Take-Two Interactive Software, Inc.

Filing.fyi's read of these numbers is that revenue and earnings point in different directions. Revenue has grown from $1.79 billion in fiscal 2018 to $5.63 billion in fiscal 2025, and the 10-Q for the period ended December 31, 2025 describes a slate led by Rockstar Games, 2K, and Zynga. Still, the reported figures show a net loss of $4.48 billion for fiscal 2025, and operating cash flow of negative $45.2 million means the business did not generate cash from operations that year. The operating cash flow to net income ratio of 0.01 is computed from those two values, and it shows that cash generation barely tracked reported earnings. The Beneish M-Score is -4.989, which is below the -1.78 threshold and is not in the elevated manipulation-risk zone. That is a screening result, not a clean bill of health, and it does not address the cash and debt picture. The Altman Z-Score reported here is the Z double-prime version, at -5.97, which falls in the distress zone. The Piotroski F-Score is 3 of 8 computable signals, so only eight signals could be computed and three of those were positive. The Fog Index of 14.67 falls in the 14 to 18 band, which the label describes as hard to read, so the MD&A requires careful reading. Balance sheet context matters too: total assets fell from $12.22 billion to $9.18 billion, and liabilities were $7.04 billion against equity of $2.14 billion. Readers may want to look at the debt agreements, the Apple and Google fee discussion in the MD&A, and the notes on the loss drivers, since the provided excerpts do not explain the cause of the loss.

Catalyst.Management's MD&A centers on the Rockstar Games label and its Grand Theft Auto franchise. Grand Theft Auto products generated 12.4% of net revenue for the nine months ended December 31, 2025, and the company plans to release Grand Theft Auto VI on November 19, 2026, which falls in fiscal year 2027. Digital online channels made up 96.9% of net revenue in the same nine-month period, and console products 38.7%. During fiscal 2026, 2K released Mafia: The Old Country, NBA 2K26, and Borderlands 4, with WWE 2K26 planned for the remainder of the year. Revenue for fiscal 2025 rose 5.3% to $5.63 billion from $5.35 billion.

Hidden risk.The reported loss is the tension a casual reader could miss. Net loss widened to $4.48 billion in fiscal 2025 from $3.74 billion in fiscal 2024, operating loss was $4.39 billion, and operating cash flow was negative $45.2 million. Long-term debt stood at $2.51 billion at March 31, 2025, and the 10-K risk factors list having a significant amount of outstanding debt among material risks. Equity fell to $2.14 billion from $5.67 billion. The MD&A also flags platform fee discretion at Apple and Google and reliance on a few franchises. The excerpts provided do not itemize what drove the loss, so readers may want to look at the full income statement and the notes explaining the loss drivers.