NVIDIA vs SK Hynix: Revenue, Profit and Business Model
NVIDIA had $215.9B of annual revenue in FY2026 and $120.1B of net income. SK Hynix had ~$69B of annual revenue in FY2025 and ~$30.5B of net income.
Latest financial snapshot
Financial summary
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 GAAP net income was $120.1B, operating cash flow was $102.7B and company-defined free cash flow was $96.6B. Growth continued into fiscal 2027: Q2 (ended July 26, 2026) revenue was $96.2B, including $89.0B of Data Center revenue, with a 75.0% GAAP gross margin and $59.7B GAAP net income. The $108.0B Q3 FY2027 revenue figure, plus or minus 2%, was management guidance, not a reported result; the outlook assumed no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2, and reported about $99.0B remaining under its repurchase authorization at quarter-end. Its May 2026 dividend increase to $0.25 per share is separate from the repurchase authorization.
SK Hynix
SK hynix's results track the memory cycle. Revenue fell to ~$23.3B (KRW 32.77T) in 2023 with a ~$6.46B (KRW 9.1T) net loss, then doubled to ~$47B (KRW 66.19T) in 2024 and reached ~$69B (KRW 97.15T) in 2025. The AI-driven upswing accelerated in 2026: Q1 revenue was ~$37.3B (KRW 52.58T) and Q2 hit ~$56.3B (KRW 79.32T), with a 76% operating margin. Q2 net profit of ~$66.7B (KRW 93.92T) exceeded revenue because of non-operating gains. At the end of June 2026 the company held ~$62.5B (KRW 88T) in cash against ~$13.2B (KRW 18.6T) of debt, a net cash position of ~$49.3B (KRW 69.4T). SK Hynix Inc. is a colossal South Korean semiconductor supplier and the absolute second-largest memory chipmaker in the world, sustaining a massive market valuation generally exceeding $100 billion.
Revenue and profit by year
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
SK Hynix
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$69B | ~$30.5B | 44.2% | +46.8% | Source |
| FY2024 | ~$47B | ~$14B | 29.9% | +102.0% | Source |
| FY2023 | ~$23.3B | ~-$6.5B | -27.8% | -26.6% | Source |
| FY2022 | ~$31.7B | ~$1.6B | 5.0% | +3.8% | Source |
| FY2021 | ~$30.5B | ~$6.8B | 22.3% | +34.8% | Source |
| FY2020 | ~$22.6B | — | — | +18.2% | Source |
| FY2019 | ~$19.2B | — | — | -33.3% | Source |
| FY2018 | ~$28.7B | — | — | — | Source |
Where the revenue comes from
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
SK Hynix
- DRAM (HBM, server, mobile, PC)
Majority of revenue
DRAM is SK hynix's largest business. HBM for AI accelerators and high-capacity server DRAM drove the 2024-2026 profit surge, while mobile LPDDR and PC DDR products make up the rest.
- NAND flash and enterprise SSDs
Minority of revenue
NAND covers mobile storage and SSDs, including Solidigm's enterprise QLC drives used in AI data centers. NAND prices rose sharply in Q1 and Q2 2026 alongside DRAM.
Business model and strategy
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
SK Hynix
How it makes money
SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands. DRAM is the larger business and includes HBM, server DDR5 and mobile LPDDR. NAND flash covers mobile storage and enterprise SSDs, including Solidigm's high-capacity QLC drives.
Growth strategy
Growth rests on three moves: ramping HBM4 production in the second half of 2026, expanding capacity at Cheongju (M15X) and the Yongin semiconductor cluster while keeping capex disciplined, and building an HBM advanced packaging and R&D site in West Lafayette, Indiana, announced in 2024 at about $3.87 billion.
Competitive advantage
SK hynix's edge is execution in HBM. It mass-produced HBM3 first in 2022-2023, led the HBM3E ramp in 2024, and began mass shipments of HBM4 in Q2 2026. Its MR-MUF packaging process helps with heat dissipation and yield in tall die stacks, and close co-development with Nvidia and TSMC keeps it designed into new AI platforms.
Questions about NVIDIA vs SK Hynix
Which company has higher revenue — NVIDIA Corporation or SK Hynix Inc.?
NVIDIA Corporation had $215.9B (FY2026), while SK Hynix Inc. had ~$69B (FY2025). By latest annual revenue, NVIDIA Corporation is the larger business, with SK Hynix Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of NVIDIA Corporation vs SK Hynix Inc.?
NVIDIA Corporation's market capitalisation stands at $5.45T, while SK Hynix Inc.'s is $964.0B. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SK Hynix Inc..
How does revenue per employee compare for NVIDIA Corporation and SK Hynix Inc.?
NVIDIA Corporation has $5.14M / employee in revenue per employee, while SK Hynix Inc. has $1.47M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do NVIDIA Corporation and SK Hynix Inc. make money?
NVIDIA Corporation and SK Hynix Inc. generate revenue in fundamentally different ways. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. SK Hynix Inc.: SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands.
Which company is valued higher relative to revenue — NVIDIA Corporation or SK Hynix Inc.?
On a price-to-sales (P/S) basis, NVIDIA Corporation trades at 25.2x P/S and SK Hynix Inc. at 14.0x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to SK Hynix Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is NVIDIA Corporation bigger than SK Hynix Inc.?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to SK Hynix Inc. (~$69B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the NVIDIA vs SK Hynix overview