[News] SK hynix 3Q26 OPM Hits Record 80%; Says DRAM, HBM Effectively Sold Out to 2029, 14 LTA Customers Signed
SK hynix smashed market expectations with another record quarter, as 3Q26 revenue topped KRW 100 trillion for the first time, reaching KRW 104.62 trillion. Operating profit jumped 38% quarter over quarter to a fresh high of KRW 83.33 trillion, pushing its operating margin to a record 80%.
The results exceeded market expectations. According to financial data provider FnGuide, cited by ZDNet, analysts had forecast average third-quarter revenue of KRW 98.2257 trillion and operating profit of KRW 76.964 trillion.
The memory giant also painted a bullish demand outlook, underpinned by a growing portfolio of long-term supply agreements (LTAs). It has secured deals with 14 major customers, including global cloud service providers (CSPs), up from 10 in 2Q26, while exploring extensions beyond the typical five-year term with some clients.
Notably, existing LTAs already cover more than 50% of its planned production capacity for both 2027 and 2028, the company says. With additional customer demand under negotiation, DRAM and HBM output is effectively sold out through 2029, according to Chosun Biz. Meanwhile, The Economist Korea reports that SK hynix expects memory supply shortages to persist through 2030.
HBM4 Set to Overtake HBM3E in 4Q
Beyond its blockbuster earnings, SK hynix also struck an upbeat tone on HBM4. According to iNews24, the company has finalized negotiations with major customers on 2027 HBM volumes and pricing, with contract terms reflecting HBM4’s higher value. The memory giant expects the profitability gap between HBM and conventional DRAM to narrow significantly as a result, the report adds.
Against this backdrop, SK hynix also projects HBM4 to surpass HBM3E in both shipments and revenue in 4Q26, becoming its flagship HBM product. Amid market speculation that NVIDIA may favor 8-Hi HBM4 over the previously planned 12-Hi HBM4E for Rubin Ultra, CFO Kim Woo-hyun reaffirmed that 12-Hi HBM4 deliveries remain on track with customer-agreed schedules, iNews24 reports.
To respond to surging HBM demand, SK hynix will ramp up M15X to maximum capacity by the end of the year to increase HBM4 production, the company notes.
DRAM, NAND Price Gains Fuel SK hynix’s Record Quarter
Beyond HBM4 momentum, rising memory prices also helped propel SK hynix’s record earnings. According to Yonhap Infomax, DRAM average selling prices (ASPs) climbed by a high-20s percentage quarter over quarter in 3Q26, accompanied by roughly 10% shipment growth. Meanwhile, Chosun Biz reports that its HBM4 mass production and shipments are in full swing, while server DDR5 sales surged more than 40% sequentially.
NAND ASPs also rose by a mid-20s percentage, more than offsetting a slight dip in shipment volumes, Yonhap Infomax notes. On the product front, growing sales of 321-layer TLC enterprise SSDs (eSSDs) further bolstered SK hynix’s high-value-added data center portfolio.
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(Photo credit: SK hynix)
