Samsung, SK hynix shareholder return policies in focus ahead of Q3 earnings

Samsung Electronics and SK hynix are preparing to report third-quarter results on Thursday and Wednesday, respectively, as investors look to their shareholder-return plans amid falling share prices. Samsung estimated revenue of 195 trillion won and operating profit of 107.4 trillion won, while analysts expect SK hynix to post record revenue and operating profit. Samsung is expected to detail about 30 trillion won in dividends, while SK hynix has said it will provide more information on additional returns. Investors are also watching for guidance on future policies and further buybacks or share cancellations.

Samsung’s Oct. 8 earnings guidance put third-quarter revenue at 195 trillion won ($146.96 billion) and operating profit at 107.4 trillion won.

FnGuide’s brokerage consensus forecast SK hynix revenue of 98.23 trillion won and operating profit of 76.96 trillion won for the quarter.

Samsung’s board approved a shareholder-return plan of 90 trillion to 110 trillion won for this year, under its policy of returning 50 percent of free cash flow generated from 2024 to 2026.

Samsung Life Insurance and Samsung Fire & Marine Insurance together hold a stake in Samsung Electronics approaching the 10 percent limit for financial institutions’ combined ownership of a nonfinancial company.

SK hynix pledged to return at least 50 percent of cumulative free cash flow generated from 2025 to 2027 and said it would consider special dividends and additional share buybacks and cancellations.

Published Oct 26, 2026 7:00 am KST

An official checks her phone as a screen shows the share prices of Samsung Electronics and SK hynix at the Korea Exchange on Yeouido, Seoul, Oct. 15. Yonhap

Shareholder return policies of Samsung Electronics and SK hynix are gaining market attention ahead of their announcements for third-quarter earnings, as investors see them as a key way to address the mismatch between the chipmakers' record-breaking profits and their sluggish share prices.

Samsung Electronics is set to announce its three-month financial results during its earnings call on Thursday, while SK hynix said it will announce its results on its earnings call on Wednesday.

Earnings are expected to be exceptionally strong, as surging demand for memory chips and continued supply bottlenecks have driven up average selling prices across the memory chip market.

In its earnings guidance released Oct. 8, Samsung Electronics estimated third-quarter revenue of 195 trillion won ($146.96 billion) and operating profit of 107.4 trillion won. If realized, the company will become the first Korean company to surpass 100 trillion won in quarterly operating profit.

SK hynix is expected to post 98.23 trillion won in revenue and 76.96 trillion won in operating profit during the same period, according to the consensus of brokerage estimates compiled by market tracker FnGuide. Both figures would mark all-time highs for the company.

People walk into Samsung Electronics' headquarters in Suwon, Gyeonggi Province, Oct. 8. Yonhap

Despite the upbeat earnings outlook, neither company's shares have gained upward momentum. Samsung Electronics shares fell 18.2 percent from 261,000 won on Sept. 1 to 213,500 won on Friday, while SK hynix shares declined 25.4 percent from 1,693,000 won to 1,263,000 won over the same period. Compared with their respective 52-week highs, Samsung Electronics shares were down 43.8 percent, while SK hynix shares had plunged 57.9 percent.

Against this backdrop, market attention is turning to how the two chipmakers will use shareholder return policies to buoy their share prices.

In August, Samsung Electronics’ board approved a shareholder return plan worth between 90 trillion won and 110 trillion won for this year, under its existing policy of returning 50 percent of free cash flow (FCF) generated between 2024 and 2026 to shareholders.

Of the total, the company is expected to announce details of approximately 30 trillion won in dividends around the earnings call, including the exact amount and payment date. Samsung plans to determine how to return the remaining amount to shareholders following a board review in January next year, once its 2026 financial results are finalized.

Despite the potential shareholder returns of up to 110 trillion won, the announcement disappointed the market because the company maintained its existing policy of returning 50 percent of FCF without increasing the payout ratio, and there was no mention of additional share buybacks or cancellations.

Samsung Electronics currently faces constraints on canceling large amounts of additional treasury common shares. Under Korean regulations, financial institutions are prohibited from holding more than a combined 10 percent stake in a nonfinancial company.

Samsung Life Insurance and Samsung Fire & Marine Insurance already hold a combined stake approaching that threshold in Samsung Electronics, meaning further cancellations of common shares could push their ownership above the limit, triggering market observers to speculate about the cancellation of the company’s preferred shares.

Also, the company’s existing policy of returning 50 percent of FCF expires this year, raising the possibility that management could drop hints about its policy for 2027 and beyond during the third-quarter earnings call.

People walk past SK hynix's headquarters in Icheon, Gyeonggi Province, Friday. Yonhap

SK hynix is also expected to add more clarity to its shareholder return policy during the third-quarter earnings call.

In August, the company pledged to return at least 50 percent of its cumulative FCF generated between 2025 and 2027 to shareholders, saying it will consider special dividends and additional share buybacks and cancellations. The company said that it will disclose further details on the scale and methods of additional shareholder returns during the third-quarter earnings call.

Since August, SK hynix has bought back its treasury shares worth 40 trillion won, and plans to cancel them in the near future. Though the company completed the buyback program about a month ahead of schedule, its shares have remained sluggish, raising expectations that additional shareholder returns could be substantial.

“We expect the company to have at least 30 trillion won in additional funds available for shareholder returns based on its FCF,” Hana Securities analyst Kim Rok-ho said. “We believe share buybacks and cancellations will play a greater role than dividends.”

三星电子和SK海力士分别将于周四和周三公布第三季度业绩，投资者在股价下跌之际密切关注两家公司的股东回报计划。三星预计营收为195万亿韩元，营业利润为107.4万亿韩元，而分析师则预计SK海力士将创下营收和营业利润新高。三星预计将公布约30万亿韩元的股息分配计划，而SK海力士表示将提供更多关于额外回报的信息。投资者也在关注两家公司对未来政策的指引，以及是否会进一步回购股票或注销股份。

三星 10 月 8 日发布的盈利预期显示，第三季度营收为 195 万亿韩元（1469.6 亿美元），营业利润为 107.4 万亿韩元。

FnGuide 的券商一致预测 SK 海力士本季度营收为 98.23 万亿韩元，营业利润为 76.96 万亿韩元。

根据三星在 2024 年至 2026 年间返还 50% 自由现金流的政策，三星董事会批准了今年 90 万亿至 110 万亿韩元的股东回报计划。

三星人寿保险和三星火灾海上保险合计持有三星电子的股份，已接近金融机构合计持有非金融公司股份的 10% 上限。

SK海力士承诺将2025年至2027年间产生的累计自由现金流的至少50%返还给股东，并表示将考虑派发特别股息以及进行额外的股票回购和注销。

发布于2026年10月26日韩国时间上午7:00

10月15日，在首尔汝矣岛的韩国交易所，一名官员正在查看手机，屏幕上显示着三星电子和SK海力士的股价。（韩联社）

在三星电子和SK海力士公布第三季度财报之前，它们的股东回报政策引起了市场的关注，投资者认为这是解决芯片制造商创纪录的利润与其疲软的股价之间不匹配的关键方法。

三星电子将于周四的财报电话会议上公布其前三个月的财务业绩，而SK海力士表示将于周三的财报电话会议上公布其业绩。

由于对内存芯片的需求激增以及持续的供应瓶颈推高了整个内存芯片市场的平均售价，预计盈利将异常强劲。

三星电子在10月8日发布的盈利预期中预计，第三季度营收将达到195万亿韩元（约合1469.6亿美元），营业利润将达到107.4万亿韩元。如果预测成真，该公司将成为首家季度营业利润突破100万亿韩元的韩国企业。

根据市场追踪机构FnGuide汇总的券商预期，SK海力士同期营收预计将达到98.23万亿韩元，营业利润预计将达到76.96万亿韩元。这两个数字都将创下该公司历史新高。

10月8日，人们走进位于京畿道水原市的三星电子总部。（韩联社）

尽管盈利前景乐观，但两家公司的股价均未出现上涨势头。三星电子股价从9月1日的26.1万韩元下跌18.2%至周五的21.35万韩元，而SK海力士股价同期下跌25.4%至126.3万韩元。与各自的52周高点相比，三星电子股价下跌了43.8%，而SK海力士股价则暴跌了57.9%。

在此背景下，市场关注点转向这两家芯片制造商将如何利用股东回报政策来提振股价。

8 月，三星电子董事会批准了一项股东回报计划，金额在 90 万亿韩元至 110 万亿韩元之间，这是该公司现有政策的一部分，即在 2024 年至 2026 年期间将产生的自由现金流 (FCF) 的 50% 返还给股东。

预计三星将在财报电话会议前后公布总额约30万亿韩元的股息详情，包括具体金额和支付日期。三星计划在明年1月董事会审议后，待2026年财务业绩最终确定后，再决定如何将剩余股息返还给股东。

尽管股东潜在回报高达 110 万亿韩元，但由于该公司维持了将 50% 的自由现金流返还给股东的现有政策，而没有提高派息率，也没有提及额外的股票回购或注销，因此该公告令市场感到失望。

三星电子目前在注销大量额外库存普通股方面面临限制。根据韩国法规，金融机构不得持有非金融公司超过10%的股份。

三星人寿保险和三星火灾海上保险合计已持有三星电子近乎该门槛的股份，这意味着进一步注销普通股可能会使其持股比例超过该门槛，从而引发市场观察人士对该公司优先股注销的猜测。

此外，该公司现行的返还 50% 自由现金流的政策将于今年到期，这增加了管理层在第三季度财报电话会议上透露 2027 年及以后政策的可能性。

周五，人们走过位于京畿道利川市的SK海力​​士总部。（韩联社）

SK海力士预计还将在第三季度财报电话会议上进一步阐明其股东回报政策。

该公司8月份承诺，将2025年至2027年间累计自由现金流的至少50%返还给股东，并表示将考虑派发特别股息以及进行额外的股票回购和注销。该公司表示，将在第三季度财报电话会议上披露有关额外股东返还规模和方式的更多细节。

自8月以来，SK海力士已回购价值40万亿韩元的库存股，并计划在不久的将来注销这些股票。尽管该公司提前约一个月完成了回购计划，但其股价依然低迷，引发了人们对股东可能获得丰厚回报的预期。

“根据自由现金流，我们预计该公司至少有30万亿韩元的额外资金可用于股东回报，”韩亚证券分析师金禄浩表示。“我们认为，股票回购和注销将比分红发挥更大的作用。”