Mike Hickey

Strauss acknowledged prior false starts (Stadia) but cited hyperscaler and edge-network advances, putting commercial low-latency streaming within roughly 3 years while not betting the company on it.

Strauss argued big Rockstar releases have durable multi-quarter effects, layered on a large pipeline, live services and catalog, providing fuel for sustained growth.

Strauss confirmed broad studio buy-in for AI, noting some colleagues think he is too conservative. Emphasized technology will be in the hands of creative people and will take the form of handcrafting. Art created by human beings using computers.

Strauss drew a Mission Impossible analogy, even known properties require heavy marketing. Emphasized Take-Two demands better marketing execution each year. Declined specifics on GTA VI marketing strategy.

Strauss rejected any notion of sitting back, saying the team eats red meat for breakfast. On affordability, emphasized TTWO's compact to deliver more value than charged, noting frontline prices have meaningfully declined on a real basis over 20 years.

Strauss declined to discuss studio inner workings but praised Rockstar's culture of performance. Noted GTA V Metacritic scores above 95 and the title remaining the most technologically advanced despite being over a decade old.

Strauss gave detailed macro outlook: positive GDP growth, ~3% consumer spending, unemployment rising to 4.5%, 50bps more Fed cuts. Emphasized that in selective consumer environments, quality wins and TTWO is well-positioned.

Strauss noted the unique combination of massive existing engagement (215M units, active GTA Online) with prolonged anticipation for a new generation.

Strauss expressed gratitude for Condrey's work, confirmed his advisory role continues, and said TTWO remains fully committed to Project Ethos.

Strauss directly confirmed reaffirmation of calendar year 2025 release schedule including all major titles.

Strauss avoided commenting on hardware makers' decisions but noted successful platforms benefit the business. No product announcements made.

Strauss praised the play test feedback but didn't address specific development changes or timing impact from market response.

Wilson acknowledged Rematch but emphasized FC's unmatched magnitude of licenses, global reach across platforms and geographies. Noted demand metrics for FC 26 are very strong. Excited about future social platform features and upcoming World Cup.

Wilson expressed confidence in Battlefield's launch window and game quality being aligned with fan expectations. Feels competitive window is favorable. On Rematch/FC competition, said EA loves competition and has unmatched depth of licenses.

Canfield confirmed FY26 growth expected even excluding Battlefield, citing FC recovery toward World Cup year, SCAPE launch, Sims expansion, and College Football return.

Wilson argued College Football was just the first step, citing growing sports popularity, deepening connection between College and NFL products, and social ecosystem expansion driving compounding growth.

Aron would not commit to repeating the Q2 margin gain but reaffirmed maniacal cost discipline and revenue focus; partial answer, no forward number.

Direct answer: full-year FCF breakeven is around $10.4 billion of box office and falling as interest expense declines.