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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Take-Two Interactive Software Inc., economic profit calculation

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net operating profit after taxes (NOPAT)¹	(4,540,136)	(3,779,593)	(1,240,989)	410,045)	782,700)	331,110)
Cost of capital²	13.44%	13.09%	12.94%	14.21%	14.31%	14.29%
Invested capital³	7,701,100)	10,727,600)	14,060,600)	4,181,680)	3,102,062)	2,825,883)

Economic profit⁴	(5,574,900)	(5,184,065)	(3,060,745)	(184,226)	338,945)	(72,614)

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).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= -4,540,136 – 13.44% × 7,701,100 = -5,574,900

The analysis of economic value creation reveals a significant transition from marginal profitability to substantial economic value destruction over the period ending March 31, 2025. While a brief window of value creation was achieved in 2021, the subsequent trajectory is characterized by deepening losses and a failure to generate returns exceeding the cost of capital.

Net Operating Profit After Taxes (NOPAT): A severe downward trend is evident in operating profitability. NOPAT peaked in 2021 at 782.7 million US$, followed by a decline in 2022 and a transition into negative territory starting in 2023. The losses expanded aggressively, reaching -4.54 billion US$ by March 31, 2025, indicating a critical deterioration in the core operational ability to generate profit.
Invested Capital Dynamics: Invested capital remained relatively stable between 2020 and 2022, followed by a massive surge in 2023, where it peaked at 14.06 billion US$. This spike suggests a period of intense capital deployment or acquisition activity. However, this was followed by a contraction in invested capital over the next two years, descending to 7.70 billion US$ by March 31, 2025.
Cost of Capital Stability: The cost of capital remained remarkably stable throughout the period. Initial rates hovered around 14.2% to 14.3% from 2020 to 2022, with a slight reduction to approximately 13% between 2023 and 2025. This stability indicates that the decline in economic profit was driven by operational failures and capital inefficiency rather than a spike in the required rate of return.
Economic Profit and Value Destruction: Economic profit reflects a trajectory of accelerating value destruction. After a single positive year in 2021 (338.9 million US$), the figures collapsed. The convergence of plummeting NOPAT and a significant increase in invested capital in 2023 resulted in a sharp drop in economic profit to -3.06 billion US$. This trend intensified, culminating in an economic loss of -5.57 billion US$ by March 31, 2025, signifying that the returns on invested capital are substantially below the company's cost of capital.

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Take-Two Interactive Software Inc., NOPAT calculation

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net income (loss)	(4,478,900)	(3,744,200)	(1,124,700)	418,022)	588,886)	404,459)
Deferred income tax expense (benefit)¹	(139,100)	(101,500)	(384,900)	11,898)	37,150)	13,783)
Increase (decrease) in allowances²	400)	(100)	900)	—)	(93)	(552)
Increase (decrease) in deferred revenue³	6,500)	(11,900)	178,100)	(29,150)	159,208)	(58,237)
Increase (decrease) in equity equivalents⁴	(132,200)	(113,500)	(205,900)	(17,252)	196,265)	(45,006)
Interest expense	167,300)	140,600)	129,600)	18,628)	6,207)	2,637)
Interest expense, operating lease liability⁵	21,128)	20,570)	17,632)	10,734)	9,391)	8,827)
Adjusted interest expense	188,428)	161,170)	147,232)	29,362)	15,598)	11,464)
Tax benefit of interest expense⁶	(39,570)	(33,846)	(30,919)	(6,166)	(3,276)	(2,407)
Adjusted interest expense, after taxes⁷	148,858)	127,324)	116,313)	23,196)	12,323)	9,056)
Interest income	(98,600)	(62,300)	(33,800)	(17,622)	(18,701)	(47,341)
Investment income, before taxes	(98,600)	(62,300)	(33,800)	(17,622)	(18,701)	(47,341)
Tax expense (benefit) of investment income⁸	20,706)	13,083)	7,098)	3,701)	3,927)	9,942)
Investment income, after taxes⁹	(77,894)	(49,217)	(26,702)	(13,921)	(14,774)	(37,399)
Net operating profit after taxes (NOPAT)	(4,540,136)	(3,779,593)	(1,240,989)	410,045)	782,700)	331,110)

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).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowances.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in equity equivalents to net income (loss).

⁵ 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 444,800 × 4.75% = 21,128

⁶ 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 188,428 × 21.00% = 39,570

⁷ Addition of after taxes interest expense to net income (loss).

⁸ 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 98,600 × 21.00% = 20,706

⁹ Elimination of after taxes investment income.

Net Income (Loss): Net income demonstrated notable fluctuations over the six-year period. Initially, the company experienced an increase from $404,459 thousand in 2020 to a peak of $588,886 thousand in 2021. However, in 2022 net income declined to $418,022 thousand. Starting in 2023, the trend reversed sharply into negative territory, with losses of $1,124,700 thousand, which further deepened significantly in 2024 and 2025 to $3,744,200 thousand and $4,478,900 thousand respectively. This indicates a substantial deterioration in profitability during the latter years.
Net Operating Profit After Taxes (NOPAT): NOPAT followed a similar pattern as net income, indicating alignment in operating performance and overall profitability. It rose from $331,110 thousand in 2020 to a high of $782,700 thousand in 2021, followed by a decline to $410,045 thousand in 2022. From 2023 onward, NOPAT turned negative and worsened substantially, reaching -$1,240,989 thousand in 2023, then declining further to -$3,779,593 thousand in 2024 and -$4,540,136 thousand in 2025. This reflects not only a reduction in operating efficiency but also an increasing operating loss burden.
Overall Trend and Insights: Both net income and NOPAT reveal a trajectory of initial growth followed by a steep decline culminating in sizeable losses in the recent years. The peak performance year was 2021, after which profitability metrics declined sharply. The progression into negative results and the magnitude of losses in the last three years suggest significant challenges impacting earnings and operating outcomes. The consistent pattern between net income and NOPAT changes indicates that these losses are driven by core operational issues rather than solely one-off or non-operating items. This financial trajectory may warrant further detailed investigation into the underlying causes and the sustainability of the company’s operations.

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Take-Two Interactive Software Inc., cash operating taxes calculation

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Provision for (benefit from) income taxes	(12,400)	41,400)	(213,400)	47,376)	88,930)	53,980)
Less: Deferred income tax expense (benefit)	(139,100)	(101,500)	(384,900)	11,898)	37,150)	13,783)
Add: Tax savings from interest expense	39,570)	33,846)	30,919)	6,166)	3,276)	2,407)
Less: Tax imposed on investment income	20,706)	13,083)	7,098)	3,701)	3,927)	9,942)
Cash operating taxes	145,564)	163,663)	195,321)	37,943)	51,128)	32,663)

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).

Provision for (benefit from) income taxes: The provision for income taxes shows notable volatility over the periods analyzed. Initially, the provision increased from 53,980 thousand USD in 2020 to a peak of 88,930 thousand USD in 2021, followed by a significant decrease to 47,376 thousand USD in 2022. A marked shift occurs in 2023, with a sizable negative provision of -213,400 thousand USD, indicating a benefit rather than a charge. This is followed by a reversal back to a positive provision, 41,400 thousand USD in 2024, and a slight reduction to -12,400 thousand USD in 2025, suggesting fluctuations in taxable income or tax strategies impacting the provision.
Cash operating taxes: Cash operating taxes exhibited an increasing trend up to 2021, growing from 32,663 thousand USD in 2020 to 51,128 thousand USD in 2021. Subsequently, a decrease is observed in 2022 to 37,943 thousand USD. However, a substantial surge occurs in 2023, with cash taxes rising to 195,321 thousand USD, sustaining elevated levels in the following years with 163,663 thousand USD in 2024 and 145,564 thousand USD in 2025. This pattern suggests increased cash tax payments possibly driven by growing taxable income or changes in tax regulations or payments timing.

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Take-Two Interactive Software Inc., invested capital calculation (financing approach)

US$ in thousands

	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Short-term debt, net	1,148,500)	24,600)	1,346,800)	—)	—)	—)
Long-term debt, net	2,512,600)	3,058,300)	1,733,000)	—)	—)	—)
Operating lease liability¹	444,800)	451,100)	407,200)	250,218)	191,266)	177,246)
Total reported debt & leases	4,105,900)	3,534,000)	3,487,000)	250,218)	191,266)	177,246)
Stockholders’ equity	2,137,700)	5,667,900)	9,042,500)	3,809,659)	3,331,892)	2,539,244)
Net deferred tax (assets) liabilities²	259,500)	339,000)	489,200)	(52,013)	(86,749)	(111,546)
Allowances³	1,600)	1,200)	1,300)	350)	350)	443)
Deferred revenue⁴	1,108,900)	1,102,400)	1,114,300)	936,181)	965,331)	806,123)
Equity equivalents⁵	1,370,000)	1,442,600)	1,604,800)	884,518)	878,932)	695,020)
Accumulated other comprehensive (income) loss, net of tax⁶	96,900)	105,100)	113,300)	57,345)	8,664)	58,376)
Adjusted stockholders’ equity	3,604,600)	7,215,600)	10,760,600)	4,751,522)	4,219,488)	3,292,640)
Short-term investments⁷	(9,400)	(22,000)	(187,000)	(820,060)	(1,308,692)	(644,003)
Invested capital	7,701,100)	10,727,600)	14,060,600)	4,181,680)	3,102,062)	2,825,883)

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).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of equity equivalents to stockholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of short-term investments.

Total reported debt & leases: The total reported debt and leases exhibit a significant upward trend over the analyzed periods. Starting at approximately 177 million USD in 2020, this figure increased gradually to about 250 million USD by 2022. Thereafter, a pronounced surge is observed, with the amount rising sharply to around 3.49 billion USD in 2023 and continuing to escalate to over 4.1 billion USD by 2025. This dramatic increase indicates a substantial expansion in the company's leverage and long-term commitments during the latter years.
Stockholders’ equity: Stockholders' equity shows a rising trend from 2020 through 2023, increasing from approximately 2.54 billion USD to a peak of about 9.04 billion USD. However, this peak is followed by a marked decline in the subsequent years, with equity falling to roughly 5.67 billion USD in 2024 and further decreasing to approximately 2.14 billion USD by 2025. This volatility suggests significant fluctuations in retained earnings, asset revaluations, or capital changes occurring within this period.
Invested capital: Invested capital demonstrates growth from 2020 to 2023, rising from near 2.83 billion USD to a high of about 14.06 billion USD. After this peak, invested capital decreases notably to around 7.7 billion USD by 2025. The substantial rise and subsequent decline reflect notable changes in the company's total capital employed in operations, likely influenced by the patterns observed in both debt levels and equity.

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Take-Two Interactive Software Inc., cost of capital calculations

Mar 31, 2025

	Capital (fair value)¹	Weights					Cost of capital
Equity²	42,138,416)	42,138,416)	÷	46,249,416)	=	0.91	0.91	×	14.40%	=	13.12%
Debt, net³	3,666,200)	3,666,200)	÷	46,249,416)	=	0.08	0.08	×	4.46% × (1 – 21.00%)	=	0.28%
Operating lease liability⁴	444,800)	444,800)	÷	46,249,416)	=	0.01	0.01	×	4.75% × (1 – 21.00%)	=	0.04%
Total:	46,249,416)					1.00					13.44%

Based on: 10-K (reporting date: 2025-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Mar 31, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	25,812,353)	25,812,353)	÷	29,287,653)	=	0.88	0.88	×	14.40%	=	12.69%
Debt, net³	3,024,200)	3,024,200)	÷	29,287,653)	=	0.10	0.10	×	4.22% × (1 – 21.00%)	=	0.34%
Operating lease liability⁴	451,100)	451,100)	÷	29,287,653)	=	0.02	0.02	×	4.56% × (1 – 21.00%)	=	0.06%
Total:	29,287,653)					1.00					13.09%

Based on: 10-K (reporting date: 2024-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Mar 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	23,533,981)	23,533,981)	÷	26,938,781)	=	0.87	0.87	×	14.40%	=	12.58%
Debt, net³	2,997,600)	2,997,600)	÷	26,938,781)	=	0.11	0.11	×	3.52% × (1 – 21.00%)	=	0.31%
Operating lease liability⁴	407,200)	407,200)	÷	26,938,781)	=	0.02	0.02	×	4.33% × (1 – 21.00%)	=	0.05%
Total:	26,938,781)					1.00					12.94%

Based on: 10-K (reporting date: 2023-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Mar 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	14,253,749)	14,253,749)	÷	14,503,967)	=	0.98	0.98	×	14.40%	=	14.15%
Debt, net³	—)	—)	÷	14,503,967)	=	0.00	0.00	×	0.00% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	250,218)	250,218)	÷	14,503,967)	=	0.02	0.02	×	4.29% × (1 – 21.00%)	=	0.06%
Total:	14,503,967)					1.00					14.21%

Based on: 10-K (reporting date: 2022-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Mar 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	20,742,920)	20,742,920)	÷	20,934,186)	=	0.99	0.99	×	14.40%	=	14.27%
Debt, net³	—)	—)	÷	20,934,186)	=	0.00	0.00	×	0.00% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	191,266)	191,266)	÷	20,934,186)	=	0.01	0.01	×	4.91% × (1 – 21.00%)	=	0.04%
Total:	20,934,186)					1.00					14.31%

Based on: 10-K (reporting date: 2021-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Mar 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	16,010,097)	16,010,097)	÷	16,187,343)	=	0.99	0.99	×	14.40%	=	14.24%
Debt, net³	—)	—)	÷	16,187,343)	=	0.00	0.00	×	0.00% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	177,246)	177,246)	÷	16,187,343)	=	0.01	0.01	×	4.98% × (1 – 21.00%)	=	0.04%
Total:	16,187,343)					1.00					14.29%

Based on: 10-K (reporting date: 2020-03-31).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Take-Two Interactive Software Inc., economic spread ratio calculation, comparison to benchmarks

	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Selected Financial Data (US$ in thousands)
Economic profit¹	(5,574,900)	(5,184,065)	(3,060,745)	(184,226)	338,945)	(72,614)
Invested capital²	7,701,100)	10,727,600)	14,060,600)	4,181,680)	3,102,062)	2,825,883)
Performance Ratio
Economic spread ratio³	-72.39%	-48.32%	-21.77%	-4.41%	10.93%	-2.57%
Benchmarks
Economic Spread Ratio, Competitors⁴
Alphabet Inc.	26.49%	22.36%	15.73%	7.34%	26.63%	—
Comcast Corp.	1.87%	-1.33%	-3.22%	-7.69%	-2.69%	—
Meta Platforms Inc.	16.59%	13.74%	6.65%	0.40%	22.68%	—
Netflix Inc.	0.71%	-3.98%	-10.24%	-10.76%	-6.16%	—
Walt Disney Co.	-12.58%	-15.99%	-17.50%	-15.31%	-18.30%	-20.55%

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).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -5,574,900 ÷ 7,701,100 = -72.39%

⁴ Click competitor name to see calculations.

The financial trajectory from March 31, 2020, to March 31, 2025, indicates a significant decline in value creation, characterized by a transition from marginal economic losses to substantial value destruction. While a brief period of positive economic performance occurred in 2021, the subsequent years show an accelerating negative trend in both absolute economic profit and the economic spread ratio.

Economic Spread Ratio Trend: The economic spread ratio exhibits severe deterioration over the analyzed period. After reaching a peak of 10.93% in March 2021, the ratio turned negative in 2022 (-4.41%) and declined precipitously thereafter. By March 31, 2025, the ratio reached -72.39%, signaling that the returns on invested capital are failing to cover the cost of that capital by a widening margin.
Economic Profit Performance: Economic profit remained largely negative, with a notable exception in March 2021 when a profit of US$ 338.9 million was recorded. However, starting in March 2023, the losses expanded exponentially, moving from US$ -3.06 billion to US$ -5.57 billion by March 2025. This progression suggests a substantial increase in the gap between operating returns and the required return on capital.
Invested Capital Dynamics: Invested capital showed significant volatility, peaking at US$ 14.06 billion in March 2023 before contracting to US$ 7.70 billion by March 2025. Despite this reduction in the capital base in the final two years, the economic profit continued to decline. This inverse relationship—decreasing invested capital coupled with increasing economic losses—contributed to the rapid acceleration of the negative economic spread ratio.

The overall analysis reveals a systemic failure to generate economic value over the latter half of the period. The sharp drop in the economic spread ratio suggests that the cost of capital is vastly outweighing the generated returns, leading to a sustained and intensifying destruction of shareholder value.

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Take-Two Interactive Software Inc., economic profit margin calculation, comparison to benchmarks

	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Selected Financial Data (US$ in thousands)
Economic profit¹	(5,574,900)	(5,184,065)	(3,060,745)	(184,226)	338,945)	(72,614)

Net revenue	5,633,600)	5,349,600)	5,349,900)	3,504,800)	3,372,772)	3,088,970)
Add: Increase (decrease) in deferred revenue	6,500)	(11,900)	178,100)	(29,150)	159,208)	(58,237)
Adjusted net revenue	5,640,100)	5,337,700)	5,528,000)	3,475,650)	3,531,980)	3,030,733)
Performance Ratio
Economic profit margin²	-98.84%	-97.12%	-55.37%	-5.30%	9.60%	-2.40%
Benchmarks
Economic Profit Margin, Competitors³
Alphabet Inc.	20.30%	14.53%	9.69%	5.24%	17.66%	—
Comcast Corp.	3.51%	-2.31%	-5.56%	-13.57%	-5.30%	—
Meta Platforms Inc.	17.81%	13.85%	6.96%	0.35%	17.82%	—
Netflix Inc.	0.68%	-4.15%	-11.45%	-12.84%	-7.19%	—
Walt Disney Co.	-22.02%	-29.09%	-34.18%	-31.50%	-46.63%	-55.27%

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).

¹ Economic profit. See details »

² 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net revenue
= 100 × -5,574,900 ÷ 5,640,100 = -98.84%

³ Click competitor name to see calculations.

The analysis of economic profitability reveals a severe divergence between revenue growth and the generation of economic value. While adjusted net revenue has trended upward, economic profit has entered a period of significant decline, leading to an aggressive deterioration of the economic profit margin over the observed six-year period.

Economic Profit Trends: Economic profit exhibited initial volatility, shifting from a loss of US$ 72.6 million in 2020 to a peak positive value of US$ 338.9 million in 2021. However, from 2022 onward, a sharp downward trajectory is evident. The losses accelerated dramatically, expanding to US$ 3.06 billion in 2023 and reaching US$ 5.57 billion by March 31, 2025.
Revenue Performance: Adjusted net revenue demonstrated a general growth pattern, increasing from US$ 3.03 billion in 2020 to US$ 5.64 billion in 2025. A notable surge occurred between 2022 and 2023, where revenue grew from US$ 3.48 billion to US$ 5.53 billion. This indicates a significant expansion of the top-line scale during the latter half of the period.
Economic Profit Margin Analysis: The economic profit margin reflects a critical decline in value creation. After achieving a peak of 9.60% in 2021, the margin plummeted to -55.37% in 2023. This contraction intensified in the subsequent years, falling to -97.12% in 2024 and -98.84% in 2025. The proximity of the margin to -100% suggests that the cost of capital employed has almost entirely eclipsed the operating returns generated from the expanded revenue base.

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

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin