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Take-Two Interactive Software Inc. (NASDAQ:TTWO)

This company has been moved to the archive! The financial data has not been updated since May 20, 2025.

Common-Size Income Statement
Quarterly Data

Take-Two Interactive Software Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019
Game 93.13 91.42 91.19 90.92 90.08 88.43 86.87 85.32 87.56 87.46 87.46 92.45 97.95 97.79 97.03 97.91 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Advertising 6.87 8.58 8.81 9.08 9.92 11.57 13.13 14.68 12.44 12.54 12.54 7.55 2.05 2.21 2.97 2.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net revenue 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of revenue -49.24 -44.12 -46.21 -42.38 -66.48 -50.37 -68.03 -47.13 -84.57 -49.15 -51.23 -39.52 -42.86 -38.79 -53.21 -40.54 -33.31 -40.22 -51.42 -57.34 -52.02 -46.99 -54.58 -44.68
Gross profit 50.76% 55.88% 53.79% 57.62% 33.52% 49.63% 31.97% 52.87% 15.43% 50.85% 48.77% 60.48% 57.14% 61.21% 46.79% 59.46% 66.69% 59.78% 48.58% 42.66% 47.98% 53.01% 45.42% 55.32%
Selling and marketing -25.41 -28.60 -34.09 -32.24 -32.08 -26.88 -25.75 -31.09 -29.69 -31.73 -31.89 -24.68 -15.19 -14.98 -15.85 -12.77 -12.70 -16.25 -13.52 -10.20 -10.51 -14.74 -17.44 -16.99
Research and development -18.82 -17.72 -18.23 -16.43 -17.54 -16.98 -17.86 -18.57 -16.49 -16.92 -17.45 -15.66 -10.33 -12.92 -11.83 -11.35 -9.95 -10.04 -8.82 -8.79 -9.04 -8.87 -8.88 -12.76
General and administrative -14.55 -13.94 -18.70 -15.73 -12.50 -12.08 -13.72 -15.40 -15.39 -12.00 -15.40 -21.51 -15.95 -14.47 -14.84 -12.84 -11.73 -11.46 -10.87 -12.29 -10.81 -9.09 -8.94 -13.85
Depreciation and amortization -5.55 -3.64 -3.50 -3.35 -3.07 -3.12 -3.49 -3.14 -2.43 -2.49 -2.15 -2.02 -1.77 -1.77 -1.89 -1.53 -1.84 -1.63 -1.63 -1.49 -1.64 -1.33 -1.40 -2.08
Goodwill impairment -224.03 0.00 0.00 0.00 -155.55 0.00 -12.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Business reorganization -1.08 -1.70 -1.24 -3.70 -6.67 -0.05 -0.26 -0.56 0.00 0.00 0.00 0.00 -0.03 -0.01 -0.04 -0.01 0.02 0.04 -0.03 0.00 0.05 0.03 -0.04 -0.07
Operating expenses -289.43% -65.60% -75.76% -71.44% -227.40% -59.11% -73.82% -68.77% -64.00% -63.13% -66.89% -63.87% -43.28% -44.15% -44.44% -38.50% -36.21% -39.33% -34.87% -32.78% -31.95% -34.00% -36.69% -45.75%
Income (loss) from operations -238.67% -9.71% -21.96% -13.82% -193.88% -9.48% -41.85% -15.90% -48.57% -12.28% -18.12% -3.39% 13.86% 17.06% 2.35% 20.96% 30.48% 20.45% 13.72% 9.88% 16.03% 19.01% 8.72% 9.57%
Interest and other, net -1.40 -1.54 -1.91 -1.81 -1.76 -1.65 -2.39 -1.98 -2.34 -2.01 -3.62 -2.66 -0.75 -0.62 -0.07 -0.13 -0.38 0.13 0.32 0.99 1.06 1.28 0.94 1.93
Gain (loss) on fair value adjustments, net -0.18 0.01 -0.09 -0.23 -0.49 -0.02 -0.17 0.06 0.39 0.08 0.14 -3.59 0.00 0.41 0.05 0.25 0.12 4.56 -0.08 0.00 -0.70 0.00 0.00 0.00
Income (loss) before income taxes -240.25% -11.24% -23.97% -15.86% -196.13% -11.15% -44.41% -17.82% -50.52% -14.21% -21.61% -9.64% 13.10% 16.84% 2.33% 21.08% 30.21% 25.14% 13.96% 10.87% 16.39% 20.30% 9.66% 11.50%
(Provision for) benefit from income taxes 4.78 2.04 -3.04 -3.72 -11.32 4.44 2.57 1.78 8.32 3.32 3.16 0.21 -1.17 -0.85 -1.13 -2.36 -4.14 -3.97 -2.15 -0.22 -0.25 -2.70 -1.29 -2.94
Net income (loss) -235.46% -9.21% -27.01% -19.58% -207.45% -6.70% -41.84% -16.03% -42.20% -10.90% -18.44% -9.43% 11.93% 16.00% 1.20% 18.72% 26.07% 21.17% 11.81% 10.65% 16.14% 17.59% 8.37% 8.56%

Based on: 10-K (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).

An analysis of the common-size income statement reveals a significant transition in financial performance from June 2019 through March 2025. The company shifted from a period of consistent profitability and stable cost structures to a phase characterized by systemic operating losses and extreme volatility driven by non-cash impairment charges.

Revenue Stream Diversification
Between June 2019 and March 2021, net revenue was derived exclusively from game-related activities. Beginning in June 2021, advertising revenue emerged as a secondary stream, initially representing 2.09% of net revenue. This segment grew to a peak of 14.68% in June 2023 before gradually declining to 6.87% by March 2025, indicating a fluctuating reliance on non-gaming revenue sources.
Gross Profitability Trends
Gross profit margins exhibited substantial volatility. After reaching a peak of 66.69% in March 2021, margins experienced several sharp contractions. Notable declines occurred in March 2023, where gross profit fell to 15.43%, and September 2023, where it dropped to 31.97%. While margins recovered to 50.76% by March 2025, the intervening periods suggest significant instability in the cost of revenue.
Operating Expense Expansion
Operating expenses showed a marked upward trend over the analyzed period. Selling and marketing costs, which generally ranged between 10% and 17% of revenue from 2019 to early 2022, surged after June 2022, frequently exceeding 30% and peaking at 34.09% in September 2023. Similarly, research and development expenditures increased steadily from approximately 9% in 2019 to 18.82% by March 2025, reflecting a sustained increase in investment relative to revenue.
Extraordinary Items and Impairments
The most severe impacts on the bottom line resulted from non-recurring charges. Massive goodwill impairment losses were recorded in March 2024 (-155.55% of net revenue) and March 2025 (-224.03% of net revenue). Additionally, business reorganization costs became a prominent factor starting in March 2024, peaking at 6.67% of revenue during that quarter.
Net Income Trajectory
The company maintained positive net income margins from June 2019 through March 2022, peaking at 26.07% in March 2021. However, the company entered a period of consistent net losses starting in June 2022. While operating losses were persistent, the scale of these losses was exponentially magnified by the aforementioned goodwill impairments, culminating in a net loss of 235.46% of net revenue by March 2025.

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