Take-Two Earnings: GTA 6’s Constantly Shifting Release Date Is Concerning but Understandable

Take-Two pushed out the expected release date for Grand Theft Auto 6 to the fall of 2025, well into the firm's fiscal 2026. With a year and a half to release, further delays are certainly possible. As predecessor GTA 5 continues to sell around 5 million units per quarter a decade after its initial release, GTA 6 will likely serve as a platform to drive revenue far into the future. While continuing delays are a concern, getting the release right is also critical to Take-Two's long-term value. After incorporating management's new fiscal 2025 outlook and shifting GTA 6 sales further into the future, we have lowered our fair value estimate to $155 from $165.