NCSoft 2025 Earnings: AION 2 Delivers Record PC Quarter
Published 2026-02-20Updated 2026-09-194 min read
NCSoft's 2025 annual report shows AION 2 driving PC revenue to a 1.68 trillion won quarterly high, the strongest since 2017, while the company outlines its 2026 global strategy.
NCSoft's consolidated 2025 financial report reads like a company that bet big on one MMO and won. Annual revenue reached 1.5069 trillion won (down 5% year-over-year), but the headline is what happened after November 18: AION 2's launch quarter pushed PC online game revenue to 168.2 billion won in Q4 alone — up 92% quarter-over-quarter and 80% year-over-year, the division's best single quarter since 2017.
The Numbers Behind the Launch
- Full-year 2025 revenue: 1.5069 trillion won (−5% YoY), with operating profit of 16.1 billion won — a return to the black
- Net profit: 347.4 billion won (+269%), inflated by the sale of the NC Tower 1 office building in Seoul
- By region: Korea contributed 928.3 billion won, Asia 277.5 billion won, North America and Europe 124.7 billion won; licensing added 176.4 billion won, with overseas and licensing combined accounting for 38% of total revenue
- By platform: mobile games earned 794.4 billion won, PC online games 430.9 billion won
Q4 itself closed with 404.2 billion won in revenue and 3.2 billion won in operating profit, alongside a small net loss of 1.5 billion won — the cost of ramping a global-scale launch.
What 2026 Is Supposed to Deliver
Management framed three strategic pillars: the global rollout of AION 2 alongside new titles like Cinder City, Time Takers and Limit Zero Breakers; expanding existing IP through derivatives and regional releases; and building a mobile casual platform ecosystem through acquisitions.
The PC line's momentum matters for Western players: a launch this profitable gives NC every reason to fund the global service properly. For context on how AION 2 got here, see our KR/TW launch day report, and for what the money is buying, our Unreal Engine 5 visual deep dive.