Take-Two Interactive reported its fiscal second quarter results on Monday, November 9, 2026, and the headline was a split picture. Net Bookings fell 18 percent to $1.60 billion, down from $1.96 billion a year earlier, and came in just below what analysts had expected. At the same time, adjusted earnings of 99 cents a share beat the 96 cent estimate, and the net loss narrowed sharply from a year ago. The company kept its full-year bookings outlook unchanged, with Grand Theft Auto VI now ten days from launch.
Quick Facts
| Item | Detail |
|---|---|
| Company | Take-Two Interactive Software |
| Quarter reported | Fiscal Q2 2027, ended September 30, 2026 |
| Results released | Monday, November 9, 2026, after the market closed |
| Net Bookings | $1.60 billion, down 18 percent year over year |
| GAAP net revenue | $1.50 billion, down from $1.77 billion a year earlier |
| GAAP net loss | $54.0 million, or $0.29 per share |
| Adjusted earnings | 99 cents a share, above the 96 cent estimate |
| Largest booking contributors | NBA 2K, Grand Theft Auto series, Toon Blast, Match Factory! |
| Full-year fiscal 2027 outlook | Net Bookings of $8.0 to $8.2 billion |
| Q3 outlook | Adjusted earnings of $3.90 a share on Net Bookings of $3.43 billion |
| Grand Theft Auto VI launch | November 19, 2026, on PlayStation 5 and Xbox Series X and S |
| Stock close on Monday | $207.40, down 3.5 percent from Friday |
The Headline Numbers in Detail
Take-Two released its results at about 4:05 p.m. ET on Monday, after the market closed. The quarter covered the three months ended September 30, 2026.
Net Bookings, the figure Take-Two uses to show the value of products sold in the period, came in at $1.60 billion, down 18 percent from the $1.96 billion reported in the same quarter last year. Analysts polled by FactSet had expected $1.62 billion, so the result landed slightly below that bar.
GAAP net revenue, the accounting measure of sales, was $1.50 billion, compared with $1.77 billion a year earlier. The GAAP net loss was $54.0 million, or $0.29 per share. That is a clear improvement on the loss of $133.9 million, or $0.73 per share, recorded in the same quarter last year.
The number that gave the report a brighter edge was adjusted earnings. Take-Two earned 99 cents a share on an adjusted basis, beating the 96 cents a share that analysts had forecast.
Why Bookings Fell Year Over Year
The simplest answer is the calendar. A year ago, the same quarter had a stronger release slate and stronger spending across the company’s live games.
The list of the largest contributors to Net Bookings tells the story of a company leaning on its established games. NBA 2K led the way, followed by the Grand Theft Auto series. Mobile titles also played a big role, with Toon Blast, Match Factory!, Empires and Puzzles, Words With Friends, and Zynga Poker all named among the top contributors. The Borderlands franchise, the Red Dead Redemption series, Color Block Jam, and WWE 2K rounded out the list. None of those titles could fully replace the sales that a major new release brings, so the company is, in effect, in a holding pattern while the whole business waits for the launch that will change the numbers.
GTA 6: The Launch That Matters Most
Everything in this report points toward November 19, 2026. That is the day Grand Theft Auto VI launches on PlayStation 5, PlayStation 5 Pro, and Xbox Series X and S. At the time of the results, the launch was ten days away.
Chief Executive Strauss Zelnick put it plainly in the company’s statement: “The launch of Grand Theft Auto VI is ten days away and, with pre-orders continuing to reach unprecedented levels, we expect to deliver an historic year for our company.”
Pre-orders are already running at a remarkable pace. Tracking from Sensor Tower put gross pre-order revenue at about $750 million as of November 3, according to TechTimes.
The road to launch has not been smooth. The game was delayed before, pushed from May 26, 2026 to November 19, 2026. That delay frustrated fans, but it also built anticipation, and many players have already lined up their copies. Readers who want to prepare can read our guide on gta-6-pre-load-begins-november-10-212-gb-november-9, which covers the pre-load timing and the size of the download.
The game itself has been shown off in detail in recent weeks. Rockstar released a fresh set of images, and our roundup of gta-6-39-new-screenshots-launch-gallery-vice-city-november-6 walks through the new look at Vice City and the world around it.
One detail investors should note is that GTA VI ships as a single-player experience with no recurrent consumer spending at launch. That means there will be no in-game purchases to add to sales on day one. GTA VI Online, the multiplayer mode that could bring that kind of spending later, has no announced launch date.
What Analysts Expected and How the Stock Reacted
The market reaction on Monday was negative. Take-Two shares closed at $207.40, down $7.47, or about 3.5 percent, from Friday’s close of $214.87. The drop came before the results were released, which suggests investors were already cautious heading into the report.
The wider picture for the stock is a year of sharp swings. The 52-week high is $265.94, reached on July 7, and the low is $183.86, reached on October 30. At Monday’s close, the shares sit about 19 percent below that high.
Analysts moved their targets after the report. Wedbush cut its price target from $300 to $280. Bank of America trimmed its target from $368 to $330. Piper Sandler kept an Overweight rating with a $290 target, and its analysts modeled more than 45 million sales at launch.
There is also a gap between what the company expects and what Wall Street expects for the full year. Take-Two reiterated its full-year fiscal 2027 Net Bookings outlook of $8.0 to $8.2 billion. But Wall Street had expected full-year earnings of $6.95 a share on net bookings of $8.62 billion, above the company’s midpoint of $5.88 on $8.1 billion. That gap is part of why the stock has struggled, and investors want the launch to close it.
Options markets were pricing a post-earnings move of more than 10 percent in either direction, which shows how much uncertainty surrounds the report and the launch that has no real comparison in recent years.
For the current quarter, the third quarter of fiscal 2027, Take-Two expects adjusted earnings of $3.90 a share on net bookings of $3.43 billion.
What to Watch Next
The next few weeks will answer the questions this report could not. The first is simple: how many copies does Grand Theft Auto VI sell in its opening days. Piper Sandler’s model of more than 45 million sales at launch sets a high bar, and the pre-order figure of about $750 million suggests demand is strong.
The second question is about the PC version. Take-Two has not announced a PC release date, and the timing of that version will shape how long the sales tail runs. Our piece on gta-6-pc-port-sooner-ai-clones-vermeij-november-6 looks at what a former Rockstar developer has said about the timing.
The third question is about GTA VI Online. With no announced launch date, investors do not yet know when the multiplayer mode will arrive or how it will be monetized. The original GTA Online became a major source of revenue over many years, so the timing of its successor matters a great deal for the long-term outlook.
The fourth question is whether the company can hold its full-year outlook. Take-Two kept its guidance at $8.0 to $8.2 billion in Net Bookings, and the third quarter forecast of $3.43 billion is the biggest piece of that total.
For now, the second quarter is best read as a bridge. The numbers fell, earnings beat by a small margin, and the loss narrowed. None of that will be what people remember about this period. What they will remember is whether November 19 delivered the launch the company has promised for years.
Frequently Asked Questions
When does Grand Theft Auto VI launch?
Grand Theft Auto VI launches on November 19, 2026, on PlayStation 5, PlayStation 5 Pro, and Xbox Series X and S. The game was delayed once before, from May 26, 2026 to the November date. There is no announced launch date yet for a PC version or for GTA VI Online.
Why did Take-Two Net Bookings fall 18 percent?
Net Bookings fell to $1.60 billion from $1.96 billion a year earlier because the quarter had no major new release to lift sales. The largest contributors were established titles led by NBA 2K and the Grand Theft Auto series, along with a group of mobile games.
Did Take-Two beat earnings expectations in Q2?
Yes, on an adjusted basis. Take-Two reported adjusted earnings of 99 cents a share, above the 96 cents a share that analysts polled by FactSet had expected. Net Bookings of $1.60 billion came in slightly below the $1.62 billion analysts had forecast. The GAAP net loss narrowed to $54.0 million, or $0.29 per share, from a loss of $133.9 million, or $0.73 per share, a year earlier.
What is Take-Two’s outlook for the rest of fiscal 2027?
Take-Two reiterated its full-year fiscal 2027 Net Bookings outlook of $8.0 to $8.2 billion. For the current third quarter, which includes the GTA VI launch, the company expects adjusted earnings of $3.90 a share on net bookings of $3.43 billion.
Sources
Final Thoughts
Take-Two’s second quarter results will not be remembered for the numbers in them. Net Bookings fell, revenue fell, and the stock slipped. But the loss narrowed, earnings beat by a small margin, and the company held its full-year outlook steady. Those are the marks of a business managing a quiet quarter well.
What matters now is November 19. Pre-orders are already near $750 million, the launch is ten days away, and the company expects its biggest year yet. If the game sells the way forecasts suggest, this quarter will look like a footnote. If not, the questions will be much harder.
