Income Statement
Quarterly Data

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.

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

US$ in thousands

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	1,473,800)	1,243,100)	1,233,900)	1,216,700)	1,260,600)	1,208,200)	1,128,600)	1,096,100)	1,266,300)	1,231,300)	1,218,800)	1,019,200)	910,904)	883,252)	832,698)	796,346)	839,431)	860,889)	841,142)	831,310)	760,541)	930,129)	857,841)	540,459)
Advertising	108,700)	116,700)	119,200)	121,500)	138,800)	158,100)	170,600)	188,600)	179,900)	176,500)	174,700)	83,200)	19,100)	20,000)	25,500)	17,000)	—)	—)	—)	—)	—)	—)	—)	—)
Net revenue	1,582,500)	1,359,800)	1,353,100)	1,338,200)	1,399,400)	1,366,300)	1,299,200)	1,284,700)	1,446,200)	1,407,800)	1,393,500)	1,102,400)	930,004)	903,252)	858,198)	813,346)	839,431)	860,889)	841,142)	831,310)	760,541)	930,129)	857,841)	540,459)
Cost of revenue	(779,200)	(599,900)	(625,200)	(567,100)	(930,300)	(688,200)	(883,800)	(605,500)	(1,223,100)	(691,900)	(713,900)	(435,700)	(398,625)	(350,379)	(456,682)	(329,715)	(279,647)	(346,244)	(432,505)	(476,689)	(395,640)	(437,093)	(468,248)	(241,469)
Gross profit	803,300)	759,900)	727,900)	771,100)	469,100)	678,100)	415,400)	679,200)	223,100)	715,900)	679,600)	666,700)	531,379)	552,873)	401,516)	483,631)	559,784)	514,645)	408,637)	354,621)	364,901)	493,036)	389,593)	298,990)
Selling and marketing	(402,100)	(388,900)	(461,300)	(431,400)	(448,900)	(367,300)	(334,600)	(399,400)	(429,400)	(446,700)	(444,400)	(272,100)	(141,270)	(135,286)	(136,019)	(103,854)	(106,609)	(139,906)	(113,691)	(84,779)	(79,969)	(137,068)	(149,566)	(91,821)
Research and development	(297,800)	(240,900)	(246,700)	(219,800)	(245,500)	(232,000)	(232,100)	(238,600)	(238,500)	(238,200)	(243,200)	(172,600)	(96,108)	(116,656)	(101,508)	(92,294)	(83,559)	(86,428)	(74,216)	(73,108)	(68,718)	(82,520)	(76,197)	(68,963)
General and administrative	(230,200)	(189,600)	(253,000)	(210,500)	(174,900)	(165,000)	(178,300)	(197,900)	(222,500)	(168,900)	(214,600)	(237,100)	(148,371)	(130,706)	(127,331)	(104,447)	(98,453)	(98,624)	(91,433)	(102,173)	(82,212)	(84,531)	(76,659)	(74,833)
Depreciation and amortization	(87,800)	(49,500)	(47,300)	(44,800)	(42,900)	(42,600)	(45,300)	(40,400)	(35,100)	(35,000)	(29,900)	(22,300)	(16,463)	(15,996)	(16,181)	(12,465)	(15,480)	(14,007)	(13,691)	(12,418)	(12,502)	(12,330)	(12,024)	(11,257)
Goodwill impairment	(3,545,200)	—)	—)	—)	(2,176,700)	—)	(165,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Business reorganization	(17,100)	(23,100)	(16,800)	(49,500)	(93,300)	(700)	(3,400)	(7,200)	—)	—)	—)	—)	(303)	(123)	(326)	(97)	134)	377)	(239)	—)	384)	246)	(327)	(386)
Operating expenses	(4,580,200)	(892,000)	(1,025,100)	(956,000)	(3,182,200)	(807,600)	(959,100)	(883,500)	(925,500)	(888,800)	(932,100)	(704,100)	(402,515)	(398,767)	(381,365)	(313,157)	(303,967)	(338,588)	(293,270)	(272,478)	(243,017)	(316,203)	(314,773)	(247,260)
Income (loss) from operations	(3,776,900)	(132,100)	(297,200)	(184,900)	(2,713,100)	(129,500)	(543,700)	(204,300)	(702,400)	(172,900)	(252,500)	(37,400)	128,864)	154,106)	20,151)	170,474)	255,817)	176,057)	115,367)	82,143)	121,884)	176,833)	74,820)	51,730)
Interest and other, net	(22,200)	(21,000)	(25,900)	(24,200)	(24,600)	(22,500)	(31,100)	(25,400)	(33,800)	(28,300)	(50,500)	(29,300)	(6,984)	(5,629)	(572)	(1,027)	(3,226)	1,098)	2,706)	8,218)	8,083)	11,943)	8,054)	10,425)
Gain (loss) on fair value adjustments, net	(2,800)	200)	(1,200)	(3,100)	(6,900)	(300)	(2,200)	800)	5,600)	1,100)	1,900)	(39,600)	(39)	3,662)	395)	1,997)	1,000)	39,291)	(655)	—)	(5,333)	—)	—)	—)
Income (loss) before income taxes	(3,801,900)	(152,900)	(324,300)	(212,200)	(2,744,600)	(152,300)	(577,000)	(228,900)	(730,600)	(200,100)	(301,100)	(106,300)	121,841)	152,139)	19,974)	171,444)	253,591)	216,446)	117,418)	90,361)	124,634)	188,776)	82,874)	62,155)
(Provision for) benefit from income taxes	75,700)	27,700)	(41,200)	(49,800)	(158,400)	60,700)	33,400)	22,900)	120,300)	46,700)	44,100)	2,300)	(10,869)	(7,642)	(9,677)	(19,188)	(34,779)	(34,198)	(18,097)	(1,856)	(1,912)	(25,134)	(11,059)	(15,875)
Net income (loss)	(3,726,200)	(125,200)	(365,500)	(262,000)	(2,903,000)	(91,600)	(543,600)	(206,000)	(610,300)	(153,400)	(257,000)	(104,000)	110,972)	144,497)	10,297)	152,256)	218,812)	182,248)	99,321)	88,505)	122,722)	163,642)	71,815)	46,280)

Game Revenue Trends: Game revenue demonstrates an overall upward trend from mid-2019 through early 2025, with some fluctuations. Starting at approximately $540 million in June 2019, it peaks multiple times, notably surpassing $1.2 billion in several periods from mid-2022 onwards. The highest recorded value is around $1.47 billion in March 2025, indicating sustained growth in sales or pricing over time.
Advertising Expenses: Advertising expenses appear starting only in late 2020. From September 2021 onward, these expenses show a strong increase, peaking at $188.6 million in March 2023, followed by a gradual decline to $108.7 million by December 2024. This pattern suggests an initial aggressive marketing push that moderates in later quarters.
Net Revenue: Net revenue mirrors the game revenue trend closely, increasing from around $540 million in Q2 2019 to reach $1.58 billion by Q1 2025. There are periods of steady growth, particularly notable from mid-2021 through 2024. The persistent upward trend in net revenue suggests effective monetization and sales performance improvements.
Cost of Revenue: Cost of revenue exhibits variability with notable spikes and drops. Initial values hover around $240 million to $470 million with fluctuations. A significant increase is observed in Q1 2023 with costs reaching $1.22 billion, indicating potential rising costs or lower margins during that period. Subsequent quarters show costs returning to lower but still heightened levels compared to the earliest periods, implying increased operational costs or investments.
Gross Profit: Gross profit initially grows from $299 million in mid-2019 to over $715 million by late 2022 but experiences a sharp drop in Q1 2023 to $223 million. It recovers subsequently but remains volatile, showing challenges in maintaining profitability despite rising revenues, likely related to the aforementioned surges in cost of revenue.
Selling and Marketing Expenses: These expenses increase steadily from roughly $92 million in Q2 2019 to short-term peaks over $446 million during 2021 and 2022. A temporary decline occurs in later periods but expenses remain elevated, reflecting substantial ongoing investments in customer acquisition and promotion activities.
Research and Development Expenses: R&D spending grows from just under $69 million in mid-2019 to a peak of approximately $297.8 million by Q1 2025, showing consistent commitment to innovation and product development. The increase, especially after 2021, suggests intensified efforts in new product pipelines or technology enhancements.
General and Administrative Expenses: G&A expenses rise from about $75 million in mid-2019, peaking around $253 million in late 2023, and show fluctuations in recent quarters. This indicates growing overhead, possibly due to organizational expansion or rising administrative costs.
Depreciation and Amortization: Depreciation and amortization increase steadily from approximately $11 million in mid-2019 to a significant $87.8 million in early 2025. This escalation may reflect increased capital expenditures or acquisitions requiring amortization over time.
Goodwill Impairment and Business Reorganization: Goodwill impairment charges appear suddenly from late 2023, reaching very large amounts, including a $3.54 billion charge in Q1 2025, highlighting significant asset write-downs. Business reorganization costs fluctuate but experience marked spikes in 2023 and 2024, indicating restructuring activities during those periods.
Operating Expenses: Operating expenses initially increase consistently from approximately $247 million in mid-2019 to major spikes exceeding $3.18 billion in Q1 2024 and $4.58 billion in Q1 2025. These elevated levels correspond with goodwill impairment and restructuring charges, significantly impacting overall costs.
Income (Loss) from Operations: Operating income is positive and growing from mid-2019 through 2021 but deteriorates sharply starting 2022 with losses reaching over $2.7 billion in Q1 2024 and nearly $3.8 billion by Q1 2025. This reversal reflects the impact of high operating expenses, goodwill impairments, and restructuring charges.
Interest and Other, Net: Interest and other net expenses fluctuate mildly, typically ranging from positive single-digit millions to negative $25 million to $50 million in later periods, indicating manageable finance and other non-operational costs.
Gains or Losses on Fair Value Adjustments: These gains/losses show sporadic values, with occasional small gains and losses, such as a notable loss of $39.6 million around Q1 2022. The irregular pattern suggests these are non-recurring adjustments affecting net results marginally.
Income (Loss) Before Income Taxes: Income before taxes follows the operating income pattern, with positive contributions until about 2021 and successive large losses thereafter driven by the operating expense surges and impairments, peaking in losses above $2.7 billion in Q1 2024 and nearly $3.8 billion by Q1 2025.
Provision for Income Taxes: Tax provisions display negative and positive variations; notable is a large tax provision increase in Q1 2024 corresponding to elevated losses and potential tax benefits utilized in prior periods, followed by some reversal or tax benefits in subsequent quarters.
Net Income (Loss): Net income is positive and growing from mid-2019 through 2021, peaking at about $218 million in early 2021. Starting 2022, net income turns negative with losses escalating sharply to nearly $2.9 billion in Q1 2024 and approximately $3.7 billion by Q1 2025. This reflects the substantial impairment charges and restructuring costs overshadowing operating performance.

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

Income Statement Quarterly Data

Income Statement
Quarterly Data