Take-Two Interactive reported a quarter that delivered net bookings at the top end of guidance ($1.58 billion) and full-year net bookings of $5.65 billion, underscoring the resilience of the company’s multi-label engine across 2K, Rockstar Games, and Zynga. The quarter was highlighted by strong performances from NBA 2K25, GTA Online, and Zynga’s mobile portfolio, with recurrent consumer spending representing 77% of net bookings and growing 14% year over year. However, GAAP profitability was materially affected by a one-time impairment charge of $3.6 billion related to goodwill and acquired intangible assets, primarily tied to Zynga’s legacy assets. Management emphasized ongoing cost-reduction initiatives and a robust product pipeline to sustain long-term growth. Looking ahead, Take-Two issued initial fiscal 2026 guidance, including net bookings of $5.9–$6.0 billion (roughly 5% year-over-year growth at the midpoint) and GAAP net revenue of $5.95–$6.05 billion, with operating expenses expected to increase modestly as marketing and development costs rise. Management also outlined a sizable development slate, including Mafia: The Old Country and Borderlands 4, plus a pipeline of approximately 38 titles through fiscal 2028, and reiterated optimism about GTA VI in fiscal 2027. The company also highlighted the potential upside from direct-to-consumer expansion and ongoing partnerships (e.g., Netflix) as growth accelerators, even as near-term profitability remains pressured by impairment charges and higher development costs.