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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 Balance Sheet: Liabilities and Stockholders’ Equity

Take-Two Interactive Software Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Mar 31, 2025 Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Accounts payable 2.12 1.60 0.88 1.92 1.18 1.33
Software development royalties 4.57 3.38 3.22 9.41 13.52 16.62
Compensation and benefits 2.92 1.86 1.12 2.05 2.03 1.65
Licenses 1.00 0.53 0.40 1.24 1.40 1.16
Marketing and promotions 0.84 0.77 0.84 0.47 0.54 0.82
Tax payable 0.45 0.27 0.21 0.22 0.00 0.00
Interest payable 0.43 0.24 0.19 0.00 0.00 0.00
Deferred acquisition payments 0.39 0.14 0.52 1.20 0.22 0.00
Refund liability 0.36 0.28 0.33 0.79 0.89 1.57
Sales tax liability 0.26 0.16 0.09 0.26 0.00 0.00
Professional fees 0.18 0.14 0.06 0.00 0.00 0.00
Settlement accrual 0.10 0.00 0.00 0.00 0.00 0.00
Other 0.78 0.93 0.76 0.79 1.38 1.81
Accrued expenses and other current liabilities 12.28% 8.70% 7.73% 16.42% 19.97% 23.64%
Current deferred revenue 11.80 8.67 6.80 13.22 15.39 15.72
Current operating lease liabilities 0.67 0.52 0.38 0.59 0.52 0.51
Short-term debt, net 12.51 0.20 8.49 0.00 0.00 0.00
Current liabilities 39.38% 19.70% 24.28% 32.16% 37.07% 41.19%
Long-term debt, net 27.37 25.03 10.93 0.00 0.00 0.00
Non-current deferred revenue 0.28 0.35 0.22 1.08 0.62 0.57
Non-current operating lease liabilities 4.18 3.17 2.19 3.23 2.65 3.07
Non-current software development royalties 1.02 0.84 0.69 1.76 1.83 2.11
Deferred tax liabilities, net 2.83 2.79 3.37 0.33 0.06 0.10
Other long-term liabilities 1.66 1.73 1.31 3.24 2.51 1.64
Non-current liabilities 37.33% 33.91% 18.71% 9.65% 7.66% 7.50%
Total liabilities 76.72% 53.61% 42.99% 41.80% 44.73% 48.69%
Preferred stock, $0.01 par value, no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.02 0.02 0.01 0.02 0.02 0.03
Additional paid-in capital 112.32 76.71 56.80 39.67 37.97 43.14
Treasury stock, at cost -11.12 -8.35 -6.43 -15.59 -13.61 -16.58
Retained earnings (accumulated deficit) -76.89 -21.12 7.34 34.97 31.04 25.91
Accumulated other comprehensive loss -1.06 -0.86 -0.71 -0.88 -0.14 -1.18
Stockholders’ equity 23.28% 46.39% 57.01% 58.20% 55.27% 51.31%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A significant structural shift in the capital composition is observed between March 2020 and March 2025. The company transitioned from a predominantly equity-funded balance sheet to one heavily reliant on liabilities, with total liabilities increasing from 48.69% to 76.72% of total liabilities and stockholders' equity over the period.

Liability Structure and Debt Accumulation
A notable transition is evident in the composition of liabilities. Non-current liabilities expanded from 7.50% in 2020 to 37.33% in 2025. This growth is primarily driven by the introduction and rapid increase of long-term debt, which rose from 0% prior to 2023 to 27.37% by March 2025. Short-term debt also exhibited high volatility, peaking at 12.51% in the final period.
Current liabilities showed a general downward trend from 41.19% in 2020 to a low of 19.70% in 2024, before rebounding to 39.38% in 2025. A major contributor to this early decline was the reduction in software development royalties, which fell from 16.62% to 4.57% over the six-year span. Similarly, current deferred revenue decreased from 15.72% in 2020 to 11.80% in 2025, though it showed signs of recovery in the final two years.
Equity Erosion and Capital Infusions
Total stockholders' equity experienced a sharp decline, falling from 51.31% in 2020 to 23.28% in 2025. This decline is most prominently characterized by the collapse of retained earnings, which shifted from a positive 25.91% in 2020 to a substantial accumulated deficit of -76.89% by March 2025.
To offset this deficit, there was a massive increase in additional paid-in capital, which rose from 43.14% in 2020 to 112.32% in 2025. This pattern suggests a heavy reliance on external equity financing or share issuances to maintain the balance sheet amid mounting losses or significant capital expenditures.
Operational Liability Trends
Operating-related liabilities, such as accounts payable and compensation and benefits, have remained relatively low but showed slight increases toward the end of the period. Compensation and benefits rose from 1.65% in 2020 to 2.92% in 2025. Other accruals, including tax and interest payables, appeared in the later years, reflecting the increased cost of debt servicing and changing tax obligations.

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