SK hynix Q3 2026 Earnings: Record Revenue and HBM4 Plans

If you want a single earnings report that sums up the AI hardware boom, SK hynix just delivered it. The South Korean memory maker released preliminary third-quarter 2026 results on October 28, posting record revenue as demand for high-bandwidth memory used in AI servers kept climbing. Better still for investors, management sounded confident that the run has plenty of room left.

• Revenue: ₩104.6 trillion, up 327.9% year over year and 31.9% from the prior quarter, per SK hynix's SEC filing
• Operating profit: ₩83.3 trillion in the preliminary figures, up 632.1% year over year
• Outlook: the company expects memory demand to exceed supply through 2030, according to The Register
• Products: HBM4 is expected to surpass HBM3E in both shipments and revenue in the fourth quarter

What Drove SK hynix's Record Q3 Revenue?

AI infrastructure, plain and simple. SK hynix told investors it sees a virtuous cycle in which AI productivity gains lead to more AI adoption, which in turn drives more infrastructure spending. Buyers are broadening too, from cloud giants to general enterprises and nations building sovereign AI capacity, with autonomous cars and robotics expected to add demand in coming years.

Long-term agreements are a big part of the story. The Register reports that SK hynix has deals with 14 major buyers that will take more than half of its output in 2027 and 2028, with pricing that moves within a range agreed with customers. That gives the company steadier visibility while still capturing a strong market.

One housekeeping note for numbers nerds: these are preliminary, unaudited figures. The operating profit in the company's Form 6-K is ₩83.3 trillion, so stick with the filing figure if you see slightly different numbers elsewhere.

Is SK hynix Stock Still an AI Play?

Investors seemed to think so. The Register reports the shares rose about 3% in after-hours trading as the outlook suggested AI demand has staying power. SK hynix also laid out a clear product roadmap:

• HBM4 ramp: expected to become a mainstream product as it overtakes HBM3E in the fourth quarter
• 1c process: a rapid shift toward its sixth-generation 10nm-class DRAM, plus more DDR5 and LPDDR5 SOCAMM sales for AI servers
• NAND for AI: developing storage solutions that improve the throughput and economics of AI services

What to watch next quarter

Capacity is the constraint. Executives said new fabs take a long time to bring online, which is why they expect supply to trail demand for years. On the earnings call, CFO Kim Woo-hyun also pointed out that PC and mobile shipment volumes may soften as memory costs rise, so the mix should keep shifting toward AI data center products.

For traders following the AI chip supply chain, this report pairs nicely with equipment makers like Lam Research's record quarter, and with SK hynix's earlier capital moves, such as its 40 trillion won buyback. Keep up with earnings season in our stock trading coverage.

Sources: SK hynix Form 6-K (SEC) — October 28, 2026; The Register — October 28, 2026.