Take-Two Interactive Software, Inc. (TTWO) SEC Filings & Earnings Calls

Dependence on Microsoft for XBOX platform; termination rights for material breach or insolvency.

“The Agreement may be terminated by either party in the event of a material breach or insolvency.” · word for word

Customer Concentration Risk

“Our five largest customers accounted for 82.3% and 83.5% of net revenue during the three months ended June 30, 2026 and 2025, respectively.” · word for word

Platform Dependency Risk

“Such console revenue comprised 41.8% of our net revenue for the three months ended June 30, 2026.” · word for word

Mobile Platform Fee Risk

“Apple and Google generally have the discretion to set the amounts of their platform fees and change their platforms’ terms of service and other policies with respect to us or other developers at their sole discretion, and those changes may be unfavorable to us.” · word for word

Impairment charge of $43.4M on unannounced title indicates pipeline risk and potential write-offs.

“Cost of revenue included a $43.4 million impairment charge related to the Company's decision not to proceed with further development of an unannounced title in its pipeline from a third-party developer” · word for word

Concentration on GTA franchise

“Sales of Grand Theft Auto V advanced further, with nearly 230 million units sold-in to-date.” · word for word

Negative GAAP Net Income

“Net Income ($ Millions) (298.2)”

Dependence on ZMC management

“Our Executive Chairman and CEO, Strauss Zelnick, and our President, Karl Slatoff, serve in their current roles pursuant to the 2022 Management Agreement with ZMC.” · word for word

Tax policy uncertainty

“It is possible that these changes could have an adverse impact on our effective tax rate, tax payments, financial condition, or results of operations.” · word for word

Consumer spending sensitivity

“Adverse economic conditions...could reduce consumer spending.”

Customer concentration

“Our five largest customers accounted for 80.6%...of net revenue during the fiscal year ended March 31, 2026.” · word for word

GAAP net loss persists, though significantly improved from prior year.

“GAAP net loss was $298.2 million, or $1.62 per share, as compared to $4.48 billion, for the comparable period last year.” · word for word

Customer concentration

“Our five largest customers accounted for 81.0% of net revenue during the nine months ended December 31, 2025.” · word for word

Platform dependency

“Console revenue comprised 38.7% of net revenue for the nine months ended December 31, 2025. The success of our business is dependent upon consumer acceptance of these platforms.”

Tariff and macroeconomic risk

“We continue to monitor various macroeconomic and geopolitical factors, such as global tariff policies, that may affect our business in several areas, including consumer demand, inflation, pricing pressure on our products and third party hardware platforms.” · word for word

Dependence on Grand Theft Auto VI launch for FY2027 growth; any delay could impact outlook.

“highly anticipated launch of Grand Theft Auto VI on November 19th” · word for word

Customer concentration

“Our five largest customers accounted for 81.5% of net revenue during the six months ended September 30, 2025.” · word for word

Platform dependency

“We derive a substantial portion of our revenue from the sale of products made for video game consoles manufactured by third parties. Such console revenue comprised 38.8% of our net revenue for the six months ended September 30, 2025.” · word for word

Tariff and macroeconomic uncertainty

“We continue to monitor various macroeconomic and geopolitical factors, such as global tariff policies, that may affect our business in several areas, including consumer demand, inflation, pricing pressure on our products and third party hardware platforms.” · word for word

GTA VI launch date set but any delay could impact FY2027 expectations.

“Grand Theft Auto VI now launching November 19, 2026.” · word for word