Take-Two Q2 Bookings Fall 18% as GTA VI Pre-Orders Surge: Key Dates
Take-Two's net bookings fell 18% to $1.60 billion, missing guidance, but GTA VI pre-orders are running far ahead of plan before the November 19 launch.
Image: Wikimedia Commons / Rockstar Games
NEW YORK — Take-Two Interactive reported fiscal second-quarter net bookings of $1.60 billion, down 18 percent from $1.96 billion a year earlier and below the $1.62 billion to $1.67 billion range it had forecast, ten days before Grand Theft Auto VI launches on November 19.
GAAP net revenue fell 16 percent to $1.50 billion from $1.77 billion, while the GAAP net loss narrowed to $54.0 million, or 29 cents a share, from $133.9 million, or 73 cents a share. It kept its full-year fiscal 2027 net bookings forecast at $8.0 billion to $8.2 billion, saying pre-orders for Grand Theft Auto VI are running far ahead of its initial expectations.
Key Takeaways
- Net bookings of $1.60 billion fell 18 percent year over year, missing Take-Two's $1.62–$1.67 billion guidance range.
- GAAP net revenue fell 16 percent to $1.50 billion; the net loss narrowed to $54.0 million from $133.9 million.
- Grand Theft Auto VI launches November 19 on PlayStation 5 and Xbox Series X|S, with pre-orders far ahead of plan, Zelnick said.
- Third-quarter net bookings are guided to $3.35–$3.50 billion, more than double a year ago; the full-year forecast stays at $8.0–$8.2 billion.
Why Did Take-Two's Net Bookings Fall 18% in Q2?
The decline was concentrated in full-game sales, which fell by more than two-fifths, because the quarter had no major new release to match last year's lineup. Take-Two cited weaker revenue from the Borderlands, Mafia and NBA 2K franchises, and mobile titles Color Block Jam and Match Factory!, in its filing with the U.S. Securities and Exchange Commission.
Recurrent consumer spending, which made up 81 percent of bookings, fell 9 percent against a forecast 5 percent decline. NBA 2K27 came in below internal forecasts despite the second-highest launch in the series' history, and the operating loss widened to $117.5 million from $98.0 million.
The Grand Theft Auto series beat its forecast, with double-digit growth in recurrent spending and in average monthly members for GTA+, the subscription service. Grand Theft Auto V has sold close to 235 million units, according to the company.
When Does GTA VI Launch and What Platforms Will It Be On?
Grand Theft Auto VI launches November 19, 2026, on PlayStation 5 and Xbox Series X|S. Zelnick said pre-orders are continuing to reach unprecedented levels and are far in excess of what the company first expected, but gave no figure.
"We tend to avoid claiming success before it occurs," Zelnick said on the earnings call. "The numbers will speak for themselves soon enough."
Rockstar Games is expected to account for roughly 37 percent of Take-Two's fiscal 2027 net bookings, with Zynga at about 34 percent and 2K at about 29 percent. November 19 is also the day Anthropic is scheduled to begin trading on the Nasdaq, with shares priced between $70 and $78.
What Take-Two Expects for Q3 After the GTA VI Launch
For the third quarter, Take-Two forecast net bookings of $3.35 billion to $3.50 billion, against $1.76 billion a year ago, with revenue of $3.27–$3.42 billion and earnings of $1.30–$1.44 a share. It also raised full-year revenue guidance to $7.98–$8.18 billion and earnings guidance to 57–75 cents a share.
The results landed in a busy earnings week. CoreWeave reported third-quarter revenue of $3.66 billion, up 168 percent, and raised its full-year guidance, while the Dow jumped 1,104 points as Wall Street rebounded from the AI sell-off.
| Metric | Q2 fiscal 2027 | Year ago | Guidance |
|---|---|---|---|
| Net bookings | $1.60 billion | $1.96 billion | $1.62–$1.67 billion |
| GAAP net revenue | $1.50 billion | $1.77 billion | — |
| GAAP net loss | $54.0 million | $133.9 million | — |
| Q3 bookings forecast | $3.35–$3.50 billion | $1.76 billion | — |
| FY27 bookings forecast | $8.0–$8.2 billion | Reiterated | — |
Frequently Asked Questions
When is GTA VI coming out?
Grand Theft Auto VI launches on November 19, 2026, on PlayStation 5 and Xbox Series X|S. Take-Two has not announced a PC release date.
Why did Take-Two's bookings fall if GTA VI is coming soon?
The quarter ended September 30, before the launch, and there was no major new release to match last year's lineup.
How many copies has GTA V sold?
Close to 235 million units, according to Take-Two, making it one of the best-selling games ever released.
What is Take-Two's full-year bookings forecast for fiscal 2027?
$8.0 billion to $8.2 billion, reiterated. It depends heavily on GTA VI, which should more than double third-quarter bookings.
Grand Theft Auto VI launches on November 19, and Take-Two's next update will show whether pre-orders convert into the doubling of bookings it has forecast.
