[News] Samsung 3Q Preliminary Results Preview: Market Sees Historic KRW 100T Profit, Memory Margin Could Top 80%
Fresh off Micron’s blockbuster quarter, Samsung is next in the spotlight, with preliminary third-quarter results due October 8. Citing brokerage estimates, South Korean outlets including Yonhap News, JoongAng Ilbo and Chosun Ilbo expect the memory giant to become the country’s first company to top KRW 100 trillion in quarterly operating profit.
If the estimates hold, Samsung would also notch record quarterly revenue and operating profit for a fourth straight quarter, extending a record-breaking streak that began in 4Q25. Yonhap News notes that third-quarter operating profit alone would also come in at well over twice Samsung’s full-year operating profit of KRW 43.6 trillion in 2025.
Samsung’s cumulative operating profit for the first three quarters is expected to top KRW 250 trillion, putting the company within relatively easy reach of KRW 300 trillion for the full year, according to Yonhap News.
3Q Operating Profit Estimates Cluster Around KRW 106 Trillion
Brokerage estimates cited by South Korean media broadly point to third-quarter operating profit of around KRW 106 trillion. Yonhap News puts market consensus at KRW 105.41 trillion, alongside revenue of KRW 200.26 trillion, while JoongAng Ilbo cites an operating profit estimate of roughly KRW 106 trillion. Chosun Ilbo, meanwhile, places the figure slightly higher at KRW 106.94 trillion.
That figure, however, marks a pullback from earlier expectations. Chosun Ilbo notes that brokerages were forecasting more than KRW 113 trillion as recently as August, before the Korean won strengthened sharply against the U.S. dollar over the past three months. The currency swing has added cost pressure to Samsung’s Device eXperience (DX) businesses, including smartphones and home appliances, prompting analysts to trim their forecasts, the report adds.
DS Takes the Lead, with Memory Margin Seen Topping 80%
Notably, media reports point to Samsung’s semiconductor (DS) division as the key earnings engine this quarter. Yonhap News says the unit could deliver an operating margin of around 75%, helping offset continued weakness in the Device eXperience (DX) division, which covers finished products and posted its first-ever loss in the second quarter.
Chosun Ilbo estimates that DS alone generated around KRW 110 trillion in operating profit, fueled by rising memory prices and surging demand. Within the division, the memory business could be even more profitable, with its operating margin seen exceeding 80%, Yonap News reports.
Looking ahead, HBM could provide another leg of earnings growth as Samsung benefits from both stronger shipments and a richer product mix. Citing KB Securities, Chosun Ilbo says Samsung’s HBM selling prices could more than double year-over-year in 2027, while HBM4 is expected to account for 80% of its HBM revenue, up from 40% this year.
Samsung has also laid out an ambitious HBM roadmap, expecting sales to more than triple year-over-year in 2026 while ramping HBM4 capacity. Following the successful launch of HBM4, the company began shipping the industry’s first HBM4E samples in late May, with custom HBM samples tailored to customer specifications set to follow in 2027.
Beyond HBM, rising memory prices could provide another tailwind heading into the fourth quarter. TrendForce expects DRAM contract prices to rise 10%–15% quarter-over-quarter in 4Q26, with NAND Flash prices climbing an even steeper 15%–20%.
Read more
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(Photo credit: Samsung)
