The YoY decline in revenue and operating profit, particularly in the core wireless segment, signals softening fundamentals despite stable subscriber growth. The SK Broadband full acquisition (share swap) is a notable corporate action that could simplify the structure but adds near-term execution risk. Monitor the next quarterly report for any reversal in wireless revenue trends and for completion of the SK Broadband merger.
Price Chart
Executive Summary
SK Telecom filed its Q1 2026 quarterly business report (Form 6-K) for the period ended March 31, 2026. Consolidated revenue declined 1.4% YoY to 4.39 trillion won, and operating profit fell 5.2% YoY to 537.6 billion won, driven by a 1.0% drop in wireless revenue and higher commission costs. Net profit attributable to owners declined 11.5% YoY to 322.4 billion won. The company declared a quarterly dividend of 830 won per share, and the board resolved a share swap to fully acquire SK Broadband.
Key Facts
- Consolidated revenue for Q1 2026 was 4.39 trillion won, down 1.4% from 4.45 trillion won in Q1 2025.
- Consolidated operating profit was 537.6 billion won, down 5.2% from 567.4 billion won in Q1 2025.
- Net profit attributable to owners was 322.4 billion won, down 11.5% from 364.4 billion won in Q1 2025.
- Wireless segment revenue fell 1.0% YoY to 3.27 trillion won, and wireless operating profit dropped 14.5% YoY to 414.9 billion won.
- Fixed-line segment revenue grew 1.5% YoY to 1.05 trillion won, and operating profit rose 19.5% YoY to 120.7 billion won.
- SK Broadband revenue increased 3.2% YoY to 1.15 trillion won.
- Total subscribers were 30.96 million as of March 31, 2026, with 5G subscribers accounting for 81%.
- The Board of Directors declared an interim dividend of 830 won per share, totaling 176.7 billion won, payable by June 18, 2026.
- The company entered into a share swap agreement to acquire all remaining shares of SK Broadband at 15,032 won per share, scheduled for May 29, 2026.
- Debt-to-equity ratio improved to 124.9% from 132.4% at year-end 2025.
Financial Impact
Revenue declined by approximately 61.4 billion won YoY; operating profit declined by 29.8 billion won YoY; net profit attributable to owners declined by 42.0 billion won YoY.
Risk Factors
- Continued erosion of wireless service revenue and ARPU in a mature 5G market.
- Execution risk and integration costs related to the full acquisition of SK Broadband.
- Potential regulatory or competitive pressure in the Korean telecom market.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-270234 |
| Document: 0001193125-26-270234-index-headers.html | 0001193125-26-270234 |
| Document: 0001193125-26-270234-index.html | 0001193125-26-270234 |
| Document: 0001193125-26-270234.txt | 0001193125-26-270234 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 6-K | $35.35 $35.85 | ▲ +1.41% | ▼ −0.41% | $36.79 (+4.07%) |
Sep 2, 2026 4w ago | 6-K | $37.07 $37.05 | ▼ −0.05% | ▲ +0.90% | $36.79 (−0.76%) |
Aug 27, 2026 5w ago | 6-K | $39.47 $37.28 | ▼ −5.55% | ▼ −5.82% | $36.79 (−6.79%) |
Aug 27, 2026 5w ago | 6-K | $39.47 $37.28 | ▼ −5.55% | ▼ −5.82% | $36.79 (−6.79%) |
Aug 27, 2026 5w ago | 6-K | $39.47 $37.28 | ▼ −5.55% | ▼ −5.82% | $36.79 (−6.79%) |
Aug 7, 2026 8w ago | 6-K | $34.26 $38.51 | ▲ +12.41% | ▲ +12.01% | $36.79 (+7.38%) |
Aug 5, 2026 8w ago | 6-K | $34.88 $35.05 | ▲ +0.49% | ▲ +0.14% | $36.79 (+5.48%) |
Jul 29, 2026 9w ago | 6-K | $29.64 $34.88 | ▲ +17.68% | ▲ +12.15% | $36.79 (+24.12%) |
Jul 23, 2026 10w ago | 6-K | $35.20 $31.79 | ▼ −9.69% | ▼ −10.16% | $36.79 (+4.52%) |
Jul 10, 2026 12w ago | 6-K | $33.23 $31.76 | ▼ −4.42% | ▼ −3.86% | $36.79 (+10.71%) |
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