SK hynix Earnings Guide: HBM Revenue, DRAM Prices, NAND, Margins and Capex

Summary

SK hynix earnings should be analyzed through more than revenue and earnings per share.

The most important indicators include:

• HBM revenue;
• DRAM and NAND pricing;
• Bit shipments;
• Operating margin;
• Inventory;
• Capital expenditure;
• Cash flow;
• Product qualification;
• Customer concentration;
• Guidance.

Memory profitability can change quickly because prices, product mix and factory utilization have large effects on margins.

Latest Results

The company said HBM revenue more than doubled in 2025, while Q1 2026 benefited from AI-related HBM, high-capacity server DRAM and enterprise SSD demand.

Metric 1: HBM Revenue

Investors should ask:

• How quickly is HBM revenue growing?
• Which generation is contributing?
• How much capacity is committed?
• Are customer qualifications on schedule?
• Is HBM improving average selling prices?

HBM growth is important, but dependence on a small number of major customers can increase volatility.

Metric 2: DRAM Pricing

DRAM represents the majority of SK hynix sales.

Rising prices can rapidly improve margins because semiconductor manufacturing has high fixed costs. Falling prices can produce the reverse effect.

Monitor:

• Server DRAM pricing;
• Conventional DRAM contract prices;
• HBM pricing;
• Customer inventory;
• Industry capacity.

Metric 3: NAND and eSSD

NAND is used in enterprise SSDs, client storage and mobile products.

Important indicators include:

• NAND average selling price;
• Bit shipment growth;
• Solidigm eSSD demand;
• QLC product mix;
• Inventory;
• Factory utilization.

Metric 4: Operating Margin

The 72% Q1 2026 operating margin was exceptionally strong.

Investors should not assume it is permanent.

Ask:

• How much came from pricing?
• How much came from HBM mix?
• Are costs declining?
• Will new capacity reduce scarcity?

Metric 5: Capex

SK hynix is investing in:

• M15X;
• The Yongin cluster;
• EUV equipment;
• Advanced packaging;
• U.S. facilities.

Capital investment supports future growth but can create oversupply if demand is overestimated.

Metric 6: Cash and Debt

SK hynix reported Q1 cash and equivalents of KRW 54.3 trillion, interest-bearing debt of KRW 19.3 trillion and net cash of approximately KRW 35 trillion.

A stronger balance sheet provides protection during future memory downturns.

Metric 7: Shareholder Returns

For FY2025, the company announced total dividends of KRW 3,000 per common share and planned cancellation of 15.3 million treasury shares.

ADS investors must consider the one-tenth ratio, withholding tax, currency conversion and depositary costs.

Metric 8: Product Roadmap

Monitor:

• HBM4 production;
• HBM4E qualification;
• Custom HBM;
• SOCAMM2;
• 1c DRAM;
• 321-layer NAND;
• Enterprise SSD products;
• iHBM thermal technology.

Questions After Every Earnings Report

How Earnings Affect SKHYON

Strong or weak results can affect SKHY and therefore SKHYON.

SKHYON may move before Nasdaq opens, but its response can include:

• FX expectations;
• MEXC liquidity;
• USDT movements;
• Token premiums or discounts.

FAQ

What is the most important SK hynix earnings metric?

HBM growth, DRAM pricing and operating margin should be analyzed together.

Why can profits change faster than revenue?

High fixed costs create strong operating leverage.

Can record earnings still cause the stock to fall?

Yes, when expectations are even higher.

Risk Disclaimer

Past record margins do not guarantee future results. Memory cycles, prices, customer demand and capital expenditure can materially change earnings.