HYBE (352820) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record KRW 1,525.7bn, up 109.8% YoY; operating profit was a record KRW 188.5bn, reversing a KRW 42.2bn loss in 3Q25.

• Multi-home, multi-genre expansion, localized artist businesses, merchandise solutions and Weverse were positioned as growth drivers beyond BTS.

Financial highlights

• Revenue rose 5.2% QoQ and 109.8% YoY to KRW 1,525.7bn; operating expenses increased 4.5% QoQ to KRW 1,337.2bn.

• Operating profit rose 10.3% QoQ to KRW 188.5bn, with a 12.4% margin; net profit fell 89.7% QoQ to KRW 11.3bn, mainly due to non-operating FX losses.

• Revenue resilience reflected album and long-tail catalog demand, BTS tour merchandise and a larger concert mix despite fewer album releases QoQ and unfavorable FX.

Outlook and guidance

• BTS tour activity is scheduled into H1 2027, with additional shows planned; group and solo projects after the tour remain under discussion, without specific dates or details.

• Most artist tours are expected to continue into Q4; seasonal packages and a BTS tour DVD are expected to support Q4 content sales.

• KATSEYE confirmed 11 additional 2027 shows across Asia and Australia/New Zealand and is scheduled to headline Lollapalooza India.

• CORTIS is expected to use larger venues on its next tour, comparable to venues used by artists several years into their careers; &TEAM and Santos Bravos plan a Nov. 20 collaboration release.