We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe.
−Removed: We develop, operate, and publish products principally through Rockstar Games, 2K, Private Division, and Zynga.
−Removed: Our products are currently designed for console gaming systems, including, but not limited to, the Sony Computer Entertainment, Inc.
−Removed: ("Sony") PlayStation®4 ("PS4") and PlayStation5 ("PS5"), Microsoft Corporation ("Microsoft") Xbox One® ("Xbox One") and Xbox Series X|S ("Xbox Series X|S"), and Nintendo's Switch TM ("Switch"), as well as personal computers ("PC"), and mobile, including, smartphones and tablets.
+Added: We develop, operate, and publish products principally through Rockstar Games, 2K, and Zynga.
+Added: In October 2024, we sold our Private Division label, including our rights to substantially all of the label's titles.
+Added: Our products are designed for console gaming systems, including, but not limited to, the Sony Computer Entertainment, Inc.
+Added: ("Sony") PlayStation®4 ("PS4") and PlayStation5 ("PS5"), the Microsoft Corporation ("Microsoft") Xbox One® ("Xbox One") and Xbox Series X|S ("Xbox Series X|S"), and the Nintendo Switch TM ("Switch"), as well as mobile, including smartphones and tablets, and personal computers ("PC").
We deliver our products through physical retail, digital download, online platforms, and cloud streaming services.
Our website address is www.take2games.com.
−Removed: We make all of our filings with the Securities and Exchange Commission ("SEC") available free of charge on our website under the caption "Financial Information—SEC Filings." Included in these filings are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, which are available as soon as reasonably practicable after we electronically file or furnish such materials with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.
+Added: We make all of our filings with the Securities and Exchange Commission ("SEC") available free of charge on our website under the caption "Financial Information—SEC Filings." Included in these filings are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, which are available as soon as reasonably practicable after we electronically file or furnish such materials with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Our website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.
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The SEC's website is www.sec.gov .
−Removed: Our strategy is to be the most creative, innovative, and efficient company in the evolving interactive entertainment industry.
−Removed: With our diverse portfolio that spans all key platforms and numerous genres, we strive to create the highest quality, most engaging interactive entertainment franchises and captivate our global audience.
+Added: Our strategy is to create hit entertainment experiences, delivered on every platform relevant to our audience through a variety of sound business models.
+Added: Our pillars - creativity, innovation, and efficiency - guide us as we strive to create the highest quality, most captivating experiences for our consumers.
+Added: We believe that our player-first approach and commitment to creativity and innovation are distinguishing strengths, enabling us to differentiate our products in the marketplace by combining advanced technology with compelling storylines and characters that provide unique, deeply engaging gameplay experiences.
+Added: Our teams have established a portfolio of proprietary software content for the major hardware and mobile platforms, and we aim to be at the forefront of technological innovation.
+Added: We have a diverse portfolio that spans all key platforms and numerous genres, including action, adventure, family, casual, hyper-casual, role-playing, shooter, social casino, sports, and strategy.
+Added: This enables us to appeal to a wide array of consumers and demographic groups worldwide, ranging from game
+Added: enthusiasts to casual gamers.
Most of our intellectual property is internally owned and developed, which we believe best positions us financially and competitively.
−Removed: We have established a portfolio of proprietary software content for the major hardware and mobile platforms in a wide range of genres, including action, adventure, family/casual, hyper-casual, role-playing, shooter, social casino, sports, and strategy, which we distribute worldwide.
−Removed: We believe that our player-first mentality and commitment to creativity and innovation are distinguishing strengths, enabling us to differentiate our products in the marketplace by combining advanced technology with compelling storylines and characters that provide unique gameplay experiences for consumers.
−Removed: We have created, acquired, or licensed a group of highly recognizable brands to match the broad consumer demographics that we serve, ranging from adults to children and game enthusiasts to casual gamers.
−Removed: Another cornerstone of our strategy is to support the success of our products in the
−Removed: marketplace through innovative marketing programs and global distribution on platforms and through channels that are relevant to our target audience.
−Removed: Support World-Class Creative Teams.
−Removed: Creativity and innovation remain two of the core tenets of our organization and are the lifeblood of our ongoing success.
−Removed: We have 9,639 employees working in game development in studios around the world, including some of the most well-known names in the business.
−Removed: The creative teams at Rockstar Games, 2K, Private Division, and Zynga are renowned for their consistent ability to deliver games that set new benchmarks for excellence.
−Removed: In addition, Private Division is dedicated to bringing titles from top independent developers to market.
−Removed: Our teams balance the art and science of game making by combining creative innovation with a player-centric, data driven approach to delight players.
−Removed: We support our teams by focusing on talent acquisition and retention, and we seek to foster an environment where people build long-term careers and do their best work.
−Removed: Focus on Core Strength of Producing High-Quality Titles.
−Removed: We focus on publishing high-quality titles based on internally owned and developed intellectual properties.
−Removed: We currently own the intellectual property rights to 48 proprietary brands.
−Removed: In addition, we selectively develop titles based on licensed properties, including sports leagues, and also publish externally developed titles.
−Removed: We take steps to optimize efficiency and effectiveness in our operations while also maintaining high standards of quality and customer satisfaction.
−Removed: Our objective is to achieve greater operating expense leverage as we grow our scale with the release of our eagerly-anticipated pipeline.
−Removed: We use a product investment review process to evaluate potential titles for investment, to review existing titles in development, and to assess titles after release by measuring their performance in the market and the return on our investment.
−Removed: We apply this process to all of our products, whether internally or externally developed.
−Removed: Our product investment review process includes reviews of each project at various stages of development by our executive management team and the senior management of our publishing labels and also includes coordination between our sales and marketing personnel before the launch of titles.
−Removed: This disciplined approach to product investment is expected to enhance the competitiveness and profitability of our titles.
−Removed: We develop our products using a combination of our internal development teams and external development resources acting under contract with us.
−Removed: We select external developers based on their track record and expertise in developing products in the same category or genre.
−Removed: One developer will generally produce the same game for multiple platforms and will also produce sequels to the original game.
−Removed: We believe that selecting and using development resources in this manner allows us to leverage the particular expertise of our internal and external development resources, which is designed to maintain our quality standards for our products.
−Removed: Leverage Emerging Technologies, Platforms, and Distribution Channels, Including Digitally-Delivered Content.
−Removed: Interactive entertainment, played online and on mobile, presents significant opportunities to enhance our growth and profitability.
−Removed: In addition, the interactive entertainment software industry is delivering the majority of content for traditional platforms through digital download.
−Removed: Virtually all of our products are available through direct digital download (from websites we own or third-party websites).
−Removed: We will continue to invest in emerging opportunities in mobile and online gameplay, particularly for our wholly-owned franchises, as well as downloadable content and microtransactions that enable gamers to pay to download additional content to enhance their game playing experience.
−Removed: We aim to drive ongoing engagement and incremental revenue from recurrent consumer spending on our titles through virtual currency, add-on content, and in-game purchases.
−Removed: Expand International Business.
−Removed: The global market for interactive entertainment continues to grow, and we seek to increase our presence internationally, particularly in Asia, the Middle East, and Latin America.
−Removed: We are continuing to execute on our growth initiatives in Asia, where our strategy is to build on our licensing relationships and also broaden the distribution of our existing products and expand our online gaming presence, especially in China.
−Removed: 2K has secured a multi-year license from the NBA to develop an online version of our NBA simulation game in China, Taiwan, Hong Kong, and Macau.
−Removed: Our first such title, NBA 2K Online , a free-to-play NBA simulation game based on the console edition of NBA 2K , which was co-developed by 2K and Tencent, is the top online PC sports game in China with over 60 million registered users.
−Removed: We have released two iterations of NBA 2K Online and continue to enhance the title with new features.
−Removed: We are also a direct publisher in Japan and South Korea.
−Removed: While we retain title to all intellectual property, in some regions, local publishers, under license agreements, are responsible for localization of software content, distribution, and marketing of the products in their respective local markets.
+Added: In addition, we license selectively some highly recognizable renowned brands, especially in sports entertainment.
+Added: We support our products with innovative marketing programs created by our internal global marketing teams.
+Added: Attract and Retain the Best Talent in the Business.
+Added: Our headcount includes 12,928 full-time employees as of March 31, 2025, including 10,096 in development studios.
+Added: We are proud of the culture we have established and believe that it enables us to attract and retain some of the most talented individuals in our industry and consistently set new benchmarks for excellence.
+Added: By empowering our colleagues to embrace an entrepreneurial mindset and to take calculated risks, we believe that we have created an environment where our people can thrive.
+Added: We believe that we deploy best-in-class recruiting practices to attract new talent and encourage our people to pursue satisfying, long-term career opportunities with us by providing competitive compensation plans that align our people with our shareholders, extensive employee benefits and well-being programs, and numerous learning and development programs to encourage career growth and progression.
+Added: Develop Robust Player Relationships.
+Added: Many of our releases offer a steady cadence of post-launch content to drive further engagement with our franchises, including virtual currency, add-on content, and in-game purchases.
+Added: This approach enables us to maintain consistent, positive relationships with our players, sustain ongoing relevance for our intellectual properties, and enhance the performance of our titles.
+Added: We continue to invest in tools and infrastructure to deepen our understanding of our players and to strengthen our relationships with them.
+Added: This includes our customer data platform and our customer insights and analytics, which inform our go-to-market strategy and allow us to maintain ongoing communications with our players that are tailored to their interests.
+Added: We also engage with emerging marketing platforms, technologies, and services to enhance our reach and capabilities, including our direct-to-consumer commerce platform, through which players can purchase in-game offerings, primarily for our mobile titles.
+Added: The enjoyment and safety of our players is of paramount importance to us, and we are committed to providing safe, inclusive, and welcoming environments in which our communities can gather and enjoy our services free of harassment, hate speech, toxic behavior, abuse, and other offensive content and conduct.
+Added: Increase Scale and Profitability.
+Added: A key component of our strategy is to build a portfolio and forward pipeline of commercially successful franchises across console, PC, and mobile platforms.
+Added: We believe that we can increase our scale by launching new intellectual properties;
+Added: growing our core franchises through high-quality, fresh sequels, relevant brand extensions, and robust live services;
+Added: and expanding our intellectual property portfolio and talent base through strategic acquisitions and partnerships.
+Added: We provide continuous recurrent consumer spending offerings to fuel player engagement and growth.
+Added: We use a product investment review process to evaluate potential titles for investment, review existing titles in development, and assess titles after release by measuring their performance in the market and the return on our investment.
+Added: We believe that our disciplined approach to product investment will enhance the competitiveness and profitability of our titles.
+Added: As we grow our scale, we seek to run our business in a highly efficient manner in an effort to optimize and enhance our profitability.
+Added: We regularly assess opportunities to contain or reduce costs, including leveraging shared services and technology.
+Added: Identify and Lead New Paradigms and Market Trends.
+Added: Our teams aspire to be at the forefront of innovation in our industry.
+Added: We are constantly evaluating and investing selectively in emerging platforms, technologies, business models, and geographies that we believe will help us grow and strengthen our business.
+Added: In particular, we believe that there are meaningful opportunities to expand our presence in Asia, the Middle East, and Latin America.
+Added: Within these regions, China is our most established market, where we offer NBA 2K Online and Civilization:
+Added: Eras and Allies through our partnership with Tencent.
+Added: Our NBA 2K Online business is the top online PC sports game in China.
+Added: We also direct our teams to anticipate and actively address changes in consumer behavior and technology so that we can evolve our business as new dynamics develop.
Our Businesses
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Operating margins are dependent in part upon our ability to release new, commercially successful software products and to manage effectively their development and marketing costs.
−Removed: internal development studios located in Australia, Canada, China, Czech Republic, Finland, Germany, Hungary, India, Serbia, South Korea, Spain, Turkey, the United Kingdom (U.K.), and the United States (U.S.).
−Removed: As of March 31, 2024, we had a research and development staff of 9,639 employees with the technical capabilities to develop software titles for all major consoles, PCs, and mobile platforms in multiple languages and territories.
−Removed: Agreements with third-party developers generally give us exclusive publishing and marketing rights and require us to make development payments, pay royalties based on product sales, and satisfy other conditions.
−Removed: Development payments for software titles are typically recoupable against royalties otherwise due to developers based on software sales.
−Removed: Our agreements with third-party developers generally provide us with the right to monitor development efforts and to cease making development payments if specified development milestones are not satisfied.
−Removed: We also regularly monitor the level of development payments in light of the expected sales for the related titles.
+Added: We have internal development studios located in Australia, Canada, China, Czech Republic, Finland, Germany, Hungary, India, Serbia, South Korea, Spain, Turkey, the United Kingdom ("U.K."), and the United States ("U.S.").
+Added: As of March 31, 2025, we had a
+Added: research and development staff of 10,096 full-time employees with the technical capabilities to develop software titles for all major consoles, PCs, and mobile platforms in multiple languages and territories.
We engage in evolving business models such as online gaming, virtual currency, add-on content, and in-game purchases, and we expect to continue to generate incremental revenue from these opportunities.
−Removed: We also generate revenue from advertising within our software products.
+Added: We also generate revenue from advertising primarily within our mobile software products.
Rockstar Games.
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Software titles published by our Rockstar Games label are primarily internally developed.
−Removed: We expect Rockstar Games, our wholly-owned publisher of the Grand Theft Auto , LA Noire , Max Payne , Midnight Club , Red Dead Redemption , and other popular franchises, to continue to be a leader in the action/adventure product category and to create groundbreaking entertainment.
+Added: We expect Rockstar Games, our wholly-owned publisher of the Grand Theft Auto , L.A.
+Added: Noire , Max Payne , Midnight Club , Red Dead Redemption , and other popular franchises, to continue to be a leader in the action/adventure product category and to create groundbreaking entertainment.
We believe that Rockstar Games has established a uniquely original, popular, cultural phenomenon with its Grand Theft Auto series, which is the interactive entertainment industry's most iconic and critically acclaimed brand and has sold-in over 445 million units worldwide.
Our most recent installment, Grand Theft Auto V , which was released in 2013, has sold-in over 210 million units worldwide and includes access to Grand Theft Auto Online .
−Removed: Rockstar Games continues to invest in the franchise and plans to release Grand Theft Auto VI in the Fall of calendar 2025.
−Removed: The label released its first trailer for the title in December 2023 and will share more details over time.
+Added: Rockstar Games offers its GTA+ membership program, which engages its player community with an array of rotating benefits, including access to classic Rockstar Games titles.
+Added: Rockstar Games continues to invest in the franchise and announced that Grand Theft Auto VI , which was expected to launch in Fall of Calendar 2025, is now planned for release on May 26, 2026, during our fiscal year 2027.
+Added: The label released its first trailer for the title in December 2023 and the second in May 2025 and will share more details in the future.
Red Dead Redemption 2 , which has been a critical and commercial success that set numerous entertainment industry records, has sold-in more than 70 million units worldwide to date.
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We expect 2K to continue to develop new, successful franchises in the future.
−Removed: 2K's internally owned and developed franchises include the critically acclaimed, multi-million unit selling BioShock , Mafia , Sid Meier's Civilization , and XCOM franchises.
−Removed: 2K also has long-held publishing rights for Borderlands and Tiny Tina's Wonderlands from Gearbox.
−Removed: As set forth under "Recent Developments," below, on March 27, 2024, we entered into an agreement to purchase Gearbox, which is expected to close in first quarter of Fiscal 2025 and will bring these intellectual properties in-house.
+Added: 2K's internally owned and developed franchises include the critically acclaimed, multi-million unit selling BioShock , Mafia , Sid Meier's Civilization , and XCOM franchises, as well as the Borderlands and Tiny Tina's Wonderlands franchises, which we now own following our June 2024 acquisition of Gearbox Entertainment.
2K's realistic sports simulation titles include our flagship NBA 2K series, which continues to be the top-ranked NBA basketball video game, the WWE 2K professional wrestling series, PGA TOUR 2K , and TopSpin 2K .
2K also publishes mobile titles, including WWE SuperCard .
−Removed: We have expanded our relationship with the NBA through the NBA 2K League , a competitive eSports league jointly owned by us and the NBA.
−Removed: Private Division.
−Removed: Our Private Division label is dedicated to bringing titles from the industry's leading creative talent to market and is the publisher, developer, and owner of Kerbal Space Program and OlliOlli World .
+Added: In 2018, we expanded our relationship with the NBA through the NBA 2K League.
Our Zynga label publishes popular free-to-play mobile games that deliver high quality, deeply engaging entertainment experiences and generates revenue from in-game sales and in-game advertising.
−Removed: Zynga's strategy is to have numerous games in concept development and to determine which titles are best suited for soft launch and worldwide launch based on the achievement of various milestones and KPI thresholds.
−Removed: Zynga's diverse portfolio of popular game franchises has been downloaded more than six billion times, including CSR Racing , Dragon City , Empires & Puzzles , FarmVille , Golf Rival , Harry Potter:
+Added: Zynga's strategy is to have numerous games in concept development and to determine which titles are best suited for soft launch and worldwide launch based on the achievement of various milestones and key performance indicator (KPI) thresholds.
+Added: Zynga's diverse portfolio of popular game franchises has been downloaded more than six billion times, including CSR Racing , Dragon City , Empires & Puzzles , FarmVille , Game of Thrones:
+Added: Legends, Golf Rival , Harry Potter:
Puzzles & Spells , Match Factory!
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, Merge Magic!
−Removed: , Monster Legends , Toon Blast , Top Eleven , Top Troops , Toy Blast , Two Dots , Words With Friends , Zynga Poker , and a high volume of hyper-casual mobile titles, including Fill the Fridge!, Parking Jam 3D , Power Slap , Pull the Pin, Twisted Tangle, and Tangled Snakes .
−Removed: Recent Developments
−Removed: Pending Acquisition.
−Removed: On March 27, 2024, we entered into a Share Purchase Agreement to purchase 100% of the issued and outstanding capital stock of The Gearbox Entertainment Company, Inc.
−Removed: ("Gearbox"), from Embracer Group AB.
−Removed: The purchase price is $460.0, consisting of newly issued shares of Take-Two common stock, valued based on the volume weighted average closing price per share of our common stock on the Nasdaq Global Select Market for the five consecutive trading days ending on (and including) the trading day immediately preceding the closing date, subject to adjustments as defined in the Share Purchase Agreement.
−Removed: The transaction, which is currently anticipated to close during the first quarter in fiscal 2025, is subject to the satisfaction or waiver of customary closing conditions for both parties.
+Added: , Monster Legends , Toon Blast , Top Eleven , Toy Blast , Two Dots , Words With Friends , Zynga Poker , and a high volume of hyper-casual mobile titles, including Color Block Jam, Fill the Fridge!, Parking Jam 3D , Power Slap , Pull the Pin, Screw Jam , Twisted Tangle, and Tangled Snakes .
+Added: Private Division.
+Added: In October 2024, we sold our Private Division label, including our rights to substantially all of the label's titles.
+Added: The label was dedicated to bringing titles from the industry's leading creative talent to market and was the publisher, developer, and owner of Kerbal Space Program .
Intellectual Property
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These licenses are typically limited to the use of the licensed rights in products for specific time periods.
−Removed: In addition, we license and include console manufacturer technology in our products on a non-exclusive basis, which allows our games to be played on their respective hardware systems.
+Added: In addition, we license and include console
+Added: manufacturer technology in our products on a non-exclusive basis, which allows our games to be played on their respective hardware systems.
Manufacturing
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We sell software titles both digitally and physically through direct relationships with digital storefronts and platform partners, large retail customers, and third-party distributors.
−Removed: We sell our products globally and have sales operations in Australia, Canada, France, Germany, Japan, Singapore, South Korea, Spain, Taiwan, the United Kingdom, and the United States.
+Added: We sell our products globally and have sales operations in Australia, Canada, France, Germany, Japan, Singapore, South Korea, Taiwan, the U.K., and the U.S.
+Added: We manage a direct-to-consumer platform, primarily for our mobile business, to drive purchases directly with our consumer base.
+Added: By leveraging our direct-to-consumer platform, we are able to build closer relationships with our players, understand their behaviors and preferences more accurately, and provide value with various offers and event types.
We are dependent on a limited number of customers that account for a significant portion of our sales.
−Removed: Sales to our five largest customers during the fiscal year ended March 31, 2024, accounted for 79.8% of our net revenue, with Sony, Apple, Google, and Microsoft each accounting for more than 10.0% of our net revenue.
+Added: Sales to our five largest customers during the fiscal year ended March 31, 2025, accounted for 81.0% of our net revenue, with Apple, Sony, Google, and Microsoft each accounting for more than 10.0% of our net revenue.
We distribute our titles, add-on content, and in-game purchases through direct digital download to consoles, PCs, and mobile devices.
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however, we expect that packaged goods and traditional retailers will continue to be an important channel for the sale of our console products for the foreseeable future, particularly in connection with the release of certain titles for consoles or certain regions where digital distribution is not as well established.
−Removed: We also sell advertising within a number of our games.
+Added: We also sell advertising within a number of our games, primarily in mobile.
Our advertising offerings provide creative ways for marketers and advertisers to reach and engage with our players and are generally essential for our free-to-play titles.
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• Implementing public relations campaigns, using social, digital, online, television, outdoor, and print marketing, including certain performance marketing programs.
−Removed: We aim to label and market our products in accordance with the applicable principles and guidelines of the Entertainment Software Rating Board, ("ESRB"), an independent self-regulatory body that assigns ratings and enforces advertising guidelines for the interactive software industry.
+Added: We aim to label and market our products in accordance with the applicable principles and guidelines of the Entertainment Software Rating Board, ("ESRB"), an independent self-regulatory body that assigns ratings and enforces advertising guidelines for the interactive software industry in the U.S.
+Added: In addition, we work with similar global agencies, including the Pan-European Game Information, which is used throughout most of Europe in more than 35 countries, and the International Age Rating Coalition ("IARC"), a rating and age classification system for digitally delivered games and apps that reflects the unique cultural differences among nations and regions.
• Stimulating continued sales by reducing the wholesale prices of our products to retailers, digital storefronts, and platform providers at various times during the life of a product.
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We advertise our mobile games primarily within other mobile applications and on social networks, often through in-app and other advertising partners such as Facebook and Google.
−Removed: As of March 31, 2024, we had a sales and marketing staff of 1,353 people.
+Added: As of March 31, 2025, we had a sales and marketing staff of 1,418 full-time employees.
+Added: Competition in the interactive entertainment industry is based on innovation, features, playability, product quality, brand name recognition, compatibility with popular platforms, access to distribution channels, price, marketing, and customer service.
+Added: Our business is driven by hit titles, which require increasing budgets for development and marketing.
+Added: Competition for our titles is influenced by the timing of competitive product releases and the similarity of such products to our titles.
In our business, we compete with:
−Removed: • Other interactive entertainment companies, including those offering mobile games, that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than ours.
−Removed: Examples of our competitors include Activision Blizzard, Electronic Arts Inc., Embracer Group AB, Playrix, Playtika, Roblox, Scopely, Tencent, and Ubisoft Entertainment S.A.
+Added: • Other interactive entertainment companies that range in size and cost structure from very small with limited resources to very large with greater financial, marketing, technical, and other resources than ours.
+Added: Examples of our competitors include Electronic Arts Inc., Embracer Group AB, Playrix, Playtika, Roblox, Savvy Games, Tencent, and Ubisoft Entertainment S.A.
We also expect new competitors to enter the market and existing competitors to allocate more resources to develop and market competing games and applications.
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The competition for shelf space, whether physical or virtual, and promotional support is intense among an increasing number of newly introduced entertainment software titles and hardware.
−Removed: • Other forms of entertainment such as motion pictures, television, social networking, online applications, and other forms of entertainment, which may be less expensive or provide other advantages to consumers.
−Removed: Competition in the interactive entertainment industry is based on innovation, features, playability, product quality, brand name recognition, compatibility with popular platforms, access to distribution channels, price, marketing, and customer service.
−Removed: Our business is driven by hit titles, which require increasing budgets for development and marketing.
−Removed: Competition for our titles is influenced by the timing of competitive product releases and the similarity of such products to our titles.
+Added: • Other forms of entertainment such as motion pictures, television, social networking, online applications, short-form video, and other forms of entertainment, which may be less expensive or provide other advantages to consumers.
International Operations
International sales are a significant part of our business.
−Removed: For the fiscal years ended March 31, 2024, 2023 and 2022, we earned 38.7%, 37.2% and 40.1%, respectively, of our net revenue outside the United States.
−Removed: We are continuing to execute on our growth initiatives in Asia, where our strategy is to broaden the distribution of our existing products and expand our online gaming presence, especially in China.
+Added: For the fiscal years ended March 31, 2025, 2024, and 2023, we earned 39.5%, 38.7% and 37.2%, respectively, of our net revenue outside the U.S.
We are subject to risks inherent in foreign trade, including increased credit risks, tariffs and duties, fluctuations in foreign currency exchange rates, shipping delays and international political, regulatory, and economic developments, all of which can have a significant effect on our operating results.
−Removed: See Notes 1 and 2 to our Consolidated Financial Statements.
+Added: In particular, as a global company operating in many jurisdictions, we are subject to various and complex laws and regulations domestically and internationally, including laws and regulations related to gaming, user privacy, data collection and retention, consumer protection, protection of minors, online safety, content, advertising, localization, information security, intellectual property, competition, sanctions, addressing climate change, taxation, and employment, among others.
+Added: Many of these laws and regulations are continuously evolving and developing, and the application to, and impact on, us is uncertain.
+Added: Certain of our business models are subject to new laws or regulations or evolving interpretations and application of existing laws and regulations.
+Added: The growth and development of electronic commerce, virtual items, and virtual currency has prompted calls for new laws and regulations and resulted in the application of existing laws or regulations that have limited or restricted the sale of our products and services in certain territories.
+Added: For more information on risks associated with complying with applicable laws, please see " Risk Factors " —Risks related to legal or regulatory compliance.
Segment and Geographic Information
We have one operating and reportable segment.
−Removed: See Notes 1 , 2 , and 8 to our Consolidated Financial Statements.
+Added: See Note 22 to our Consolidated Financial Statements.
Human Capital
Human Capital Management.
−Removed: One of Take-Two’s most important assets is our people.
−Removed: With 12,371 full-time employees as of March 31, 2024, of which 7,621 were located outside of the United States, we are constantly focused on our teams – their success, their structure, and how best to support them given their particular needs and projects.
−Removed: 46% of our employees are located in North America, 36% in Europe, and 18% in the Asia-Pacific region;
−Removed: 78% of our employees are focused on product development.
−Removed: Although some repercussions of COVID-19 remain across the industry, most of our employees have returned to their offices, with many of our teams productively working in a hybrid work environment.
−Removed: This approach to the workplace presents new challenges, as well as opportunities, for managing teams and supporting employees.
−Removed: In that vein, we are continuing existing programs and identifying others to ensure our people feel supported in their roles, including enhanced manager training to help strengthen teams despite the varied approaches to working, broadening our wellness and mental health offerings, encouraging people to step away from their screens when they can and spending a lot of time listening to employee feedback.
−Removed: Our varying approaches to the workplace, facilitate our continued focus on creativity and innovation as two of the core tenets of our organization and the lifeblood of our ongoing success.
−Removed: The creative teams at our labels are renowned for their consistent ability to deliver games that set new benchmarks for excellence.
−Removed: We support our creative and corporate teams by focusing on talent acquisition and retention, including through offering job development and skills training initiatives, extensive employee benefits and numerous well-being programs, and partnering with the leadership at our labels to foster the types of cultures our leaders believe best support and grow the creative processes for their particular teams.
+Added: Our headcount includes 12,928 full-time employees as of March 31, 2025.
+Added: We are proud of our established culture, and our reputation for creativity, innovation, and efficiency enables us to attract some of the most talented individuals in our industry and consistently set new benchmarks for excellence.
+Added: We are constantly focused on our teams – their success, their structure, and how best to support them given their particular needs and projects.
+Added: 49% of our full-time employees are located in North America, 34% in Europe, and 17% in the Asia-Pacific region;
+Added: 78% of our full-time employees are focused on product development.
+Added: While some of our teams are now working from the office full time, many of our colleagues are working in hybrid work environments, with some flexibility to work remotely on various days.
+Added: We believe this structure maintains strong productivity, and collaboration, cultivates a strong internal culture, and is also beneficial for talent retention.
+Added: Our approach to the workplace presents challenges, as well as opportunities, for managing teams and supporting employees.
+Added: We continue to support our workforce through ongoing and new initiatives, including enhanced manager training to strengthen team cohesion across various work models, encouragement of healthy work habits, active engagement with employee feedback, and a continued focus on mental health awareness.
+Added: By empowering our teams to embrace an entrepreneurial mindset and to take calculated risks, we foster an environment where our people can thrive.
+Added: We believe that we deploy best-in-class recruiting practices to attract new talent, and we encourage our people to pursue satisfying, long-term career opportunities with us by providing competitive compensation benefits and well-being programs and by offering numerous learning and development programs to encourage career growth and progression.
Sustainability.
1 unchanged sentence
We believe sustainability creates value for all stakeholders, including employees and customers, while also helping to mitigate risks, reduce costs, protect brand value, and identify market opportunities.
−Removed: We have an organization-wide Sustainability committee, overseen by the Board of Directors, to lead our Sustainability efforts.
+Added: We have an organization-wide Sustainability Committee, overseen by the Board of Directors (the "Board"), to lead our sustainability efforts.
Through this committee, we developed a comprehensive, Sustainability Framework that reflects our top priority issues and stakeholder needs.
−Removed: In 2023, we made significant progress in managing our Sustainability performance.
−Removed: We are dedicated to driving positive change across our industry and society through our Sustainability efforts.
−Removed: Diversity, Equity, and Inclusion.
−Removed: We firmly believe that diverse teams are more valuable and effective, and that diversity is key to our success.
−Removed: We are committed to enhancing workforce diversity at Take-Two, and we strive to provide an inclusive workplace in which everyone feels respected, heard, and safe.
−Removed: We believe our culture of compassion and respect fosters a warm, welcoming environment for all qualified candidates and colleagues.
−Removed: Specific efforts we take include company-sponsored service projects in the communities in which we operate;
−Removed: providing financial and other support to organizations working to eradicate social injustice as well as providing educational, athletic, and other opportunities to underserved communities;
−Removed: working with organizations to support the rights of the LGBTIQ+ community;
−Removed: endeavoring to expand the diversity of our industry’s candidate pool through scholarships to minority game design students and contributions to organizations providing STEM opportunities to children in underserved communities;
−Removed: delivering interview training and career counseling to young adults in those same communities;
−Removed: and celebrating cultural differences through various employee affinity groups and company events and offerings.
+Added: Community & Engagement.
+Added: We firmly believe that diversity of thought drives the innovation that is integral to our success.
+Added: We strive to provide an inclusive workplace in which everyone feels respected, heard, and safe.
+Added: Our culture, grounded in compassion, collaboration, and a commitment to excellence, supports an inclusive and welcoming environment for prospective employees and the broader community.
Talent Assessment & Development and Employee Experience.
−Removed: We strongly believe in internal growth opportunities and career development tracks.
−Removed: We also recognize the importance of our employees staying current in an ever-changing industry.
−Removed: To that end, our global Learning & Development team curates a wide variety of training materials and programs targeting both hard skills development and career progression as well as programs in leadership development and employee round tables.
−Removed: Further, our compliance training program seeks to ensure that our employees recognize and report any signs of harassment, discrimination, retaliation, or other inappropriate behaviors in the workplace and that they understand and abide by our Code of Business Conduct and other internal policies.
+Added: We are committed to internal growth opportunities and career development tracks.
+Added: We recognize the importance of our employees staying current in an ever-changing industry.
+Added: Our global Learning & Development team curates a wide variety of training materials and programs targeting both hard skills development and career progression as well as programs in leadership development and employee round tables.
+Added: Our compliance training program seeks to ensure that our employees recognize and report any signs of harassment, discrimination, retaliation, or other inappropriate behaviors in the workplace and that they understand and abide by our Code of Business Conduct and other internal policies.
Our learning and development programs are designed to be closely aligned with our performance management process and succession planning.
1 unchanged sentence
We work hard to ensure that development opportunities are individually tailored and that all decisions regarding hiring, career progression, and compensation are based on qualifications, work ethic, and job performance.
−Removed: Beyond formal performance management, we stay connected with our teams throughout the year with global town hall meetings, engagement and "pulse" surveys, culture assessments and employee round tables.
+Added: Beyond formal performance management, we stay connected with our teams throughout the year with global town hall meetings and engagement and "pulse" surveys.
The feedback generated through these tools helps to ensure we are providing a supportive, dynamic, and stimulating work environment for all of our employees.
−Removed: These efforts and more contributed to Take-Two being named one of Forbes' Best Mid-Size Employers list in 2019, 2021, 2022, and 2024, and one of Newsweek's America's Greatest Workplaces for Diversity, Women, LGBTQ+, and Job Starters in 2024.
−Removed: In addition, we were included on Fortune’s Great Places to Work list in 2020, 2021, and 2022 and were honored by Gay Gaming Professionals in 2021 as a DEI&B leader in the interactive entertainment industry.
+Added: These efforts and more contributed to Take-Two being named one of Forbes' Best Mid-Size Employers list for four of the last six years and certified as a Great Place to Work by Fortune every year from 2020 through 2025 (including in the U.K.
Compensation and Benefits.
5 unchanged sentences
In addition to awarding Restricted Stock Units to employees at certain levels, we also offer an Employee Stock Purchase Plan to further align the interests of our employees with our shareholders.
−Removed: We also provide a comprehensive benefits package that includes traditional offerings, such as medical, dental vision, retirement, disability, accident and life insurance, prescription drugs, and leaves, and also includes programs such as well-being, fitness reimbursement, mental health benefits, mental health awareness training for Human Resources personnel and managers throughout the Company, and charitable giving with a company match.
+Added: We also provide a comprehensive benefits package that includes traditional offerings, such as medical, dental vision, retirement, disability, accident and life insurance, prescription drugs, and leaves, and also includes programs such as fitness reimbursement, mental health benefits, mental health awareness training for Human Resources personnel and managers throughout the Company, and charitable giving with a company match.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.