SK Hynix Inc (NASDAQ:SKHY) fell short of analyst estimates on both revenue and operating profit in the second quarter, even as AI-driven memory demand pushed operating margin to a record 76% and profit up more than fivefold from a year earlier.
Revenue came in at $54.6 billion, below the $57.7 billion estimate, though it still rose 257% year-over-year and 51% quarter-over-quarter. Operating profit was $41.6 billion, up 557% from a year earlier but under the $44.2 billion estimate.
Net profit was $64.6 billion, up 1,243% from a year earlier, exceeding revenue on $42.8 billion in non-operating profit that included $43.5 billion of investment-asset gains.
DRAM average selling prices rose about 30% quarter-over-quarter, with bit growth in the high-single-digit percentage range. NAND ASPs climbed in the mid-50% range, with bit growth in the mid-teens.
Gross margin was 83%, up 2,900 basis points year-over-year. EBITDA rose 411% to $44.4 billion, an 81% margin. Cash climbed to $60.5 billion from $11.7 billion a year earlier, while net debt-to-equity improved to negative 26% from positive 6%.
For the third quarter, SK Hynix guided to DRAM bit growth of about 10% quarter-over-quarter, with NAND bit growth, including Solidigm, in the low-single-digit range.
HBM4 shipments began in the quarter, with a full ramp planned for the second half. HBM4E samples based on 1cnm technology were supplied to a major customer in the first half, and SOCAMM2 supply on 1cnm has fully commenced. The company's 321-layer NAND now accounts for its largest share of NAND production, with a target of 50% of domestic capacity by year-end.
SK Hynix said it has signed about 10 long-term agreements with key customers featuring deposit mechanisms and volatility-aware pricing, and is reviewing additional shareholder return measures.
The company listed ADRs on Nasdaq on July 10, in the largest-ever US IPO by a foreign company. It also flagged a temporary pullback in smartphone and PC sales tied to tight memory supply, with recovery expected as conditions ease.
For 2026, SK Hynix forecasts DRAM demand bit growth in the mid-20% range and NAND demand growth in the high teens, with capital expenditure of roughly $31 billion to $34 billion.
Shares of SK Hynix dipped around 0.2% at Wednesday’s open.
