Square Enix just dropped its latest financial results, and the numbers are hard to argue with. Operating income climbed 88.6% year-on-year, net sales rose 32.3%, and the company's videogame business specifically saw operating profit jump 91.8% with revenue up 51.8%. That's a meaningful turnaround from a period when the company's big swings weren't connecting the way they needed to.
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What actually moved the needle
The clearest driver here is Final Fantasy 7 Rebirth. After the PS5 exclusive window closed, the game landed on Nintendo Switch 2 and Xbox Series consoles, pulling in sales that the original release window left on the table. If you're curious how the Switch 2 version holds up technically, our FF7 Rebirth Switch 2 graphics vs performance breakdown covers exactly what you're getting with DLSS in the mix. Catalog title sales also contributed, meaning older releases are still finding buyers at a solid clip.
The HD games segment wasn't the only story. The Adventures of Elliot also gets a specific callout as a contributor to both sales and profits, showing that Square's mid-tier output can pull weight when the flagship titles aren't dominating the cycle.
FF14's quiet comeback
The MMO segment saw year-over-year sales and profits increase, with the announcement of the new Final Fantasy XIV expansion, Evercold, doing real work in driving player interest. Here's the thing: FF14 only posted a modest profit bump despite the uptick in players, because Square is actively spending money preparing Evercold for a 2027 launch. That's actually a healthier sign than it sounds. For years, FF14 carried a disproportionate share of the company's profitability, and there were legitimate questions about whether the MMO was being squeezed rather than properly invested in.
Evercold is promising some structural changes to the game, including revamped job designs, a more modern difficulty scaling approach, and a reworked tomestone system. Whether those deliver is still an open question, but the financial commitment suggests Square is treating FF14 as something worth building up rather than just milking. Our FFXIV Patch 7.4 Into the Mist content guide breaks down what's already live in the current patch cycle if you want to see where the game stands heading into that expansion.
Mobile and the rest of the business
Beyond HD games and the MMO segment, Square's mobile and PC browser category also posted gains. Two new titles drove the growth: Dissidia Duellum: Final Fantasy, a free-to-play 3v3 team boss battle arena, and Dragon Quest Smash/Grow, a free-to-play action roguelite. Both launched during the period and contributed meaningfully to the numbers.
The non-gaming segments were quieter but still positive. Publication net sales rose 11%, amusement net sales grew 3.8%, and merchandising net sales climbed 22.3%.
What's coming next from Square
The earnings report also gave a clearer picture of Square's release pipeline. The confirmed lineup currently looks like this:
Final Fantasy VII Revelation is the one most eyes are on, with a Spring 2027 window confirmed and a new look reportedly coming at Gamescom. Kingdom Hearts 4 and Dragon Quest XII remain undated, but their presence on the official list confirms they're still in active development.
The broader picture here is a company that spent a couple of years absorbing expensive lessons from underperforming releases and is now seeing those corrections pay off. FF7 Rebirth expanding to new platforms, FF14 getting real investment, and a mobile slate that's actually generating revenue adds up to a first quarter that Square can build on. If you want to get into the FF7 side of things while waiting for Revelation, the FF7 Rebirth Queen's Blood guide is a good place to start with one of the game's most addictive systems.
