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SK hynix reported preliminary, company-record second-quarter 2026 revenue of KRW 79.3187 trillion and operating profit of KRW 60.5426 trillion. Revenue rose 257% year over year and operating profit jumped 557%, producing a reported 76% operating margin. The company attributed the performance to sustained AI-infrastructure investment, higher DRAM and NAND prices, and a richer mix of HBM, AI-server DRAM and enterprise SSDs.
What SK hynix reported for Q2 2026
SK hynix announced the figures on July 29, 2026, on a consolidated K-IFRS basis. They were preliminary results and remain subject to audit.
| Measure | Q2 2026 | Change or context |
|---|---|---|
| Revenue | KRW 79.3187 trillion | Up 257% year over year; up 51% from Q1 |
| Operating profit | KRW 60.5426 trillion | Up 557% year over year; up 61% from Q1 |
| Operating margin | 76% | Company-reported Q2 margin |
| Net income | KRW 93.9226 trillion | Reported period profit; larger than revenue |
| Cash and cash equivalents | KRW 88 trillion | At quarter end |
| Total debt | KRW 18.6 trillion | At quarter end |
For comparison, Q1 2026 revenue was KRW 52.5763 trillion and operating profit was KRW 37.6103 trillion. Both quarters were records when announced, but Q2 set a new company high.
Why profits rose
AI infrastructure lifted high-performance memory demand
SK hynix said continued investment in AI infrastructure increased demand for high-performance AI-server products. That is management’s explanation for the quarter, not proof that AI was the sole cause. The company also reported significant quarter-over-quarter price increases for both DRAM and NAND flash, while emphasizing higher-value products in its sales mix.
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The mix extended beyond HBM
HBM was strategically important, but the results were broader than one product category. SK hynix named HBM, AI-server DRAM and enterprise SSDs as key contributors. It also reported increased SOCAMM2 sales, shipments of 1c-process products and an advanced 321-layer NAND transition.
HBM4 and the company’s supply position
HBM4 entered mass shipments
SK hynix said HBM4 achieved customer-required operating speeds and began mass shipments in Q2, with production expected to ramp in the second half of 2026. It also said HBM4E sample shipments were completed during the first half. These are company-reported product and production updates.
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Demand exceeded available capacity
The company said customer demand exceeded its supply capability and that it had finalized long-term agreements with around 10 customers, including strategic partners. Discussions with other major industry clients were continuing. SK hynix described reliable, timely delivery as a core competitive advantage, stating: “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.”
Planned capacity response
SK hynix said it was accelerating M15X production, preparing capacity at Yongin and phasing additional investment according to customer demand and investment efficiency. It characterized the expansion as flexible rather than an unconditional commitment to build all planned capacity immediately.
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How to read the unusually high net income
Operating profit is the clearest measure of performance from the memory business itself. Net income requires more care: the reported KRW 93.9226 trillion exceeded the quarter’s KRW 79.3187 trillion revenue.
A preliminary SK hynix Form 6-K filing with the U.S. Securities and Exchange Commission reported KRW 122.708 trillion in profit before tax from continuing operations, compared with approximately KRW 60.543 trillion in operating profit. The difference shows that substantial items outside operating profit affected the result. The available disclosures do not identify the precise components, so it would be misleading to assign the gap to a particular investment gain or other cause without additional evidence.
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Cash gives capacity plans financial room
SK hynix reported KRW 88 trillion in cash and cash equivalents and KRW 18.6 trillion in total debt at the end of Q2, implying a net-cash position of KRW 69.4 trillion. Cash increased KRW 33.6 trillion from the previous quarter, while debt fell KRW 0.7 trillion.
That liquidity helps explain how the company can fund capacity additions, but it does not establish what return those investments will earn or guarantee that demand will remain at current levels.
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What management expects next
HBM expansion and conventional memory demand
SK hynix expects AI-infrastructure expansion to sustain memory demand and says conventional memory demand is also growing alongside AI memory. Its plans include ramping HBM4 shipments and adding capacity.
Forecasts are not results
Statements about future demand, production ramps, customer agreements and investment timing are forward-looking expectations. SK hynix cautions that actual outcomes may differ materially. Management also said capacity expansion would be adjusted to confirmed demand and argued that efficiency efforts at AI data centers reflected better utilization and monetization of existing infrastructure rather than a pullback; those remain management’s views, not established outcomes.
Market context
Yonhap, citing a Counterpoint Research estimate, reported SK hynix held 58% of HBM revenue share in Q1 2026, versus 21% each for Samsung Electronics and Micron. That is a third-party estimate reported secondhand, not SK hynix’s financial disclosure, and it should not be confused with the company’s quarterly revenue share or profit margin.
What could change the picture
- Pricing: The quarter benefited from higher DRAM and NAND prices; a reversal would pressure margins.
- Execution: HBM4 ramp-up and new capacity must meet customer specifications and delivery schedules.
- Demand visibility: Long-term agreements improve planning, but other customer discussions and future orders are not guarantees.
- Investment discipline: Flexible capacity additions reduce the risk of building ahead of confirmed demand, but do not eliminate cyclical oversupply risk.
- Accounting volatility: The unusually large gap between operating profit, pretax profit and net income means non-operating items can materially affect headline earnings.
Bottom line
SK hynix’s Q2 2026 operating results show extraordinary strength in a memory market supported by AI infrastructure: record sales, record operating profit, higher prices and strong demand for HBM and other server-focused products. The operating numbers are the clearest evidence of the business boom. The even larger net-income figure includes effects outside operating profit that are not itemized in the available disclosures, while the company’s HBM4, capacity and demand outlook remains forward-looking.
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