Sandisk Corporation (SNDK) SEC Filings & Earnings Calls
EquiReason read 14 Sandisk Corporation SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-06 — Proxy statement for 2026 annual meeting; discloses record financial results and executive compensation tied to performance..
Source: SEC EDGAR filings · figures as of 2026-07-03 · read by EquiReason
- Market cap
- 181.3B
- P/E TTM
- 16.9
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Oct 2026DEF 14AProxy statement for 2026 annual meeting; discloses record financial results and executive compensation tied to performance.open
Figures in the filing · each found in the filing text
| Revenue · FY2026 | $20.25B | +175% y/y |
| Non-GAAP Operating Income · FY2026 | $12.70B | |
| Adjusted Free Cash Flow · FY2026 | $8.74B | |
| Net Income (GAAP) · FY2026 | $11.43B | |
| Datacenter Market Share · Datacenter · FY2026 | 8.4% | |
| Consumer Net Revenue · Consumer · FY2026 | $2.58B | |
| Non-GAAP EPS · FY2026 | $70.88 | |
| GAAP Diluted EPS · FY2026 | $73.76 | |
| Free Cash Flow · FY2026 | $11.49B |
Risks flagged
Trade policy and tariff uncertainty
“adverse changes in global or regional economic conditions, including the impact of evolving trade policies, tariff regimes and trade wars” · word for word
Demand volatility and industry cyclicality
“volatility in demand for the Company’s products; pricing trends and fluctuations in average selling prices” · word for word
Supply chain disruption
“difficulties or delays in product ramps, manufacturing, or other supply chain disruptions” · word for word
11 Sep 20268-K · 1.01Amendment No. 1 to credit agreement among Sandisk, lenders, and JPMorgan as administrative agent; no terms disclosed.open
Risks flagged
Undisclosed amendment could indicate covenant changes or increased borrowing capacity.
“Amendment to credit agreement; terms not disclosed.”
17 Aug 202610-KSandisk reported a transformative fiscal year 2026 with revenue surging 175% to $20.2 billion, gross margin expanding to 71.5%, and net income of $11.4 billion, driven by AI-related demand for NAND flash storage.earningsopen
Figures in the filing · each found in the filing text
| Net income (loss) · FY2026 | $11.43B | |
| Operating income (loss) · FY2026 | $12.39B | |
| Net cash provided by operating activities · FY2026 | $11.67B | |
| Cash and cash equivalents · FY2026 | $4.76B | +222% y/y |
| Accounts receivable, net · FY2026 | $4.71B | +341% y/y |
| Inventories · FY2026 | $2.70B | +30% y/y |
| Goodwill · FY2026 | $4.99B | -0% y/y |
| Contract liabilities · FY2026 | $1.24B | |
| Refund liabilities · FY2026 | $1.50B | |
| Capital expenditures · FY2026 | $177M | -13% y/y |
Guidance
We expect AI-driven demand to persist through calendar year 2027 and beyond. For fiscal year 2027, we anticipate increased capital investments as we transition to newer nodes.
Management expects AI-driven demand to persist through 2027 and beyond, with increased capex planned for technology transitions.
Risks flagged
Customer concentration risk
“For 2026, 2025, and 2024, 44%, 40% and 41%, respectively, of our total revenue came from sales to our top ten customers.” · word for word
Supply chain concentration risk
“All of our flash memory wafers are currently obtained from Flash Ventures.” · word for word
Joint venture dependency risk
“We depend on Flash Ventures for the development and manufacture of flash-based memory.” · word for word
Tariff risk
“additional tariff increases, or the loss of applicable exemptions, would increase the cost of goods sold for our products sold in the U.S., which could negatively impact our margins and financial performance.” · word for word
Foreign exchange risk
“If the Japanese yen appreciates against the U.S. dollar, our cost of purchasing flash-based memory wafers and the cost to us of future capital funding of Flash Ventures would increase.” · word for word
5 Aug 20268-K · 2.02, 8.01Sandisk reported Q4 FY2026 revenue of $8.97B (up 51% QoQ, 372% YoY), GAAP net income $6.90B ($43.97 EPS), Non-GAAP EPS $39.25; FY2026 revenue $20.25B (up 175% YoY); guided Q1 FY2027 revenue $10.30-10.80B, Non-GAAP EPS $44.00-46.00; announceearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2026 | $8.96B | +372% y/y |
| GAAP net income · Q4-2026 | $6.90B | |
| Non-GAAP diluted net income per share · Q4-2026 | $39.25 | |
| Datacenter revenue · Datacenter · Q4-2026 | $2.98B | |
| Edge revenue · Edge · Q4-2026 | $5.43B | +392% y/y |
| Consumer revenue · Consumer · Q4-2026 | $556M | -5% y/y |
Guidance
Q1 FY2027 revenue $10.30-10.80B, Non-GAAP diluted EPS $44.00-$46.00
Strong guidance for Q1 FY2027 with continued revenue and margin expansion.
Risks flagged
Consumer segment revenue declined sequentially and YoY, indicating potential demand weakness in that market.
“Consumer $556 million, down 32% sequentially, down 5% YoY.”
1 May 202610-QRevenue, net $5.95B (+251% y/y); Net income (loss) $3.62B; Operating cash flow $4.54Bopen
Figures in the filing · each found in the filing text
| Revenue, net · Q3-2026 | $5.95B | +251% y/y |
| Net income (loss) · Q3-2026 | $3.62B | |
| Operating cash flow · 9M-2026 | $4.54B | |
| Datacenter revenue · Datacenter · Q3-2026 | $1.47B | +645% y/y |
| Edge revenue · Edge · Q3-2026 | $3.66B | +295% y/y |
| Consumer revenue · Consumer · Q3-2026 | $820M | +44% y/y |
| Remaining performance obligations · Q3-2026 | $41.60B | |
| Contract liabilities · Q3-2026 | $511M | |
| Cash and cash equivalents · Q3-2026 | $3.73B | |
| Gross profit · Q3-2026 | $4.66B | +1120% y/y |
Risks flagged
Customer concentration
“For the three months ended April 3, 2026, one customer accounted for more than 10 % of the Company’s net revenue” · word for word
Dependence on Kioxia and supply chain
“Risk factors include 'supply chain risks, including our dependence on a limited number of qualified suppliers' and 'our reliance on strategic relationships with key partners, including Kioxia Corporation'”
Tariff and trade policy risk
“Risk factors include 'adverse changes in global or regional conditions, including the impact of changes in tariff policies or other trade restrictions'”
Goodwill impairment risk
“Goodwill impairment of $1.8B was recorded in the prior year period; no impairment in current period.”
30 Apr 20268-K · 2.02, 8.01Sandisk Board approved a $6 billion share repurchase program, funded by operating cash flows. Additionally, Q3 FY2026 revenue $5.95B (up 97% QoQ, above guidance), net income $3.615B, and Q4 guidance $7.75-8.25B revenue with non-GAAP EPS $30open
Figures in the filing · each found in the filing text
| Revenue · consolidated · Q3-2026 | $5.95B | +251% y/y |
| GAAP Net Income · consolidated · Q3-2026 | $3.62B | +287% y/y |
| GAAP Gross Margin · consolidated · Q3-2026 | 78.4% | |
| Non-GAAP Diluted EPS · consolidated · Q3-2026 | $23.41 | |
| Datacenter Revenue · Datacenter · Q3-2026 | $1.47B | +645% y/y |
| Edge Revenue · Edge · Q3-2026 | $3.66B | +295% y/y |
| Consumer Revenue · Consumer · Q3-2026 | $820M | +44% y/y |
| GAAP Operating Income · consolidated · Q3-2026 | $4.11B | +319% y/y |
| Non-GAAP Operating Income · consolidated · Q3-2026 | $4.22B | |
| Share Repurchase Authorization · corporate · Q3-2026 | $6.00B |
Guidance
Q4 FY2026 revenue $7.75-8.25B (vs Q3 $5.95B); non-GAAP gross margin 79-81%; non-GAAP EPS $30-33; non-GAAP operating expenses $480-500M
Q4 guidance implies significant sequential revenue growth (30-39% QoQ) and continued gross margin expansion, reflecting strong demand and pricing power.
Risks flagged
Trade policy and tariff risks could impact demand and supply chain.
“Forward-looking statements mention 'evolving trade policies, tariff regimes and trade wars' as key risks.”
Demand volatility and pricing fluctuations in memory market.
“Risks include 'volatility in demand for the Company's products; pricing trends and fluctuations in average selling prices'.”
25 Mar 20268-K · 1.01, 8.01Sandisk invests $1.0B for 3.9% stake in Nanya and secures multi-year DRAM supply agreement, strengthening long-term sourcing.open
Figures in the filing · each found in the filing text
| Investment Amount · 2026-03-25 | $1.00B | |
| Ownership Stake · 2026-03-25 | 3.9% | |
| Discount to 30-day average · 2026-03-25 | 15.0% |
Risks flagged
Lock-up period restricts share transfer for three years, limiting liquidity.
“statutory lock-up period of three years following delivery” · word for word
30 Jan 202610-QSandisk reported exceptional Q2 FY2026 results with revenue up 61% YoY and net income up 672% YoY, driven by strong demand across all end markets and significant margin expansion.open
Figures in the filing · each found in the filing text
| Revenue, net · Q2-2026 | $3.02B | +61% y/y |
| Net income · Q2-2026 | $803M | +672% y/y |
| Gross profit · Q2-2026 | $1.54B | +154% y/y |
| Operating cash flow · H1-2026 | $1.51B | |
| Free cash flow · H1-2026 | $1.42B | |
| Datacenter revenue · Datacenter · Q2-2026 | $440M | +76% y/y |
| Edge revenue · Edge · Q2-2026 | $1.68B | +63% y/y |
| Consumer revenue · Consumer · Q2-2026 | $907M | +52% y/y |
| Asia revenue · Asia · Q2-2026 | $2.06B | +90% y/y |
| Americas revenue · Americas · Q2-2026 | $513M | +32% y/y |
Risks flagged
Customer concentration
“Top 10 customers accounted for 44% of net revenue (Q2 FY2026)”
Debt level
“Long-term debt $583 million as of Jan 2, 2026, down from $1,829 million at June 27, 2025”
Foreign exchange risk
“Foreign currency translation adjustment loss of $28 million (Q2 FY2026)”
29 Jan 20268-K · 2.02Revenue $3.02B (+61% y/y); GAAP Net Income $803M (+672% y/y); GAAP Diluted EPS $5.15 (+615% y/y); Guidance: Q3 FY2026 revenue guidance $4.40-$4.80B (midpoint $4.6B, up 52% QoQ from Q2's $3.03B); non-GAAP EPS $12.00-$14.00 (midpoint $13.00,earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $3.02B | +61% y/y |
| GAAP Net Income · Q2-2026 | $803M | +672% y/y |
| GAAP Diluted EPS · Q2-2026 | $5.15 | +615% y/y |
| Non-GAAP Diluted EPS · Q2-2026 | $6.20 | +404% y/y |
| GAAP Gross Margin · Q2-2026 | 50.9% | |
| Datacenter Revenue · Datacenter · Q2-2026 | $440M | +76% y/y |
| Edge Revenue · Edge · Q2-2026 | $1.68B | +63% y/y |
| Consumer Revenue · Consumer · Q2-2026 | $907M | +52% y/y |
Guidance
Q3 FY2026 revenue guidance $4.40-$4.80B (midpoint $4.6B, up 52% QoQ from Q2's $3.03B); non-GAAP EPS $12.00-$14.00 (midpoint $13.00, up 110% QoQ from Q2's $6.20)
Q3 guidance raised dramatically across revenue and EPS, with gross margin expected to expand further to ~66%. CEO cites 'disciplined growth' and 'industry-leading financial performance.'
Risks flagged
Potential supply-demand imbalance if demand normalizes; structural reset may limit upside if AI demand slows.
“Our structural reset to align supply with attractive, sustained demand positions us to drive disciplined growth.” · word for word
7 Nov 202510-QSandisk reported Q1 FY2026 results: revenue up 22.6% YoY but net income down 46.9% YoY due to margin compression and higher interest expense.earningsopen
Figures in the filing · each found in the filing text
| Revenue, net · Q1-2026 | $2.31B | +23% y/y |
| Net income · Q1-2026 | $112M | -47% y/y |
| Operating cash flow · Q1-2026 | $488M | |
| Free cash flow · Q1-2026 | $438M |
Risks flagged
High customer concentration
“The Company's top 10 customers accounted for 40% and 53% of its net revenue for the three months ended October 3, 2025 and September 27, 2024, respectively.” · word for word
Debt service burden
“Interest expense $40 million for Q1 FY2026 vs $2 million for Q1 FY2025, reflecting new debt from spin-off.”
6 Nov 20258-K · 2.02Revenue $2.31B (+23% y/y); GAAP Net Income $112M (-47% y/y); Non-GAAP Diluted EPS $1.22 (-33% y/y); Guidance: Q2 FY2026 revenue guidance $2.55B-$2.65B, midpoint $2.6B vs Q1 actual $2.31B; Non-GAAP EPS guidance $3.00-$3.40, midpoint $3.20 vsearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $2.31B | +23% y/y |
| GAAP Net Income · Q1-2026 | $112M | -47% y/y |
| Non-GAAP Diluted EPS · Q1-2026 | $1.22 | -33% y/y |
| Datacenter Revenue · Datacenter · Q1-2026 | $269M | -10% y/y |
| Edge Revenue · Edge · Q1-2026 | $1.39B | +30% y/y |
| Consumer Revenue · Consumer · Q1-2026 | $652M | +27% y/y |
| GAAP Gross Margin · Q1-2026 | 29.8% | |
| Non-GAAP Gross Margin · Q1-2026 | 29.9% | |
| BiCS8 Technology Bit Shipments · Q1-2026 | 15.0% |
Guidance
Q2 FY2026 revenue guidance $2.55B-$2.65B, midpoint $2.6B vs Q1 actual $2.31B; Non-GAAP EPS guidance $3.00-$3.40, midpoint $3.20 vs Q1 actual $1.22
Strong Q1 beat and Q2 guidance well above Q1 actuals, indicating accelerating demand and margin expansion.
Risks flagged
Year-over-year gross margin decline of ~9 ppt due to product mix and pricing; GAAP net income down 47% YoY.
“GAAP Gross Margin 29.8% Q1 2026 vs 38.6% Q1 2025, down 8.8 ppt; GAAP Net Income $112M vs $211M, down 47%.”
Sandisk Corporation — questions
- What did Sandisk Corporation file recently?
- 14 SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-06 — Proxy statement for 2026 annual meeting; discloses record financial results and executive compensation tied to performance.
Every figure on this page comes from Sandisk Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.