Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Take-Two Interactive Software Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
- Revenue Composition
- The percentage of net revenue attributed to the game segment shows a declining trend initially, dropping from 100% in 2020 to around 87.74% in 2024, before increasing to 91.73% in 2025. Conversely, advertising as a share of net revenue has grown significantly from virtually zero in 2020 to a peak around 12.26% in 2024, then slightly decreasing to 8.27% in 2025. This indicates a diversification of revenue streams from a predominantly game-focused base to a more balanced mix including advertising.
- Cost of Revenue and Gross Profit
- Cost of revenue as a percentage of net revenue exhibits fluctuations, starting at approximately 49.93% in 2020 and decreasing gradually to 43.81% by 2022. However, from 2023 onwards, it spikes considerably to 57.28% and 58.09% for 2023 and 2024, respectively, before falling back to 45.64% in 2025. Correspondingly, gross profit margins improve from 50.07% in 2020 to 56.19% in 2022 but decline sharply after 2022 to below 42% in 2023 and 2024, then rebounding to 54.36% in 2025. These patterns suggest increased costs impacting gross margin in the mid-period before recovery toward the end.
- Operating Expenses
- Operating expenses as a percentage of net revenue have escalated markedly. Selling and marketing costs increased from around 14.84% in 2020 to nearly 30% during 2023-2025. Research and development expenses follow an upward trend from approximately 9.6% in 2020 to near 17.84% in 2025. General and administrative expenses also rose from 10.3% to about 15.68% in 2025, despite a slight dip in 2024. Notably, depreciation and amortization expenses more than doubled from 1.56% in 2020 to over 4% in 2025. Additional significant charges include goodwill impairment, which manifests prominently in 2024 and 2025 at -43.78% and -62.93%, respectively, contributing heavily to the overall rise in operating expenses. Business reorganization costs also increased modestly in the latter years. The aggregation of these factors led to operating expenses rising sharply from about 36.3% in 2020 to a substantial 132.3% in 2025.
- Profitability
- Operating income percentages display a strong decline, transitioning from positive margins (e.g., 13.77% in 2020 and 18.66% in 2021) to significant operating losses, reaching -77.94% by 2025. Similarly, income before taxes follows this deteriorating trajectory, moving from positive territory (14.84% in 2020 and 20.1% in 2021) into deep losses, culminating near -79.72% in 2025. Net income mirrors this trend, declining steadily from a positive 13.09% in 2020 to a substantial negative 79.5% in 2025. The deterioration in profitability is closely linked to escalating operating expenses and impairment charges.
- Other Financial Items
- Interest income remains relatively low but shows slight growth, increasing from 1.53% in 2020 to 1.75% in 2025. Interest expense rises steadily as well, from negligible levels (0.09%) up to 2.97% in 2025, exerting additional pressure on net earnings. Foreign currency exchange losses and other net items contribute marginally to negative impacts but are not primary drivers of financial performance shifts. Gains or losses on fair value adjustments fluctuate with minor impacts and no consistent trend.
- Taxation
- The provision for income taxes fluctuates inconsistently, shifting between minor negative and positive percentages, with a notable tax benefit in 2023 (3.99%). The irregular nature of tax provisions suggests varying effects likely influenced by operational losses and corresponding tax treatments.
- Summary
- Overall, the data reveal a company experiencing increasing diversification in revenue sources, particularly growth in advertising relative to game sales. Despite strengthening gross profit margins early in the period, escalating operating costs—especially significant goodwill impairments—and growing interest expenses have sharply eroded operating and net profitability. The downward profitability trend highlights operational challenges and restructuring impacts over the recent years, although recent improvements in gross margins and a smaller decline in advertising revenues could offer some stabilization prospects.