Kakao Corp. financial statements, 6 years: Operating income of KRW 483.0bn but a net loss of KRW 1.82tn in 2023
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Kakao Corp. filed with DART, laid out by year. No interpretation or outlook.
Kakao Corp. financial statements, 6 years: Operating income of KRW 483.0bn but a net loss of KRW 1.82tn in 2023
The consolidated financial statements in the 2020–2025 annual reports that Kakao Corp. (035720) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — operating income and net income had opposite signs in 2 years
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 4.07tn | — | 450.5bn | — | 11.1% | 169.0bn |
| 2021 | 5.91tn | +45.17% | 587.9bn | +30.49% | 9.9% | 1.64tn |
| 2022 | 6.80tn | +15.03% | 569.4bn | −3.15% | 8.4% | 1.07tn |
| 2023 | 7.55tn | +11.12% | 483.0bn | −15.17% | 6.4% | −1.82tn |
| 2024 | 7.86tn | +4.09% | 495.3bn | +2.54% | 6.3% | −161.9bn |
| 2025 | 8.10tn | +2.99% | 732.0bn | +47.80% | 9.0% | 518.0bn |
Revenue was largest in 2025 at KRW 8.10tn and smallest in 2020 at KRW 4.07tn among the six years. It never fell from the previous year.
Operating income was largest in 2025 at KRW 732.0bn and smallest in 2020 at KRW 450.5bn. The operating margin was highest in 2020 at 11.1%.
Net income was largest in 2021 at KRW 1.64tn and smallest in 2023 at KRW −1.82tn.
2. Financial position — equity became 2.05x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 11.95tn | 7.41tn | 61.3% | 151.3% |
| 2021 | 22.78tn | 13.57tn | 67.9% | 143.2% |
| 2022 | 22.96tn | 13.52tn | 69.9% | 148.9% |
| 2023 | 25.18tn | 13.86tn | 81.7% | 132.1% |
| 2024 | 25.77tn | 13.94tn | 84.8% | 125.5% |
| 2025 | 27.78tn | 15.22tn | 82.5% | 140.9% |
The debt ratio was highest in 2024 at 84.8% and lowest in 2020 at 61.3%.
Over the same period total assets went from KRW 11.95tn to KRW 27.78tn (2.32x), and total equity went from KRW 7.41tn to KRW 15.22tn and became 2.05x.
The current ratio was above 100% in all six years, ranging from 125.5% to 151.3%.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | 971.1bn | 169.0bn | 2.3% |
| 2021 | 1.31tn | 1.64tn | 12.1% |
| 2022 | 678.4bn | 1.07tn | 7.9% |
| 2023 | 1.34tn | −1.82tn | −13.1% |
| 2024 | 1.25tn | −161.9bn | −1.2% |
| 2025 | 1.40tn | 518.0bn | 3.4% |
Operating cash flow was positive in all six years. It was largest in 2025 at KRW 1.40tn and smallest in 2022 at KRW 678.4bn.
ROE was highest in 2021 at 12.1% and lowest in 2023 at −13.1%.
4. Latest half-year report (end of H1, 32nd fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 4.04tn | 3.67tn | +10.24% |
| Operating income | 488.4bn | 331.3bn | +47.44% |
| Net income | 244.8bn | 372.1bn | −34.22% |
| Finance income | 157.8bn | 145.7bn | +8.34% |
| Operating cash flow | 360.0bn | — | — |
At the end of the period, total assets were KRW 27.67tn, total liabilities KRW 12.60tn and total equity KRW 15.07tn.
The cumulative operating margin was 12.1%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: 김범수 (name as filed), stake 13.28%
- Cash dividend per share KRW 75, payout ratio 6.70%, dividend yield 0.10%
- Employees: 3,922, average pay per employee KRW 109m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-10-21; ratios divide the filed account amounts.
This article is for information only and is not investment advice.