🔹 Net Bookings: $1.58B (Est. $1.55B) 🟢; +17% YoY
🔹 Adjusted EPS: $1.08 (Est. $1.12) 🔴
Full-Year Outlook:
🔹 Net Bookings: $5.9B–$6.0B (Est. $7.8B) 🔴
🔹 Adjusted EPS: $2.45–$2.70 (Est. $6.87) 🔴
🔹 GAAP Revenue: $5.95B–$6.05B
🔹 GAAP Net Loss: $(499)M to $(439)M
🔹 GAAP EPS: $(2.79) to $(2.45)
🔹 EBITDA: $508M–$562M
🔹 Operating Cash Flow: ~$130M
🔹 CapEx: ~$140M
Q1'26 Outlook:
🔹 Adjusted EPS: $(0.78) to $(0.65) (Est. $(0.78)) 🟡
🔹 Net Bookings: $1.25B–$1.30B (Est. $1.28B) 🟡
🔹 GAAP Revenue: $1.35B–$1.40B
🔹 EBITDA: $114M–$136M
🔹 GAAP Net Loss: $(139)M to $(115)M
🔹 GAAP EPS: $(0.78) to $(0.65)
Other Key Q4 Metrics:
🔸 Net loss includes $3.55B goodwill impairment and $176M in acquisition-related charges
🔹 Recurrent Consumer Spending: +14% YoY; 77% of total Net Bookings
🔹 Operating Expenses: $4.58B, including impairment and reorganization charges
Top Game Contributors (Q4 + FY25):
🔸 NBA 2K25 and 2K24
🔸 Grand Theft Auto V and Online
🔸 Civilization VII
🔸 Red Dead Redemption 2 and Online
🔸 Toon Blast, Match Factory!, Empires & Puzzles, WWE 2K25
🔸 Hyper-casual mobile portfolio
Strategic & Product Pipeline Updates:
🔸 CEO expects record Net Bookings in FY27 with GTA VI launch
Strong pipeline across labels, including:
🔸 Civilization VII (June 5) on Switch 2
🔸 Mafia: The Old Country (Aug 8)
🔸 Borderlands 4 (Sep 12)
🔸 NBA 2K26, WWE 2K26
🔸 GTA VI (May 26, 2026) on PS5/Xbox Series X|S
🔸 WWE 2K Mobile (Netflix), CSR 3, Judas, Project ETHOS
CEO Commentary:
🔸 “Our Fiscal 2026 outlook reflects continuing positive momentum, with Net Bookings guidance of $5.9 to $6.0 billion. As we bring our exciting lineup to market, including Grand Theft Auto VI in Fiscal 2027, we expect to achieve record levels of Net Bookings that will establish a new baseline for our business and set us on a path of enhanced profitability.”
