Take-Two Interactive Software (TTWO), the video-game publisher, reported fiscal second-quarter Net Bookings of $1.60 billion, down 18% from $1.96 billion a year earlier, and reiterated its fiscal 2027 outlook of $8.0 billion to $8.2 billion as Grand Theft Auto VI approached its November 19 launch.

The year-over-year decline marked a sharper drop than the 3% decrease in fiscal first-quarter Net Bookings of $1.39 billion. Recurrent consumer spending, the company’s measure of ongoing in-game purchases, fell 9% and accounted for 81% of the quarter’s Net Bookings. Full-game and other bookings were $299.2 million, or 19% of the total.

GAAP net revenue was $1.50 billion, compared with $1.77 billion in the year-ago quarter. Game net revenue was $1.376 billion and advertising net revenue was $121.0 million. The company recorded a GAAP net loss of $54.0 million, or $0.29 a share, versus a loss of $133.9 million, or $0.73 a share, a year earlier. Loss from operations was $117.5 million. EBITDA was $92.2 million.

Chairman and Chief Executive Strauss Zelnick said pre-orders for Grand Theft Auto VI were continuing to reach unprecedented levels and that the company expected to deliver an historic year. The company said it was confident in its ability to build on that year with new titles, emerging business opportunities, geographic expansion and accretive M&A.

The largest Net Bookings contributors were NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Empires & Puzzles, the Borderlands franchise, Words With Friends, the Red Dead Redemption series, Color Block Jam, WWE 2K and Zynga Poker. The Borderlands franchise reappeared among those contributors after being absent from the fiscal first-quarter list; Toy Blast dropped off.

Mobile Net Bookings were $707.6 million, or 45% of the total, console $742.6 million, or 46%, and PC and other $151.1 million, or 9%. Digital online accounted for 98% of Net Bookings. United States Net Bookings were $968.2 million, or 60%, and international $633.1 million, or 40%.

Deferred revenue stood at $1.017 billion at September 30, 2026, down from $1.160 billion at March 31. Cash and cash equivalents were $1.149 billion. Short-term debt, net, was $629.2 million, compared with $30.0 million at the start of the fiscal year.

For the fiscal year ending March 31, 2027, the company now expects GAAP total net revenue of $7.98 billion to $8.18 billion, EBITDA of $1.024 billion to $1.082 billion, net income of $109 million to $142 million, and diluted earnings of $0.57 to $0.75 a share. It also expects net cash provided by operating activities of more than $1.0 billion and capital expenditures of approximately $290 million.

For the fiscal third quarter ending December 31, 2026, Take-Two provided an initial outlook of Net Bookings of $3.35 billion to $3.50 billion and GAAP total net revenue of $3.27 billion to $3.42 billion. It expects net income of $250 million to $276 million, or $1.30 to $1.44 a share, and EBITDA of $651 million to $698 million.

Key assumptions include timely delivery of the titles in the outlook, continued growth in PlayStation 5 and Xbox Series X|S installed bases, market share on current-generation systems as well as PC, mobile and other platforms, player acquisition costs on mobile, the live-services portfolio and new-game pipeline, and stable foreign-exchange rates.

NBA 2K27 shipped September 4, 2026, on PS5, Xbox Series X|S, Switch 2 and PC. Grand Theft Auto VI is scheduled for November 19, 2026, on PS5 and Xbox Series X|S. The announced future lineup also includes Top Goal, CSR 3, PGA TOUR 2K27, WWE 2K27, Project ETHOS, the next BioShock iteration and Judas, most with dates to be announced.