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SK hynix reported record third-quarter 2026 results on October 28, with revenue of 104.6155 trillion won (approximately $78.8 billion) and operating profit of 83.3338 trillion won (approximately $62.76 billion). Revenue rose 327.9% year over year and operating profit increased 632.1%. Both figures exceeded the FnGuide consensus cited by Aju Press: 98.23 trillion won of revenue and 76.96 trillion won of operating profit.
The quarter benefited from surging artificial-intelligence infrastructure demand, stronger server DDR5 sales, the initial ramp of HBM4, and expanding sales of high-value enterprise SSD products. SK hynix also said it expects memory demand to remain above supply through 2030, although that is management guidance rather than a guarantee.
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SK hynix’s preliminary results set company records and marked the first quarter in which revenue exceeded 100 trillion won.
| Measure | Q3 2026 | Year-over-year change | Quarter-over-quarter change |
|---|---|---|---|
| Revenue | 104.6155 trillion won (about $78.8 billion) | +327.9% (official table rounds this to 328%) | +31.9% |
| Operating profit | 83.3338 trillion won (about $62.76 billion) | +632.1% (official table rounds this to 632%) | +37.6% |
| Net income | 39.7756 trillion won | Not stated | Not stated |
For comparison, second-quarter 2026 revenue was 79.3187 trillion won and operating profit was 60.5426 trillion won. The sequential increases show that the improvement continued after an already strong second quarter, rather than reflecting only an easy year-ago comparison.
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Did SK hynix beat analyst estimates?
Yes. Aju Press reported that SK hynix’s results were above the FnGuide consensus of 98.23 trillion won in revenue and 76.96 trillion won in operating profit. Against those estimates, reported revenue was about 6.39 trillion won higher and operating profit about 6.37 trillion won higher.
The consensus is an analyst estimate compiled by FnGuide, not a target or promise from SK hynix. The company reports its financial results in Korean won; dollar amounts are approximate conversions used for reader context and can vary with the exchange rate.
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Why were revenue and profit so strong?
SK hynix attributed the record quarter to rising AI-memory demand and higher prices for key products. The strongest drivers were concentrated in products used by data-center operators and other high-value customers.
Server DDR5 sales accelerated
DRAM performance was led by a significant increase in server DDR5 sales. DDR5 is the newer generation of mainstream system memory used in servers, and expanding AI workloads require more server capacity around accelerated-computing systems. Stronger volume and pricing in this category lifted both sales and profitability.
HBM4 shipments began in earnest
High-bandwidth memory (HBM) is specialized DRAM designed to supply very large amounts of data to AI accelerators. SK hynix said HBM4 shipments began in earnest during the quarter. It expects HBM4 to surpass HBM3E in both shipment volume and revenue in the fourth quarter and become the mainstream HBM product.
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The company plans to ramp HBM4 production as its M15X facility reaches maximum capacity by year-end. That timing makes the fourth quarter an important indicator of how quickly the product mix is shifting from HBM3E to HBM4.
Enterprise SSD and NAND products gained value
In NAND, sales of 321-layer TLC enterprise SSDs expanded, while high-value data-center storage products continued to grow. These products address customers building large-scale storage and AI infrastructure, where capacity, performance and qualification requirements can support higher-value sales than commodity storage.
What is SK hynix’s outlook for memory supply and AI demand?
SK hynix’s management expects demand for memory to exceed supply through 2030. It says the main constraints are the technical difficulty of leading-edge manufacturing and the long lead time required to build new production facilities.
The company also sees AI investment broadening beyond a small group of technology companies to general enterprises and national initiatives. In its outlook, enterprise AI and personal AI are the nearer-term demand engines, while physical AI applications such as autonomous driving and robotics could become larger drivers over a longer horizon.
“Given technical difficulty of leading-edge processes and the long lead time required to build new production facilities, it expects the structure in which demand exceeds supply to persist through 2030.”
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This is a company forecast, not an independently verified guarantee. Memory markets are cyclical, and demand, prices, customer schedules and manufacturing yields can change before 2030.
How much future production is already covered by customer agreements?
SK hynix said it has signed long-term agreements with 14 major customers, including leading cloud-service providers. The agreements cover more than 50% of total production capacity for 2027 and 2028.
The contracts generally run for five years and include pricing mechanisms that reflect market conditions within an agreed range. That structure gives SK hynix greater visibility into future volumes while still allowing prices to move rather than fixing every sale at one number. It does not mean that more than half of every product type, or every plant’s output, is guaranteed to a single customer.
What shareholder returns did SK hynix announce?
SK hynix announced approximately 100 trillion won of planned shareholder returns for 2026. The plan includes at least 30 trillion won in cash dividends and at least 60 trillion won in share repurchases and cancellations, including the 40 trillion won repurchase announced in August.
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These are announced plans subject to the company’s stated conditions and corporate approvals. They should be distinguished from cash already paid and from the preliminary earnings figures.
What should readers know about the reliability of these numbers?
SK hynix labels the October 28 figures preliminary. Its independent review of fiscal 2026 third-quarter results had not been finalized, so the reported amounts may change during the audit.
The same qualification applies to forward-looking statements about HBM4 mix, M15X capacity, customer commitments, supply through 2030 and shareholder returns. The historical quarter is the reported result; the production, demand and distribution statements describe management expectations or plans.
What does the quarter mean for the memory market?
The results show how scarce AI-oriented memory can change the earnings profile of a semiconductor supplier. Revenue grew nearly fourfold from a year earlier, but operating profit grew more than sevenfold, indicating that product mix, pricing and operating leverage were especially favorable in this quarter.
For the broader market, the key watch points are whether HBM4 becomes the dominant product as projected, whether server DDR5 demand remains strong, and whether new capacity arrives quickly enough to relieve the imbalance. SK hynix’s contracted 2027–2028 production provides visibility, but it also underscores how much of the industry’s near-term output is being planned around continuing AI infrastructure investment.
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Frequently Asked Questions
Are the dollar amounts in the headline SK hynix’s official figures?
No. SK hynix publishes these results in Korean won. The approximately $78.8 billion and $62.76 billion figures are converted equivalents, so the dollar values will change with the exchange rate used.
What exactly is the FnGuide estimate mentioned in the report?
It is an analyst-consensus estimate compiled by FnGuide and reported by Aju Press. It is not SK hynix guidance, a guaranteed target, or an audited forecast.
Why did operating profit rise faster than revenue?
The quarter’s sales mix shifted toward scarce, higher-value products such as HBM, server DDR5 and enterprise SSDs. Higher prices for key memory products and the operating leverage of a larger, richer product mix can make profit grow much faster than sales.
Do the 2027 and 2028 customer agreements guarantee SK hynix’s future earnings?
No. They cover more than half of stated production capacity and generally use pricing formulas tied to market conditions within an agreed range. Volumes, prices, costs and final audited results can still change.
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