Micron Revenue Hits $54.23 Billion as SK hynix Operating Margin Reaches 80%
Key Facts
Micron posted revenue of $54.23 billion and U.S. GAAP net income of $37.70 billion in its fiscal fourth quarter ended September 3, 2026, while SK hynix reported an operating margin of 80% in the third quarter. The results reflect strong demand for AI-related memory, with SK hynix saying higher prices for its main products were driven by growth in that demand. The South Korean company posted revenue of 104.6155 trillion won, operating profit of 83.3338 trillion won and net profit of 39.7756 trillion won. The comparison between the two companies shows strong growth in revenue and profit, but does not mean the 80% operating margin applies to all memory makers. That margin was specifically reported in SK hynix’s third-quarter results.
Micron revenue rose from $41.46 billion in the fiscal third quarter to $54.23 billion in the fourth quarter, compared with $11.32 billion in the same period of the prior fiscal year. The comparison shows revenue growth over the year, alongside a notable increase from the previous quarter. SK hynix revenue rose 32% quarter over quarter, from 79.3187 trillion won in the second quarter to 104.6155 trillion won in the third quarter. Operating profit increased 38% from the previous quarter, from 60.5426 trillion won to 83.3338 trillion won. Year over year, SK hynix revenue surged 328%, while its operating margin was 47% in the third quarter of 2025 before reaching 80% in the latest period.
SK hynix attributed its record results to higher prices for its main products as demand for AI memory grew. The company said sales of HBM4 memory and high-value server products expanded, linking its business momentum to computing infrastructure needs. This coincided with rising prices for its main products, supporting revenue and operating profit in the third quarter. The company expects HBM4 to become the dominant product starting in the fourth quarter of 2026. It also plans to bring its M15X facility to full capacity by year-end to increase production of this type of memory. It said HBM4 could surpass HBM3E in shipment volume and revenue during the fourth quarter.
The impact of higher memory costs extends to companies that buy chips, led by Apple. The company said higher costs will reduce the profit it earns for every dollar of revenue in the final three months of the year, the holiday season. That puts memory costs among the factors affecting Apple’s gross margin in the important sales quarter. Its purchase commitments increased by $33 billion during the fiscal quarter for which it reported results on November 2, 2026. The chief operating officer did not directly confirm a long-term memory supply agreement. These developments highlight how strong demand and higher prices are transmitting from chip suppliers to their technology company customers.
SK hynix says tight supply relative to demand could persist through 2030, citing the difficulty of advanced manufacturing technologies and the long time needed to build new facilities. The estimate provides a longer time horizon for the imbalance supporting the current demand cycle, according to the company’s forecast announced on October 28, 2026. The company said long-term supply agreements it signed with 14 major customers cover more than half of its production capacity for 2027 and 2028. These agreements provide visibility on a large portion of future production as the company continues to expand HBM4 output. In the near term, the company expects the product to become dominant in the fourth quarter of 2026 and to surpass HBM3E in shipments and revenue during the same period.