Take Two Interactive Software Inc

Equity Research 9 August 2026 | 6:49PM EDT

Take-Two Interactive Software Inc. (TTWO) FQ1’27 Earnings Review: Reiterated Expectations for FY27 Bookings; Clear Catalyst Path Heading into GTA Release

TTWO 12m Price Target: $285.00 Price: $246.50 Upside: 15.6% BUY Eric Sheridan In its 1FQ27 earnings report, TTWO focused on a few key themes: 1) | Goldman Sachs & Co. LLC Q1 bookings outperformance and a reiterated FY27 outlook as the Julia Fein-Ashley company continues to look toward GTA VI as being a significant | Goldman Sachs & Co. LLC contributor to growth during the year; 2) additional commentary around GTA VI launch, with mgmt. highlighting that NFLX will Achal Gupta | Goldman Sachs India SPL provide an initial extended look at the title (on August 27th at 3pm ET, which will also be available on the Rockstar Games YouTube channel at 9pm ET); 3) reiterated expectation that FY27 will produce Key Data _____________________________________ Market cap: $46.3bn a record level of net bookings with the launch of GTA VI also serving Enterprise value: $45.7bn 3m ADTV: $608.5mn as a pivotal step toward establishing a higher financial baseline United States (profitability, balance sheet strength & overall flexibility); & 4) a Americas Internet M&A Rank: 3 continued focus on remaining opportunistic with regard to the GS Forecast __________________________________ ability to deploy capital opportunistically, with mgmt. emphasizing 3/26 3/27E 3/28E 3/29E

that the company will continue to evaluate accretive M&A Revenue ($ mn) New Revenue ($ mn) Old 6,721.0 6,721.0 8,195.2 8,083.5 8,514.4 8,361.1 9,204.6 9,012.6 opportunities (given their solid track record of execution across EBITDA ($ mn) 1,118.6 1,504.6 2,004.7 2,504.0 EBIT ($ mn) ( ,501.2 previously completed deals). EPS ($) New EPS ($) Old With the release of GTA VI on November 19th, we would frame the P/E (X) Dividend yield (%) 0.0 0.0 0.0 0.0 catalyst path from here to be clear over the next 3 months: 1) Net debt/EBITDA (X) 0.8 (0.4) (0.8) (1.3) performance of pre-order sales data (of which mgmt. has framed to 6/26 9/26E 12/26E 3/27E reach an unprecedented level during their earnings call); 2) the EPS ($) August 27th extended look at the title on the Netflix platform; & 3) GS Factor Profile ______________________________ the official release of the title during November. While we raise our Growth

FY27 bookings estimates slightly (still within mgmt’s guidance range) Financial Returns – our own implied GTA VI contribution assumptions remain relatively Multiple conservative, particularly when benchmarked to historical operating performance (GTA V 20mm+ units sold during the first several weeks Integrated

[GSe]). In our view, the positioning of the key title heading into the Percentile 20th 40th 60th 80th 100th holiday 2026 season & heavy anticipation for the title increasingly set up the launch to be a commercial success (and a sustainable TTWO relative to Americas Coverage TTWO relative to Americas Internet narrative beyond just FY27 for TTWO). Source: Company data, Goldman Sachs Research estimates. See disclosures for details. We reiterate our Buy rating and raise our 12-month price target from $275 to $285 as we adjust our forward operating estimates for

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Take-Two Interactive Software Inc. (TTWO)

Take-Two Interactive Software Inc. Balance Sheet ($ mn) _______________________________________ BUY (TTWO) Cash & cash equivalents 3/26 1,545.5 3/27E 2,412.4 3/28E 2,689.9 3/29E 4,427.4 Rating since Oct 5, 2022 Accounts receivable Inventory 0.0 0.0 -- -- Ratios & Valuation __________________________________________ Other current assets 827.3 1, ,004.5 3/26…