Square Enix’s strategy of putting its back catalogue on every platform is paying off. In results published on November 11, 2026, the publisher reported first-half net sales of ¥163.1 billion, up 21.9%, and operating income of ¥38.7 billion, up about 42%, and raised its full-year forecast. Final Fantasy VII Rebirth on Switch 2 and Xbox, a run of Switch 2 ports and The Adventures of Elliot did the heavy lifting, while almost 90% of its game units were sold as downloads.
Last checked on November 11, 2026. Official All figures come from Square Enix’s results briefing for the six months to September 30, 2026 (PDF). Reported Coverage by Nintendo Life and Famitsu reports the same totals. Our math Percentages and splits not printed in the slides are our calculations from Square Enix’s numbers.
The headline numbers
| Billions of yen | 1H last year | 1H this year | Change | New full-year forecast |
|---|---|---|---|---|
| Net sales | 133.8 | 163.1 | +29.3 (+21.9%) | 310.0 (was 298.0) |
| Operating income | 27.2 | 38.7 | +11.5 (about +42%) | 59.0 (was 49.0) |
| Operating margin | 20.4% | 23.8% | +3.4 pt | 19.0% |
| Ordinary income | 28.5 | 40.3 | +11.8 | 59.0 |
| Net profit (owners of parent) | 10.0 | 28.5 | +18.5 | 37.0 |
Our math The first half already delivered 66% of the new full-year operating income forecast (38.7 of 59.0). Hitting the forecast exactly would mean only about ¥20.3 billion in the second half, roughly half the first half’s profit, so the outlook looks cautious unless big launch costs are planned. The forecast ordinary income of ¥59.0 billion is also below last year’s ¥64.4 billion, which Square Enix shows as a ¥5.4 billion decline.
Where the money came from
| Digital Entertainment sub-segment | Net sales 1H | Last year | Operating income 1H | Last year |
|---|---|---|---|---|
| HD games (console and PC) | ¥35.6B | ¥24.0B | ¥13.0B | ¥5.0B |
| MMO (Final Fantasy XIV, Dragon Quest X) | ¥25.7B | ¥19.9B | ¥8.9B | ¥7.8B |
| Smartphone and PC browser | ¥36.3B | ¥29.0B | ¥10.8B | ¥7.1B |
Official Square Enix says HD games grew on “stronger sales of new titles and catalog titles”, and MMO revenue rose on “improved player activity” after the announcement of the next Final Fantasy XIV expansion. Our math The HD games margin jumped from about 21% to about 37%, a sign that ports of existing games are cheap to make and profitable.
The new releases behind it
| Game | Released | Platforms named in the slides |
|---|---|---|
| Final Fantasy VII Rebirth | June 3, 2026 | Switch 2, Xbox Series X|S, Xbox on PC |
| The Adventures of Elliot: The Millennium Tales | June 18, 2026 | Not listed on the slide |
| Octopath Traveler and Octopath Traveler II | July 13, 2026 | Switch 2 |
| Star Ocean The Second Story R | July 16, 2026 | Switch 2 |
| Final Fantasy X/X-2 HD Remaster | July 23 (digital), Aug 27 (physical) | Switch 2 |
| Crisis Core: Final Fantasy VII Reunion | September 10, 2026 | Switch 2 |
| Torneko’s Mystery Dungeon Classic HD | September 10, 2026 | Switch 2 |
| Dragon Quest XI S | September 24, 2026 | Switch 2 |
| Kingdom Hearts collection | October 8, 2026 | Switch 2, PS5, Xbox Series X|S, Xbox on PC |
| Final Fantasy Resonance | October 22, 2026 | Not listed on the slide |
Our math Eight of the ten release lines above include Switch 2, and most are ports or remasters of older games. Official The slides list two more titles for December 3, 2026 and February 16, 2027, and Final Fantasy XIV expansion 8.0, Evercold, for February 23, 2027. Reported Nintendo Life reports Final Fantasy VII Revelation is due on April 8, 2027, with the Switch 2 version launching alongside the other platforms.
Digital is almost everything now
| Region (millions of units) | Packaged | Downloads | Total | Download share (our math) |
|---|---|---|---|---|
| Japan | 0.28 (0.21) | 2.60 (1.54) | 2.88 | 90.3% |
| North America / Europe | 1.01 (1.09) | 8.19 (5.83) | 9.20 | 89.0% |
| Asia, etc. | 0.23 (0.07) | 2.56 (1.18) | 2.79 | 91.8% |
| Total | 1.52 (1.38) | 13.35 (8.55) | 14.87 | 89.8% (was 86.1%) |
Figures in brackets are the same period last year. Our math Downloads in North America and Europe rose about 40% while boxed sales fell about 7%. Total units rose 50%, from 9.93 million to 14.87 million. The same shift is why GTA 6’s boxed copies are a code in a box (see what is inside GTA 6 physical boxes).
What it means for players
- Expect more ports. The numbers reward putting older Final Fantasy, Dragon Quest and Kingdom Hearts games on Switch 2 and Xbox.
- Deep discounts on catalog games are part of the strategy, so waiting for sales on older titles usually pays.
- Final Fantasy XIV players get expansion 8.0 Evercold on February 23, 2027.
FAQ
How did Square Enix do in its latest results?
For the six months to September 30, 2026, Square Enix reported net sales of 163.1 billion yen, up 21.9%, and operating income of 38.7 billion yen, up about 42%, and raised its full-year forecast.
What is Square Enix’s new forecast?
Square Enix now expects 310 billion yen in net sales (previously 298 billion) and 59 billion yen in operating income (previously 49 billion) for the year ending March 31, 2027.
Which games drove Square Enix’s growth?
Square Enix credits stronger sales of new and catalog HD titles, including Final Fantasy VII Rebirth on Switch 2 and Xbox and The Adventures of Elliot, plus higher Final Fantasy XIV activity and new smartphone games.
How much of Square Enix’s sales are digital?
Downloads made up 13.35 million of 14.87 million console, PC and MMO units in the first half, about 89.8% by our calculation, up from 86.1% a year earlier.
When is Final Fantasy XIV Evercold out?
Square Enix’s results slides list Final Fantasy XIV expansion 8.0, Evercold, for February 23, 2027.