Take-Two Interactive Software, Inc.

Fiscal 2026 was Take-Two's best year in a decade, and the company now stands on one date: Grand Theft Auto VI on November 19. Fiscal 2027's 20% growth rests on that launch while the recurring business is guided flat. How much of fiscal 2027's bookings depends on the launch quarter?

• GTA VI is now the whole growth story.

  Bookings beat the initial May 2025 plan by about $750 million and guidance was raised twice, so the base business is real. Yet fiscal 2027 is guided with recurring spending flat and mobile down, so the step up comes from the launch alone. How much of FY2027 bookings come from the GTA VI launch itself?

• The non-GTA businesses had their best year, not just a bigger one.

  NBA 2K set records on units and in-game spending, Zynga posted its best bookings since the 2022 purchase, and direct-to-consumer mobile payments keep taking a bigger share of sales at better profit. The launch does not have to create that. How much of mobile bookings now runs through direct-to-consumer payments?

• Costs rise faster than the recurring base can pay for.

  Fiscal 2027 carries about 8% higher operating costs, half of the added money going to launch marketing. Q1 FY2027 already booked a $43 million write-off on a cancelled title, so the year works only if the launch lands on time.