and our mobile business, at times more time is required to polish a title to ensure that it’s released in its best possible form. And of course it’ll release in the same fiscal year as the prior date.”
Zelnick addressed the issue further in Take-Two’s earnings call, saying the publisher has “never regretted” moving a launch date “in retrospect.”
“The drivers are a desire to deliver as perfect an entertainment experience as we possibly can and to try to live up to consumers’ extraordinary expectations and then exceed those expectations,” he explained.
“It’s always painful when we move a date. We have done so occasionally in the past, and we’ve never regretted it in retrospect. I would like to point out that we have some competitors in the event where more polish was required and required slipping a date, they chose not to slip the date, and they did so at their peril.”
Looking ahead, Take-Two has raised its net bookings outlook for the full financial year following “outperformance and higher expectations for many of [its] core franchises.”
It now expects between $6.4 billion and $6.5 billion, representing a 14% growth.
“We have great confidence in our long-term pipeline and expect to achieve record levels of net bookings in fiscal 2027 that we believe will establish a new baseline for our business, and set us on a path of enhanced profitability,” Zelnick concluded.
This article has been amended to correct the date of GTA 6’s release from November 26 to November 19.
