HYBE, the South Korea-headquartered entertainment giant behind BTS, has posted its highest-ever first-quarter revenue.
According to HYBE’s latest earnings filing, published on Wednesday (April 29), the company generated 698.3 billion South Korean won (approximately USD $477 million) in Q1 2026 revenue.
That figure was up 39.5% YoY from 500.6 billion won in Q1 2025.
Recorded music was the standout revenue line in the quarter. The segment surged 98.9% YoY to 271.5 billion won ($185m), up from 136.5 billion won in Q1 2025. The growth was driven by BTS‘s fifth studio album, ARIRANG, which was released on March 20, the group’s first studio album in nearly six years.
ARIRANG debuted at No.1 on the Billboard 200, with BTS becoming, according to HYBE, the first K-pop act to top that chart for three consecutive weeks. The title track SWIM entered the Billboard Hot 100 at No.1, marking the group’s seventh chart-topper.
The vinyl edition of the album sold 208,000 copies in a single week, which HYBE says is the highest weekly vinyl sales by a group since tracking began in 1991.
HYBE said on Wednesday that BTS’s “comeback further reinforced the group’s status as one of the defining acts in global pop and demonstrated its long-term touring power, strengthening HYBE’s revenue visibility through large-scale global touring and fan engagement”.
Revenue from artist direct-involvement activities — which includes recorded music, concerts, and ads — rose 25.2% YoY to 403.7 billion won ($276m), accounting for 58% of total revenue.
Concert revenue, however, was down 42.8% YoY to 88.7 billion won ($61m), reflecting the fact that BTS‘s 85-show world tour launched only in April — after the Q1 reporting period had closed.
Revenue from artist indirect-involvement activities, including merchandise, licensing, content, and fan club memberships, jumped 65.5% YoY to 294.7 billion won ($201m).
HYBE attributed the increase to tour-related merchandise sales, including BTS light sticks and artist-inspired character merchandise, and fan club membership revenue driven by presale access to the BTS world tour.
In terms of profitability, HYBE’s operating profit swung to a loss of 196.6 billion won, impacted by a one-time accounting expense of approximately 255 billion won related to a stock contribution by a major shareholder used for employee and executive compensation.
HYBE said this was “a non-recurring item that had no impact on the company’s net assets.”
Stripping out that charge, adjusted operating profit reached 58.5 billion won ($40m), up 170.3% YoY, with an adjusted operating margin of 8.4%.
Adjusted EBITDA was 84.8 billion won ($58m), up 79.1% YoY, with an adjusted EBITDA margin of 12.1%.
HYBE‘s global superfan platform Weverse, which turned profitable on an annual basis in 2025, hit a record 13.37 million monthly active users in Q1, up 20% QoQ from 11.2 million in Q4 2025.
The Q1 result marks a step-change from 2025, when HYBE posted record annual revenues of $1.86 billion but saw operating profit plunge 73% YoY as the company spent heavily on global expansion and new artist launches while its flagship act was on hiatus.
Beyond BTS, HYBE highlighted performances across its wider artist roster. ENHYPEN achieved its fourth double million-seller with its seventh mini album THE SIN : VANISH. CORTIS, which debuted through HYBE’s global expansion efforts last year, saw its debut album COLOR OUTSIDE THE LINES surpass 2 million copies in cumulative sales — which HYBE says set a record for the highest-selling debut album by a K-pop group.
In the US, KATSEYE, the girl group formed through HYBE‘s partnership with Universal Music Group‘s Geffen Records, surpassed 32 million monthly listeners on Spotify, which HYBE says is the highest figure among girl groups worldwide. Combined sales of the group’s first two EPs, SIS (Soft Is Strong) and BEAUTIFUL CHAOS, reached 1 million copies.
HYBE AMERICA‘s Nashville division also featured in the results. Following the rebranding of Big Machine Label Group to Blue Highway Records and the appointment of Jake Basden as CEO earlier this year, Thomas Rhett scored his 25th career No.1 on country radio. At QC Music, Lil Baby‘s Mrs. Trendsetter reached No.1 on the urban radio chart.
Looking ahead, HYBE said it expects continued growth momentum in Q2 2026, supported by the BTS world tour and comebacks from TOMORROW X TOGETHER, LE SSERAFIM, TWS, ILLIT, and CORTIS.
All KRW-USD conversions in this article were made at the average Q1 2026 exchange rate published by the Bank of Korea.Music Business Worldwide