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NCSOFT
NCSOFT (036570) investor relations material
NCSOFT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Q4 2025 revenue was KRW 404.2 billion, with mobile at KRW 178.1 billion and PC at KRW 168.2 billion, driven by AION 2's successful launch; revenue rose 12% sequentially but fell 1% year-over-year.
Full year 2025 revenue reached KRW 1.5069 trillion, down 5% year-over-year; mobile contributed KRW 794.4 billion, PC KRW 430.9 billion.
Operating income for Q4 was KRW 3.2 billion, with a net loss of KRW 1.5 billion due to a spike in corporate tax from deferred revenue recognition and absence of one-time gains.
Annual operating income was KRW 36.9 billion excluding one-time severance; pre-tax income and net income were KRW 461.4 billion and KRW 347.4 billion, reflecting a one-time gain from property sale.
Financial highlights
AION 2 gross billings in Q4 were KRW 94.1 billion; recognized revenue was KRW 77.4 billion due to revenue deferral.
Legacy PC titles showed sequential growth, led by Guild Wars 2 expansion sales.
Annual operating expenses decreased 12% year-over-year to KRW 1,490.8 billion; personnel and marketing expenses fell 14% and 18% respectively.
Q4 pre-tax income was KRW 28.2 billion, with a net loss of KRW 1.5 billion, reflecting the absence of prior quarter's one-time gain and lower FX-related income.
Outlook and guidance
2026 revenue guidance targets the upper bound of KRW 2-2.5 trillion, driven by AION 2, new global IP launches, and mobile casual business expansion.
Five spin-off titles and major global launches, including AION 2 and Lineage Classic, are planned.
Mobile casual business expected to account for one-third of total revenue next year, with growth from both M&A and organic efforts.
Operating margin improvement anticipated alongside revenue growth.
Q4 results benefited from new game launches and regional expansions, with expectations for continued momentum in PC online games.
Given the FY25 real estate sale, what was its Q4 impact?
How will the mobile revenue decline be addressed?
Evaluate the Q4 marketing spend effectiveness.
Aion 2 global launch revenue potential?
Mobile casual 1/3 revenue target strategy
AI impact on game dev and market view
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Next NCSOFT earnings date
Q1 202613 May, 2026
NCSOFT
Next NCSOFT earnings date
Q1 202613 May, 2026
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Frequently asked questions
NCSOFT Corporation is a video game development and publishing company specializing in massively multiplayer online role-playing games (MMORPGs) and interactive entertainment. The company is known for popular game franchises such as Lineage, Guild Wars, Aion, Blade & Soul, and Lineage 2M. NCSOFT focuses on game development, cloud gaming, artificial intelligence, and mobile gaming, expanding its presence in global markets. It operates studios in South Korea, North America, Japan, and Taiwan while continuously investing in new gaming technologies. The company is headquartered in Seongnam, South Korea, and its shares are listed on the KRX.
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