Square Enix Says MMO Sales Fell After Final Fantasy XIV Expansion Year, But Evercold Is Set For January 2027
Square Enix had a weirdly healthy year. Sales fell, but profit rose, largely because the company cut costs, improved margins, and leaned harder into catalog sales, merchandise, and licensing. For MMO fans, the main takeaway is more specific: the MMO business was down sharply year over year because last year had a major Final Fantasy XIV expansion, but Square Enix has now put dates on the next big beats for both Final Fantasy XIV and Dragon Quest X.
The MMO picture
Square Enix’s MMO business, which includes Final Fantasy XIV and Dragon Quest X Online, brought in ¥41.0 billion for the fiscal year ended March 2026 (~$260m USD). That was down from ¥55.5 billion the year before. Operating income also fell to ¥15.1 billion from ¥21.9 billion.
The company directly blamed the drop on the prior-year release of a Final Fantasy XIV expansion, which made this year a tougher comparison.
| MMO business | FY2025/3 | FY2026/3 | Change |
|---|---|---|---|
| Net sales | ¥55.5B | ¥41.0B | -¥14.5B |
| Operating income | ¥21.9B | ¥15.1B | -¥6.8B |
The next Final Fantasy XIV expansion is now listed as Final Fantasy XIV: Evercold, planned for January 2027. Dragon Quest X Online Expansion 8.0 is planned for June 25, 2026. For an MMO audience, those are the two most important pieces in the deck.
Digital games are becoming more profitable
Square Enix’s Digital Entertainment segment had lower revenue, but operating income improved. Net sales fell to ¥172.8 billion from ¥206.5 billion, while operating income rose to ¥43.3 billion from ¥33.8 billion.
HD games were the bright spot. The company said new releases and catalog sales helped lift HD game operating profit to ¥14.1 billion, up from ¥3.3 billion.
| Digital Entertainment | FY2025/3 | FY2026/3 |
|---|---|---|
| Segment sales | ¥206.5B | ¥172.8B |
| Segment operating income | ¥33.8B | ¥43.3B |
| HD game sales | ¥75.1B | ¥76.5B |
| HD game operating income | ¥3.3B | ¥14.1B |
Square Enix sold 26.68 million packaged and downloaded game units across HD and MMO titles, up from 25.45 million the year before. Downloads made up most of that, with 21.70 million digital units sold.
Upcoming releases and platform expansion
The medium-term update shows Square Enix continuing its shift to multiplatform releases and fewer, bigger bets. The company says it has rebuilt its pipeline around “quality” rather than volume, while moving major titles to more platforms.
| Title | Timing / Status |
|---|---|
| Final Fantasy XIV: Evercold | January 2027 |
| Dragon Quest X Online Expansion 8.0 | June 25, 2026 |
| Final Fantasy VII Rebirth on Switch 2, Xbox Series X/S, Windows | June 3, 2026 |
| Dragon Quest Smash/Grow | Launched April 21, 2026 |
| Dragon Quest I & II HD-2D Remake | FY2026/3 release |
| Dragon Quest VII Reimagined | FY2026/3 release |
| Final Fantasy Tactics: The Ivalice Chronicles | FY2026/3 release |
| Dissidia Duellum Final Fantasy | Mobile, launched March 2026 |
Mobile is smaller, but more profitable
The smart device and PC browser business also shrank, with sales down to ¥55.2 billion from ¥75.8 billion. Still, operating income rose to ¥14.0 billion from ¥8.5 billion thanks to payment method changes and lower operating costs. Current titles include Dragon Quest Walk, Dragon Quest Tact, Octopath Traveler: Champions of the Continent, Final Fantasy VII Ever Crisis, Emberstoria, and Dissidia Duellum Final Fantasy.
The broader strategy
Square Enix is trying to turn its major IP into a wider ecosystem: games, manga, anime, merchandise, cafes, events, attractions, and licensing. The Final Fantasy x Magic: The Gathering collaboration generated major licensing revenue, while the company is also pushing anime adaptations like The Apothecary Diaries Season 3 and its theatrical film.
For players, the business message is simple enough: Square Enix is cutting bloat, chasing stronger margins, and putting more of its biggest franchises on more platforms. For MMO players, the waiting game now has a date. Evercold is the next major FFXIV catalyst, and Dragon Quest X gets there first this June.
