Krafton Q3 2026 results: revenue up, profit down 35.5%

Krafton's Q3 2026 results show a company growing at the top and shrinking at the bottom. Revenue for July to September rose 11.6% year on year to ₩971.4 billion, but operating profit fell 35.5% to ₩225.0 billion, and Krafton ended the quarter with a net loss of ₩68.4 billion.

The numbers were published on 10 November. Over the first nine months of 2026, Krafton still posted its highest revenue for that stretch at ₩3.6 trillion, up 51%.

Mobile held the quarter up

Mobile brought in ₩504.3 billion, up 3.2% year on year and 11.8% on the previous quarter. That line covers PUBG Mobile, BGMI and the technology service fee Krafton gets for Peacekeeper Elite in China, and it is now just over half of all revenue. Krafton's earnings presentation names major collaborations and mobile accessibility as the growth drivers, while the summer peak season is also in the mix.

PC was the drag. PC revenue fell 32.5% year on year to ₩238.9 billion, and 57.4% against the second quarter, which carried the Subnautica 2 early access launch on 14 May. Console revenue slipped 15.9% to ₩8.6 billion. Krafton said lower PC revenue was the main reason operating profit dropped.

Across the first nine months, the PUBG franchise still grew 11% — mobile up 12%, PC and console up 8% — and Krafton expects double-digit growth for the full year.

The "Others" line jumped to ₩219.6 billion from ₩18.0 billion a year earlier because Krafton now consolidates ADK, the Japanese advertising and content group it bought. ADK's advertising and content revenue is put at ₩198.4 billion for the quarter.

Costs up, and a hit below the line

Operating expenses rose 43.0% year on year to ₩746.4 billion, which Krafton put mainly down to the ADK consolidation. Paid commissions more than doubled to ₩284.6 billion, marketing spend rose 50.2% to ₩65.0 billion, and personnel costs climbed 34.9% to ₩209.7 billion. Platform fees fell, which fits with fewer PC sales through stores such as Steam.

The net loss came from below the operating line. Krafton booked a non-operating loss of ₩305.8 billion, including ₩277.8 billion in other expenses, and called it "FX-related non-operating losses". Ajunews reports the company said a stronger won reduced the won value of its dollar assets, an accounting valuation loss that could reverse if the exchange rate moves back. This is Krafton's second quarterly net loss in a row, after ₩29.9 billion in the second quarter, against a ₩369.4 billion profit a year ago.

What's in the pipeline

Krafton's push into lower-end smartphones is taking shape through two lighter battle royale apps. BGMI Air, previously known as BGMI Lite, is officially scheduled to launch in India on 10 December 2026, following closed beta tests in Mumbai, Delhi and Kolkata from 20 to 24 November. The approximately 1GB initial download retains core BGMI gameplay and supports existing accounts and cross-play with the main game. It has already crossed 14 million Google Play pre-registrations.

Globally, PUBG Mobile Flash, formerly PUBG Mobile Light, is scheduled for 13 November, offering a smaller download, reduced storage use and improved accessibility on lower-end devices. It keeps the main game's multiplayer ecosystem, including friends and items. KRAFTON India has not announced a separate Indian release for Flash, so BGMI Air is the confirmed lightweight release for India.

Subnautica 2 has passed 5 million copies in early access, per Korean reports, with a 91% positive rating on Steam and 4.5 million remaining wishlists listed in Krafton's presentation. A major "EA 2.0" update is planned before the full launch.

DED.NET, a console-focused PUBG shooter with roguelike elements aimed at Western players, held a closed beta in October and is being readied for 2027.

Shareholders get more cash too. Krafton has returned ₩617.2 billion so far in 2026 and plans a further ₩300 billion share buyback and cancellation in the fourth quarter, taking the year to ₩917.2 billion — its largest annual return since the policy began in 2023. Cash and equivalents stood at ₩2.42 trillion at the end of September.

For a BGMI player, the key line in the quarter is the mobile one: BGMI's business held its ground even as the rest of Krafton's books went red.