Take-Two
We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe.
10-K, May 22, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-037434 · filed May 22, 2026
Business
How does Take-Two make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$4 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $6.7B
- Gross profit: $3.8B
- Operating income: −$104M
- Net income: −$298M
- Free cash flow: $462M
Where do customers sit?
59.2% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001628280-26-037434 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We develop, operate, and publish products principally through Rockstar Games, 2K, and Zynga.”
“Our products are currently designed for console gaming systems, mobile, including smartphones and tablets, and personal computer ("PC").”
“We deliver our products through physical retail, digital download, online platforms, and cloud streaming services.”
Item 1 · Business · 10-K · 0001628280-26-037434 · filed May 22, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“Sales to our five largest customers during the fiscal year ended March 31, 2026, accounted for 80.6% of our net revenue, with Apple, Sony, Google, and Microsoft each accounting for more than 10.0% of our net revenue.”
Item 1 · Business · 10-K · 0001628280-26-037434 · filed May 22, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 18% to $6.7B.
Revenue grew 2.0% YoY to $1.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 7.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−1.6% operating margin, up from −77.9%.
57.2% gross margin, up from 54.4%.
Operating income: −$104M in FY2026.
Net income: −$298M in FY2026.
SG&A grew 3.0% to $2.6B.
EPS diluted: −$1.62 in FY2026.
−2.3% operating margin, down from 1.4%.
57.5% gross margin, down from 62.8%.
Operating income: −$35.5M in FY2027 Q1.
Net income: −$34.1M in FY2027 Q1.
SG&A fell 3.3% YoY to $596M.
EPS diluted: −$0.18 in FY2027 Q1.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $7 of every $100 as free cash.
Operating cash flow: $624M in FY2026.
Capex fell 3.9% to $163M.
Buybacks: $0 in FY2024, the latest reported.
Stock-based compensation fell 5.8% to $305M.
Free cash flow: −$194M in FY2027 Q1.
Operating cash flow: −$169M in FY2027 Q1.
Capex fell 0.4% YoY to $25.0M.
Stock-based compensation grew 111% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.5B cash vs $2.5B debt.
Total debt fell 31% to $2.5B.
Interest expense fell 9.5% to $151M.
Total assets grew 2.2% to $9.4B.
Equity grew 64% to $3.5B.
Cash fell 33% YoY to $1.4B.
Total debt fell 18% YoY to $2.5B.
Interest expense: $30.4M.
Total assets fell 6.4% YoY to $9.1B.
Equity grew 3.7% YoY to $3.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
How much revenue hangs on one customer?
One customer: 25% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Take-Two annual report)
10-K · 0001628280-26-037434 · filed May 22, 2026
Suppliers named by Take-Two
No supplier among the covered companies is named in the filings.
Take-Two holds stakes in
No stake in a covered company found in SEC filings.
Others name Take-Two
1 competitor mention (e.g. Roblox) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 51 risk factors, one per theme.
Customer concentration
“We cannot publish our titles without the approval of hardware licensors that are also our competitors, and we rely on a limited number of channel partners, some of whom influence the fee structures for online distribution of our games on their platforms.”
Item 1A · Risk Factors · 10-K · 0001628280-26-037434 · filed May 22, 2026
Competition
“The interactive entertainment software industry is highly competitive.”
Item 1A · Risk Factors · 10-K · 0001628280-26-037434 · filed May 22, 2026
Security, defects and outages
“We rely on complex information technology systems and networks to operate our business. Any significant system or network disruption or cyberattack could have a negative impact on our business.”
Item 1A · Risk Factors · 10-K · 0001628280-26-037434 · filed May 22, 2026
Acquisitions
“If we acquire or invest in other businesses, intellectual properties, or other assets, we may be unable to integrate them with our business, our financial performance may be impaired and/or we may not realize the anticipated financial and strategic goals for such transactions.”
Item 1A · Risk Factors · 10-K · 0001628280-26-037434 · filed May 22, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.09%.
Vanguard Capital Management LLC7.09%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
State Street Corp6.5%
13G · as of Mar 31, 2026 · filed May 12, 2026
Public Investment Fund6.2%
13G/A · as of Dec 29, 2025 · filed Dec 31, 2025
Jpmorgan Chase & Co5%
13G · as of Jun 30, 2025 · filed Jul 30, 2025
BlackRock Inc.7.5% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.4%
18.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.6%
11.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Saudi Electronic Games Holding Co6.5%
11.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co6.3%
11.0M shares · 13F filed Aug 12, 2026 · share of 13F-reported
State Street Corp6.2%
10.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
1,116 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 97 sales · $165M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 8
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | ||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | ||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | ||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | not reported | not reported | ||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | |||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values