Revenue growth has shifted toward contraction, with 2025Q2 revenue of $121.8B reflecting a year-over-year decline alongside a compressed operating margin of 11.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 470.31B | 560.55B | 500.85B | 725.52B | 463.62B | 413.94B | 405.95B | 360.97B | 286.77B | 141.62B | 34.96B | 35.66B | 35.36B | 42.44B | 51.95B | 40.22B | 38.98B | 43.95B | 53.17B | 40.25B | 39.07B | 52.82B | 62.26B | 46.04B | 9.49B |
| Revenue Growth % | -14.85% | 11.92% | -30.97% | 56.49% | 12% | 1.97% | 12.46% | 25.87% | 102.49% | 305.1% | -1.96% | 0.84% | -16.67% | -18.31% | 29.15% | 3.19% | -11.3% | -17.35% | 32.09% | 3.02% | -26.03% | -15.16% | 35.22% | 385.15% | - |
| Cost of Goods Sold | 298.86B | 364.27B | 306.9B | 484.96B | 267.37B | 224.17B | 239.04B | 265.79B | 210.04B | 94.23B | 14.05B | 30.28B | 30.62B | 30.92B | 28.67B | 11.33B | 12.13B | 13.78B | 27.77B | 19.49B | 16.93B | 15.87B | 9.96B | 7.45B | 1.19B |
| COGS % of Revenue | - | 64.98% | 61.28% | 66.84% | 57.67% | 54.16% | 58.88% | 73.63% | 73.24% | 66.54% | 40.2% | 84.92% | 86.58% | 72.87% | 55.19% | 28.16% | 31.11% | 31.35% | 52.23% | 48.42% | 43.32% | 30.04% | 16% | 16.18% | 12.5% |
| Gross Profit | 171.44B | 196.28B | 193.94B | 240.56B | 196.25B | 189.76B | 166.91B | 95.18B | 76.73B | 47.39B | 20.91B | 5.38B | 4.75B | 11.51B | 23.28B | 28.9B | 26.85B | 30.17B | 25.4B | 20.76B | 22.14B | 36.95B | 52.3B | 38.59B | 8.3B |
| Gross Margin % | 36.45% | 35.02% | 38.72% | 33.16% | 42.33% | 45.84% | 41.12% | 26.37% | 26.76% | 33.46% | 59.8% | 15.08% | 13.42% | 27.13% | 44.81% | 71.84% | 68.89% | 68.65% | 47.77% | 51.58% | 56.68% | 69.96% | 84% | 83.82% | 87.5% |
| Gross Profit Growth % | - | 1.21% | -19.38% | 22.58% | 3.42% | 13.69% | 75.36% | 24.05% | 61.91% | 126.68% | 288.73% | 13.31% | -58.78% | -50.54% | -19.44% | 7.62% | -11% | 18.79% | 22.33% | -6.24% | -40.07% | -29.34% | 35.52% | 364.73% | - |
| Operating Expenses | 95.86B | 116.5B | 108.56B | 80.19B | 91.55B | 93.05B | 78.54B | 46.34B | 42.84B | 33.25B | 15.22B | 16.76B | 15.87B | 20.24B | 22.55B | 20.43B | 20.41B | 18.4B | 25.63B | 43.43B | 33.78B | 39.59B | 15.21B | 13.79B | 5.93B |
| OpEx % of Revenue | - | 20.78% | 21.68% | 11.05% | 19.75% | 22.48% | 19.35% | 12.84% | 14.94% | 23.48% | 43.52% | 46.99% | 44.87% | 47.7% | 43.41% | 50.8% | 52.37% | 41.87% | 48.21% | 107.91% | 86.46% | 74.95% | 24.44% | 29.96% | 62.5% |
| Selling, General & Admin | 99.98B | 100.31B | 85.92B | 59.95B | 72.78B | 72.53B | 60.38B | 35.37B | 34.94B | 27.79B | 15.22B | 11.48B | 15.87B | 13.54B | 16.89B | 17.01B | 20.41B | 18.4B | 23.49B | 29.05B | 26.28B | 30.47B | 13.25B | 12.06B | 4.74B |
| SG&A % of Revenue | - | 17.9% | 17.15% | 8.26% | 15.7% | 17.52% | 14.87% | 9.8% | 12.19% | 19.63% | 43.52% | 32.2% | 44.87% | 31.89% | 32.51% | 42.3% | 52.37% | 41.87% | 44.18% | 72.16% | 67.27% | 57.68% | 21.29% | 26.19% | 50% |
| Research & Development | 12.09B | 10.33B | 15.26B | 13.49B | 13.8B | 16.57B | 15.03B | 9.5B | 7.08B | 5.24B | 1.97B | 5.28B | 4.85B | 6.22B | 5.13B | 1.74B | 4.65B | 1.8B | 2.15B | 5.76B | 8.81B | 9.12B | 1.96B | 1.73B | 1.19B |
| R&D % of Revenue | - | 1.84% | 3.05% | 1.86% | 2.98% | 4% | 3.7% | 2.63% | 2.47% | 3.7% | 5.64% | 14.8% | 13.71% | 14.66% | 9.88% | 4.32% | 11.93% | 4.09% | 4.03% | 14.32% | 22.55% | 17.27% | 3.15% | 3.76% | 12.5% |
| Other Operating Expenses | 1K | 5.86B | 7.38B | 6.75B | 4.97B | 3.94B | 3.13B | 1.47B | 92.04M | -64.87M | 290.58M | 0 | 57.81M | 209M | 702.84M | 5.75B | 20.42B | 23.3B | 0 | 37.67B | 24.97B | 0 | 0 | 0 | 0 |
| Operating Income | 75.58B | 79.78B | 85.38B | 160.37B | 104.71B | 96.72B | 88.37B | 48.8B | 33.89B | 14.14B | 5.69B | -17.23B | -11.12B | -8.73B | 727.71M | 8.46B | 6.44B | 11.77B | -236M | -22.67B | -11.63B | -2.64B | 37.08B | 24.8B | 2.37B |
| Operating Margin % | 16.07% | 14.23% | 17.05% | 22.1% | 22.59% | 23.37% | 21.77% | 13.52% | 11.82% | 9.98% | 16.27% | -48.31% | -31.45% | -20.57% | 1.4% | 21.04% | 16.52% | 26.78% | -0.44% | -56.33% | -29.78% | -5% | 59.56% | 53.86% | 25% |
| Operating Income Growth % | - | -6.56% | -46.76% | 53.16% | 8.26% | 9.45% | 81.07% | 44.01% | 139.7% | 148.5% | 133.02% | -54.9% | -27.43% | -1299.43% | -91.4% | 31.44% | -45.3% | 5087.42% | 98.96% | -94.86% | -340.86% | -107.12% | 49.54% | 945.21% | - |
| EBITDA | 91.77B | 90.6B | 94.62B | 168.03B | 111.77B | 103.04B | 93.29B | 52.46B | 35.3B | 14.66B | 5.93B | -12.47B | -5.67B | -2.02B | 6.59B | 9.13B | 9.39B | 16.91B | 8.27B | -15.19B | -4.52B | 2.67B | 40.27B | 26.57B | 3.56B |
| EBITDA Margin % | 19.51% | 16.16% | 18.89% | 23.16% | 24.11% | 24.89% | 22.98% | 14.53% | 12.31% | 10.35% | 16.95% | -34.96% | -16.03% | -4.76% | 12.69% | 22.69% | 24.09% | 38.48% | 15.54% | -37.73% | -11.57% | 5.06% | 64.69% | 57.72% | 37.5% |
| EBITDA Growth % | -29.38% | -4.25% | -43.69% | 50.33% | 8.48% | 10.45% | 77.84% | 48.59% | 140.84% | 147.36% | 147.54% | -119.89% | -180.81% | -130.62% | -27.77% | -2.79% | -44.48% | 104.6% | 154.42% | -235.83% | -269.11% | -93.36% | 51.54% | 646.76% | - |
| D&A (Non-Cash Add-back) | 1.17B | 10.82B | 9.23B | 7.66B | 7.06B | 6.32B | 4.92B | 3.65B | 1.41B | 520M | 236.54M | 4.76B | 5.45B | 6.71B | 5.86B | 664.76M | 2.95B | 5.14B | 8.5B | 7.49B | 7.11B | 5.31B | 3.19B | 1.78B | 1.19B |
| EBIT | 86.28B | 91.22B | 106.48B | 168.86B | 110.01B | 99.42B | 88.2B | 48.8B | 33.89B | 14.14B | 3.86B | -15.67B | -10.84B | -14.58B | -17.57B | 5.09B | 8.29B | 13B | 5.83B | -22.67B | -11.63B | -2.64B | 37.31B | 31.04B | 2.37B |
| Net Interest Income | 8.1B | 15.54B | 16.92B | 11.33B | 4.37B | 1.27B | 902M | 1.35B | 807M | 541M | 522M | 671M | 1.13B | 1.29B | 1.71B | 1.79B | 1.91B | 2.35B | 2.83B | 0 | 2.75B | 684.52M | 0 | -6.35B | 0 |
| Interest Income | 11.17B | 15.82B | 17.06B | 11.49B | 4.5B | 1.38B | 1.09B | 1.63B | 819M | 554M | 522M | 671M | 1.13B | 1.33B | 1.76B | 1.65B | 1.83B | 2.27B | 2.86B | 0 | 2.84B | 2.82B | 0 | 102.5M | 0 |
| Interest Expense | 3.07B | 282M | 135M | 162M | 127M | 115M | 186M | 277M | 12M | 13M | 0 | 0 | 0 | 41M | 55M | 58M | 32M | 41M | 31M | 0 | 90.48M | 2.14B | 0 | 6.45B | 0 |
| Other Income/Expense | 11.16B | 11.16B | 20.96B | 8.33B | 5.17B | 2.58B | -357M | 2.45B | 550M | 423M | -7M | 1.55B | 977M | 2.09B | -18.35B | -3.43B | 1.84B | -4.7B | 6.03B | 3.44B | 2.16B | -779.45M | -4.71B | -267.5M | -2.37B |
| Pretax Income | 86.74B | 90.94B | 106.35B | 168.7B | 109.88B | 99.3B | 88.01B | 51.26B | 34.44B | 14.46B | 2.48B | -15.68B | -11.03B | -12.75B | -11.25B | 7.99B | 7.78B | 7.07B | 5.79B | -19.23B | -9.47B | -3.42B | 32.69B | 18.67B | 0 |
| Pretax Margin % | 18.44% | 16.22% | 21.23% | 23.25% | 23.7% | 23.99% | 21.68% | 14.2% | 12.01% | 10.21% | 7.1% | -43.97% | -31.18% | -30.03% | -21.65% | 19.86% | 19.96% | 16.09% | 10.9% | -47.77% | -24.25% | -6.47% | 52.51% | 40.55% | - |
| Income Tax | 16.66B | 23.63B | 21.45B | 36.72B | 26.82B | 33.42B | 25.45B | 11.53B | 3.05B | 1.14B | 3.22B | 1.35B | 9.16B | 5.24B | 2.98B | -6.78B | 3.64B | 3.99B | 3.38B | 2.92B | 11.51B | -808.43M | 4.25B | 2.75B | 0 |
| Effective Tax Rate % | 19.2% | 25.98% | 20.17% | 21.76% | 24.41% | 33.66% | 28.92% | 22.49% | 8.87% | 7.91% | 129.66% | -8.62% | -83.08% | -41.1% | -26.5% | -84.94% | 46.84% | 56.4% | 58.32% | -15.17% | -121.5% | 23.65% | 13.01% | 14.74% | - |
| Net Income | 70.12B | 67.46B | 84.92B | 132.02B | 83.16B | 65.95B | 62.7B | 39.88B | 31.44B | 13.32B | -736.6M | -16.96B | -20.03B | -17.95B | -14.28B | 14.77B | 4.14B | 3.08B | -2.77B | -23.21B | -21.24B | -3B | 28.21B | 15.92B | 0 |
| Net Margin % | 14.91% | 12.04% | 16.96% | 18.2% | 17.94% | 15.93% | 15.45% | 11.05% | 10.96% | 9.4% | -2.11% | -47.57% | -56.64% | -42.31% | -27.48% | 36.72% | 10.61% | 7.01% | -5.22% | -57.67% | -54.36% | -5.68% | 45.32% | 34.57% | - |
| Net Income Growth % | -22.07% | -20.55% | -35.68% | 58.75% | 26.1% | 5.17% | 57.25% | 26.82% | 136.07% | 1908.18% | 95.66% | 15.3% | -11.56% | -25.75% | -196.66% | 257.22% | 34.15% | 211.16% | 88.05% | -9.3% | -608.44% | -110.63% | 77.23% | - | - |
| Net Income (Continuing) | 70.08B | 67.31B | 84.9B | 131.98B | 83.06B | 65.88B | 62.56B | 39.73B | 31.39B | 13.31B | 587M | -17.03B | -21B | -19.75B | -20.54B | 12.76B | 3.71B | 6.99B | -2.7B | -23.21B | -22.05B | -3B | 27.1B | 20.07B | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 650M | 508.31M | 691M | 641M | 653M | 769.95M | 437.14M | 191.41K | -605.96M | -561.73M | -562M | -491M | 194.79M | 352.93M | 382.57M | 8.82B | 11B | 214M | 137M | 68.35M | 27.5M | 21.98M | 0 | 0 | 0 |
| EPS (Diluted) | 10090.28 | 9840.04 | 12221.00 | 18998.00 | 11968.00 | 9490.00 | 9023.00 | 5738.46 | 4524.86 | 1917.00 | -106.00 | -2441.39 | -2882.45 | -2583.82 | -2054.77 | 2126.00 | 595.00 | 444.00 | -399.06 | -3340.60 | -3056.36 | -438.34 | 4884.08 | 3913.13 | -96.02 |
| EPS Growth % | -22.07% | -19.48% | -35.67% | 58.74% | 26.11% | 5.18% | 57.24% | 26.82% | 136.04% | 1908.49% | 95.66% | 15.3% | -11.56% | -25.75% | -196.65% | 257.31% | 34.01% | 211.26% | 88.05% | -9.3% | -597.26% | -108.97% | 24.81% | 4175.33% | - |
| EPS (Basic) | - | 9840.04 | 12221.00 | 18998.00 | 11968.00 | 9490.00 | 9023.00 | 5738.46 | 4524.86 | 1917.00 | -106.00 | -2441.39 | -2882.45 | -2583.82 | -2054.77 | 2126.00 | 595.00 | 444.00 | -399.06 | -3340.60 | -3056.36 | -440.66 | 4884.08 | 3913.13 | -96.02 |
| Diluted Shares Outstanding | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.84M | 5.55M | 5.13M | 5.27M |
| Basic Shares Outstanding | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.95M | 6.8M | 5.55M | 5.13M | 5.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single IP Revenue Concentration
As indicated by the most recent quarterly filings, Gravity's revenue trajectory has shifted toward contraction, with the 2025Q2 top-line figure of $121.8B representing a year-over-year decline that underscores the difficulty of maintaining momentum within a portfolio heavily reliant on aging Ragnarok mobile iterations.
The revenue volatility observed over the last ten quarters suggests that the company is struggling to offset the natural lifecycle decay of its core titles with new launches. Investors should monitor whether the current geographic expansion strategy can effectively replace the diminishing returns from mature Asian markets.
Based on reported financial statements, Gravity's gross margin has fluctuated between 30% and 40%, reflecting a structural ceiling imposed by third-party platform fees and royalty obligations that appear to limit the company's ability to capture higher value from its core gaming ecosystem.
The variability in gross margins suggests that the company's profitability is highly sensitive to the specific mix of self-published versus licensed titles. Without a shift toward direct-to-consumer distribution channels, it appears unlikely that the company will achieve significant margin expansion in the near term.
According to recent SEC filings, Gravity's operating income has shown significant inconsistency, with operating margins compressing to 11.7% in 2025Q2, which suggests that the company's SG&A expenses are not scaling efficiently relative to the fluctuations in gross profit generated by its mobile titles.
The erratic nature of operating income indicates that marketing spend and development costs are often front-loaded, creating lumpy profitability profiles. This lack of operating leverage warrants further investigation into whether management can stabilize overhead costs during periods of lower revenue growth.
Data from the income statement reveals a persistent reliance on the Ragnarok franchise, which may present a long-term risk as the company's 2025Q2 net margin of 7.8% highlights the vulnerability of its bottom line to any potential regulatory or competitive shifts in its core markets.
Short-term observers might focus on the company's ability to recycle assets, but the underlying trend of declining EPS growth suggests that this strategy may be reaching a point of diminishing returns. The market should consider whether the current valuation adequately prices the risk of brand saturation.
Quick answers to the most common questions about buying GRVY stock.
For fiscal year 2025, Gravity Co., Ltd. (GRVY) reported total revenue of $560.55B. This represents a 5806.8% increase compared to $9.49B in 2002.
Gravity Co., Ltd. (GRVY) is profitable, generating $67.46B in net income for the fiscal year ending 2025 with a net profit margin of 12.0%.
Gravity Co., Ltd. (GRVY) reported an operating income of $79.78B, resulting in an operating profit margin of 14.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gravity Co., Ltd. (GRVY) generated $196.28B in gross profit for the year, representing a gross profit margin of 35.0%. This demonstrates the company's core pricing power and production efficiency.