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• GAAP net revenue rose to $1.53 billion from $1.50 billion; GAAP net loss widened to $34.1 million ($0.18 per share) from $11.9 million ($0.07 per share).
• Cost of revenue included a $43.4 million impairment charge for an unannounced third-party title that will not proceed.
• Company reiterates fiscal 2027 net bookings outlook of $8.0 to $8.2 billion and provides Q2 FY2027 net bookings guidance of $1.62 to $1.67 billion.
• Grand Theft Auto VI is scheduled for release on November 19, 2026, for PS5 and Xbox Series X|S.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Fiscal year 2026: Net Bookings grew 19% to $6.72B; GAAP net revenue $6.66B; GAAP net loss $298.2M ($1.62 per share).
• Recurrent consumer spending grew 7% in Q4 and 17% for the full year, accounting for 82% and 78% of Net Bookings, respectively.
• Initial FY2027 outlook: Net Bookings $8.0-8.2B, GAAP net revenue $7.9-8.1B, diluted EPS $0.55-0.75.
• Grand Theft Auto VI is scheduled for release on November 19, 2026, on PS5 and Xbox Series X|S.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• GAAP net revenue was $1.70 billion, up from $1.36 billion a year ago.
• GAAP net loss narrowed to $92.9 million ($0.50 per share) from $125.2 million ($0.71 per share).
• FY2026 Net Bookings outlook raised to $6.65-$6.7 billion; GAAP net revenue expected $6.55-$6.6 billion.
• Grand Theft Auto VI is scheduled for release on November 19, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• GAAP net revenue was $1.77 billion, up from $1.35 billion in the prior year quarter.
• GAAP net loss narrowed to $133.9 million ($0.73 per share) from $365.5 million ($2.08 per share).
• Fiscal year 2026 net bookings outlook raised to $6.4–$6.5 billion; GAAP net revenue outlook $6.38–$6.48 billion.
• Grand Theft Auto VI is now scheduled to launch on November 19, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• On September 18, 2025, stockholders approved an amendment and restatement of the 2017 Stock Incentive Plan, increasing reserved shares by 5,200,000 and extending the plan term to September 18, 2035.
• The advisory vote on named executive officer compensation passed with 143,533,691 votes for and 7,442,714 against.
• The amendment to the 2017 Plan passed with 117,302,742 votes for and 33,862,767 against.
• Ernst & Young LLP was ratified as independent auditor for fiscal year ending March 31, 2026, with 157,919,059 votes for.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits

• The investor presentation (Exhibit 99.1) includes Q1 FY2026 results: net revenue of $1.50 billion, net bookings of $1.42 billion, and recurrent consumer spending at 84% of net revenue.
• The presentation highlights a development pipeline of 21 announced immersive core titles for FY2026-2028, including Grand Theft Auto VI launching May 26, 2026, and Borderlands 4 launching September 12, 2025.
• The filing also outlines board composition, executive compensation, and a proposal to increase the share reserve under the 2017 Stock Incentive Plan by 5.2 million shares.
• The report is filed under Item 8.01 (Other Events) and includes a cautionary note about forward-looking statements.
• The company recommends shareholders vote 'FOR' all four proposals at the 2025 Annual Meeting, including director elections and ratification of Ernst & Young LLP as auditor.

8.01 Other Events · 9.01 Financial Statements and Exhibits

• The plan is an unfunded 'top-hat' plan for a select group of management or highly compensated employees and directors.
• Eligible employees may defer up to 50% of base salary and up to 90% of annual cash bonus; directors may defer up to 100% of cash retainers and meeting fees.
• Participants are 100% vested at all times; the company will not make matching contributions but may make discretionary contributions.
• Payments are subject to a six-month delay for 'specified employees' under Section 409A of the Internal Revenue Code.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• GAAP net revenue was $1.50 billion, up from $1.34 billion year-over-year.
• GAAP net loss narrowed to $11.9 million ($0.07 per share) from $262.0 million ($1.52 per share).
• Recurrent consumer spending grew 17% and accounted for 83% of net bookings.
• Company raised FY2026 net bookings outlook to $6.05-$6.15 billion.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits