Filing Flows › Webtoon Entertainment (WBTN) › Q3 2025
Webtoon Entertainment (WBTN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Webtoon Entertainment (WBTN) reported revenue of $378M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +9% from the quarter before. Operating margin was -3.9%, net loss $11.1M (2.9% of revenue).
Webtoon Entertainment, Q3 2025: revenue $378M (+9% year over year), operating margin -3.9%, net loss $11.1M, operating cash flow $16.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $378M | +9% | +9% |
| Operating profit | −$14.9M | — | — |
| Net earnings | −$11.1M | — | — |
| Operating cash flow | $16.5M | +190% | +299% |
| Free cash flow | $11.8M | +201% | +237% |
What changed
Revenue was $378.0M in Q3 2025, up 9% year over year and up 9% from the previous quarter. Paid Content was the largest line at 76% of revenue. IP Adaptations added $32.6M year over year (up 169%), 108% of the total change. Advertising declined 9%.
Operating costs exceeded revenue by $14.9M, an operating margin of -3.9%. Total costs grew 10% against revenue growth of 9%. The fastest-growing cost line was Cost of revenue (+15%). The quarter ended with a net loss of $11.1M, wider than the previous quarter's $3.9M loss. Non-operating items added $4.5M, -43% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.5M (up 299% year over year). Non-cash charges added back $7.9M of depreciation and amortization and $9.6M of share-based compensation. Working capital and other items added $10.0M. Capital expenditures of $4.7M left free cash flow of $11.8M.
Questions
What was Webtoon Entertainment's revenue in the third quarter 2025?
Webtoon Entertainment (WBTN) reported revenue of $378M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +9% from the quarter before.
Was Webtoon Entertainment profitable in the third quarter 2025?
Operating loss was $14.9M (-3.9% of revenue) and net loss $11.1M.