Memory Makers, Q3 2026

Four memory makers have reported their latest quarter so far: Micron for its fiscal fourth quarter, SK hynix for its third, the chip division of Samsung, and CXMT for its third. This page sets their results side by side. It belongs to the Earnings Desk, where each company has its own page, and The Memory Cycle covers the supply and demand behind the swings in these numbers. The question is whether the makers grew again and how much of each sale they kept as operating profit. Revenue grew at all four. At Micron and SK hynix, margins were already close to 80%, so the room for further gains looks small. Samsung’s figures here cover only its chip division, so the company-wide table further down is a different measure.

Findings

All four memory makers that have reported grew again. By my arithmetic from their releases, Micron’s revenue rose 30.8% on the quarter and SK hynix’s 31.9%. Samsung reports that revenue at Device Solutions, its chip division, rose 15%, and CXMT reports 19.3%.

Findings

Revenue growth on the quarter

At SK hynix and Micron, margins moved much less than revenue. SK hynix’s operating margin reached 80%, from 76% in the second quarter, and Micron’s was 80.7%, from 80.4%. Samsung’s chip division was at 72%. By my arithmetic from its reports, CXMT’s operating profit came to 83.4% of its revenue, but under Chinese accounting that profit includes government grants and investment gains, so it is not like-for-like and the margin charts leave CXMT out. The Samsung figures and the charts are for the chip division; the table below shows Samsung as a whole company.

My reading is that with Micron and SK hynix near 80%, their margins have little room left to widen, so what these makers earn next turns on how far revenue keeps growing.