SK Hynix Q2 2026 Earnings Results: Record Profit Misses Forecasts as Korean Chip Stocks Fall

SK Hynix released its Q2 2026 earnings results on July 29, reporting record quarterly revenue and operating profit as demand for AI memory and high-bandwidth memory remained strong. However, revenue and operating profit missed elevated analyst forecasts, while SK Hynix stock and other Korean semiconductor stocks extended their sharp decline.

SK Hynix announced its second-quarter 2026 earnings on Wednesday, July 29, 2026. The earnings release was published before 9:00 a.m. Korea Standard Time. The SK Hynix earnings call began at 9:00 a.m. KST, equivalent to 8:00 a.m. in Beijing and Hong Kong. Investors looking for the earnings release, presentation and conference-call materials can access the company’s official SK Hynix Q2 2026 earnings results. The company has now released both its financial results and management commentary for the April–June quarter.

SK Hynix reported Q2 2026 revenue of 79.3 trillion won, representing an increase of 257% from the same period one year earlier. Quarterly operating profit reached a record 60.5 trillion won, up 557% year over year. The operating margin reached approximately 76%, compared with about 41% in Q2 2025. Net profit increased to 93.9 trillion won. Net profit exceeded operating profit because the quarter included substantial gains from investment assets and other non-operating items. Despite the record figures, the SK Hynix Q2 earnings results fell below the market’s elevated forecasts. Analysts surveyed through LSEG SmartEstimate had expected operating profit of approximately 64 trillion won.

The difference between the reported figures and analyst estimates explains why the earnings were widely described as a forecast miss, even though revenue, operating profit and net profit all increased sharply from a year earlier. A detailed breakdown of the results and analyst expectations is available in Reuters’ SK Hynix earnings coverage.

During the SK Hynix earnings call, management said demand for AI memory products remained strong. Major technology customers continued requesting additional memory supply, while SK Hynix expanded the use of long-term supply agreements to improve visibility into future demand. The company said it had completed discussions on approximately ten long-term agreements and was negotiating with additional customers. These agreements generally cover several years and may include deposits or other financial commitments. SK Hynix also raised its planned 2026 capital expenditure to the high-40 trillion won range, compared with capital spending of 30.2 trillion won in 2025.

Management said investment decisions would remain linked to confirmed customer demand. This approach is intended to support HBM and advanced DRAM capacity without creating excessive supply across the broader memory market. The SK Hynix earnings call also focused on HBM4 shipments, DRAM pricing, customer contracts and the timing of future capacity additions.

High-bandwidth memory remained one of the main drivers of the SK Hynix earnings report. HBM is used alongside advanced AI processors to provide the bandwidth required for training and running large artificial intelligence models. SK Hynix is a major supplier of HBM products used in AI servers and data centers. Strong HBM demand supported higher memory prices, product margins and operating profit during the quarter. However, the timing of some advanced-product shipments limited the amount of revenue recognized during Q2.

Analysts also focused on whether HBM4 shipments were progressing as quickly as previously expected. Revenue delayed from one quarter may still be recognized later, but shipment timing can affect whether quarterly results meet short-term forecasts. The key distinction is that the Q2 earnings miss did not necessarily indicate that AI memory demand had declined. Instead, reported results were affected by high market expectations, product-shipment timing and the timing of revenue recognition.

SK Hynix stock closed 9.6% lower in Seoul following the earnings results. The shares fell more sharply earlier in the session before recovering part of the decline. The stock dropped despite record profit because both revenue and operating profit were below analyst forecasts. Investors had already priced in exceptionally strong demand for HBM, AI servers and advanced DRAM products. The market was also looking for more information about HBM4 shipments, shareholder returns, capital expenditure and the financial structure of long-term customer agreements. SK Hynix’s U.S.-listed shares had already fallen below their listing price before the earnings announcement as selling pressure spread across global AI and semiconductor stocks.

The SK Hynix earnings release arrived during a broader decline in Korean AI and semiconductor stocks. On July 28, SK Hynix shares fell 14.7%, while Samsung Electronics declined 13.4%. The KOSPI dropped almost 11% during the session. On July 29, the KOSPI fell sharply again and triggered a temporary trading halt before closing 6% lower. SK Hynix finished the session down 9.6%, while Samsung Electronics also remained under pressure. The selloff was linked to several overlapping factors. These included concerns about AI infrastructure financing, high semiconductor valuations, leveraged positions in Korean technology stocks and stronger competition from Chinese memory-chip producers. CXMT became an important part of the semiconductor-stock discussion after its strong market debut increased attention on China’s progress in DRAM manufacturing. Investors were also assessing reports about advances in Chinese semiconductor equipment. The scale of the Korean market decline and the role of leveraged investment products are covered in Reuters’ report on the South Korean stock rout.

Following the Q2 2026 results, investors are likely to monitor the timing of HBM4 shipments, changes in DRAM and NAND prices, capital expenditure and the progress of long-term customer agreements.

Future SK Hynix earnings will also depend on whether major technology companies maintain their current AI infrastructure budgets and whether additional memory capacity changes the balance between supply and demand.

Competition from Samsung Electronics, Micron and Chinese memory manufacturers such as CXMT will remain another important factor for SK Hynix stock and the wider AI memory market.

The SK Hynix earnings report and the Korean semiconductor selloff have increased attention on both established AI memory suppliers and emerging competitors such as CXMT.

Users interested in U.S.-listed equities can register for access to U.S. stock trading on MEXC and review the available stocks before trading.

For derivative exposure, users can follow the CXMTSTOCK_USDT futures market or explore MEXC’s broader U.S. stock futures markets.

Real stocks and stock futures are different products. Holding a real stock may provide direct equity exposure and applicable shareholder rights, while a stock futures contract is a derivative that tracks price movements without providing ownership of the underlying shares. Futures may also involve leverage and higher liquidation risk. Product availability may vary by region.