Samsung vs SK Hynix: Revenue, Profit and Business Model
Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income. SK Hynix reported ~$69B of revenue in FY2025 and ~$30.5B of net income.
Latest financial snapshot
Financial summary
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
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).
Revenue and profit by year
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | 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% | — | Source |
Where the revenue comes from
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
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
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
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 Samsung vs SK Hynix
Which company has higher revenue — Samsung Electronics Co., Ltd. or SK Hynix Inc.?
Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025), while SK Hynix Inc. reported ~$69B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with SK Hynix Inc. reporting a smaller revenue base.
What is the market cap of Samsung Electronics Co., Ltd. vs SK Hynix Inc.?
Samsung Electronics Co., Ltd.'s market capitalisation stands at $1.33T, while SK Hynix Inc.'s is $964.0B. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SK Hynix Inc..
Which is more financially efficient — Samsung Electronics Co., Ltd. or SK Hynix Inc.?
Samsung Electronics Co., Ltd. generates $914k / employee in revenue per employee, while SK Hynix Inc. generates $1.47M / employee. SK Hynix Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Samsung Electronics Co., Ltd. and SK Hynix Inc. make money?
Samsung Electronics Co., Ltd. and SK Hynix Inc. generate revenue in fundamentally different ways. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses. 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 — Samsung Electronics Co., Ltd. or SK Hynix Inc.?
On a price-to-sales (P/S) basis, Samsung Electronics Co., Ltd. trades at 5.6x P/S and SK Hynix Inc. at 14.0x P/S. SK Hynix Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Samsung Electronics Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Samsung Electronics Co., Ltd. bigger than SK Hynix Inc.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) 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 Samsung vs SK Hynix overview