Selected Financial Data
since 2005
Income Statement
Take-Two Interactive Software Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenue | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Mar 31, 2025 | 5,633,600) | (4,391,100) | (4,478,900) |
| Mar 31, 2024 | 5,349,600) | (3,590,600) | (3,744,200) |
| Mar 31, 2023 | 5,349,900) | (1,165,200) | (1,124,700) |
| Mar 31, 2022 | 3,504,800) | 473,595) | 418,022) |
| Mar 31, 2021 | 3,372,772) | 629,384) | 588,886) |
| Mar 31, 2020 | 3,088,970) | 425,267) | 404,459) |
| Mar 31, 2019 | 2,668,394) | 206,672) | 333,837) |
| Mar 31, 2018 | 1,792,892) | 135,577) | 173,533) |
| Mar 31, 2017 | 1,779,748) | 91,305) | 67,303) |
| Mar 31, 2016 | 1,413,698) | (10,828) | (8,302) |
| Mar 31, 2015 | 1,082,938) | (258,463) | (279,470) |
| Mar 31, 2014 | 2,350,568) | 415,256) | 361,605) |
| Mar 31, 2013 | 1,214,483) | 5,239) | (29,491) |
| Mar 31, 2012 | 825,823) | (84,266) | (108,816) |
| Mar 31, 2011 | 1,136,876) | 77,142) | 48,458) |
| Mar 31, 2010 | 762,941) | (76,121) | (122,995) |
| Oct 31, 2009 | 968,488) | (130,214) | (137,930) |
| Oct 31, 2008 | 1,537,530) | 115,853) | 97,097) |
| Oct 31, 2007 | 981,791) | (126,054) | (138,406) |
| Oct 31, 2006 | 1,037,840) | (187,166) | (184,889) |
| Oct 31, 2005 | 1,202,595) | 39,981) | 37,475) |
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), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The financial trajectory over the observed period is characterized by significant revenue expansion coupled with extreme volatility in operational and net profitability. While top-line growth has transitioned from a period of instability to sustained increases, the bottom line has recently experienced a severe divergence, moving from peak profitability to substantial losses despite record revenues.
- Revenue Trends
- Net revenue exhibited high volatility between 2005 and 2015, with figures fluctuating between approximately 763 million and 2.35 billion US dollars. A consistent upward trend began in 2016, with revenue climbing from 1.41 billion US dollars to 3.50 billion US dollars by 2022. A significant acceleration occurred in 2023, where revenue surged to 5.35 billion US dollars and maintained this elevated level through 2025, reaching 5.63 billion US dollars.
- Operational Performance
- Operating income was marked by inconsistent results for the first decade, frequently alternating between modest gains and significant losses. A period of operational stability and growth emerged between 2017 and 2022, with operating income peaking at 629 million US dollars in 2021. However, this trend reversed sharply in 2023, initiating a period of escalating operational losses that expanded from 1.17 billion US dollars in 2023 to 4.39 billion US dollars by 2025.
- Net Income and Profitability
- Net income patterns closely mirror operational results, reflecting a history of instability followed by a window of profitability. From 2018 to 2022, the entity maintained positive net income, reaching a maximum of 589 million US dollars in 2021. This profitability was abruptly erased starting in 2023, with net losses widening aggressively each year, culminating in a net loss of 4.48 billion US dollars in 2025.
A critical divergence is observed in the final three years of the analysis. While net revenue reached its historical peak, both operating income and net income collapsed into deep negative territory. The scale of these losses in 2023, 2024, and 2025 is disproportionate to the revenue growth, indicating a fundamental shift in the cost structure or the recognition of substantial non-recurring expenses during this period.
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Balance Sheet: Assets
Take-Two Interactive Software Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Mar 31, 2025 | 2,815,900) | 9,180,700) |
| Mar 31, 2024 | 2,259,700) | 12,216,900) |
| Mar 31, 2023 | 2,508,100) | 15,862,100) |
| Mar 31, 2022 | 3,871,088) | 6,546,219) |
| Mar 31, 2021 | 4,220,515) | 6,028,218) |
| Mar 31, 2020 | 3,493,351) | 4,948,832) |
| Mar 31, 2019 | 2,827,835) | 4,243,065) |
| Mar 31, 2018 | 2,409,177) | 3,737,841) |
| Mar 31, 2017 | 2,195,242) | 3,149,154) |
| Mar 31, 2016 | 2,045,276) | 2,590,277) |
| Mar 31, 2015 | 1,781,308) | 2,231,100) |
| Mar 31, 2014 | 1,399,440) | 1,799,630) |
| Mar 31, 2013 | 866,152) | 1,277,839) |
| Mar 31, 2012 | 743,617) | 1,149,427) |
| Mar 31, 2011 | 566,603) | 971,659) |
| Mar 31, 2010 | 426,600) | 839,276) |
| Oct 31, 2009 | 628,224) | 1,008,571) |
| Oct 31, 2008 | 723,774) | 1,083,352) |
| Oct 31, 2007 | 498,523) | 831,143) |
| Oct 31, 2006 | 544,873) | 868,806) |
| Oct 31, 2005 | 613,242) | 932,876) |
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), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The asset structure exhibits a long-term trajectory of steady expansion followed by a period of significant volatility and strategic reallocation between 2005 and 2025.
- Current Asset Trends
- From 2005 to 2010, current assets remained relatively stable, oscillating between approximately 426 million and 723 million. A period of consistent growth began in 2011, with values climbing steadily to a peak of 4.22 billion by March 31, 2021. Following this peak, a notable contraction occurred, with current assets declining to 2.51 billion in 2022 and reaching a period low of 2.26 billion in 2023, before recovering to 2.82 billion by March 31, 2025.
- Total Asset Growth and Volatility
- Total assets followed a growth pattern similar to current assets until 2022, increasing from 932 million in 2005 to 6.55 billion in 2022. A substantial surge is observed on March 31, 2023, where total assets peaked at 15.86 billion, representing a more than twofold increase within a single fiscal year. This peak was followed by a consistent downward trend, with total assets decreasing to 12.22 billion in 2024 and further to 9.18 billion by March 31, 2025.
- Analysis of Asset Composition
- The relationship between current and total assets indicates a fundamental shift in the balance sheet's composition. Between 2005 and 2021, current assets represented a high proportion of total assets. However, the massive increase in total assets in 2023, which was not mirrored by a similar increase in current assets, shifted the asset mix heavily toward non-current assets. By March 31, 2023, current assets constituted only approximately 15.8% of the total asset base. As total assets contracted through 2025, the relative weight of current assets increased, ending the period at approximately 30.7% of total assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Take-Two Interactive Software Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt, net | Stockholders’ equity | |
|---|---|---|---|---|
| Mar 31, 2025 | 3,615,800) | 7,043,000) | 3,661,100) | 2,137,700) |
| Mar 31, 2024 | 2,406,400) | 6,549,000) | 3,082,900) | 5,667,900) |
| Mar 31, 2023 | 3,851,600) | 6,819,600) | 3,079,800) | 9,042,500) |
| Mar 31, 2022 | 2,104,964) | 2,736,560) | —) | 3,809,659) |
| Mar 31, 2021 | 2,234,715) | 2,696,326) | —) | 3,331,892) |
| Mar 31, 2020 | 2,038,539) | 2,409,588) | —) | 2,539,244) |
| Mar 31, 2019 | 1,951,794) | 2,202,485) | —) | 2,040,580) |
| Mar 31, 2018 | 1,726,929) | 2,248,871) | 8,068) | 1,488,970) |
| Mar 31, 2017 | 1,685,892) | 2,145,426) | 251,929) | 1,003,728) |
| Mar 31, 2016 | 1,220,411) | 2,008,892) | 497,935) | 581,385) |
| Mar 31, 2015 | 966,260) | 1,668,012) | 476,057) | 563,088) |
| Mar 31, 2014 | 474,820) | 997,824) | 454,031) | 801,806) |
| Mar 31, 2013 | 336,999) | 689,844) | 335,202) | 587,995) |
| Mar 31, 2012 | 218,725) | 553,700) | 316,340) | 595,727) |
| Mar 31, 2011 | 230,888) | 356,380) | 107,239) | 615,279) |
| Mar 31, 2010 | 209,867) | 318,653) | 99,865) | 520,623) |
| Oct 31, 2009 | 354,293) | 502,439) | 138,000) | 506,132) |
| Oct 31, 2008 | 365,419) | 468,234) | 70,000) | 615,118) |
| Oct 31, 2007 | 312,161) | 359,989) | 18,000) | 471,154) |
| Oct 31, 2006 | 263,546) | 318,414) | —) | 550,392) |
| Oct 31, 2005 | 234,275) | 236,742) | —) | 696,134) |
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), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The financial trajectory of the liabilities and equity structure exhibits three distinct phases: a period of relative stability from 2005 to 2013, a phase of steady expansion from 2014 to 2022, and a period of significant volatility and structural shift between 2023 and 2025.
- Liability Trends
- Total liabilities remained below 1 billion US$ until 2014, after which a consistent upward trend emerged. Liabilities grew from 997.8 million US$ in 2014 to 2.74 billion US$ by 2022. A sharp escalation occurred in 2023, with total liabilities jumping to 6.82 billion US$, and further increasing to 7.04 billion US$ by March 31, 2025.
- Current Liabilities and Liquidity
- Current liabilities followed a similar growth pattern, expanding from 234.3 million US$ in 2005 to a peak of 3.85 billion US$ in 2023. Although a temporary decrease to 2.41 billion US$ was noted in 2024, the balance rose again to 3.62 billion US$ by 2025, indicating a substantial increase in short-term financial obligations relative to the early years of the period.
- Net Debt Dynamics
- Net debt was maintained at relatively low levels for the majority of the observed period, peaking at 497.9 million US$ in 2016 before nearly disappearing by 2018. Following a period of minimal reported debt, a massive increase is observed starting in 2024, with net debt rising to 3.08 billion US$ and reaching 3.66 billion US$ by March 31, 2025, suggesting a pivot toward a more leveraged capital structure.
- Stockholders' Equity Fluctuations
- Equity remained stable between 471 million US$ and 802 million US$ from 2005 to 2014. A sustained growth phase followed, leading to a historic peak of 9.04 billion US$ in 2023. However, a rapid and severe contraction occurred thereafter, with equity falling to 5.67 billion US$ in 2024 and further declining to 2.14 billion US$ by 2025.
The convergence of rising net debt and sharply declining stockholders' equity between 2023 and 2025 indicates a fundamental change in the balance sheet composition. The shift from a high-equity, low-debt model to one characterized by increased leverage and reduced equity suggests significant capital reallocation or the financial impact of large-scale corporate activity.
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Cash Flow Statement
Take-Two Interactive Software Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Mar 31, 2025 | (45,200) | (151,500) | 650,500) |
| Mar 31, 2024 | (16,100) | (28,200) | (91,400) |
| Mar 31, 2023 | 1,100) | (2,876,300) | 1,930,300) |
| Mar 31, 2022 | 257,984) | 139,216) | (256,813) |
| Mar 31, 2021 | 912,318) | (806,724) | (57,338) |
| Mar 31, 2020 | 685,678) | 4,049) | (77,453) |
| Mar 31, 2019 | 843,515) | (223,576) | (463,685) |
| Mar 31, 2018 | 393,947) | (271,827) | (281,467) |
| Mar 31, 2017 | 331,429) | (129,030) | (49,772) |
| Mar 31, 2016 | 261,305) | (324,516) | (48,047) |
| Mar 31, 2015 | 212,814) | (220,141) | 928) |
| Mar 31, 2014 | 700,262) | (30,813) | (133,684) |
| Mar 31, 2013 | (4,567) | (16,820) | —) |
| Mar 31, 2012 | (84,964) | (14,162) | 243,364) |
| Mar 31, 2011 | 134,798) | (7,578) | 734) |
| Mar 31, 2010 | (135,702) | 23,025) | 45,784) |
| Oct 31, 2009 | (210,204) | (16,989) | 45,788) |
| Oct 31, 2008 | 151,426) | (16,780) | 77,000) |
| Oct 31, 2007 | (64,045) | (24,611) | 25,694) |
| Oct 31, 2006 | 43,362) | (25,275) | 2,971) |
| Oct 31, 2005 | 39,980) | (91,034) | 6,223) |
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), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The cash flow profile demonstrates a transition from early operational volatility to a period of sustained growth, followed by a recent phase of aggressive capital expenditure and strategic financing.
- Operational Cash Flow Trends
- Between 2005 and 2013, operating activities exhibited significant instability, characterized by alternating periods of positive and negative cash flow, including a low of negative 210 million USD in 2009. A period of substantial operational strength emerged starting in 2014, with net cash provided by operating activities increasing steadily and reaching a peak of 912 million USD in 2021. However, a sharp reversal occurred after 2021, with cash flow from operations declining precipitously to 1.1 million USD in 2023 and turning negative in 2024 and 2025.
- Investing Activities and Capital Deployment
- Investing activities remained predominantly negative throughout the analyzed period, reflecting consistent capital deployment. While outflows were relatively moderate until 2014, spending increased significantly between 2015 and 2018. A major spike in investing outflows occurred in 2021 at 806 million USD, followed by an extraordinary outflow of 2.876 billion USD in 2023, indicating a massive strategic acquisition or investment. More recent figures for 2024 and 2025 show a return to more moderate investing outflows.
- Financing Strategies and Liquidity Management
- Financing activities initially provided liquidity from 2005 through 2012 to support operations and investments. From 2014 to 2022, the trend shifted toward negative financing cash flows, suggesting a period of debt repayment or shareholder distributions. This trend was abruptly reversed in 2023 with a substantial financing inflow of 1.93 billion USD, which appears to have been utilized to fund the heavy investing activities of that year. Further financing inflows are noted in 2025, totaling 650.5 million USD.
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Per Share Data
Take-Two Interactive Software Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Mar 31, 2025 | -25.58 | -25.58 | 0.00 |
| Mar 31, 2024 | -22.01 | -22.01 | 0.00 |
| Mar 31, 2023 | -7.03 | -7.03 | 0.00 |
| Mar 31, 2022 | 3.62 | 3.58 | 0.00 |
| Mar 31, 2021 | 5.14 | 5.09 | 0.00 |
| Mar 31, 2020 | 3.58 | 3.54 | 0.00 |
| Mar 31, 2019 | 2.95 | 2.90 | 0.00 |
| Mar 31, 2018 | 1.57 | 1.54 | 0.00 |
| Mar 31, 2017 | 0.73 | 0.72 | 0.00 |
| Mar 31, 2016 | -0.10 | -0.10 | 0.00 |
| Mar 31, 2015 | -3.48 | -3.48 | 0.00 |
| Mar 31, 2014 | 3.79 | 3.20 | 0.00 |
| Mar 31, 2013 | -0.34 | -0.34 | 0.00 |
| Mar 31, 2012 | -1.31 | -1.31 | 0.00 |
| Mar 31, 2011 | 0.56 | 0.56 | 0.00 |
| Mar 31, 2010 | -1.58 | -1.58 | 0.00 |
| Oct 31, 2009 | -1.80 | -1.80 | 0.00 |
| Oct 31, 2008 | 1.29 | 1.28 | 0.00 |
| Oct 31, 2007 | -1.93 | -1.93 | 0.00 |
| Oct 31, 2006 | -2.60 | -2.60 | 0.00 |
| Oct 31, 2005 | 0.54 | 0.53 | 0.00 |
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), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share trajectory exhibits three distinct phases: an initial period of volatility, a subsequent period of sustained growth, and a recent phase of significant financial contraction.
- Earnings Volatility (2005–2013)
- During this initial period, basic and diluted earnings per share were characterized by inconsistent fluctuations. Basic EPS oscillated between modest gains, such as 0.54 in 2005 and 1.29 in 2008, and recurring losses, including -2.60 in 2006 and -1.31 in 2012. This pattern indicates a period of unstable profitability.
- Growth and Peak Performance (2014–2022)
- A transition toward more consistent profitability began in 2014. Following a temporary decline in 2015, basic earnings per share entered a sustained upward trend, reaching a peak of 5.14 in 2021. This era represents the most successful phase of earnings generation within the analyzed timeframe, characterized by stable positive returns from 2017 through 2022.
- Recent Performance Decline (2023–2025)
- A severe reversal in earnings is observed starting in 2023. Basic EPS shifted sharply to -7.03 in 2023, followed by an accelerated decline to -22.01 in 2024 and -25.58 in 2025. This trend represents a substantial and rapid increase in net losses per share.
- Dividend Policy and Dilution Analysis
- No dividend distributions were recorded at any point between 2005 and 2025, indicating a policy of retaining all earnings. Additionally, the variance between basic and diluted earnings per share remained minimal for the majority of the period, suggesting a limited impact from dilutive securities, with the most significant divergence occurring in 2014.
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