One-sentence summary
Samsung's Q3 2026 operating profit reached KRW 107.44T, with the DS chip division contributing KRW 106.5T, driven by the HBM4 ramp and DRAM price increases; Samsung sees the memory shortage through 2028.
Basic Questions
1. What was Samsung's Q3 2026 operating profit?
KRW 107.44T, up about 783% YoY. Consolidated revenue was KRW 195.25T (+~127% YoY), a fourth straight record, with an operating margin of about 55%.
2. Where did the profit come from?
The DS semiconductor division. It posted Q3 sales of KRW 147.1T and operating profit of KRW 106.5T, a segment margin of about 72%, contributing nearly all group profit; mobile lost about KRW 0.6T.
3. What is the HBM4 progress?
HBM4 sales scaled sharply in Q3. Samsung said HBM4E will enter mass production, continuing the HBM cadence; DRAM ASP rose about 20% QoQ.
4. How long will the memory shortage last?
Samsung sees it through 2028. SK Hynix, meanwhile, gives a longer outlook through 2030.
Advanced Questions
5. Why did net income miss and the stock fall?
Net income of KRW 75.21T missed expectations. Samsung's Korean shares fell about 4% on the day, reflecting concern over margin sustainability and earnings concentration.
6. Who has the higher Q3 margin, Samsung or SK Hynix?
SK Hynix. SK Hynix's Q3 operating margin was about 80%, above Samsung's about 55%; Samsung is larger in revenue and absolute operating profit.
7. What should investors watch in memory stocks?
The price cycle and AI capex turns. Segment margins sit at historic highs; if AI demand slows or supply returns, profit can retreat sharply. Track HBM share competition as well.
Sources
- Samsung: 3Q 2026 Earnings Call (PDF)
- Securities Times: Shortage seen through 2028