[News] SK hynix Posts Record 3Q Profit: Three Highlights Spotlight HBM4, Soaring CAPEX, and 2026 Outlook

While Samsung is on track to post its best Q3 profit in three years on the back of AI-driven chip price gains, SK hynix also sent strong signals. On the 29th, the company reported a consolidated operating profit of KRW 11.38 trillion for 3Q25—up 62% YoY with a 47% margin—marking the first time its profit has surpassed the KRW 10 trillion milestone, according to ZDNet. Quarterly sales rose 39% YoY to KRW 24.45 trillion, closely matching the market’s operating profit forecast of KRW 11.41 trillion, as per The Chosun Daily.

Here’s a summary of three key takeaways from the earnings report: HBM4 progress, CAPEX plans, and DRAM and NAND outlook.

HBM4 Shipments Start in Q4; 2026 Price Talks with Clients Concluded

SK hynix has confirmed that all 2026 HBM supply negotiations with key customers are complete. HBM4, which finished development in September, meets all performance requirements and is ready to deliver the industry’s fastest speeds. Shipments begin in Q4, with sales scaling up next year. The Chosun Daily and ZDNet suggest NVIDIA is likely among the confirmed clients.

TrendForce notes that NVIDIA has recently pressed key component suppliers of its Vera Rubin server racks to upgrade product specifications, specifically requesting that HBM4 speed per pin be raised to 10 Gbps, as AMD gets set to launch its MI450 Helios platform in 2026. While the success of these upgrades remains uncertain, SK hynix is expected to stay the leading supplier in HBM4’s early mass-production phase, TrendForce adds.

2026 Capex Set to Climb with Robust Expansion Plans

As Yonhap highlights, with stronger finances and growing demand, SK hynix plans to boost investment in 2026. The company follows a principle of maintaining its CAPEX at around the mid-30% level of sales, based on a three-year moving average, the report suggests.

Notably, News1 highlights that SK hynix sees higher investment in the memory sector as inevitable to meet rapidly growing demand, with next year’s CAPEX expected to rise “significantly.”

The report adds that infrastructure investment will continue expanding next year, including preparations for the Yongin Cluster 1 and the Advanced Package Plant in Indiana, USA. At the same time, the company is boosting new capacity with M15X—whose cleanroom reportedly opened ahead of schedule and has begun equipment installation.

According to Business Korea, SK hynix has started installing key equipment at its Cheongju M15X fab, which will produce HBM and other products. The facility is slated for completion by year-end, with production set to begin next year, the report notes.

As an expansion of the M15 fab, M15X carries an investment of over KRW 20 trillion, with construction expected to finish by the end of this year, Business Korea reports.

DRAM & NAND Forecast: 4Q25 Performance and 2026 Outlook

According to SK hynix, it projects another strong quarter in 4Q, expecting DRAM and NAND sales to rise by low single digits quarter over quarter. In 2026, the company expects DRAM demand to rise more than 20% year on year, following high-teen growth in 2025. NAND demand is also projected to grow robustly, reaching the high teens in 2026, up from mid-teen growth in 2025.

SK hynix explains that memory demand is rising sharply as KV Cache is sequentially offloaded from HBM to conventional DRAM and SSD, while multiple requests are processed in parallel. This is creating a structural shift in demand for both DRAM (HBM, high-performance DDR5) and NAND (eSSD), the company says.

To meet demand, SK hynix plans to speed up the transition to its advanced 10nm-class sixth-generation (1c) process, already in stable mass production, and expand DRAM supply across servers, mobile, and graphics segments. For NAND, the company aims to boost output of its 321-layer product—the world’s highest-layered offering—to quickly satisfy customer needs.

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(Photo credit: SK hynix)