K-pop giant Hybe posted record annual revenue for 2025 on Thursday, driven by robust global tours and a diversified business strategy, although operating profit plunged nearly 73 percent from a year earlier due to restructuring costs and investments. Revenue rose 17.5 percent from a year earlier to an all-time high of 2.65 trillion won ($1.84 billion), the company said in a regulatory filing. Operating profit, however, tumbled 72.9 percent to 49.9 billion won, while net loss widened to 256.7 billion won. For the fourth quarter alone, operating profit dropped 92.9 percent to 4.6 billion won. Hybe attributed the revenue growth to its "multi-home, multi-genre" strategy and a surge in live events. The company held 279 global performances last year, leading to a 69.4 percent jump in concert revenue. Merchandising and licensing revenue also rose 35.8 percent, while album and music sales declined 10.2 percent. Conversely, the sharp decline in profitability was blamed on "one-off costs" stemming from investments in new artists and a restructuring of the North American business to transition towa