Short answer
Take-Two Interactive (TTWO) filed its fiscal 2025 10-K annual report with the SEC on May 20, 2025. It reported revenue of $5.6B (+5.3% year over year) and net income of −$4.5B.
- Top risk flagged: Regulatory risk: Apple’s AppTracking Transparency framework requiring explicit user consent, effective since April 2021, impacts advertising and user data use on iOS devices
FY2025 key financial metrics · XBRL
- Revenue
- $5.6B
- +5.3% YoY
- Net income
- −$4.5B
- −19.6% YoY
- Operating margin
- -77.9%
- −10.8 pp YoY
- Gross margin
- 54.4%
- +12.5 pp YoY
- EPS (diluted)
- −$25.58
- −16.2% YoY
- ROE
- -209.5%
- −143.5 pp YoY
- Operating cash flow
- −$45M
- −180.7% YoY
Source: XBRL data from the Take-Two Interactive (TTWO) FY2025 10-K on SEC EDGAR. USD.
Take-Two Interactive FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Interactive entertainment through development, publishing, and distribution of video games and related content worldwide
- New acquisition: Completed purchase of The Gearbox Entertainment Company, Inc. in June 2024 for 2.8 million shares of common stock
- Strategic emphasis: Increased focus on high-quality titles for key console platforms amid industry consolidation and economic challenges
- Financial highlight: Net revenue $5.63B, up 5.3% YoY; operating loss increased to $4.39B mainly due to $3.5B goodwill impairment charges
- Digital revenue accounted for 96.4% of net revenue; mobile platform reliance continues with noted margin impact from Apple and Google fees
Management Discussion & Analysis
- Revenue $5,633.6M, up 5.3% YoY from $5,349.6M driven by Match Factory! (+$237.1M), Civilization (+$127.2M), and Toon Blast (+$84.2M)
- Gross margin 54.3% vs 41.9% YoY, operating loss $(4,391.1)M vs $(3,590.6)M, driven by $3,545.2M goodwill impairment vs $2,342.1M prior year
- Best performing segment: Mobile revenue $2,942.0M up $194.0M; worst: Console revenue $2,099.1M down $68.2M YoY
- Operating cash flow used $(45.2)M; investing cash flow used $(151.5)M; financing cash flow provided $650.5M from debt issuance and stock; capital expenditures guidance $145M for FY26
- Management highlights risks from goodwill impairments, tax uncertainties, foreign currency, and expects no share buybacks in FY25; cautious outlook on economic conditions and credit risk exposure
Risk Factors
- Regulatory risk: Apple’s AppTracking Transparency framework requiring explicit user consent, effective since April 2021, impacts advertising and user data use on iOS devices
- Geopolitical/macroeconomic threat: Supply chain disruptions worsened by Russia-Ukraine and Israel-Hamas wars complicate hardware infrastructure availability
- Operational risk: Dependency on third-party platform approvals from Sony and Microsoft for game publishing, affecting 37.3% of net revenue by product platform in FY2025
- Competitive risk: Intense competition from major publishers like Electronic Arts, Tencent, and Apple/Google’s mobile platforms, challenging player acquisition and retention
- Financial risk: Significant outstanding debt posing financial leverage concerns affecting capital allocation and investment flexibility
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.