CXMT Q3 Earnings: $8.2 Billion Profit as DRAM Prices Soar

Hakkı ALKAN

October 30, 2026

CXMT Q3 earnings arrived on Friday, October 30, 2026, and they show how much the AI memory boom is paying off for China’s biggest DRAM maker. ChangXin Memory Technologies reported third quarter revenue of 118.71 billion yuan (about $17.8 billion), up 613.2% from a year earlier, and a net profit attributable to shareholders of 54.4 billion yuan (about $8.2 billion), its first results since its record IPO in July.

CXMT Q3 Earnings by the Numbers

According to Reuters, revenue for the July to September quarter rose 19.3% from the second quarter. Gross margin climbed 1.94 percentage points to 89.53%, helped by higher chip prices, bigger sales volumes and lower costs per chip. The company also announced a share buyback of 1 billion to 2 billion yuan.

• Q3 revenue: 118.71 billion yuan (about $17.8 billion), up 613.2% year over year
• Q3 net profit: 54.4 billion yuan (about $8.2 billion)
• Nine month revenue: 269.02 billion yuan, up 738.5%
• Nine month profit: 132.04 billion yuan, versus a 5.28 billion yuan loss a year earlier
• Cash on hand: 285.16 billion yuan at September 30, up from 51.99 billion yuan at the end of 2025

The figures land inside the range CXMT gave in its preliminary estimate on October 16, when it guided for revenue of 114.7 billion to 119.7 billion yuan.

Why a Chinese DRAM Maker Is Winning Now

CXMT has gained as SK Hynix, Samsung and Micron shift more of their capacity to high bandwidth memory (HBM) for AI processors, leaving tighter supply and higher prices in conventional DRAM. Both Korean rivals reported huge quarters this week: SK Hynix posted record Q3 revenue and Samsung hit record revenue on AI memory demand. In flash memory, Sandisk announced an 8-for-1 stock split after revenue jumped 378%.

CXMT is not standing still. Reuters reports the company plans limited HBM3E production within two months, despite yields of only 20% to 30%, compared with around 70% at SK Hynix. Its sixth generation DRAM process has passed sample validation, R&D spending rose 73% to 11.07 billion yuan in nine months, and new fabs in Beijing, Shanghai and Hefei could eventually double monthly capacity to about 600,000 12-inch wafers. The company is also preparing to enter NAND flash.

Investors Are Already Cautious

Not every memory maker sounded upbeat on Friday. Japan’s Kioxia reported fiscal second quarter operating profit of about 1.995 trillion yen in its earnings filing, slightly above estimates, but forecast third quarter operating profit of about 2 trillion yen, roughly 15% below the 2.35 trillion yen analysts expected.

CXMT shares closed 2.5% lower in Shanghai before the results and are down 32% from their August peak, as investors question how long AI spending can keep memory prices this high. For consumers, the same shortage is why PC and phone makers have been testing Chinese memory chips as a cheaper source of supply.