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SK hynix (000660) investor relations material
SK hynix Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record-high quarterly revenue of KRW 24.45 trillion in Q3 2025, up 10% QoQ and 39% YoY, driven by surging AI infrastructure investments and strong demand for HBM, DRAM, and NAND products.
Operating profit reached an all-time high of KRW 11.38 trillion, up 24% sequentially and 62% YoY, with an operating margin of 47%.
Net income was KRW 12.60 trillion, up 80% QoQ and 119% YoY, with a net profit margin of 52%.
Surging demand for AI server memory and high-capacity DDR5 shipments more than doubled sequentially.
Financial highlights
DRAM bit shipments grew by high single digits sequentially, exceeding guidance, while NAND bit shipments decreased by mid single digits due to a high base.
ASP for DRAM rose by high single digits sequentially; NAND ASP increased by low teens percent, supported by price recovery and higher enterprise SSD mix.
EBITDA was KRW 14.95 trillion with a margin of 61%.
Cash and cash equivalents rose to KRW 27.9 trillion, up KRW 10.9 trillion from last quarter.
Net cash position of KRW 3.8 trillion, with interest-bearing debt at KRW 24.1 trillion.
Outlook and guidance
AI-driven demand is expected to continue outpacing supply, with HBM, DRAM, and NAND capacity essentially sold out for next year.
DRAM demand growth forecast to rise from high teens percent this year to over 20% next year; NAND device growth projected to improve from mid teens this year to high teens in 2026.
HBM4 shipments to begin in Q4 2025, with full-scale sales expansion planned for next year.
CapEx in 2026 is expected to increase to support rapid capacity expansion, especially for HBM and advanced node migration.
No changes planned for shareholder return policy in the near term; focus remains on reinvestment and maintaining financial soundness.
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