Revenue growth remains stagnant with quarterly figures hovering around 4.5 trillion KRW, while gross margins have experienced extreme variance, dropping to 22.9% in 2026Q1 from historical levels exceeding 85%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 17.17T | 17.33T | 17.94T | 17.61T | 17.3T | 16.75T | 16.09T | 15.42T | 16.87T | 17.52T | 17.09T | 17.14T | 17.16T | 16.6T | 16.14T | 15.8T | 15.49T | 14.51T | 14T | 11.86T | 10.52T | 10.61T | 10.21T | 10.77T | 9.32T | 8.38T | 7.41T | 4.43T | 3.46T |
| Revenue Growth % | -4.19% | -3.4% | 1.89% | 1.75% | 3.32% | 4.11% | 4.35% | -8.64% | -3.69% | 2.51% | -0.26% | -0.16% | 3.38% | 2.85% | 2.14% | 2.03% | 6.73% | 3.69% | 17.98% | 12.78% | -0.84% | 3.89% | -5.21% | 15.54% | 11.32% | 13.08% | 67.26% | 27.93% | - |
| Cost of Goods Sold | 4.6T | 14.03T | 2.28T | 2.22T | 2.25T | 2.23T | 2.17T | 2.39T | 2.91T | 3.1T | 3.19T | 3.3T | 3.08T | 2.79T | 2.82T | 2.7T | 2.4T | 338.03B | 229.03B | 239.15B | 2.1T | 2.23T | 2.3T | 2.28T | 2.36T | 2.5T | 1.2T | 830.07B | 696.24B |
| COGS % of Revenue | - | 80.97% | 12.73% | 12.61% | 13.01% | 13.3% | 13.49% | 15.52% | 17.27% | 17.72% | 18.65% | 19.28% | 17.92% | 16.82% | 17.46% | 17.05% | 15.46% | 2.33% | 1.64% | 2.02% | 19.95% | 21.06% | 22.48% | 21.18% | 25.31% | 29.87% | 16.14% | 18.75% | 20.11% |
| Gross Profit | 12.57T | 3.3T | 15.66T | 15.39T | 15.05T | 14.52T | 13.92T | 13.02T | 13.96T | 14.42T | 13.9T | 13.83T | 14.09T | 13.81T | 13.32T | 13.11T | 13.09T | 14.17T | 13.77T | 11.62T | 8.42T | 8.37T | 7.92T | 8.49T | 6.96T | 5.87T | 6.21T | 3.6T | 2.77T |
| Gross Margin % | 73.19% | 19.03% | 87.27% | 87.39% | 86.99% | 86.7% | 86.51% | 84.48% | 82.73% | 82.28% | 81.35% | 80.72% | 82.08% | 83.18% | 82.54% | 82.95% | 84.54% | 97.67% | 98.36% | 97.98% | 80.05% | 78.94% | 77.52% | 78.82% | 74.69% | 70.13% | 83.86% | 81.25% | 79.89% |
| Gross Profit Growth % | - | -78.93% | 1.74% | 2.23% | 3.66% | 4.34% | 6.86% | -6.7% | -3.17% | 3.68% | 0.52% | -1.8% | 2.01% | 3.65% | 1.64% | 0.1% | -7.62% | 2.96% | 18.43% | 38.05% | 0.55% | 5.79% | -6.77% | 21.92% | 18.57% | -5.43% | 72.63% | 30.13% | - |
| Operating Expenses | 11.6T | 2.21T | 13.97T | 13.63T | 13.46T | 13.09T | 12.88T | 12.04T | 13.13T | 13.19T | 12.6T | 12.34T | 12.48T | 12.23T | 11.59T | 10.95T | 10.75T | 12.29T | 12.02T | 9.52T | 5.92T | 5.73T | 5.56T | 5.23T | 4.17T | 3.55T | 4.72T | 3.29T | 2.3T |
| OpEx % of Revenue | - | 12.77% | 77.84% | 77.42% | 77.77% | 78.15% | 80.07% | 78.08% | 77.79% | 75.29% | 73.73% | 72% | 72.71% | 73.67% | 71.78% | 69.26% | 69.42% | 84.71% | 85.85% | 80.27% | 56.28% | 54.03% | 54.44% | 48.59% | 44.69% | 42.36% | 63.71% | 74.34% | 66.38% |
| Selling, General & Admin | 2.02T | 3.06T | 3.08T | 2.9T | 2.88T | 2.71T | 2.59T | 2.45T | 3.32T | 3.04T | 2.86T | 2.84T | 2.59T | 2.46T | 2.14T | 1.99T | 1.84T | 8.69T | 8.34T | 6.97T | 4.24T | 3.54T | 3.37T | 3.1T | 2.73T | 1.99T | 3.39T | 2.58T | 1.37T |
| SG&A % of Revenue | - | 17.66% | 17.18% | 16.46% | 16.63% | 16.16% | 16.08% | 15.87% | 19.69% | 17.34% | 16.71% | 16.55% | 15.12% | 14.82% | 13.28% | 12.57% | 11.86% | 59.89% | 59.58% | 58.76% | 40.27% | 33.33% | 32.97% | 28.76% | 29.3% | 23.77% | 45.71% | 58.37% | 39.59% |
| Research & Development | 340.54B | 0 | 378.08B | 369.51B | 340.86B | 347.71B | 353.2B | 324.05B | 387.68B | 395.28B | 344.79B | 315.79B | 390.94B | 352.38B | 304.56B | 271.38B | 270.6B | 236.27B | 226.71B | 218.65B | 202.18B | 249.38B | 258.02B | 247.03B | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.11% | 2.1% | 1.97% | 2.08% | 2.2% | 2.1% | 2.3% | 2.26% | 2.02% | 1.84% | 2.28% | 2.12% | 1.89% | 1.72% | 1.75% | 1.63% | 1.62% | 1.84% | 1.92% | 2.35% | 2.53% | 2.29% | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 967.37B | 1.09T | 1.69T | 1.76T | 1.59T | 1.43T | 1.04T | 987.05B | 833.85B | 1.22T | 1.3T | 1.5T | 1.61T | 1.58T | 1.74T | 2.16T | 2.34T | 1.88T | 1.75T | 2.1T | 2.5T | 2.64T | 2.36T | 3.26T | 2.8T | 2.33T | 1.49T | 306.29B | 467.45B |
| Operating Margin % | 5.63% | 6.28% | 9.42% | 9.97% | 9.21% | 8.55% | 6.43% | 6.4% | 4.94% | 6.99% | 7.63% | 8.73% | 9.37% | 9.51% | 10.77% | 13.69% | 15.11% | 12.96% | 12.51% | 17.72% | 23.77% | 24.91% | 23.08% | 30.23% | 30% | 27.77% | 20.15% | 6.92% | 13.5% |
| Operating Income Growth % | - | -35.67% | -3.72% | 10.16% | 11.31% | 38.39% | 4.86% | 18.37% | -31.91% | -6.05% | -12.84% | -6.99% | 1.86% | -9.16% | -19.65% | -7.62% | 24.44% | 7.42% | -16.69% | -15.93% | -5.38% | 12.12% | -27.63% | 16.42% | 20.26% | 55.87% | 387.18% | -34.48% | - |
| EBITDA | 4.5T | 4.6T | 5.39T | 5.51T | 5.35T | 5.55T | 5.21T | 5.01T | 4.12T | 4.47T | 4.37T | 4.49T | 4.5T | 4.41T | 4.35T | 4.45T | 4.64T | 4.61T | 4.51T | 4.07T | 4.17T | 4.36T | 4.09T | 5.06T | 4.34T | 4.09T | 2.95T | 1.01T | 1.39T |
| EBITDA Margin % | 26.2% | 26.55% | 30.05% | 31.28% | 30.91% | 33.12% | 32.35% | 32.49% | 24.41% | 25.53% | 25.58% | 26.19% | 26.22% | 26.55% | 26.95% | 28.15% | 29.98% | 31.77% | 32.23% | 34.34% | 39.63% | 41.07% | 40.1% | 47.01% | 46.55% | 48.79% | 39.77% | 22.88% | 40.29% |
| EBITDA Growth % | -17.09% | -14.63% | -2.11% | 2.94% | -3.55% | 6.57% | 3.93% | 21.61% | -7.91% | 2.29% | -2.6% | -0.24% | 2.08% | 1.32% | -2.22% | -4.18% | 0.7% | 2.24% | 10.73% | -2.29% | -4.31% | 6.4% | -19.15% | 16.67% | 6.21% | 38.75% | 190.7% | -27.35% | - |
| D&A (Non-Cash Add-back) | 3.53T | 3.51T | 3.7T | 3.75T | 3.76T | 4.11T | 4.17T | 4.02T | 3.28T | 3.25T | 3.07T | 2.99T | 2.89T | 2.83T | 2.61T | 2.29T | 2.3T | 2.73T | 2.76T | 1.97T | 1.67T | 1.71T | 1.74T | 1.81T | 1.54T | 1.76T | 1.45T | 706.94B | 927.14B |
| EBIT | 1.05T | 1.09T | 2.16T | 1.88T | 1.56T | 2T | 1.19T | 1.11T | 4.28T | 3.7T | 2.39T | 2.33T | 2.58T | 2.16T | 1.93T | 2.51T | 2.75T | 1.85T | 1.63T | 2.52T | 2.56T | 2.64T | 2.36T | 3.26T | 2.8T | 2.33T | 1.49T | 306.29B | 467.45B |
| Net Interest Income | -315.36B | -314.35B | -342.08B | -315.05B | -261.81B | -252.12B | -232.18B | -332.06B | -241.68B | -249.43B | -251.17B | -283.39B | -268.8B | -257.69B | -300.05B | -133.98B | -138.96B | -231.11B | -224.12B | -146.42B | -156.52B | -189.34B | -200.8B | -292.5B | 0 | 0 | -145.54B | 0 | 0 |
| Interest Income | 64.32B | 74.05B | 94.48B | 69.02B | 56.73B | 38.08B | 34.13B | 61.64B | 71.2B | 73.25B | 56.56B | 47.53B | 61.12B | 63.45B | 96.01B | 174.6B | 232.48B | 170.78B | 132.52B | 94.68B | 78.64B | 60.19B | 72.46B | 117.5B | 0 | 0 | 67.42B | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 693.87B | 732.05B | 1.76T | 1.49T | 1.24T | 1.72T | 905.22B | 807.03B | 3.98T | 3.4T | 2.1T | 2.04T | 2.25T | 1.83T | 1.52T | 2.21T | 2.37T | 1.41T | 1.26T | 2.29T | 1.93T | 2.53T | 2.05T | 2.89T | 2.19T | 2T | 1.34T | 382.18B | 280.26B |
| Pretax Margin % | 4.04% | 4.22% | 9.82% | 8.45% | 7.14% | 10.26% | 5.63% | 5.23% | 23.56% | 19.42% | 12.26% | 11.88% | 13.13% | 11.01% | 9.41% | 14% | 15.32% | 9.69% | 9.01% | 19.27% | 18.33% | 23.89% | 20.09% | 26.81% | 23.45% | 23.85% | 18.05% | 8.63% | 8.1% |
| Income Tax | 354.49B | 351.88B | 374.67B | 342.24B | 288.32B | 446.8B | 221.26B | 262.94B | 843.98B | 745.65B | 436.04B | 519.48B | 454.51B | 400.8B | 288.21B | 601.94B | 559.38B | 355.67B | 299.3B | 694.49B | 545.62B | 685.91B | 608.35B | 827.53B | 698.7B | 850.2B | 366.5B | 100.87B | 129.85B |
| Effective Tax Rate % | 51.09% | 48.07% | 21.27% | 23% | 23.32% | 26% | 24.44% | 32.58% | 21.23% | 21.91% | 20.8% | 25.52% | 20.17% | 21.94% | 18.97% | 27.21% | 23.57% | 25.3% | 23.75% | 30.38% | 28.3% | 27.06% | 29.66% | 28.65% | 31.96% | 42.57% | 27.42% | 26.39% | 46.33% |
| Net Income | 376.02B | 413.95B | 1.25T | 1.09T | 912.4B | 2.41T | 1.5T | 888.7B | 3.13T | 2.6T | 1.68T | 1.52T | 1.8T | 1.64T | 1.15T | 1.61T | 1.84T | 1.25T | 1.22T | 1.65T | 1.38T | 1.85T | 1.44T | 2.06T | 1.49T | 1.15T | 970.13B | 281.31B | 150.41B |
| Net Margin % | 2.19% | 2.39% | 6.97% | 6.21% | 5.27% | 14.37% | 9.35% | 5.76% | 18.54% | 14.84% | 9.81% | 8.86% | 10.49% | 9.87% | 7.14% | 10.21% | 11.89% | 8.59% | 8.69% | 13.9% | 13.16% | 17.47% | 14.11% | 19.14% | 15.95% | 13.7% | 13.1% | 6.35% | 4.35% |
| Net Income Growth % | -70.19% | -66.89% | 14.31% | 19.86% | -62.1% | 60.04% | 69.28% | -71.59% | 20.31% | 55.12% | 10.36% | -15.69% | 9.9% | 42.31% | -28.59% | -12.42% | 47.66% | 2.59% | -26.27% | 19.1% | -25.29% | 28.62% | -30.13% | 38.61% | 29.67% | 18.25% | 244.86% | 87.03% | - |
| Net Income (Continuing) | 339.39B | 380.17B | 1.39T | 1.15T | 947.83B | 1.27T | 683.96B | 544.09B | 3.13T | 2.66T | 1.66T | 1.52T | 1.8T | 1.43T | 1.23T | 1.61T | 1.81T | 1.05T | 961.07B | 1.59T | 1.38T | 1.85T | 1.44T | 2.06T | 1.49T | 1.15T | 970.13B | 281.31B | 150.41B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 1.15T | 816.58B | 316.64B | 0 | 0 | 0 | 0 | 0 | 183.25B | -115.5B | -28.26B | -47B | 5.52B | -21.39B | -50.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 61.85B | 92.19B | 129B | 839.35B | 836.88B | 755.79B | 652.35B | -133.29B | -121.57B | 187.06B | 145.03B | 123.02B | 741.53B | 714.18B | 1T | 1.07T | 1.15T | 1.19T | 1.18T | 253.53B | 162.39B | 107.77B | 95B | 163.75B | 725.98B | 704.65B | 131.58B | 15.11B | 13.51B |
| EPS (Diluted) | 999.48 | 1022.75 | 3199.58 | 2750.00 | 2286.67 | 3179.29 | 1691.19 | 2218.52 | 8061.11 | 6692.22 | 4298.55 | 3839.55 | 4601.68 | 4246.23 | 2952.84 | 4447.48 | 3532.94 | 3257.85 | 3222.86 | 4093.29 | 3406.69 | 4527.76 | 3550.65 | 5025.87 | 3228.86 | 2423.53 | 2037.79 | 701.39 | 413.71 |
| EPS Growth % | -71.06% | -68.03% | 16.35% | 20.26% | -28.08% | 87.99% | -23.77% | -72.48% | 20.45% | 55.69% | 11.95% | -16.56% | 8.37% | 43.8% | -33.61% | 25.89% | 8.44% | 1.09% | -21.26% | 20.15% | -24.76% | 27.52% | -29.35% | 55.65% | 33.23% | 18.93% | 190.54% | 69.54% | - |
| EPS (Basic) | - | 1022.75 | 3211.36 | 2752.22 | 2287.61 | 3179.29 | 1691.31 | 2218.54 | 8061.11 | 6692.22 | 4298.61 | 3839.63 | 4601.69 | 4246.23 | 3023.09 | 4447.48 | 3587.82 | 3257.85 | 3222.86 | 4152.01 | 3455.21 | 4601.37 | 3580.52 | 5025.87 | 3228.86 | 2423.53 | 2037.79 | 701.39 | 413.71 |
| Diluted Shares Outstanding | 376.21M | 383.37M | 389.08M | 391.42M | 392.6M | 391.65M | 397.99M | 393.92M | 386.04M | 388.48M | 385.97M | 391.12M | 387.76M | 383.99M | 390.03M | 380.97M | 404.69M | 405.15M | 401.92M | 405.94M | 406.4M | 409.28M | 405.78M | 410.27M | 460.7M | 473.35M | 476.28M | 418.66M | 361.38M |
| Basic Shares Outstanding | 376.21M | 383.37M | 389.08M | 397.68M | 399.01M | 757.25M | 397.99M | 400.58M | 388M | 388.48M | 389.89M | 395.52M | 391.42M | 383.99M | 380.97M | 380.97M | 393.26M | 397.91M | 397.81M | 397.13M | 400.7M | 402.74M | 402.39M | 410.27M | 460.7M | 473.35M | 476.07M | 401.08M | 361.38M |
| Dividend Payout Ratio | - | 153.86% | 65.92% | 70.76% | 99.08% | 42.72% | 49.33% | 80.87% | 22.57% | 27.16% | 42.13% | 44.02% | 37.02% | 40.02% | 56.88% | 41.43% | 37.05% | 54.65% | 56.14% | 35.25% | 47.87% | 40.91% | 33.2% | 7.7% | 3.91% | 4.24% | 1.58% | 2.34% | 3.05% |
Regulatory and competitive saturation
As reported in recent financial statements, SKM's revenue trajectory exhibits significant volatility, with quarterly figures fluctuating around the 4.5 trillion KRW mark and a notable 12.2% year-over-year decline observed in 2025Q3, suggesting that the company is struggling to find meaningful growth drivers in a saturated market.
The inconsistent revenue performance indicates that the core wireless business is likely facing intense competitive pressure and limited room for subscriber expansion. Investors should monitor whether the company's pivot toward AI-driven services can eventually offset the stagnation in traditional telecommunications revenue streams.
Based on the provided income statement data, SKM's gross margin has experienced extreme variance, dropping to 22.9% in 2026Q1 from historical levels exceeding 85%, which suggests potential shifts in accounting practices or significant changes in the underlying cost structure of service delivery.
The dramatic compression in gross margins implies that the company may be facing higher direct costs or a fundamental change in how it recognizes revenue across its diverse business segments. This instability makes it difficult to assess the true underlying profitability of the core telecommunications operations.
According to the quarterly income statement data, SKM's operating margin has swung wildly from a low of 0.7% in 2025Q4 to 12.2% in 2026Q1, indicating that the company lacks the consistent operating leverage typically expected from a dominant market incumbent in the telecommunications sector.
The inability to maintain stable operating margins suggests that SG&A expenses are not scaling efficiently with revenue, potentially due to high marketing costs or ongoing investments in non-core ventures. This lack of operational discipline may continue to weigh on the company's bottom-line performance.
As evidenced by the reported figures, SKM's net income has been highly erratic, including a net loss of 158.2 billion KRW in 2025Q3, which highlights the impact of non-operating items and potential accounting adjustments on the company's bottom-line earnings quality for shareholders.
The frequent swings in net income, coupled with irregular stock-based compensation impacts, suggest that reported EPS may not be a reliable indicator of core operational health. Analysts should look past these headline figures to understand the underlying cash-generating capability of the business.
Based on the provided financial data, the persistent revenue stagnation and margin instability suggest that SKM's competitive moat may be eroding, as the company fails to demonstrate the pricing power or cost efficiency required to maintain consistent profitability in a highly competitive domestic market.
Short-sellers might focus on the company's inability to scale its AI and platform initiatives, which currently appear to be a drain on resources rather than a source of growth. The reliance on legacy telecom services in a saturated market presents a significant risk to long-term value creation.
Quick answers to the most common questions about buying SKM stock.
For fiscal year 2025, SK Telecom Co.,Ltd (SKM) reported total revenue of $17.33T. This represents a 400.7% increase compared to $3.46T in 1998.
SK Telecom Co.,Ltd (SKM) is profitable, generating $413.95B in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
SK Telecom Co.,Ltd (SKM) reported an operating income of $1.09T, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
SK Telecom Co.,Ltd (SKM) generated $3.30T in gross profit for the year, representing a gross profit margin of 19.0%. This demonstrates the company's core pricing power and production efficiency.