TL;DR
- July 22, 2026 is LG Display's Q2 earnings release date — same day as SK Hynix's Q2 2026 earnings release
- Consensus projects an operating loss of ₩83–119 billion, driven by one-off workforce restructuring charges
- Q2 is widely expected to be the trough quarter before a H2 OLED rebound fuelled by Apple's 2026 lineup
- Full-year analyst consensus: ₩1.12 trillion operating profit (+117% YoY vs FY2025 ₩517B)
- Stock: ₩14,100 (KRX 034220); ADR: LPL (NYSE); analyst average target ₩15,280, 11 buys vs 3 sells
Part A: Q2 2026 Snapshot — Restructuring Drag, OLED Foundation
Earnings Calendar
LG Display Co., Ltd. (KRX: 034220 / NYSE: LPL) will release its Q2 2026 financial results on July 22, 2026, the same date SK Hynix is expected to report Q2 2026 earnings. A conference call for analysts and institutional investors is scheduled for July 22.
Q2 Consensus Estimates
| Metric | FnGuide Consensus | Samsung Securities Est. |
|---|---|---|
| Revenue | ~₩5.61–5.71 trillion | ~₩5.7 trillion |
| Operating Profit | –₩82.7 billion (loss) | –₩118.6 billion (loss) |
| Net Result | Loss | Loss |
The wide range in operating-loss estimates reflects uncertainty over the quantum of voluntary-retirement charges in Q2. LG Display conducted two rounds of voluntary redundancy in FY2025 and a third round in the first half of 2026; some of these costs are expected to fall in Q2 results.
Q1 2026 Context
LG Display's Q1 2026 results illustrated a company in structural transition:
| Q1 2026 Metric | Amount | Change |
|---|---|---|
| Revenue | ₩5.534 trillion | –9% YoY |
| Operating Profit | ₩147 billion | ~3× YoY (Q1 2025: ~₩49B) |
| Operating Margin | 2.7% | Improved |
| Net Loss | –₩576 billion | Worse vs –₩237B Q1 2025 |
| OLED Revenue Share | 60% | +5 pp YoY |
| ASP per Unit Area | — | +55% YoY |
| Area Shipments | 3.2 million sqm | –21% QoQ |
The divergence between operating profit (+₩147B) and net loss (–₩576B) reflects foreign-exchange headwinds on non-operating items — USD-denominated liabilities marked to market — rather than a deterioration in the core OLED business.
FY2026 Guidance vs Consensus
Management targets full-year revenue of ₩25.3 trillion and operating profit of ₩1.2 trillion. Sell-side analysts are slightly more conservative: FnGuide consensus puts FY2026 OP at approximately ₩1.12 trillion (+117% from FY2025's ₩517B). This implies a strong H2 2026 recovery even after the expected Q2 trough.
Part B: The Trough Thesis and What Investors Are Watching
Why Q2 Is Expected to Be the Bottom
Analysts broadly characterise Q2 2026 as a trough quarter for LG Display, with the operating loss driven by non-recurring restructuring costs rather than OLED business deterioration. Three factors support the view that H2 will recover sharply:
1. Restructuring costs are one-off, not structural. The workforce rightsizing programme — two voluntary-retirement rounds in FY2025 and a third in H1 2026 — is nearing completion. Once these charges clear in Q2, operating leverage from the OLED-heavy product mix is expected to reassert itself in Q3 and Q4.
2. Apple's 2026 premium lineup excludes BOE. Apple began H2 2026 panel production exclusively with Samsung Display and LG Display for its premium tier. BOE, which supplied a portion of iPhone 17 standard panels, has been excluded from the high-end 2026 models following quality concerns. LG Display is forecast to supply approximately 85 million OLED panels to Apple in 2026 (up from roughly 70 million in 2025), covering iPhone 18 bar-type (standard) models and Apple Watch. Samsung Display handles the Pro and Pro Max, the foldable iPhone, the iPad mini, and the OLED MacBook Pro.
For LG Display, this means a growing guaranteed high-volume segment in H2, with BOE's premium aspirations currently on hold.
3. OLED revenue share is already at 60% and rising. With OLED carrying materially higher margins than legacy LCD, the Q1 mix shift (60% OLED, ASP/area +55% YoY) points to continued structural margin improvement as volumes scale in H2 with Apple production ramp.
Three Things to Watch on July 22
| Watch Point | Why It Matters |
|---|---|
| Restructuring charge magnitude | The ₩83B–₩119B operating-loss range is almost entirely attributable to restructuring estimates. A charge toward the lower end signals the programme is winding down faster than feared. |
| H2 shipment guidance | Management's outlook for Q3 panel volume and ASP — particularly iPhone 18 timing — will anchor the H2 recovery narrative for the rest of 2026. |
| OLED mix update | Any increase above Q1's 60% OLED share, or new Apple Watch order volume visibility, would reinforce the structural margin upgrade story. |
Analyst View
Among analysts tracked by major data providers, 11 rate LG Display a Buy and 3 a Sell. The consensus 12-month price target is ₩15,280, with a high of ₩20,000 and a low of ₩7,500, reflecting wide dispersion on H2 execution risk. At the most recent close of ₩14,100, shares are trading below the consensus target.
Samsung Securities raised its target to ₩17,000 in June 2026 — citing confidence in the restructuring-read and OLED mix trajectory — representing roughly 21% upside from the current ₩14,100 level.
Korean-Market Context for Foreign Investors
For investors tracking KOSPI's display and panel supply chain, LG Display is accessible via the NYSE ADR (LPL). The stock's FY2025 return to net profitability (net income +₩304B vs a net loss of ₩2.4T in FY2024) marked a structural inflection; FY2026 consensus implies a further normalisation toward a ₩1T+ operating-profit run rate.
July 22 will thus serve a dual function for Korea-focused portfolios: SK Hynix's Q2 2026 earnings will dominate headlines, but LG Display's same-day results offer a quieter but complementary signal — whether the OLED trough thesis is confirmed and H2 shipments are tracking to plan.
This article is for informational purposes only and does not constitute investment advice. All KRW figures are in Korean won (₩). LG Display's full management commentary will be available on July 22, 2026.
Sources
- LG Display Q1 2026 Financial Results — OLED-Info
- LG Display Schedules July 22, 2026 Release — Globe and Mail
- Samsung and LG Display Start OLED Production for Apple 2026 Lineup — TechTimes
- LG Display to Hit Bottom in Q2 — Asia Business Daily
- LG Display Eyes First ₩1 Trillion Profit in Five Years — Seoul Economic Daily
- UBI: Samsung and LG Display Shipped 99% of Apple iPhone 17 OLED Panels — OLED-Info
- Apple's 2026 OLED Lineup to Rely Entirely on Samsung and LG — 9to5Mac
