BTS performing during the FIFA World Cup Final halftime show. Photo Credit: Daniel Torok
Thanks in large part to BTS-fueled concerts growth, Hybe has reported record revenue and operating profit for Q3 2026, when acts including Katseye and Enhypen also turned in solid commercial results.
Hybe shed light on its third-quarter showing today, pointing first to ₩1.53 trillion (currently $1.14 billion) in across-the-board revenue, for a 110% year-over-year (YoY) improvement and a 5.2% bump on a quarterly basis.
Therein, with BTS’ Arirang having released in late March, overall recorded music revenue came in at $210.41 million/₩282.84 billion, up 49% YoY but down 13.4% quarterly. 2026 releases accounted for 52% of the Hybe roster’s on-demand streams in Q3, which brought with it Enhypen’s The Sin: Bliss and Katseye’s Wild EPs, to name a couple.
Meanwhile, physical sales generated roughly 70% of the quarter’s recorded music revenue, and Hybe noted that Cortis’ GreenGreen EP, initially released in May, had in September topped four million cumulative units sold.
(In reaching the milestone, Cortis became “the fifth K-pop artist in history to achieve a quadruple-million seller with a single album,” CFO Lee Kyung-jun indicated during the earnings call.)
Rounding out the artist-direct side, the Quality Control owner identified $540.70 million/₩726.79 billion in concerts revenue (up 197% YoY and 12.2% quarterly) and $48.83 million/₩65.62 billion from ads and appearances (up 54.2% YoY and 0.4% quarterly).
Unsurprisingly, BTS led the pack here with tour dates in Europe and North America throughout the three-month stretch. But Hybe also underscored revenue contributions from Le Sserafim, the aforementioned Katseye and Enhypen, and others yet.
Shifting to the artist-indirect side, merch and licensing (a record $248.88 million/₩334.55 billion, up 98.7% YoY and 7.7% quarterly) rather unsurprisingly spiked due to the period’s well-attended concerts.
“Utilizing the already-established localization planning capabilities,” CEO Lee Jae-sang reiterated during the earnings call, “we have consistently supplied 100 to 150 new items to cater to the specific preferences of [BTS] fanbases in each region during the tour.”
Additionally, the Weverse operator disclosed $43.99 million/₩59.14 billion in revenue from fan clubs and adjacent sources, up 70.8% YoY and 2.2% quarterly.
Weverse MAUs finished at an average of 14.2 million during the third quarter – down from 14.4 million in Q2 2026 but up from 11.6 million in Q3 2025. Similarly, the superfan destination’s average revenue per paying user and “paying amount trend” dipped slightly from 2026’s second quarter but improved from the prior year’s third quarter.
Finally, the “contents” category, including video releases and more, kicked in $42.21 million/₩56.74 billion (up 21.2% YoY and 36.3% quarterly) during Q3 as a result of Katseye’s Wild Hearts documentary and the launch of a mobile game entitled Architect: Land of Exiles.
As initially mentioned, Hybe’s Q3 2026 operating profit cracked a record $140.23 million/₩188.50 billion – though net profit fell 89.7% quarterly to $8.43 million/₩11.33 billion.
“Net profit experienced a decline, mainly driven by non-operating FX-related losses,” elaborated CFO Lee Kyung-jun. “The vast majority of this FX impact stems from non-cash accounting adjustments on our foreign cash reserves, a non-recurring item separate from our core operations and underlying cost structure.”
Elsewhere during the call, Hybe brass emphasized the company’s continued global-expansion initiatives – including with Mexico City-based boy band Santos Bravos, Japan’s &Team, and in India (where Katseye will headline Lollapalooza India in January before the inaugural “Weverse Con Festival India” takes place in March).
Nevertheless, analysts inquired about Hybe’s post-BTS-tour plans and outlook; CEO Lee Jae-sang in more words emphasized that the concert series is ongoing and confirmed forthcoming solo-activity announcements.
“Currently, we’re discussing with BTS members about diverse activities, including solo and group activities,” the Hybe head said. “And after this Arirang Tour is over, we’re preparing for group and solo activities, and I hope that you will take them into account. Even though I cannot give you any specifics right now, please trust in us and what we can offer in the future.”
Hybe stock (KRX: 352820) was essentially flat during today’s trading and, at $116/₩155,900 per share, remains down nearly 55% from 2026’s beginning.
