SK Hynix

SK Hynix · Semiconductors/Memory

Wed, July 29, 2026·Before Market Open

SK HynixHBMSemiconductorsMemoryAIHBM4Earnings

01Wall Street Consensus

EPS—

Revenue₩84T

02Earnings Results

EPS—

RevenueKRW 79.32T-5.6%

Operating profitKRW 60.54TYoY +557%

Operating margin76

Revenue YoY+257%

After-Hours Reaction-9.6%

※ Net profit exceeded revenue on a large equity-method gain of roughly KRW 63.27T tied to the Kioxia investment stake; EPS is not separately disclosed

Key Takeaways

Revenue KRW 79.32T — missed consensus of roughly KRW 84T, +257% YoY, an all-time high
Operating profit KRW 60.54T (76% operating margin) — missed consensus of roughly KRW 64T, but +557% YoY and +61% QoQ, an all-time high
Net profit KRW 93.92T — exceeded revenue on a large equity-method gain tied to the Kioxia investment stake
HBM4 began mass-production shipments in Q2, with a full ramp planned for the second half
HBM4E completed sample shipments in H1 — applying processes optimized for technology maturity and mass-production stability
321-layer NAND — targeting 50% of domestic capacity converted by year-end
DRAM ASP up in the low-to-mid 30s% QoQ (moderating from the 60s% in Q1); NAND ASP up in the 50s% QoQ (moderating from the 70s% in Q1)
Long-term supply agreements (LTAs) finalized with roughly a dozen customers — securing demand visibility
Cash on hand KRW 87.96T; annual capex maintained in the high-KRW-40T range
Despite record results, the consensus miss on operating profit (roughly KRW 64T) was read as 'falling short of AI-semiconductor expectations,' and sellers dominated

Key Checkpoints

Upside Catalysts

Risk Factors

Detail

EEPS History (Last 2 Quarters)

Actual EPS vs Consensus — Green Beat · Red Miss

Beat0

Miss0

Beat rate—

Detail

SEPS 서프라이즈 히스토리

Beat0Miss2Beat률 0%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Related Investment Ideas

000660.KS

Very High

SK hynix — Global #1 in HBM, Top Beneficiary of the Memory Super Cycle

View Detail

Related Reports

Stock Analysis

SK hynix Nasdaq ADR — Anatomy of a 43 Trillion Won Deal and the Premium Equation

View Detail

Comments

Earnings

02Earnings Results

EPS—

RevenueKRW 79.32T-5.6%

Operating profitKRW 60.54TYoY +557%

Operating margin76

Revenue YoY+257%

After-Hours Reaction-9.6%

※ Net profit exceeded revenue on a large equity-method gain of roughly KRW 63.27T tied to the Kioxia investment stake; EPS is not separately disclosed

Key Takeaways

Revenue KRW 79.32T — missed consensus of roughly KRW 84T, +257% YoY, an all-time high
Operating profit KRW 60.54T (76% operating margin) — missed consensus of roughly KRW 64T, but +557% YoY and +61% QoQ, an all-time high
Net profit KRW 93.92T — exceeded revenue on a large equity-method gain tied to the Kioxia investment stake
HBM4 began mass-production shipments in Q2, with a full ramp planned for the second half
HBM4E completed sample shipments in H1 — applying processes optimized for technology maturity and mass-production stability
321-layer NAND — targeting 50% of domestic capacity converted by year-end
DRAM ASP up in the low-to-mid 30s% QoQ (moderating from the 60s% in Q1); NAND ASP up in the 50s% QoQ (moderating from the 70s% in Q1)
Long-term supply agreements (LTAs) finalized with roughly a dozen customers — securing demand visibility
Cash on hand KRW 87.96T; annual capex maintained in the high-KRW-40T range
Despite record results, the consensus miss on operating profit (roughly KRW 64T) was read as 'falling short of AI-semiconductor expectations,' and sellers dominated