Name: Take-Two Interactive Software Inc. (NASDAQ:TTWO) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Take-Two Interactive Software Inc., consolidated income statement

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Game	5,167,500)	4,693,500)	4,735,600)	3,423,200)	3,319,672)	3,088,970)
Advertising	466,100)	656,100)	614,300)	81,600)	53,100)	—)
Net revenue	5,633,600)	5,349,600)	5,349,900)	3,504,800)	3,372,772)	3,088,970)
Cost of revenue	(2,571,400)	(3,107,800)	(3,064,600)	(1,535,401)	(1,535,085)	(1,542,450)
Gross profit	3,062,200)	2,241,800)	2,285,300)	1,969,399)	1,837,687)	1,546,520)
Selling and marketing	(1,683,700)	(1,550,200)	(1,586,500)	(516,429)	(444,985)	(458,424)
Research and development	(1,005,200)	(948,200)	(887,600)	(406,566)	(317,311)	(296,398)
General and administrative	(883,300)	(716,100)	(839,500)	(510,855)	(390,683)	(318,235)
Depreciation and amortization	(229,400)	(171,200)	(122,300)	(61,105)	(55,596)	(48,113)
Goodwill impairment	(3,545,200)	(2,342,100)	—)	—)	—)	—)
Business reorganization	(106,500)	(104,600)	(14,600)	(849)	272)	(83)
Operating expenses	(7,453,300)	(5,832,400)	(3,450,500)	(1,495,804)	(1,208,303)	(1,121,253)
Income (loss) from operations	(4,391,100)	(3,590,600)	(1,165,200)	473,595)	629,384)	425,267)
Interest income	98,600)	62,300)	33,800)	17,622)	18,701)	47,341)
Interest expense	(167,300)	(140,600)	(129,600)	(18,628)	(6,207)	(2,637)
Foreign currency exchange gain (loss)	(22,600)	(28,600)	(31,800)	(7,289)	727)	(3,589)
Other	(2,000)	3,300)	(14,300)	(5,917)	(4,425)	(2,610)
Interest and other, net	(93,300)	(103,600)	(141,900)	(14,212)	8,796)	38,505)
Gain (loss) on fair value adjustments, net	(6,900)	(8,600)	(31,000)	6,015)	39,636)	(5,333)
Income (loss) before income taxes	(4,491,300)	(3,702,800)	(1,338,100)	465,398)	677,816)	458,439)
(Provision for) benefit from income taxes	12,400)	(41,400)	213,400)	(47,376)	(88,930)	(53,980)
Net income (loss)	(4,478,900)	(3,744,200)	(1,124,700)	418,022)	588,886)	404,459)

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).

Financial performance between March 31, 2020, and March 31, 2025, is characterized by substantial revenue growth contrasted with a significant decline in net profitability, primarily driven by escalating operating expenses and substantial non-cash impairment charges.

Revenue Trends and Gross Profitability: Net revenue exhibited a consistent upward trajectory, increasing from 3,088,970 thousand US dollars in 2020 to 5,633,600 thousand US dollars in 2025. A significant acceleration occurred between 2022 and 2023, where revenue grew by approximately 52%. Gross profit margins showed volatility; while margins improved from 2020 to 2022, there was a notable compression in 2023 and 2024 as the cost of revenue doubled from approximately 1.5 billion to over 3.1 billion US dollars. A recovery in gross profit is observed in 2025, reaching 3,062,200 thousand US dollars as the cost of revenue decreased to 2,571,400 thousand US dollars.
Operating Expense Analysis: Operating expenses experienced aggressive growth over the five-year period. Selling and marketing expenses remained relatively stable until 2023, at which point they surged from 516,429 thousand US dollars in 2022 to 1,586,500 thousand US dollars in 2023, maintaining an elevated level through 2025. Research and development costs followed a steady climbing trend, more than tripling from 296,398 thousand US dollars in 2020 to 1,005,200 thousand US dollars in 2025. General and administrative expenses similarly increased from 318,235 thousand US dollars in 2020 to 883,300 thousand US dollars in 2025.
Impairment and Non-Cash Charges: The most significant impact on the bottom line appears in the final two years of the period. Goodwill impairment charges, which were nonexistent from 2020 to 2023, emerged as a primary driver of losses, totaling 2,342,100 thousand US dollars in 2024 and increasing to 3,545,200 thousand US dollars in 2025. Additionally, depreciation and amortization costs showed a consistent increase, growing from 48,113 thousand US dollars in 2020 to 229,400 thousand US dollars in 2025.
Operating Income and Net Profitability: The company transitioned from a period of operational profitability to substantial losses. Operating income remained positive from 2020 to 2022, peaking at 629,384 thousand US dollars in 2021. However, a sharp reversal occurred in 2023 with an operating loss of 1,165,200 thousand US dollars, which deepened further to 4,391,100 thousand US dollars by 2025. This trajectory is mirrored in the net income, which shifted from a profit of 404,459 thousand US dollars in 2020 to a net loss of 4,478,900 thousand US dollars in 2025.
Interest and Other Financial Items: Interest expenses rose significantly from 2,637 thousand US dollars in 2020 to 167,300 thousand US dollars in 2025, indicating an increase in debt obligations or higher borrowing costs. This was partially offset by an increase in interest income, which grew from 47,341 thousand US dollars in 2020 to 98,600 thousand US dollars in 2025.

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