Take-Two Interactive, the owner of Rockstar Games, reported a weak September quarter on November 9, 2026, but said pre-orders for Grand Theft Auto VI are running "far in excess" of its own expectations. Net bookings fell 18% to $1.60 billion and missed the company's guidance, yet the stock rose about 8% on November 10 because investors care far more about GTA VI's November 19 launch. Take-Two kept its full-year net bookings forecast at $8.0 billion to $8.2 billion and declined to raise it before the game is out.[1][3][6]
 | |
| Company | Take-Two Interactive Software (Nasdaq: TTWO) |
|---|---|
| Quarter | July to September 2026 (fiscal Q2 2027) |
| Reported | November 9, 2026, after the US close |
| Net bookings | $1.60 billion (-18%) |
| GAAP revenue | $1.50 billion |
| Net loss | $54.0 million ($0.29 a share) |
| Q3 bookings forecast | $3.35-$3.50 billion |
| FY2027 bookings forecast | $8.0-$8.2 billion (unchanged) |
| GTA VI release | November 19, 2026 (PS5, Xbox Series X|S) |
| CEO | Strauss Zelnick |
What Take-Two reported
For the three months to September 30, 2026, Take-Two said net bookings, the sales measure it watches most closely, fell 18% to $1.60 billion from $1.96 billion a year earlier. GAAP net revenue was $1.50 billion against $1.77 billion, and the net loss narrowed to $54.0 million, or $0.29 a share, from $133.9 million, or $0.73 a share.[1][2] Chief financial officer Lainie Goldstein said bookings landed below the company's own guidance range of $1.62 billion to $1.67 billion.[3][9] Jefferies put the gap at about $20 million below the low end and blamed NBA 2K.[4]
The quarter had no big new game. A year earlier Take-Two had Mafia: The Old Country in August 2025 and Borderlands 4 in September 2025, and Inven Global reports that bookings from full-game sales fell by about 44% as a result.[10] Recurrent consumer spending (in-game currency, add-ons and similar purchases) dropped 9% and made up 81% of bookings.[1][2] Management had expected that line to fall about 5%, according to Stocktwits.[9]
The GTA VI pre-order comments
The headline came from the earnings call. Zelnick said: "Pre-orders for Grand Theft Auto 6 are tracking far in excess of our initial expectations and we know that the numbers will speak for themselves soon enough." Goldstein called the level of pre-orders "extraordinary".[3][11] In the written release Zelnick said pre-orders were "continuing to reach unprecedented levels" and that the company expects "an historic year".[1][2]
Take-Two did not give a single number. Variety notes that Rockstar has not confirmed pre-order results, and Zelnick said the company will "certainly be giving more information" after launch.[6] Game Developer reports that PlayStation has called GTA VI the most pre-ordered game in the history of the PlayStation Store, also without figures.[7] Some analysts expect the game to sell more than 50 million copies in its first year, Game Developer reports, but without company numbers it is hard to know how high Take-Two's own bar was.[7]
The rest of the GTA series is still selling. Game Developer reports that Grand Theft Auto V has now sold 235 million copies, taking the whole series to 480 million.[7] For launch timing in your country and the 212GB pre-load, see our GTA 6 pre-load and release time guide.
Guidance: why Take-Two did not raise it
For the December quarter, which includes the GTA VI launch, Take-Two expects net bookings of $3.35 billion to $3.50 billion and earnings of $1.30 to $1.44 a share.[1][3][4] For the full fiscal year to March 2027 it kept net bookings at $8.0 billion to $8.2 billion, set GAAP revenue at $7.98 billion to $8.18 billion and earnings at $0.57 to $0.75 a share.[1][4] Goldstein also repeated that operating cash flow should top $1 billion for the year.[2][5]
A UBS analyst asked the obvious question on the call: if pre-orders are so strong, why not raise the forecast? Zelnick's answer was that the company would rather see real launch numbers first. "We tend to avoid claiming success before it occurs," he said.[3][5][9] He told GamesIndustry.biz the same thing: "We're just not updating our numbers right now because we are so close to the launch."[8]
Results against expectations
On most lines Take-Two came in below Wall Street. Revenue of $1.50 billion missed a consensus of $1.66 billion.[3] The third-quarter bookings range tops out just under the $3.51 billion analysts expected, and the full-year revenue range is below the $8.51 billion consensus, according to Yahoo Finance.[4] Investor's Business Daily summed it up as mixed results with a full-year outlook that missed views.[13]
The one clear beat was the loss per share. Take-Two lost $0.29 a share, against a consensus of about $0.86 according to 24/7 Wall St., or about $0.90 according to Zhitong. A $57.9 million income tax benefit helped.[2][3] One Yahoo Finance report compared the result with a $0.97 profit estimate, which appears to be a different measure, so we have left it out of the table.[4]
What analysts said
- BTIG said the guidance implies about 33 million GTA VI units in the December quarter, trimming its own estimate from 35 million.[4]
- UBS called the unchanged guidance conservative. It still cut its fiscal 2027 and 2028 bookings forecasts to $8.7 billion and $9.1 billion, from $8.9 billion and $9.2 billion, according to Investing.com as cited by Stocktwits.[9]
- Jefferies pinned the bookings miss mostly on NBA 2K.[4]
Why the stock jumped anyway
Take-Two shares closed at $207.40 on November 9, down 3.5% before the results.[2][12] They rose more than 3% in pre-market trading on November 10, were up about 8% at $223.49 in the morning, and were still at $223.73 at 1:32 pm ET, our check of Yahoo Finance data shows.[4][3][12] That is the highest level of the week.
At the close. Take-Two finished the day at $224.64, up 8.3% from $207.40, according to Yahoo Finance data. Seeking Alpha's closing market report also had TTWO up 8.3% and named it among the day's big movers, on a day the S&P 500 fell 0.4%.[14][15] That is a gain of about $17 a share in one session.
The move came on a bad day for growth stocks. October's hotter-than-expected inflation report pushed up bets on a December Federal Reserve rate hike, and 24/7 Wall St. notes that Sony and Roblox both slipped about 2%.[3] Our US CPI October 2026 explainer covers that side of the market.
NBA 2K27 and the rest of the slate
NBA 2K27, released September 4, has sold more than 4 million units and had the second-best launch bookings in the series, but it still fell short of Take-Two's forecast.[2][5] Zelnick told IGN and other outlets that some players held off on buying it to wait for GTA VI, and that a crowded September, partly caused by rivals avoiding GTA VI's date, hurt it too.[2][7] Mobile bookings grew 4% year on year, he told GamesIndustry.biz.[8]
Beyond GTA VI, nothing on Take-Two's schedule has a date. A new BioShock and Ken Levine's Judas are still listed as in development.[7][8] GTA VI is console only at launch. For what is known about a computer version, see GTA 6 PC release date.
Timeline
| Date | Event |
|---|---|
| September 4, 2026 | NBA 2K27 released[2] |
| September 30, 2026 | Fiscal Q2 2027 ends[1] |
| November 9, 2026 | Results released after the US close; stock had closed at $207.40[1][2] |
| November 10, 2026 | TTWO up about 8% intraday after the earnings call[3][12] |
| November 19, 2026 | Grand Theft Auto VI launches on PS5 and Xbox Series X|S at $79.99 (standard) and $99.99 (Ultimate)[3][6] |
| December 31, 2026 | Fiscal Q3 ends; first quarter with GTA VI sales[1][10] |
Frequently asked questions
How many GTA 6 pre-orders are there?
Take-Two has not said. It only says pre-orders are "far in excess" of its initial expectations, and PlayStation has called it the most pre-ordered game on its store.[3][7]
Did Take-Two beat earnings?
Mostly no. Revenue and net bookings missed, and the bookings figure was below the company's own range. The loss per share was much smaller than expected.[3][9]
Why did TTWO stock go up?
Because the pre-order comments and the unchanged $8 billion bookings forecast reassured investors ahead of the November 19 launch.[3][4] The shares closed up 8.3% at $224.64 on November 10.[14][15]
When will we know how well GTA 6 sold?
Zelnick said the company will share more after launch. The first quarter to include GTA VI sales is the one ending December 31, 2026.[6][10]
When does GTA 6 come out?
November 19, 2026, on PlayStation 5 and Xbox Series X|S.[1][6]
References
- "Take-Two Reports Fiscal Q2 Results, Net Bookings $1.60 Billion". Gotrade (summary of the Take-Two release). November 10, 2026.
- "Take-Two Q2 Revenue Drops 15.4%; Loss Narrows; GTA VI Pre-Orders 'Unprecedented'". Zhitong Finance via KuCoin News. November 9, 2026.
- "Take-Two Jumps 8% as GTA VI Preorders Run 'Far in Excess' of Expectations; Sony and Roblox Slide 2%". 24/7 Wall St. November 10, 2026.
- "Take-Two Shares Rise Over 3% After Quarterly Results as GTA VI November 19 Release Confirmed". Yahoo Finance. November 10, 2026.
- "TTWO Q2 Earnings Call Highlights GTA VI Outlook and Booking Trends". Yahoo Finance. November 10, 2026.
- "'GTA 6' Presales 'Far in Excess' of Expectations Ahead of Next Week's Launch, Take-Two CEO Says". Variety. November 9, 2026.
- "Take-Two CEO: Grand Theft Auto VI pre-orders are exceeding expectations". Game Developer. November 10, 2026.
- "'There's no such thing as easy money in our business': Strauss Zelnick on GTA 6, BioShock and Take-Two's plans". GamesIndustry.biz. November 9, 2026.
- "TTWO Stock In Focus As GTA VI Preorders Run 'Far In Excess' Of Expectations, UBS Trims Target". Stocktwits via TradingView. November 10, 2026.
- "Take-Two Q2 Net Bookings Drop 18%, Projected to Double Next Quarter Driven by 'GTA VI'". Inven Global. November 10, 2026.
- "GTA 6 preorders are 'far in excess' of expectations, Take-Two CEO says". TweakTown. November 10, 2026.
- "Take-Two Interactive Software (TTWO) stock price". Yahoo Finance. Data checked November 10, 2026, 18:32 GMT.
- "Take-Two Interactive Software Gives Restrained Outlook Before 'Grand Theft Auto 6' Launch". Investor's Business Daily. November 9, 2026.
- "Take-Two Interactive Software (TTWO) historical prices". Yahoo Finance. Close checked November 10, 2026, 21:30 GMT.
- "Wall Street ends in the red after the October CPI print". Seeking Alpha (via TradingView). November 10, 2026.