SK Hynix Q2 record: 79.3T won revenue, 60.5T operating profit, 76% margin; HBM4 mass shipments begin

SK Hynix reported record second-quarter financial results on July 29, 2026: revenue of 79.32 trillion won (approximately $57.4 billion), up 257% year over year and 51% quarter over quarter; operating profit of 60.54 trillion won, up 557% YoY with a 76% operating margin; and net profit of 93.92 trillion won (118% net margin). The results mark an all-time high and cumulative first-half 2026 revenue surpassed 100 trillion won for the first time in company history.

SK Hynix attributed the record quarter to sustained AI infrastructure investment demand and higher prices for both DRAM and NAND memory. The company began mass shipments of HBM4 (high-bandwidth memory) in Q2 and plans to ramp HBM4 production further in the second half of 2026. Management disclosed that it has finalized long-term supply agreements (LTAs) with approximately 10 major customers, typically spanning five years with flexible pricing structures to address volatility. Despite beating earnings significantly, the stock fell 9.6% on disappointment that HBM4 shipments came in below some analyst expectations, pushing revenue recognition into later periods.

For practitioners, SK Hynix's dominant 76% operating margin on record volumes, combined with five-year customer lock-ins and HBM4 ramp acceleration, signals structural pricing power and supply security through 2030. CapEx remains in the high 40 trillion won range for 2026; management projects shipment growth and ASP expansion to continue in H2, with HBM4 composition strengthening earnings momentum—validating the durability of AI infrastructure capex cycles beyond 2026.