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SK hynix reported record second-quarter 2026 revenue of KRW 79.3187 trillion and operating profit of KRW 60.5426 trillion, as demand and prices strengthened for high-value memory used in AI infrastructure. The company also reported KRW 93.9226 trillion in net income, an unusually high figure that should not be confused with operating profit: the company’s preliminary filing shows a large gap between operating and pre-tax profit, but the available documents do not explain its components.
What SK hynix reported for Q2 2026
The figures are preliminary consolidated results on a K-IFRS basis, announced July 29, 2026. SK hynix said revenue increased 257% and operating profit increased 557% year over year. Its reported 76% operating margin means operating profit was about 76 won for each 100 won of revenue.
| Measure | Q2 2026 | Comparison |
|---|---|---|
| Revenue | KRW 79.3187 trillion | Up 257% year over year; up 51% quarter over quarter |
| Operating profit | KRW 60.5426 trillion | Up 557% year over year; up 61% quarter over quarter |
| Operating margin | 76% | Company-reported |
| Net income | KRW 93.9226 trillion | Company-reported period profit |
Quarter-over-quarter comparisons use SK hynix’s Q1 2026 records: revenue of KRW 52.5763 trillion and operating profit of KRW 37.6103 trillion. Q2 exceeded those levels on the same reported K-IFRS basis. (SK hynix Q2 results; SK hynix Q1 results)
Why the company says profit surged
SK hynix attributed the quarter’s performance to sustained investment in AI infrastructure, which it said supported demand for high-performance products used in AI servers. It also reported significant quarter-over-quarter increases in both DRAM and NAND flash prices. Higher-value products featured prominently in its sales mix, including high-bandwidth memory (HBM), AI-server DRAM and enterprise solid-state drives (SSDs).
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This is the company’s explanation, not proof that AI alone caused the results. Memory prices, product mix and demand across multiple product categories all formed part of its account of the quarter. The result is best understood as a broad memory-market upswing with AI infrastructure an important driver, rather than an HBM-only story.
HBM is central, but not the whole product story
HBM is specialized high-bandwidth memory used alongside processors in demanding computing systems, including AI accelerators. SK hynix said HBM4 reached customer-required operating speeds and began mass shipments in Q2, with production expected to ramp in the second half of 2026. It also said it completed HBM4E sample shipments in the first half. These product and performance statements are the company’s own claims.
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Other products and process developments also appeared in the company’s results and plans: increased sales of SOCAMM2, shipments of 1c-process products, a transition to advanced 321-layer NAND, and enterprise SSDs. Their inclusion helps explain why the quarter should not be reduced to demand for one memory type.
Supply commitments and capacity plans
SK hynix said demand exceeded its available supply capability. It reported finalized long-term agreements with around 10 customers, including strategic partners, while discussions with other major industry clients continued. The company described timely delivery of requested volumes as a competitive priority.
“In a market environment where customer demand exceeds supply capabilities, the ability to deliver requested volumes in a timely manner has emerged as a core business competitiveness.”
To respond, the company said it would accelerate production at M15X, prepare capacity at Yongin and phase additional investment according to customer demand and investment efficiency. These are plans, not completed capacity additions. They also do not establish how profitable future investment will be.
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What the unusually high net income does—and does not—show
Net income was KRW 93.9226 trillion, more than Q2 revenue of KRW 79.3187 trillion and substantially above operating profit of KRW 60.5426 trillion. A July 29 preliminary Form 6-K filed with the U.S. Securities and Exchange Commission reports KRW 122.708 trillion in profit before tax from continuing operations, compared with approximately KRW 60.543 trillion in operating profit.
The figures show that a large amount of pre-tax profit came from outside operating profit. The cited release and filing do not provide a component-level explanation for that difference, so it should not be assigned to a particular investment gain or other cause without further evidence. For judging the performance of SK hynix’s core operations, operating profit and operating margin are the more direct measures. The filing says the results remain subject to audit. (SK hynix Form 6-K)
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Cash, debt and the ability to invest
At the end of Q2, SK hynix reported KRW 88 trillion in cash and cash equivalents and KRW 18.6 trillion in total debt, a net-cash position of KRW 69.4 trillion. It said cash rose KRW 33.6 trillion from the previous quarter and debt fell KRW 0.7 trillion. That balance-sheet position provides context for its capacity plans; it does not guarantee a specific return on spending or insulate the business from a future downturn.
What to watch in the outlook
Management expects AI infrastructure expansion to sustain memory demand and said demand for conventional memory is also growing alongside AI memory. It pointed to HBM4 shipment growth and capacity additions as responses. These are forward-looking expectations, not guaranteed outcomes; the company cautions that actual results may differ materially.
Yonhap reported that management viewed AI data-center efficiency efforts as better utilization and monetization of existing infrastructure rather than a pullback, and that capacity plans would remain flexible based on confirmed demand. Those are the company’s views as reported by the news agency, not independently established outcomes. A separate HBM market-share estimate also needs careful labeling: Yonhap cited Counterpoint Research’s Q1 2026 estimate of SK hynix at 58% of HBM revenue, with Samsung Electronics and Micron at 21% each. That is a third-party estimate reported secondhand, not an SK hynix financial result. (Yonhap report)
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