Samsung Electronics Co., Ltd. Revenue & Financials

The most interesting financial fact about Samsung isn't the $233.5 billion in FY2025 revenue. It's the swing. In 2022, Samsung earned $42.1 billion in net income. In 2023, that collapsed to $11 billion — a 74% drop — because memory prices cratered. By Q1 2026, the company posted $38.4 billion in operating profit in a single quarter, up 753% year-over-year. No other $200B+ revenue company on Earth has this kind of earnings volatility. Apple's net income varies by maybe 10% year to year. Samsung's can move 3-4x. That's the price of being a memory company wrapped in a consumer electronics conglomerate. The margin structure tells the story clearly: during memory upcycles, consolidated operating margins exceed 25%. During downturns, they compress to single digits. The current AI boom has pushed margins to historic highs, but investors who've watched Samsung through multiple cycles know that supply always eventually catches demand. Capital intensity is staggering. Samsung spends $30+ billion annually on capex — mostly semiconductor fabs — plus $22 billion on R&D. That's over $50 billion a year in investment before a single dividend is paid. The company can sustain this because memory upcycles generate enormous free cash flow, but it means Samsung must keep running just to stay competitive. Skip one investment cycle and you fall behind permanently.