Take-Two's net bookings fell 18% in its fiscal second quarter as Grand Theft Auto VI nears release

Take-Two Interactive said on November 9, 2026, that net bookings, the operating measure it uses for what it sold digitally or shipped to retailers in a period, fell 18% to $1.60 billion in its fiscal second quarter, the three months to September 30. A year earlier, the figure was $1.96 billion, in a quarter that included the September 2025 launch of Borderlands 4.

The company kept its forecast of $8.0 billion to $8.2 billion in net bookings for the year to March 2027. Chairman and chief executive Strauss Zelnick said the launch of Grand Theft Auto VI was “ten days away” and that pre-orders were “continuing to reach unprecedented levels,” though the release gives no pre-order figures. Rockstar Games will release the game on November 19 on PlayStation 5 and Xbox Series X|S.

A quieter quarter before the launch

Take-Two's quarterly report attributes the fall mainly to lower bookings from Borderlands, NBA 2K, the Mafia series, whose latest game, Mafia: The Old Country, came out in August 2025, and the mobile games Color Block Jam and Match Factory!. Higher bookings from the Grand Theft Auto series partly offset them. Recurrent consumer spending, which covers virtual currency, add-on content, in-game purchases and in-game advertising, fell 9% and made up 81% of net bookings. Under generally accepted accounting principles, net revenue was $1.50 billion, down from $1.77 billion, and the net loss narrowed to $54.0 million from $133.9 million.

What the outlook implies

For October to December, the quarter of the GTA VI launch, Take-Two expects net bookings of $3.35 billion to $3.5 billion, about 1.9 to 2 times the $1.76 billion of a year earlier (our calculation). Net bookings for the first half of the fiscal year were $2.99 billion, down 11.7%. Take-Two gives no forecast for January to March 2027. Taking the first half and the third-quarter range away from the full-year range leaves anywhere from roughly $1.5 billion to $1.9 billion for that quarter (our calculation), against $1.58 billion a year earlier.

The full-year range, first given in May and repeated in August and again now, would be 19% to 22% above the $6.72 billion of fiscal 2026 (our calculation). Take-Two forecasts GAAP net income of $109 million to $142 million for the year, and $250 million to $276 million for the December quarter alone.

Among the assumptions behind the outlook, the company lists the timely delivery of the titles it includes and a still-growing number of PlayStation 5 and Xbox Series X|S consoles in use, the two platforms it lists for GTA VI.

How much rides on one series

Before the new game's release, Grand Theft Auto products generated 12.6% of Take-Two's net revenue in the six months to September 30, according to its quarterly report. The report says the series has historically made up a significant share of revenue and that the timing of its releases may affect quarterly and annual results.

The rest of the slate is smaller. NBA 2K27 has been out since September 4 on PS5, Xbox Series X|S, Switch 2 and PC (see our report on September's U.S. game sales). Take-Two plans PGA TOUR 2K27 and WWE 2K27 for the rest of the fiscal year, without announced dates.