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August 27, 2026
SK HYNIX · NASDAQ: SKHY · Q2 2026 EARNINGS
SK hynix: Revenue More Than Triples
Quarter ended June 30, 2026 · Fiscal year = calendar year · Consolidated, K-IFRS, USD convenience translation
Reported in Korean won and converted at ₩1,523.5 = US$1, the rate SK hynix uses in its IPO prospectus. YoY comparisons are amplified by a low prior-year base.
Q2 2026 REVENUE
$52.1bn
+256.8% YoY
+50.9% QoQ
H1 2026 revenue: $86.6bn (+230.8% YoY)
REVENUE GROWTH BY PRODUCT: YoY (Q2 2026 vs Q2 2025)
DRAM
$37.4bn
+232.8%
NAND Flash
$14.4bn
+364.5%
Others
$0.25bn
-1.1%
0
$39.7bn
Operating profit
+557.2% YoY · 76.3% operating margin
$61.7bn
Net profit
+1,242.5% YoY · incl. $34.9bn valuation gain
$86.73
Basic EPS, Q2
vs $6.65 in Q2 2025
63.7%
U.S. share of revenue
$33.2bn of $52.1bn · China 24.8%
$12.0bn
H1 2026 capex (PP&E)
+72.7% vs $7.0bn in H1 2025
$229.0bn
Total assets
vs $115.6bn at Dec 31, 2025
NEW RISK
- Safety enforcement escalated: Korea imposed seven non-monetary measures in 2026, including operation-suspension orders, after chemical leaks and fires. The July IPO prospectus framed a production suspension as hypothetical only.
- Profit quality: $34.9bn of the $61.7bn Q2 net profit is a non-cash gain on valuation of financial instruments, not operations; long-term investment assets went from $9.5bn to $56.0bn in six months.
- China clock: the BIS equipment license for the China fabs covers 2026 only, and the SAMR conditions from the Intel NAND deal lapse in December 2026 with no automatic waiver. China was 24.8% of Q2 revenue.
OUTLOOK & GUIDANCE
- No numeric guidance: volumes and prices are agreed with customers monthly and quarterly, and the company reports no order backlog.
- Capacity: targeting to double wafer output within five years; about $722bn planned across Yongin ($394bn, fourth fab by 2033), Cheongju ($66bn, NAND fab 2029 and P&T7 packaging 2027) and a new Southwestern cluster ($263bn).
- Already contracted: unrecognized capex commitments reached $40.4bn at Jun 30, up from $20.3bn at Mar 31 and $4.4bn at Dec 31, 2025.
- Demand and returns: Gartner sees 2026 memory growth led by HBM and DDR5; $0.98 per share annual dividend, with early partial returns possible if free cash flow stays strong.
Source: SEC-API.io | SK hynix Form 6-K semi-annual business report filed Aug 18, 2026 (Q2 and H1 financials, risk, dividend and investment disclosures), Form 6-K preliminary Q2 2026 results filed Jul 29, 2026, and Form 424B4 IPO prospectus filed Jul 9, 2026 (FX rate, Q1 comparatives), queried live via the SEC-API.io MCP server.
