Take-Two Lowers Fiscal 2026 Forecast Following GTA VI Delay, Reports Strong Q4 Results

Take-Two Interactive, the publisher behind blockbuster franchises like Grand Theft Auto and NBA 2K, has revised its financial outlook for fiscal year 2026 after officially pushing back the release of Grand Theft Auto VI to May 2026—landing it in fiscal 2027.

The company now projects net bookings of $5.9 billion to $6.0 billion, falling short of Wall Street expectations, which were closer to $6.46 billion, according to their latest earnings report.

The adjustment directly reflects the anticipated revenue shift from the delayed launch of GTA VI, which is now set to arrive on May 26, 2026, for PlayStation 5 and Xbox Series X|S.

Financial Highlights:

Q4 results:

• Total net revenue: $1.58bn (up from $1.4bn a year ago)

• Net loss: $3.73bn (up from $2.9bn a year ago)

• Total net bookings: $1.58bn (up 13% year-over-year)

• Mobile net revenue: $747.7m (up from $715.1m a year ago)

• Revenue by platform: mobile 48%, console 37%, PC and other 15%

Full year:

• Total net revenue: $5.63bn (up from $5.34bn a year ago)

• Net loss: $4.48bn (up from $3.74bn a year ago)

• Total net bookings: $5.65bn (up 6% year-over-year)

• Mobile net revenue: $2.9bn (up from $2.7bn a year ago)

• Revenue by platform: mobile 52%, console 37%, PC and other 11%

Short-Term Forecast Dampened, But Q4 Delivers a Beat

Despite the tempered forecast, Take-Two closed fiscal Q4 2025 (ended March 31) on a strong note:

• Revenue reached $1.58 billion, slightly above analyst expectations of $1.57 billion—a 13% year-over-year increase.

• Earnings per share (excluding non-recurring items) came in at $1.09, edging past the Zacks Consensus Estimate of $1.08, and significantly higher than $0.31 per share a year earlier.

• However, a major impairment charge of $3.5 billion related to "updating long-term expectations" resulted in a GAAP net loss of $3.73 billion, or $21.08 per share.

What’s Driving Take-Two’s Results?

Key contributors to the company’s performance this quarter included:

• GTA Online, and GTA V

• Red Dead Redemption 2 and Red Dead Online

• Zynga's mobile portfolio like Toon Blast, Match Factory, and Empires & Puzzles

• 2K sports games like WWE 2K25 and NBA 2K25

Grand Theft Auto 5 sold 5 million units this quarter, bringing the total to 215 million units..

Red Dead Redemption 2 continues to sell impressively, with 4 million copies sold in the last three months, totaling 74 million. Remarkably, its net bookings increased by 23% compared to the previous year, exceeding expectations. The series has now surpassed 100 million copies sold.

2K also experienced a remarkable fourth quarter, with NBA 2K25 selling nearly 10 million units. Year-over-year, recurring spending has increased for all titles within 2K's sports portfolio, including WWE 2K and PGA 2K25.

Sid Meier's Civilization VII was also released in the fourth quarter and currently has mixed user reviews on Steam. The company mentioned that they are actively working on updates for the game and highlighted upcoming releases on Meta Quest 3 and Nintendo Switch 2.

The Borderlands franchise has now reached jaw-dropping 93 million copies sold. Borderlands 3 is its fastest-selling entry.

Regarding Zynga's mobile division, Rollic’s Color Block Jam has already become profitable in just four months after release. Match Factory is also performing strongly, and CEO Strauss Zelnick expressed optimism about Zynga’s direct-to-consumer business.

Looking Ahead: Borderlands, Mafia, and GTA VI

While GTA VI remains the crown jewel, Take-Two isn’t banking solely on its success. Two major titles are slated to carry the load in fiscal 2026:

• Mafia: The Old Country – Launching August 8, 2025

• Borderlands 4 – Arriving September 12, 2025

  (Both titles will release for PS5, Xbox Series X|S, and PC.)

They will be accompanied by new installments in the NBA 2K and WWE 2K series. A total of 13 titles are set to be released in FY26.

Zynga also plans to launch five new mobile games in the next FY, including WWE2K in partnership with Netflix.

Regarding the delay of GTA 6 to FY27, Take-Two expressed that giving Rockstar more time for this "groundbreaking project" is considered a "worthy investment."

"The ambition and complexity of Grand Theft Auto 6 is greater than any previous Rockstar title, and the team is poised to release another astonishing entertainment experience that will exceed players’ expectations," the company said.

“As we bring our exciting lineup to market, including Grand Theft Auto VI in Fiscal 2027, we expect to achieve record levels of Net Bookings that will establish a new baseline for our business and set us on a path of enhanced profitability,” the company added.