NEXON hit a record annual revenue in 2025, largely thanks to the performance of ARC Raiders in Q4. However, the 6% growth rate feels rather anaemic, and operating profit has effectively stagnated at 0%. While ARC Raiders successfully expanded their footprint in North America and Europe, the failure to revitalise their crucial Chinese market kept the company from gathering any real momentum.

NEXON announced its 2025 annual and Q4 financial results on the 12th. For the year, the company reported revenue of 475.1 billion JPY (approx. 4.5072 trillion KRW), an operating profit of 124 billion JPY (approx. 1.1765 trillion KRW), and a net profit of 92.1 billion JPY (approx. 873.3 billion KRW). While the revenue represents a 6% increase and a historical high, operating profit dipped by 0.2% and net profit plummeted by 32% compared to the previous year.

Last year, NEXON achieved its 'record revenue' through the success of new titles like Mabinogi Mobile and ARC Raiders, alongside the MapleStory IP which saw a 43% revenue surge compared to 2024. Yet, growth was held back by a 21% decline in Dungeon & Fighter revenue and the stagnation of the FC franchise, which has seen two consecutive years of decline since 2023.

Operating profit remained flat as revenue gains were wiped out by rising costs. The launch of new titles like ARC Raiders, Mabinogi Mobile, and MapleStory Worlds: Raising Maple added to royalty and payment commission expenses, while investments in new talent across both existing and upcoming projects inflated payroll. Net profit was further dragged down by 2.7 billion JPY in foreign exchange losses and an 8.6 billion JPY impairment loss on equity-method investments in 2025.

The Q4 results were also unveiled. NEXON posted 123.6 billion JPY (approx. 1.1606 trillion KRW) in revenue and 7.2 billion JPY (approx. 67.4 billion KRW) in operating profit for the final quarter. Revenue surged 55% year-on-year, turning the operating profit into the black. Growth was driven by a 24% increase in the domestic market—bolstered by MapleStory, FC Online, Dungeon & Fighter, and Mabinogi Mobile—and a massive 364% spike in North American and European revenue, largely thanks to ARC Raiders.

However, it wasn't all plain sailing. The estimated refund for MapleStory Worlds: Raising Maple, finalised on January 28th, shaved 9 billion JPY (approx. 84.7 billion KRW) off the revenue. Furthermore, China saw a 22% year-on-year decline, hurt by falling revenue and a shrinking MAU for Dungeon & Fighter Mobile.

Despite the valiant efforts of ARC Raiders, the overall revenue growth was stifled by the Chinese slump and the MapleStory Worlds: Raising Maple refund saga. Compounding this, Q4 operating costs jumped 55.9% year-on-year, driven by increased headcount, ARC Raiders-related bonuses, and the inevitable rise in payment processing and marketing fees for their new releases.

NEXON launched the mobile version of Dave the Diver in China on February 6th. With over 1.5 million pre-registrations, it climbed to the top of the popularity charts immediately. Building on this Chinese success, they plan to expand the service globally. Meanwhile, they continue to develop a variety of new titles, including Azure Promilia, Project DX, NAKWON: LAST PARADISE, and Vindictus: Defying Fate.

NEXON Japan CEO Lee Jung-hun remarked, "The successful launch of ARC Raiders last year proved NEXON's global competitiveness. We are committed to the sustained growth of our existing franchises and will continue to discover new IPs to bring greater joy to our users both domestically and abroad."

The outlook for Q1 2026 is also here. NEXON projects revenue between 150.5 billion and 164 billion JPY (approx. 1.3973 trillion to 1.5229 trillion KRW) and an operating profit between 51.2 billion and 61.1 billion JPY (approx. 475.2 billion to 567.5 billion KRW). This represents a projected increase of 32-44% in revenue and 23-47% in operating profit compared to the same period last year.