Nexon’s Q4 earnings: ARC Raiders a smash hit, MapleStory has a monster year, and a stacked pipeline ahead

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Nexon dropped its Q4 2025 investor presentation today, and there’s a lot to unpack for anyone keeping tabs on the company’s growing roster of live games and upcoming launches.

The headline number: ARC Raiders has sold 14 million copies since its October 30 launch. The co-op shooter from Embark Studios peaked at 960,000 concurrent players in January and has been sustaining roughly six million weekly active users. Nexon says it plans to keep the momentum going with monthly content drops and live events. Worth noting, though, that Nexon actually deferred ¥27.7 billion (roughly $177 million) of ARC Raiders revenue out of Q4 due to how it accounts for the game’s online-only, upfront-purchase model. More than half of that gets recognized in Q1 2026. So the game’s actual sales impact is even bigger than the reported numbers suggest.

MapleStory had its best year ever. The franchise grew 43% year-over-year in 2025, with Korea MapleStory’s full-year revenue up 78% and the game hitting a record 45% share in Korean PC cafes during Q4. The Western version of MapleStory also posted its highest-ever quarterly revenue, which is pretty wild for a game now in its 20th year of service.

MapleStory: Idle RPG launched in Q4 and hit #1 in app stores across multiple Asian markets while also charting well in North America. It wasn’t all smooth sailing, though. Nexon flagged an estimated ¥9 billion ($58M) revenue hit from refunds related to Idle RPG, with another ¥5 billion expected in Q1 2026. The company didn’t elaborate much on what drove those refunds, but that’s a significant chunk of money.

THE FINALS continues to chug along. Season 9 launched in December and drove year-over-year revenue growth, and an open beta went live in China on November 18. Nexon expects more YoY growth in Q1.

MABINOGI MOBILE got a Sanrio collaboration in late December that apparently did well in Korea, where it ranked as the #2 mobile title by revenue.

On the Dungeon&Fighter front, the picture is mixed. The PC version is doing great, with China revenue up double digits YoY and Korea up 56% YoY thanks to new raid content. But Dungeon&Fighter Mobile keeps sliding, dragging the overall franchise down 21% for the year. Nexon expects mobile to stay roughly flat quarter-over-quarter going into Q1 while continuing to decline YoY.

For the FC (FIFA successor) franchise, revenue was basically flat for the year, which Nexon attributes to 2025 being a non-World Cup year. The focus now is building toward the World Cup kicking off in June.

What’s in the pipeline

This is probably the most interesting part for anyone looking ahead. Nexon showed off eight titles in various stages of development:

Vindictus: Defying Fate is an action RPG coming to PC and console for Korea and global markets. NAKWON: Last Paradise is a PC extraction survival game. Woochi the Wayfarer is an action adventure title for PC and console targeting Korea, Japan, and global. Dungeon&Fighter: ARAD is an open-world action RPG spanning PC, mobile, and console. Project OVERKILL is another D&F spinoff, a 3D action RPG for PC. Azur Promilia is a fantasy RPG for PC and mobile in Korea. Project DX revives the Durango IP as an MMORPG for PC and console. And Project RX is a new anime-style game with basically no other details yet.

None of these have confirmed launch dates. All listed as TBA.