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โข Revenue: $78.9B (Est. $74.8B) โ , +328% YoY.
โข Operating Profit: $62.8B (Est. $58.5B) โ , +632% YoY.
โข EPS: $41.07, +205% YoY.
โข Operating Margin: 80%, +3,300 bps YoY, record high.
โข Gross Margin: 85.7% (Est. 85.2%) โ .
โข EBITDA: $66.1B, +486% YoY, 84% margin.
โข Net Profit: $30.0B, +216% YoY.
โข Operating Cash Flow: $41.3B, +281% YoY.
โข Cash: $86.3B; Interest-Bearing Debt: $11.9B.
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โข Q4 DRAM Bit Growth: Mid-20% QoQ.
โข Q4 NAND Bit Growth: Mid-single digits QoQ.
โข 2027 DRAM Demand Growth: Mid-20% YoY.
โข 2027 NAND Demand Growth: High-teens YoY.
โข 2027 CapEx: Significant increase vs. 2026.
โข Memory demand expected to exceed supply through 2030.
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โข Q3 revenue beat estimates by ~5.5%, while operating profit exceeded consensus by ~7.4%.
โข Revenue increased 32% QoQ, with operating profit rising 38%.
โข DRAM ASP increased by high-20% QoQ and NAND ASP by mid-20%.
โข HBM4 expected to surpass HBM3E in shipment and revenue share in Q4.
โข 2027 HBM negotiations finalized, with the profitability gap versus conventional DRAM expected to narrow.
โข Long-term agreements signed with 14 major customers, securing over 50% of 2027โ2028 capacity.
โข M15X production ramp accelerating toward full capacity by year-end 2026.
โข Q3 net profit included $24.6B in non-operating losses, primarily investment-related and FX losses.
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Record profitability, rising memory prices and substantial capacity commitments highlight exceptionally strong AI-driven memory demand. Management's expectation of supply constraints through 2030 supports the longer-term pricing outlook, although higher capital spending could eventually increase supply.
