Company research

Sandisk · SNDK

Storage exposure; data-center sales are not automatically AI-only sales.

US exchange

Annual profit —

Business position and research focus

Do pricing and inventory confirm durable demand?

Key risks

Relevant products do not establish a shortage, AI-only revenue or attractive valuation.

Business source ↗

Business mapping checked 2026-09-10

Earnings in context

Annual profit · $11.43B

US GAAP · Net income attributable to the parent · 2025-06-28 — 2026-07-03

Reported net income includes non-operating and one-off items. It does not establish recurring profitability, positive cash flow or an attractive valuation. This is a full fiscal year, not the latest quarter.

Net income source ↗
Period and source details

Published 2026-08-17 · Checked 2026-09-19

us-gaap:NetIncomeLoss; 2025-06-28 to 2026-07-03; USD; 10-K

Reported revenue · $8.97B

Q4 FY2026 · Company total; not AI-only revenue · Checked 2026-09-10

Revenue source ↗

Revenue and net income may refer to different reporting periods. Read each period before comparing them; these are dated disclosures, not a live earnings feed.

SNDK · Latest reviewed developments · 2026-09-11

The recovery has become strong reported profit

FY2026 Q4 revenue: $8.965bn · quarter ended July 3

Strong pricing may not last; do not annualize one exceptional quarter.

View analysis and sources

FY2026 Q4 ended July 3: revenue $8.965bn; GAAP gross margin 84.6%; GAAP net income $6.903bn. Datacenter revenue $2.977bn, +103% sequentially.

Evidence supporting the case

Management attributes approximately two-thirds of sequential revenue growth to pricing; test whether contract economics sustain it.

Risks and limitations

FY2027 Q1 revenue $10.30–10.80bn is guidance, not achieved revenue. Do not annualize one exceptional quarter.

The latest quarter shows much higher revenue and profit. The important question now is how long strong pricing can last.

Investment implications
Sales growth is reaching profit. Still, a strong business can be expensive if the share price already assumes years of unusually high margins.
Follow-up indicators
Contract delivery, product pricing, operating cash flow and capital expenditure.

Published 2026-08-05 · GAAP means standard accounting rules; operating cash flow tracks business cash, not net profit.

Check original disclosure ↗

  1. 2026-08-12 · Technology roadmap

    Kioxia and Sandisk unveiled ninth-generation 2Tb QLC NAND; claimed interface speed is 4.8Gb/s, 33% above the preceding generation.

    Speed reflects the issuer’s test conditions, not whole-system throughput. A technology unveiling does not establish customer revenue.

    Source ↗

  2. 2026-08-13 · Contract visibility, forward model

    Investor Day: eight customers had signed NBM agreements; management estimates coverage of about 50% of FY2027 bits and two-thirds of FY2028 bits.

    FY2028–2030 targets of about 80% non-GAAP gross margin and 50% adjusted free-cash-flow margin are management expectations, not current results or guaranteed returns.

    Source ↗

Review date is not the reporting period. This summary covers the cited disclosures, not every company event.

Company information reflects the sources and dates shown. It is not personalized investment advice. Methodology · Suggest a correction

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