- Take-Two posted $6.72B in net bookings for FY2026, up 19% year over year, and is forecasting $8 to $8.2B for FY2027.
- GTA VI is confirmed for November 2026, on PS5 and Xbox Series X|S, with a PC release expected in 2027.
- The company plans to release 29 titles between FY2027 and FY2029, including three new IP debuts.
Take-Two Interactive published its annual report for its fiscal year 2026 on May 21 with impressive numbers. It then immediately raised the stakes by forecasting something even larger for the year ahead. The company posted $6.72 billion USD in net bookings for the fiscal year ended March 31, 2026, a 19% jump over the prior year's $5.65B.
By almost any measure, FY2026 was Take-Two's best year on record. And the company's guidance for FY2027 is built on the premise that the best is still ahead, contingent almost entirely on Grand Theft Auto VI (GTA VI), which has already been delayed twice and is now scheduled to launch on Nov 19, 2026.
Highlights
Take-Two Reconfirms GTA VI Release Date
Take-Two's initial outlook for FY2027 is net bookings of $8 to $8.2B, against FY2026's $6.72B. That is a projected increase of roughly $1.3 to $1.5B in a single year. Generally Accepted Accounting Principles (GAAP) net revenue is projected at $7.9 to $8.1B. The company is forecasting net income of $105 to $141M, which would mark a return to GAAP profitability after years of losses. Non-GAAP Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is projected at $1.013 to $1.070B, more than the $760.6M posted in FY2026.Rockstar Games
CEO Strauss Zelnick was unambiguous about what is driving these projections. He said in the earnings release, "We believe FY2027 will establish new record levels of operating performance driven by the November 19th launch of Grand Theft Auto VI.” The word "driven" is doing significant work in that sentence. GTA VI is not one contributor among many in the FY2027 forecast; it is essentially going to do the heavy lifting for the forecast.
GTA VI is confirmed for PS5 and Xbox Series X|S on Nov 19, 2026. A PC release is expected to follow in 2027 if we go by how long it took Rockstar Games to release Red Dead Redemption 2 and GTA V on PC. However, there is no official confirmation yet. This matters for revenue recognition for Take-Two. The console launch will be the primary FY2027 event, while PC will likely contribute meaningfully to FY2028 bookings.
GTA VI has been delayed twice. It was originally targeting late 2025, then moved to May 2026, and is now set for November. Take-Two has confirmed the date is unchanged. Whether the gaming community believes that is a separate question, given how games can get delayed at the last minute, but the company's financial projections are built around it, and those projections now carry the weight of shareholder expectations.
How Take-Two Performed in FY2026
Recurrent consumer spending, which covers virtual currency, in-game purchases, add-on content, and in-game advertising, grew 16% for the full year and accounted for 78% of total GAAP net revenue. That means only about 22% of the company's revenue came from people buying new games.
The overwhelming majority came from people spending money inside games they already owned through microtransactions. This is not a surprise for anyone who follows the games industry, but the scale of it at Take-Two is striking. The company generated billions of dollars in fiscal 2026 without releasing a single major new title in the first half of the year.
2K Games
The largest contributors to net bookings for the full year were NBA 2K25 and NBA 2K26, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Match Factory!, Empires & Puzzles, Borderlands 4, Color Block Jam, Red Dead Redemption 2 and Red Dead Online, and Words With Friends. Several of these titles are years or, in GTA V's case, over a decade old.
GTA V was released in 2013. It is still one of the largest revenue contributors in Take-Two's portfolio in 2026. That is an extraordinary testament to how GTA Online has functioned as a live service, and it is also the context within which to understand just how significant GTA VI is expected to be.
In Q4 alone, total net bookings were $1.58B, flat year over year, with recurrent consumer spending up 7% and accounting for 82% of the total. GAAP net revenue for Q4 was $1.68B. The quarterly GAAP net loss narrowed dramatically to $59.5M, compared to $3.73B in Q4 of the prior year. Non-GAAP EBITDA for Q4 came in at $243.7M.
29 Games by FY2029
Beyond GTA VI, the earnings report contained a pipeline disclosure that deserves more attention than it typically gets in the immediate post-earnings coverage cycle. Take-Two plans to release 29 titles between FY2027 and FY2029.
The breakdown is eight sports titles, fifteen games from existing core IP, three new IP debuts, and three mobile titles. That is an aggressive slate for a company that has historically been conservative about volume, preferring to release fewer titles at higher quality and higher price points rather than flooding the market.
Steam
The sports pipeline is the most predictable part. Three of the eight sports titles are the annual 2027 iterations of NBA 2K, PGA TOUR 2K, and WWE 2K, all of which operate on annual release cadences and generate reliable if unspectacular returns. These are the backbone of 2K's consistent revenue, even when the games themselves receive mixed critical reception.
The fifteen core IP titles are more interesting. Eight are sequels, and seven are remakes, remasters, or platform extensions. The platform extensions category is worth watching, given the Nintendo Switch 2's recent launch. WWE 2K26 and PGA TOUR 2K25 have already appeared on the Switch 2 this fiscal year, suggesting Take-Two sees the platform as a meaningful revenue opportunity for its sports catalog.
The three new IP debuts are the most consequential long-term signal in the entire pipeline disclosure. Two have been named. Judas, from Ghost Story Games, is a first-person shooter from the creative director of the original BioShock, Ken Levine; a game that has been in development for years and carries significant critical expectations. Project ETHOS from 31st Union is the other new IP. The third remains unannounced. Take-Two has also confirmed that a new BioShock is in development at 2K, listed in the pipeline simply as "BioShock next iteration," with no platform, date, or studio specifics beyond the label.
Take-Two is careful to caveat all of this. The pipeline disclosure includes language noting that some titles will not make it through development, that timelines may shift, and that new titles will be added. That is standard investor relations boilerplate, but it is also genuinely accurate given the company's history with delays and cancellations.
Take-Two’s Position in the Industry
Take-Two enters FY2027 in a structurally stronger position than it has been in several years. The loss figures have shrunk dramatically, recurrent consumer spending is growing, and the company has a pipeline it can point to with some credibility. The mobile business through Zynga, while not the headline-grabbing unit it was positioned as when Take-Two acquired it for $12.7B in 2022, is still generating meaningful volume through titles like Toon Blast, Match Factory, and Empires & Puzzles.
But the FY2027 forecast is not a diversified bet. If GTA VI ships on Nov 19 and performs at the level the financial projections imply, Take-Two will almost certainly post its best year ever by a significant margin. If the game is delayed again, those projections collapse, and the company will be left explaining to shareholders why the $8B forecast needs to be revised downward for the third time in two years.
The company's guidance includes the cautionary note that its outlook depends on "the timely delivery of the titles included in this financial outlook." In a document full of financial tables and executive quotes, that line is probably the most important one. Nov 19 is six months away. The marketing campaign is coming soon for GTA VI. It might replace GTA V as the most profitable individual and fastest-selling entertainment product in media history. For now, that is what Take-Two is asking investors and the gaming public to hold onto.
