Take-Two Interactive delivered Q3 2025 results with revenue of $1.360 billion, essentially flat vs. year-ago levels (-0.5% YoY) and modest QoQ growth (+0.5%). Gross profit stood at $759.9 million, yielding a gross margin of about 55.9%, while EBITDA remained healthy at $142.8 million. However, the company posted an operating loss of $132.1 million and a net loss of $125.2 million for the quarter, translating to an EPS of -$0.71. The divergence between EBITDA and net income reflects a heavy spend burden (R&D $240.9m; SG&A $578.5m; D&A $271.1m) and working capital pressure that together overwhelmed revenue gains. The near-term profitability trajectory remains exposed to a mix-shift toward higher-margin digital/live-service revenues and ongoing investment in development and user acquisition.