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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	13.49%	13.14%	12.99%	14.27%	14.36%	14.35%
Invested capital³	7,701,100)	10,727,600)	14,060,600)	4,181,680)	3,102,062)	2,825,883)

Economic profit⁴	(5,579,069)	(5,189,683)	(3,068,043)	(186,668)	337,119)	(74,275)

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 – 13.49% × 7,701,100 = -5,579,069

The financial trajectory from March 31, 2020, to March 31, 2025, reveals a significant deterioration in economic value creation, characterized by a transition from moderate profitability to substantial economic losses.

Net Operating Profit After Taxes (NOPAT): A volatile trend is observed in NOPAT, which peaked in March 2021 at 782,700 thousand US$. Following this peak, a sharp reversal occurred, with the figure turning negative in March 2023. This downward trajectory accelerated through March 2025, reaching a deficit of 4,540,136 thousand US$, indicating a severe decline in operating efficiency and profitability.
Invested Capital and Cost of Capital: Invested capital remained relatively stable between 2020 and 2022, before experiencing a dramatic surge to 14,060,600 thousand US$ in March 2023. This indicates a period of aggressive capital expansion or acquisition. Subsequent years show a steady reduction in the capital base, falling to 7,701,100 thousand US$ by March 2025. Throughout this period, the cost of capital remained remarkably stable, fluctuating narrowly between 12.99% and 14.36%, establishing a consistent hurdle rate for value creation.
Economic Profit: Economic profit reflects a critical erosion of shareholder value. Value creation was achieved only in March 2021, with a positive economic profit of 337,119 thousand US$. However, the combination of collapsing NOPAT and a significantly expanded capital base led to a precipitous drop in economic profit starting in 2023. The losses expanded from 3,068,043 thousand US$ in March 2023 to 5,579,069 thousand US$ by March 2025.

The overall analysis indicates that the increase in invested capital in 2023 failed to generate corresponding operating returns. Instead, the simultaneous collapse of NOPAT and the maintenance of a high capital charge resulted in an accelerating trend of economic value destruction over the final three years of the period.

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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	×	14.46%	=	13.18%
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					13.49%

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	×	14.46%	=	12.74%
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					13.14%

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	×	14.46%	=	12.63%
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					12.99%

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	×	14.46%	=	14.21%
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					14.27%

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	×	14.46%	=	14.33%
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					14.36%

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	×	14.46%	=	14.30%
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					14.35%

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	(5,579,069)	(5,189,683)	(3,068,043)	(186,668)	337,119)	(74,275)
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	-72.45%	-48.38%	-21.82%	-4.46%	10.87%	-2.63%
Benchmarks
Economic Spread Ratio, Competitors⁴
Alphabet Inc.	26.43%	22.30%	15.67%	7.28%	26.56%	—
Comcast Corp.	1.84%	-1.37%	-3.26%	-7.72%	-2.73%	—
Meta Platforms Inc.	16.53%	13.67%	6.59%	0.34%	22.62%	—
Netflix Inc.	0.64%	-4.05%	-10.30%	-10.83%	-6.22%	—
Trade Desk Inc.	8.99%	-8.06%	-14.73%	-17.39%	-10.58%	—
Walt Disney Co.	-12.64%	-16.04%	-17.56%	-15.36%	-18.36%	-20.61%

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 × -5,579,069 ÷ 7,701,100 = -72.45%

⁴ Click competitor name to see calculations.

The financial trajectory from March 31, 2020, to March 31, 2025, indicates a substantial erosion of economic value. While there was a brief window of value creation in 2021, the subsequent years have been characterized by accelerating economic losses and a failure to generate returns exceeding the cost of invested capital.

Economic Profit Trends: Economic profit exhibited extreme volatility, peaking at US$ 337.1 million in 2021 before entering a steep decline. Losses intensified significantly starting in 2023, with the deficit expanding from US$ 3.1 billion in 2023 to US$ 5.6 billion by March 31, 2025. This trend suggests a widening gap between operating returns and the imputed cost of capital.
Invested Capital Fluctuations: Invested capital grew steadily between 2020 and 2022, followed by a sharp increase to US$ 14.1 billion in 2023. Following this peak, a downward trend is observed, with capital reducing to US$ 7.7 billion by 2025. The misalignment between the peak in invested capital in 2023 and the simultaneous collapse in economic profit suggests an inefficient allocation of resources during this period.
Economic Spread Ratio Deterioration: The economic spread ratio shows a severe and accelerating downward trend. After reaching a positive peak of 10.87% in 2021, the ratio plummeted to -21.82% in 2023, further collapsing to -48.38% in 2024 and reaching -72.45% by March 31, 2025. This precipitous decline confirms that the return on invested capital has fallen drastically below the weighted average cost of capital, resulting in significant 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	(5,579,069)	(5,189,683)	(3,068,043)	(186,668)	337,119)	(74,275)

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	-98.92%	-97.23%	-55.50%	-5.37%	9.54%	-2.45%
Benchmarks
Economic Profit Margin, Competitors³
Alphabet Inc.	20.26%	14.48%	9.65%	5.19%	17.62%	—
Comcast Corp.	3.45%	-2.37%	-5.63%	-13.64%	-5.37%	—
Meta Platforms Inc.	17.74%	13.79%	6.89%	0.30%	17.77%	—
Netflix Inc.	0.62%	-4.22%	-11.53%	-12.92%	-7.27%	—
Trade Desk Inc.	6.56%	-8.10%	-13.35%	-20.56%	-13.61%	—
Walt Disney Co.	-22.12%	-29.19%	-34.29%	-31.61%	-46.77%	-55.42%

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 × -5,579,069 ÷ 5,640,100 = -98.92%

³ Click competitor name to see calculations.

The financial performance between March 31, 2020, and March 31, 2025, is characterized by a stark divergence between top-line revenue growth and economic profitability. While adjusted net revenue increased substantially over the period, economic profit experienced a severe and accelerating decline, leading to a critical contraction in the economic profit margin.

Adjusted Net Revenue Trends: A general upward trajectory is observed in adjusted net revenue, which grew from approximately 3.03 billion US dollars in 2020 to 5.64 billion US dollars by 2025. A notable surge occurred between 2022 and 2023, where revenue increased from 3.48 billion to 5.53 billion US dollars, representing a significant expansion in the scale of operations.
Economic Profit Performance: Economic profit exhibited high volatility followed by a precipitous downturn. After a brief period of positive economic value added in 2021, reaching 337.12 million US dollars, the figure shifted into a deep deficit. This negative trend accelerated sharply from 2023 onwards, culminating in an economic loss of approximately 5.58 billion US dollars by March 31, 2025, indicating that the returns on invested capital have fallen significantly below the cost of capital.
Economic Profit Margin Analysis: The economic profit margin demonstrates a pattern of rapid value erosion. From a peak of 9.54% in 2021, the margin collapsed to -55.50% in 2023 and further deteriorated to -98.92% by 2025. This trajectory reveals that the growth in adjusted net revenue was not accompanied by proportional operating gains, resulting in a situation where the cost of capital nearly offsets the entirety of the revenue generated on an economic basis by the end of the analyzed period.

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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