Sandisk

Sandisk designs, makes and sells NAND flash memory products: solid-state drives for data centers and PCs, embedded memory for phones, cars and other devices, and memory cards and USB drives for consumers. Western Digital spun it off as an independent public company on February 21, 2025. It makes its flash wafers through Flash Ventures, its joint ventures with Kioxia in Japan, which are scheduled to run until December 31, 2034. It reports revenue in three end markets.

In Q1 fiscal 2027, which ended on October 2, 2026, revenue was $11.0 billion: Datacenter $4.8 billion, Edge $5.8 billion and Consumer $0.4 billion. Revenue was $20.25 billion in fiscal 2026, which ended on July 3, 2026. Its shares trade on the Nasdaq. The board approved an eight-for-one stock split, and trading on a split-adjusted basis is expected to start on November 20, 2026.

The market doubts that Sandisk can keep its record profits, because memory prices rise and fall in cycles. Revenue rose to $11.0 billion in Q1 fiscal 2027 from $2.3 billion a year earlier, and the gross margin rose to 85.0% from 29.8%. In fiscal 2025, the company had a net loss of $1.64 billion. The market expects that more NAND supply can bring prices down again, as in past cycles.

For the gap to close, three things must be true. Datacenter revenue, $4.8 billion in Q1 fiscal 2027, must keep growing as AI data centers buy more solid-state drives. The multi-year supply agreements with customers, which Sandisk calls New Business Models, must keep volumes and prices stable when the market turns. Sandisk must keep returning cash: it bought back $5.0 billion of stock in Q1 fiscal 2027 and has no debt.

The Q2 fiscal 2027 report, expected in late January 2027, tests the guidance of $12.2 billion to $12.6 billion of revenue. If profits stay high through 2027, the gap can close, but a fall in NAND prices can stop that at any time.

1. Jan 28, 2027 · est.Pending

   Q2 fiscal 2027 results: prices and marginRevenue of $12.2 billion or more and a gross margin near 85% pass; revenue below the guidance or a falling margin fail.
2. Apr 2027 · est.Pending

   Q3 fiscal 2027 results: the cycleRevenue and gross margin near the Q2 fiscal 2027 level pass; a clear fall in NAND prices or margin fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Sandisk reported Q1 fiscal 2027 results. Revenue rose 23% from Q4 to $11.0 billion, and the gross margin was 85.0%. Datacenter revenue rose 61% to $4.8 billion. Non-GAAP diluted EPS was $49.51. The company bought back about 3.2 million shares for $5.0 billion. For Q2 fiscal 2027, it expects revenue of $12.2 billion to $12.6 billion and non-GAAP EPS of $55.00 to $57.00 before the split. The board approved an eight-for-one stock split, effective November 19, 2026.
• August 5, 2026Sandisk reported Q4 fiscal 2026 results. Revenue rose 51% from Q3 to $8.97 billion, and fiscal 2026 revenue rose 175% to $20.25 billion. Fiscal 2026 non-GAAP diluted EPS was $70.88. The company signed five more multi-year agreements with customers, and the board approved an additional $14 billion buyback program.
• April 30, 2026Sandisk reported Q3 fiscal 2026 results. Revenue was $5.95 billion, the gross margin was 78.4% and non-GAAP diluted EPS was $23.41. The company announced its first five long-term customer agreements, which it calls New Business Models.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 2, 2026Filed October 30, 2026 · sndk-20261002
• 8-KEarnings release and Other company newsFiled October 29, 2026 · sndk-20261029
• 8-KChange of directors or officersFiled September 16, 2026 · sndk-20260910
• 8-KNew material agreementFiled September 11, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Jul 3, 2026Filed August 17, 2026 · sndk-20260703
• 8-KEarnings release and Other company newsFiled August 5, 2026 · sndk-20260805
• 8-KOther company newsFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Apr 3, 2026Filed May 1, 2026 · sndk-20260403
• 8-KEarnings release and Other company newsFiled April 30, 2026 · sndk-20260430
• 8-KNew material agreement and Other company newsFiled March 25, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 2023554)

• NAND prices rise and fall in cycles. The gross margin was 85.0% in Q1 fiscal 2027, but it was 29.8% a year earlier, and the company had a net loss in fiscal 2025. New supply from rivals can bring prices and profits down fast.
• Sandisk depends on Flash Ventures, its joint ventures with Kioxia in Japan, for its wafers. It must pay half of their fixed costs whatever output it buys, and it guarantees half of their equipment leases.
• Sales to data center customers grow fast and depend on AI spending by a small number of large buyers. A cut in their spending would lower volumes and prices.
• Trade rules and tariffs between the United States, China and other countries can limit sales or raise costs.

Sandisk has no debt. At October 2, 2026, cash and cash equivalents were $5.14 billion, and the company had $1.5 billion of available capacity under its revolving credit facility, with nothing drawn. Read more

Sandisk does not pay a dividend.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.