WEBTOON Entertainment Inc.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 2026
WBTN$9.92-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(373,387) | $(152,912) | $(144,759) |
| Adjustments to reconcile net loss to cash used in operating activities: | |||
| Allowance for credit losses | 4,772 | 6,034 | 3,481 |
| Depreciation and amortization | 35,431 | 40,074 | 38,359 |
| Impairment losses on goodwill and other intangible assets | 336,486 | 69,743 | 63,412 |
| Operating lease expense | 9,690 | 10,446 | 11,965 |
| Loss (Gain) on foreign currency, net | (1,605) | (2,519) | 5,533 |
| Deferred tax benefit | (28,965) | (24,535) | (15,573) |
| Loss (Gain) on debt and equity securities, net | 8,605 | (2,263) | 22,585 |
| Loss (Gain) on equity method investment | (1,282) | 1,123 | 12,339 |
| Contingent consideration liability | — | (3,712) | (789) |
| Stock-based compensation | 41,907 | 87,379 | 3,220 |
| Gain on disposal of right-of-use assets, net | — | (1,899) | (62) |
| Change in severance benefit, net | 5,584 | 3,725 | (737) |
| Loss on investments in subsidiaries, net | — | 2,713 | 884 |
| Other non-cash items | 14 | (707) | (3,411) |
| Changes in operating assets and liabilities | |||
| Changes in receivables | (873) | (24,063) | 30,919 |
| Changes in other assets | 1,219 | (35,928) | (6,523) |
| Changes in accounts payable | 3,421 | 26,177 | (7,583) |
| Changes in accrued expenses | 6,216 | 1,869 | 3,083 |
| Changes in consumption taxes payables | (5,725) | 3,287 | 3,213 |
| Changes in contract liabilities | 2,400 | 21,584 | 1,088 |
| Changes in withholdings | (6,122) | (8) | 1,262 |
| Changes in income tax payable - corporate tax | (8,857) | 634 | 1,081 |
| Changes in other liabilities | (6,540) | (812) | 4,907 |
| Changes in operating lease liabilities | (8,062) | (9,035) | (10,193) |
| Changes in deposits | (294) | 2,444 | (260) |
| Transfer of severance benefits | (2,817) | (956) | (2,637) |
| Net cash provided by operating activities | $11,216 | $17,883 | $14,804 |
| Investing activities: | |||
| Proceeds from maturities of short-term investments | $42,538 | $68,018 | $15,321 |
| Proceeds from sale of debt and equity securities | — | 2,970 | 2,428 |
| Proceeds from sale of property and equipment | 297 | 6,495 | 659 |
| Proceeds from sale of equity method investments | — | 5,938 | 5,439 |
| Proceeds from loan receivable | 1,684 | — | 311 |
| Payment from maturities of short-term investments | (26,372) | (77,371) | (35,100) |
| Payment made for loan receivable | (904) | (264) | (11,491) |
| Purchases of debt and equity securities | (6,801) | (1,000) | (8,700) |
| Purchases of property and equipment | (7,619) | (2,404) | (10,199) |
| Purchases of intangible assets | (10,292) | (10,745) | (12,143) |
| Purchases of equity method investments | — | (9,068) | (682) |
| Acquisition of businesses, net of cash | (148) | — | — |
| Disposal of businesses, net of cash | — | (315) | 1,988 |
| Other investing activities | 119 | 470 | 187 |
| Net cash used in investing activities | $(7,498) | $(17,276) | $(51,982) |
| Financing activities: | |||
| Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | — | 292,950 | — |
| Proceeds from issuance of common stock related to private placement | $— | 50,000 | $— |
| Capital contribution to a non-wholly owned subsidiary from a limited partner | — | — | 3,257 |
| Payments of initial public offering costs | — | (11,154) | — |
| Proceeds from exercise of over-allotment, net of underwriting discounts and commissions | — | 26,786 | — |
| Proceeds from stock option exercise | 1,327 | 746 | — |
| Proceeds from short-term borrowings | 139 | — | 383 |
| Repayments of short-term borrowings | — | (3,597) | (6,279) |
| Repayments of long-term borrowings | — | (15) | (64) |
| Payment of contingent consideration related to business acquisition | — | (1,849) | (3,796) |
| Net cash provided by (used in) financing activities | $1,466 | $353,867 | $(6,499) |
| Effect of exchange rate changes on cash and cash equivalents | $4,220 | $(13,817) | $(4,287) |
| Net increase (decrease) in cash and cash equivalents | 9,404 | 340,657 | (47,964) |
| Cash and cash equivalents at beginning of the year | 572,402 | 231,745 | 279,709 |
| Cash and cash equivalents at end of the year | $581,806 | $572,402 | $231,745 |
| Supplemental disclosure: | |||
| Income taxes paid | $24,702 | $25,675 | $26,644 |
| Interest paid | $1 | $85 | $92 |
| Non-cash transactions: | |||
| Reclassification of debt and equity securities to equity method investments | $— | $18,701 | $— |
| Reclassification of deferred offering costs to additional paid-in capital upon IPO | $— | $11,215 | $— |
| Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares1 | $— | $— | $579,876 |
| Purchase of property and equipment included in accounts payable | — | 2 | 11 |
1 Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.
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