SK Hynix Q3 2026 Earnings Report

Record Q3 2026 Revenue

SK Hynix reported record third-quarter 2026 revenue of KRW 104.6 trillion, up 32% quarter-on-quarter and 328% year-on-year.

80% Operating Margin

Operating profit reached KRW 83.3 trillion, up 38% quarter-on-quarter and 632% year-on-year, expanding margin to 80%.

KRW 100 Trillion Shareholder Return

Announced KRW 100 trillion shareholder return plan through fiscal 2026 including KRW 30 trillion cash dividends and KRW 60 trillion share buybacks.

KRW 20,000 Quarterly Dividend

Third-quarter dividend of KRW 20,000 per share includes KRW 10,000 special dividend from Kioxia investment gains.

HBM4 Production Ramp

SK Hynix began full-scale mass production and shipments of HBM4 in third quarter, with DRAM bit shipments growing 10% quarter-on-quarter.

Long-Term Agreements

Long-term agreements now cover more than 50% of total capacity for 2027 and 2.028, securing demand visibility for next three years.

Solidigm IPO Shelved

Solidigm, SK Hynix's NAND subsidiary, discontinued IPO review due to market volatility and semiconductor stock corrections.

“An IPO would not fully deliver the anticipated benefits at this time”

Q4 Market Outlook

DRAM bit shipments expected to grow 20% sequentially with HBM4 ramp-up, NAND shipments to increase mid-single-digit percentage.

Staged Investment Approach

CapEx in 2027 expected to increase significantly but investments staged to avoid overproduction and supply issues.

“More investment or more fabs does not necessarily mean more supply”

AI Demand Confidence

AI investments driving 30-80% cloud revenue growth with growing order backlogs and diversified investor base.

HBM Stack Efficiency

Lower stack counts reflect overwhelming demand, with HBM4E capacity per die offsetting potential capacity reductions.

“Even if it goes from 12-stack hbm4 to eight-stack hbm4e, the increase in capacity per die can offset a substantial part of the impact”

Q4 2027 Market View

2027 DRAM demand growth expected in mid-20% range with supply constraints persisting through 2030.

Technology Roadmap

Next-generation DRAM roadmap includes 4F² and 3D DRAM, with NAND developing memory tiering technologies for AI inference.