Here are 1-3 brief analogies to describe Take-Two Interactive Software (TTWO):

• Think of it like Disney, but for video games. They own and publish some of the world's most iconic and popular entertainment franchises, such as Grand Theft Auto, Red Dead Redemption, and NBA 2K.

• Imagine them as a major film studio like Warner Bros. or Universal Pictures, but focused entirely on creating and publishing blockbuster video games for all platforms, including mobile.

• Grand Theft Auto Series: A highly successful open-world action-adventure video game franchise known for its crime narratives and expansive environments.
• Red Dead Redemption Series: A critically acclaimed Western-themed action-adventure video game series celebrated for its immersive storytelling and detailed open worlds.
• NBA 2K Series: The leading annual basketball simulation video game franchise, featuring authentic NBA teams, players, and gameplay.
• WWE 2K Series: An annual professional wrestling simulation video game franchise based on the popular WWE promotion.
• Borderlands Series: A cooperative first-person shooter series with role-playing elements, characterized by its unique cel-shaded art style and looter-shooter gameplay.
• Mobile Games (Zynga): A broad portfolio of free-to-play mobile games including popular titles like *FarmVille*, *Words With Friends*, and *CSR Racing*, offering diverse casual gaming experiences.

• Sony Corporation (via its PlayStation Network platform) - Symbol: SONY
• Microsoft Corporation (via its Xbox platform) - Symbol: MSFT

• Nintendo Co., Ltd. (via its Nintendo eShop) - Symbol: NTDOY (ADR)
• Valve Corporation (via Steam) - *Private Company*
• Apple Inc. (via its App Store) - Symbol: AAPL
• Alphabet Inc. (via Google Play Store) - Symbol: GOOGL

• Sony Group Corporation (SONY)
• Microsoft Corporation (MSFT)
• Nintendo Co., Ltd. (NTDOY)
• Valve Corporation
• Apple Inc. (AAPL)
• Alphabet Inc. (GOOGL)

Strauss Zelnick, Chairman and Chief Executive Officer

Strauss Zelnick is the founder, CEO, and managing partner of the private equity firm ZMC, which he established in 2001, specializing in leveraged buyouts and growth capital. He joined Take-Two Interactive Software as Chairman in March 2007, following an investor-staged takeover, and assumed the role of Chief Executive Officer in January 2011. Prior to ZMC and Take-Two, he held significant leadership positions including President and Chief Executive Officer of BMG Entertainment, President and Chief Executive Officer of Crystal Dynamics, and President and Chief Operating Officer of 20th Century Fox.

Lainie Goldstein, Chief Financial Officer

Lainie Goldstein was appointed Chief Financial Officer of Take-Two Interactive Software in June 2007, having joined the company in November 2003. She possesses over 30 years of financial and business experience across the software, entertainment, retail, and apparel industries. Before her tenure at Take-Two, Ms. Goldstein served as Vice President of Finance and Business Development at Nautica Enterprises, Inc. Earlier in her career, she also worked in the audit and reorganization departments at Grant Thornton LLP.

Karl Slatoff, President

Karl Slatoff became President of Take-Two Interactive Software in May 2013, after previously serving as the company's Chief Operating Officer and Executive Vice President. He is a partner at ZelnickMedia, a private equity firm that specializes in media and communications. His prior experience includes serving as Vice President of New Media for BMG Entertainment, where he was responsible for digital strategies and business models. Mr. Slatoff also worked in strategic planning at The Walt Disney Company and in corporate finance and mergers and acquisitions at Lehman Brothers.

Daniel P. Emerson, Executive Vice President, Chief Legal Officer

Daniel P. Emerson has held the position of Executive Vice President and Chief Legal Officer at Take-Two Interactive Software since October 2014. He joined the company in June 2005 as a Vice President and progressed through various roles within the legal department. Before joining Take-Two, Mr. Emerson was a partner at Blank Rome LLP, where he specialized in representing public and private companies in matters of mergers and acquisitions, securities law, and general corporate affairs, including working on Take-Two's acquisitions.

Michael Sheresky, Director

Michael Sheresky has served as a director on the board of Take-Two Interactive Software since April 2007. He is a partner and motion picture talent agent at United Talent Agency, a role he assumed in June 2009. Prior to this, from 1992 to 1995 and then from 1997 to May 2009, Mr. Sheresky held several positions at the William Morris Agency, including Senior Vice President in its Motion Picture Department. He pursued an MBA from Harvard Business School to gain a stronger business background for handling complex deals.

Increasing regulatory and legislative scrutiny over in-game monetization, particularly loot boxes and similar probabilistic mechanics, presents a clear emerging threat. Governments and consumer protection agencies in various jurisdictions are actively investigating and considering restrictions on these monetization strategies due to concerns about their addictive nature and potential harm, especially to minors. Take-Two Interactive Software relies heavily on these models for significant recurring revenue in key franchises such as NBA 2K and Grand Theft Auto Online. Any widespread bans, stricter age ratings, or mandatory disclosures could directly impact the profitability of these core revenue streams and necessitate fundamental changes to game design and monetization strategies.

Take-Two Interactive Software (TTWO) operates within the global interactive entertainment market, primarily developing and publishing products for console, PC, and mobile platforms through its labels Rockstar Games, 2K, and Zynga. The addressable markets for their main products and services are substantial across these segments.

Global Video Game Market

• The global video game market was estimated at approximately USD 298.98 billion in 2024 and is projected to reach USD 600.74 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 12.2% from 2025 to 2030. Other estimates place the market at USD 241.1 billion in 2024, expected to reach USD 535.29 billion by 2033 (CAGR of 8.30% from 2025-2033).

Mobile Gaming Market

• The global mobile gaming market was estimated at USD 139.38 billion in 2024 and is projected to reach USD 256.19 billion by 2030, with a CAGR of 10.2% from 2025 to 2030.
• Another report values the global mobile gaming market at USD 106.53 billion in 2024, forecasting growth to USD 232.58 billion by 2032 with a CAGR of 9.78% during the forecast period.
• In 2024, mobile gaming accounted for USD 164.01 billion, representing 54.86% of the global video game market.
• The Asia Pacific region dominated the mobile gaming market, holding the largest revenue share of 52.30% in 2024.
• Take-Two's acquisition of Zynga significantly expanded its presence in this market, with Zynga's revenue reaching C$3.96 billion as of November 2025.

PC Gaming Market

• The global PC gaming market was valued at USD 76.73 billion in 2024, projected to increase to USD 86.12 billion in 2025 and reach USD 152.16 billion by 2032, demonstrating a CAGR of 8.47% from 2025-2032.
• Another estimate indicates a market size of USD 61.84 billion in 2024, with a projection to reach USD 129.93 billion by 2030, growing at a CAGR of 13.5% from 2025 to 2030.
• PC games represented approximately 23% of the total gaming market in 2024.
• Asia Pacific held the largest share of the PC gaming market, at 46.7% in 2024.

Console Gaming Market

• The global gaming console market was valued at USD 60 billion in 2024 and is projected to grow to USD 94 billion by 2030, expanding at a CAGR of 7.8% from 2025 to 2030.
• Other data estimates the global gaming console market size at USD 56.25 billion in 2024, with an expected growth to USD 112.74 billion by 2034 at a CAGR of 7.20% from 2025-2034.
• Console games constituted roughly 28% of the total gaming market in 2024.
• North America accounts for 35% of the console market in 2024. Historically, Asia Pacific has also held a significant share.

1. Launch of Grand Theft Auto VI (GTA VI): The highly anticipated release of Grand Theft Auto VI is expected to be a significant catalyst for revenue growth, with its launch scheduled for November 19, 2026. This major title is repeatedly cited as a key contributor to future financial performance and is projected to help the company achieve new record levels of net bookings.
2. Continued Growth in Key Franchises (NBA 2K): The ongoing strong performance of established franchises, particularly NBA 2K, is a crucial driver. Recent releases like NBA 2K26 have shown robust product performance, leading to double-digit increases in unit sales and higher average selling prices due to premium editions. This franchise has also seen significant growth in daily active users and recurrent consumer spending.
3. Expansion and Performance in Mobile Gaming: Take-Two's mobile gaming segment is demonstrating robust performance and is expected to be a significant contributor to recurrent consumer spending growth. The company has increased its Net Bookings forecast for Fiscal Year 2026, highlighting strong performance in mobile gaming.
4. Launch of New Titles: Beyond its tentpole franchises, Take-Two plans to release a pipeline of new games. The company anticipates releasing 13 titles in FY2026, with expected significant contributions from upcoming games such as Mafia: The Old Country and Borderlands 4, which will diversify and strengthen revenue streams.
5. Growth in Recurrent Consumer Spending (RCS): An increase in recurrent consumer spending, which includes sales from digital add-ons, virtual currency, and in-game purchases, is a vital growth driver. This area is forecast to grow approximately 11%, driven by the strong performance in titles like NBA 2K and various mobile games.

Share Repurchases

• In September 2021, Take-Two's Board of Directors authorized a strategic share repurchase program of up to $500 million. As of October 27, 2024, approximately $301 million remained available under this program.
• An anti-dilutive share repurchase program of up to $250 million was authorized in September 2024, replacing a prior June 2021 program. Approximately $206 million remained available under this authorization as of October 27, 2024.
• Take-Two repurchased 1.3 million shares for $200 million during fiscal year 2022. No shares were repurchased in fiscal years 2023 and 2024.

Share Issuance

• As part of the $12.7 billion acquisition of Zynga Inc., completed in May 2022, Take-Two issued shares of its common stock to Zynga stockholders.
• In May 2025, Take-Two announced a public offering of 4,750,000 shares of common stock at $225.00 each, aiming to raise approximately $1.04 billion for general corporate purposes, including debt repayment and potential acquisitions.
• The number of shares outstanding increased from 0.16 billion in 2022 to 0.175 billion in 2025, reflecting a 36.9% increase from 2022 to 2023, a 6.38% increase from 2023 to 2024, and a 2.94% increase from 2024 to 2025.

Inbound Investments

• The Public Investment Fund of Saudi Arabia acquired 3.9 million shares of Take-Two in February 2021, valued at $826 million.

Outbound Investments

• Take-Two Interactive acquired Zynga Inc. for approximately $12.7 billion, a deal announced in January 2022 and closed in May 2022, to significantly expand its presence in mobile gaming.
• In June 2021, the company acquired Nordeus, a mobile game developer, for $378 million.
• Take-Two acquired Gearbox Software in March 2024 for $460 million, financed through the issuance of newly issued shares of Take-Two common stock.

Capital Expenditures

• Capital expenditures were $68.9 million in fiscal year 2021, $158.6 million in fiscal year 2022, $204.2 million in fiscal year 2023, $141.7 million in fiscal year 2024, and $169.4 million in fiscal year 2025.
• For fiscal year 2026, Take-Two anticipates capital expenditures of approximately $140 million to $145 million.
• The primary focus of capital expenditures is on game technology and office buildouts.