Gravity's third-quarter revenue rose 41.9% year over year, which it credits to new Ragnarok mobile games

Gravity, the Seoul-based developer and publisher of the Ragnarok online role-playing games, said on November 13, 2026, that revenue rose 41.9% from a year earlier to KRW 197.1 billion in the three months to September 30. At the exchange rate the company uses for convenience, that is about $145.4 million. Revenue was also 21.8% higher than in the second quarter. Mobile games did most of the work: their revenue rose 54.6% from a year earlier to KRW 169.4 billion, or 85.9% of the total, up from 78.9% a year earlier (our calculation).

Against the second quarter, Gravity credits mainly three launches in July: Ragnarok: The New World in Southeast Asia outside Vietnam and Ragnarok M: Classic in Korea, both on July 16, and Ragnarok Origin Classic in North, Central and South America on July 23. Against a year earlier, it points to The New World's launches in Southeast Asia in July and in Taiwan, Hong Kong and Macau in January, and to Ragnarok Origin Classic's March launch in Korea, Taiwan, Hong Kong, Macau and Southeast Asia, partly offset by lower revenue from Ragnarok M: Classic in Taiwan, Hong Kong, Macau and Southeast Asia and from Ragnarok: Twilight in Taiwan, Hong Kong and Macau. For comparison, Gravity's mobile revenue for the whole of 2025 was KRW 455.2 billion, according to its annual report, so the latest quarter alone equals about 37% of that total (our calculation).

The PC original keeps slipping

Revenue from PC online games fell 3.2% from a year earlier to KRW 25.1 billion. Gravity points to lower revenue from Ragnarok Online America Latina and from Ragnarok Online in Taiwan, Hong Kong and Macau, partly offset by the first revenue from Ragnarok Zero: Global, a PC version it launched in Southeast Asia, Europe and Oceania on August 18. Ragnarok Online, first commercially launched in August 2002, was offered in 91 markets as of March 31, 2026, and made up 15.2% of Gravity's revenue in 2025, its annual report says.

Growth came at a cost

Compared with a year earlier, cost of revenue rose 60.0% to KRW 141.7 billion, mainly because of commissions paid for the mobile game services behind Ragnarok: The New World and Ragnarok Origin Classic. Operating profit still rose 35.0% to KRW 28.7 billion, but more slowly than revenue (our comparison). Operating expenses fell 8.1%, as Gravity spent less on advertising for Ragnarok Idle Adventure Plus in Korea and globally and for Nobunaga's Ambition: The Road to the World in Japan. Profit before income tax rose only 1.8% to KRW 27.7 billion, and net profit attributable to the parent company rose 7.7% to KRW 21.4 billion. Gravity held KRW 616.5 billion in cash, cash equivalents and short-term financial instruments at the end of September.

Gravity's annual report names GungHo Online Entertainment, its licensee in Japan, as its majority shareholder, with 59.3% of its common shares, which gives GungHo control of Gravity's board.

A long Ragnarok pipeline

The company's update lists more than a dozen Ragnarok titles still to launch in new markets (our count). Ragnarok Zero is due in North and South America in January 2027. Ragnarok Online 3 is planned for China and other Asian markets in the first half of 2027, with Japan, Europe and the Americas in preparation, and Ragnarok: The New World is set for Japan and Korea in the first half of 2027. Ragnarok: Midgard Senki opened in Taiwan, Hong Kong and Macau on October 23, and Ragnarok: GO in Southeast Asia on October 29. Further out, a Thai subsidiary still to be set up is to launch RAGLAND, a platform for user-made content based on Ragnarok, in August 2028. The dates still ahead are Gravity's targets.

Outside Ragnarok, Gravity launched the basketball management game NBA RISE in Korea, Southeast Asia and Oceania on October 20, and lists the action RPG Aeruta for a global release in the fourth quarter of 2026.