Nexon entered 2026 with the kind of financial momentum most publishers only dream of. The company’s first‑quarter earnings shattered internal records, driven by a combination of blockbuster performance from Embark Studios’ Arc Raiders, continued strength across the MapleStory ecosystem, and a sizable foreign‑exchange gain that amplified the bottom line.
The headline number is impossible to ignore: net income soared 118% year‑over‑year, reaching ¥57.2 billion, which translates to $360.7 million USD. For a company already considered one of Asia’s most stable publishers, this marks a dramatic acceleration.
A Quarter Defined by Two Franchises: Arc Raiders and MapleStory
The star of the quarter was Arc Raiders, which added 4.6 million new unit sales, pushing lifetime sales to 16 million. Engagement was equally staggering — more than half of all active players logged over 100 hours, contributing to a cumulative 1.5 billion hours played.
Meanwhile, the MapleStory franchise continued its long‑running dominance. Revenue across MapleStory, Dungeon & Fighter, and FC totaled ¥92.9 billion (≈ $586.1 million USD). Growth in MapleStory and FC offset a decline in Dungeon & Fighter Mobile, which Nexon acknowledged as a soft spot in an otherwise strong portfolio.
Horizontal revenues — a category that includes titles like The Finals — surged 188% to ¥59.3 billion (≈ $374.1 million USD). The Finals alone posted a 47% year‑over‑year revenue increase, reinforcing Nexon’s growing strength in live‑service ecosystems.
Refund Turbulence: MapleStory Idle RPG Coding Error
Not everything was smooth sailing. A coding error in MapleStory: Idle RPG misapplied probability values for certain paid items, forcing Nexon to issue refunds totaling ¥6.7 billion (≈ $42.2 million USD). Operating income also absorbed an additional ¥3.5 billion (≈ $22 million USD) impact tied to the issue.
Despite the setback, the MapleStory brand still posted 42% year‑over‑year growth, powered by MapleStory Worlds and the recovering Idle RPG.
Strategic Shifts: Cancellations, Redeployments, and Tencent Partnership
Nexon confirmed that three projects were cancelled during the quarter, with development resources redirected toward titles with stronger global potential — specifically Nakwon: Last Paradise and Woochi the Wayfarer. The company emphasized that “creative talent has been redeployed to projects that can capture and sustain a global audience.”
In a major operational shift, Nexon transferred development of the China service for Dungeon & Fighter Mobile to Tencent, citing the need for deeper hyperlocalization. Neople Studio will retain creative control while co‑developing with Tencent. The two companies also extended their publishing partnership for Dungeon & Fighter on PC in China by ten years, reinforcing one of the most lucrative relationships in the Asian games market.
Pipeline: 15 Projects in Development, 5 Launching This Year
Nexon currently has 15 games and experiences in development, with five scheduled to release in 2026. The slate includes:
- Overwatch (PC)
- Project T
- Dungeon & Fighter: Idle RPG
- Two unannounced Embark Studios projects in early development
The company is clearly betting on a mix of established franchises and new IP to sustain long‑term growth.
Full Q1 Earnings — All Figures Converted to USD
Below are all financial results from the report, including the original yen amounts and their USD equivalents as provided in the source.
Revenue
- ¥152.2 billion → $959.9 million USD
Operating Income
- ¥58.2 billion → $367 million USD
Net Income
- ¥57.2 billion → $360.7 million USD
Foreign Exchange Gain
- ¥14.5 billion → $91.4 million USD
Main Franchise Revenue (MapleStory, Dungeon & Fighter, FC)
- ¥92.9 billion → $586.1 million USD
Horizontal Revenue (Arc Raiders, The Finals, etc.)
- ¥59.3 billion → $374.1 million USD
MapleStory: Idle RPG Refund Impact
- Revenue reduction: ¥6.7 billion → $42.2 million USD
- Operating income reduction: ¥3.5 billion → $22 million USD
Q2 2026 Forecast
- Revenue:
- ¥107 billion → $674.9 million USD
- ¥119.7 billion → $755 million USD
- Operating income:
- ¥16.1 billion → $101.5 million USD
- ¥25.3 billion → $159.6 million USD
Outlook: A Strong Core, but Tough Comparisons Ahead
Nexon expects Q2 revenue to decline roughly 10%, largely due to difficult comparisons against the explosive 2025 launch of Mabinogi Mobile and Dungeon & Fighter Mobile. Still, the company anticipates continued growth from MapleStory and Arc Raiders, which now stands as one of Nexon’s most important global properties.
The message from Nexon is clear: the company is entering a new era where its legacy franchises and new‑generation live‑service titles are working in tandem — and the financial results are beginning to reflect that synergy.
