NEXON Co., Ltd. Q3 2026 Earnings Recap

NEXON’s Q3 results were above its outlook, led by MapleStory and FC, while the stock was essentially flat at -0.1%. Dungeon & Fighter fell short of expectations and is expected to decline year over year in Q4, tempering the upbeat results elsewhere.

Key Takeaways

• Q3 revenue was JPY 138.4 billion, up 17% year over year; operating income was JPY 41.8 billion, up 11% and close to 30% above the high end of the company’s outlook.
• MapleStory revenue grew 72% year over year to a quarterly record, supported by MapleStory Classic in China, the core PC game in Korea, and newer experiences.
• FC returned to year-over-year growth, led by FC ONLINE, where average play time reached a record high.
• Dungeon & Fighter declined year over year and missed the company’s outlook after China’s September update fell short; management expects Q4 revenue to decline year over year.
• Costs were below plan despite higher royalties, and headcount was essentially flat year over year. NEXON said its project review process canceled six projects this year and redirected people and budgets to other games.