SK hynix Q2 2026 Earnings
The numbers behind SK hynix's record quarter (April to June 2026), what Wall Street expected, and what the company says comes next.
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This note is research and personal opinion, not financial advice.
SK hynix at a glance
Nasdaq: SKHY · Updated Sep 28, 2026
Where sales come from
Profit per quarter
Operating profit: $6.6B, $8.2B, $13.8B, $27.1B, $43.6B, then a $53.4B forecast.
HBM market share
Strengths & risks
- Leads the AI memory (HBM) market
- Supply deals with about 10 major customers
- Expects DRAM demand to grow ~25% this year
- Far more cash than debt
- Boom-and-bust industry: lost $5.6B in 2023
- Samsung is catching up fast in HBM
- Record Q2 still missed expectations
Two futures analysts see
What we believe by 2032
$780
per SKHY share, as AI and robotics turn memory into one of the most valuable things on Earth.
This page covers one quarter. For the full story of SK hynix, and where we believe it’s headed, read Why We Believe SKHY Can Run to $780 a Share.
The quarter in numbers
From April to June 2026, SK hynix sold $57.1 billion of memory chips, 257% more than the same months a year earlier. Operating profit was $43.6 billion, 557% more than a year earlier (SK hynix).
Source: SK hynix Q2 2026 results; DRAM/NAND split from the earnings slides, via Investing.com.
Source: SK hynix results; balance sheet from the Q2 2026 earnings slides, via Investing.com. All dollar figures convert won at 1,388 won per $1 (Federal Reserve, September 18, 2026).
One detail worth knowing: net profit ($67.7B) was bigger than operating profit ($43.6B). That’s because of about $44.8B in one-time gains from investments and currency moves, not from selling chips. Operating profit is the cleaner number for judging the business.
Profit, quarter by quarter
Q2 2025: $6.6B. Q3 2025: $8.2B. Q4 2025: $13.8B. Q1 2026: $27.1B. Q2 2026: $43.6B. Q3 2026 (analyst forecast): $53.4B.
Actual: SK hynix results (Q1 2026, Q2 2026, FY2025). Q3 2026 forecast: analyst consensus, via Seoul Economic Daily.
In one year, quarterly operating profit grew more than six times.
Expectations vs. reality
Analysts expected about $46 billion of operating profit. SK hynix delivered $43.6 billion, the best quarter in its history, and the stock still fell about 9% after the results (Quartz). When a stock is priced for perfection, “amazing” can be a disappointment.
What the company expects next
Source: Q2 2026 earnings slides, via Investing.com.
SK hynix started mass shipments of HBM4, its newest AI memory, during the quarter and plans to ramp it up through the rest of the year. It also signed long-term supply deals with about 10 major customers and is adding capacity, including a new cleanroom at its Yongin site in early 2027 (SK hynix).
The next results, for July to September, are due in October. Analysts expect about $67.8B in sales and $53.4B in operating profit (Seoul Economic Daily).