Will BTS' reunion be delayed to 2026?

Comments from HYBE's Q3 earnings call fuels speculation over delay

By Pyo Kyung-min

Anticipation has been growing for the full return of K-pop supergroup BTS in 2025, after all seven members complete their military service. However, recent comments from the band's agency, have sparked speculation about a possible delay until 2026.

Industry analysts, however, were quick to dismiss the possibility of a 2026 return, affirming that a late 2025 reunion remains likely.

During the agency's third-quarter earnings call, Tuesday, HYBE's chief financial officer (CFO) Lee Kyung-jun addressed BTS' future plans and expected revenue contributions postmilitary service. When specifically asked about BTS' projected revenue impact in 2026, Lee noted, "We are currently discussing (BTS') full-fledged group activities for 2026 with the members."

"Plans for 2026 have not yet been finalized," the CFO noted. "While a full-group comeback (of BTS) would indeed generate significant revenue, the growth of other artists and new business ventures means that BTS' share of overall revenue is not likely to be as high as in the past."

Following the CFO's comments, fans took to social media to express concerns that BTS' return, initially expected in 2025, might be postponed.

Among the seven BTS members, Jin and J-Hope have completed their military service, with the remaining members — RM, Suga, Jimin, V and Jung Kook — scheduled to finish by June 2025, setting the stage for the group's activities to resume thereafter.

HYBE had also previously suggested that a full-group comeback could occur in late 2025, especially after confirming in September 2023 that all members had renewed their contracts, signaling a prolonged relationship with the agency.

In response to the online speculation, HYBE clarified that the CFO's comments did not imply a change to the previously expected group reunion in late 2025.

"We are in close discussions with the artists regarding their postmilitary activities. Once we finalize the timing and specifics, we will inform (the public) at the appropriate time," the agency disclosed, refraining from offering specific details.

Industry insiders believe it's unlikely that BTS' comeback will be delayed beyond 2025. Both HYBE and the members have previously mentioned late 2025 as their target and the members' decision to enlist around the same time was seen as an effort to reunite as a group as soon as possible.

NH Investment & Securities researcher Lee Hwa-jung reaffirmed the anticipated timeline on the call, saying, "A full-group album release for BTS is scheduled for late 2025, indicating no change to the expected comeback date. HYBE is poised for immediate growth, with revenue streams from albums, streaming, concerts, fan clubs and merchandise."

Kim Hern-sik, a pop culture critic, also pointed to the continuous support of the band's fanbase.

"BTS should be able to regroup shortly after their military service. Their fanbase remains strong and individual activities have enhanced their synergy," the critic said.

"This may come off as another test for HYBE as it will face the need to manage BTS amid high fan expectations and an increasingly demanding fandom," Kim added, noting potential management risks.

Another challenge arose with Suga's DUI incident in August, where he was fined for riding an electric scooter under the influence. The incident has not only affected Suga's reputation, but also cast a shadow over the group, due to the negative sentiment toward drunk driving in Korea.

Meanwhile, HYBE reported during the call that its third-quarter operating profit dropped by 25.4 percent to 54.2 billion won ($38.8 million), while net income plummeted by 98.6 percent to 1.4 billion won ($1 million).

Even during its hiatus, BTS has kept fans engaged by releasing solo projects, prerecorded by its members. Jin, the group’s eldest member who was the first to complete his military service in June, is set to launch his first solo album, "Happy," on Nov. 15.