Take-Two reported a strong second quarter for fiscal 2025, with net bookings of $1.47 billion at the top end of the guidance range, driven by continued strength in Grand Theft Auto and Borderlands franchises. Management highlighted that the quarterly beat was aided by a shift in marketing spend timing within the year, and reiterated a full-year net bookings outlook of $5.55â$5.65 billion, signaling confidence in a durable growth trajectory into fiscal 2026 and 2027. While GAAP net revenue rose modestly to $1.35 billion, the quarter delivered an operating loss of $297 million and a net loss of $365.5 million as the company incurs ongoing investment in titles, platform expansion, and the integration of Gearbox, alongside strategic actions like the sale of Private Division. The quarter also featured accelerating momentum in mobile and live services (Match Factory!, Toon Blast, NBA 2K25), a broadened IP portfolio, and a strengthened development pipeline (Civilization VII, GTA VI, Borderlands 4, Mafia: The Old Country). Management stressed that the pipeline should support elevated net bookings in fiscal 2026 and 2027, though near-term profitability remains pressured by elevated marketing and hiring costs. Overall, TTWO remains well positioned to sustain durable growth through a diversified mix of owned IP, mobile growth, and an expanding cross-media ecosystem, while remaining vigilant on monetization efficiency, cost discipline, and balance sheet leverage.