Gravity (GRVY) Q4 2025 earnings summary

Executive summary

• Preliminary 2025 revenue reached KRW 560 billion, up 11.8% year-over-year, while operating profit was KRW 77 billion, down 7.7% year-over-year.

• 4Q 2025 revenue was KRW 113 billion, down 18.6% sequentially and 12.9% year-over-year; operating profit was KRW 12 billion, down 43.6% sequentially and 24.8% year-over-year.

• Multiple new games launched globally and regionally, expanding the Ragnarok Online IP across mobile, PC, and blockchain platforms.

• Notable launches include Ragnarok Monster Kitchen, Ragnarok: Rebirth, Ragnarok X: Next Generation, and Ragnarok: The New World, with strong initial rankings in key markets.

• Additional IP-based and third-party games launched or planned, broadening the portfolio beyond Ragnarok.

Financial highlights

• Annual revenue increased to KRW 560 billion in 2025 from KRW 500.8 billion in 2024.

• Operating income declined to KRW 77 billion in 2025 from KRW 83.4 billion in 2024.

• Liquidity remained strong, with cash and equivalents at KRW 609.9 billion at 4Q 2025.

Outlook and guidance

• Multiple new game launches planned for 2026, including Ragnarok Origin Classic, Ragnarok M: Classic, Ragnarok: The New World, and Ragnarok Endless Trails.

• Ragnarok Online 3 planned for China launch in Q4 2026 and global launch in 2027.

• Additional games such as Ragnarok Abyss, Wizmans World Re: Try, and Final Knight set for release in 2026.

• Expansion into new genres and platforms, including console, global PC launches, and blockchain games.

• Strategic focus on global market expansion and strengthening the Ragnarok IP hub.