10-K · August 17, 2026
Sandisk delivered a major fiscal 2026 inflection, with revenue rising 175% to $20.248 billion, gross margin reaching 71.5%, diluted EPS reaching $73.76, and operating cash flow reaching $11.671 billion. Growth was led…
Earnings analysis · 10-Q
SNDK earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Sandisk delivered a strong fiscal Q1 2027, with revenue of $11.031 billion and non-GAAP EPS of $49.51, beating consensus by 3.1% and 6.8%, respectively. Gross margin was 85.0% and free cash flow reached $6.309 billion,…
Read full summary
Sandisk delivered a strong fiscal Q1 2027, with revenue of $11.031 billion and non-GAAP EPS of $49.51, beating consensus by 3.1% and 6.8%, respectively. Gross margin was 85.0% and free cash flow reached $6.309 billion, supporting $10.500 billion of remaining repurchase authorization after 3,150,369 shares were repurchased. The primary quantified risks disclosed are a potential $229 million decline in Nanya equity value under a 10% market-price shock and a $22 million foreign-exchange fair-value loss under a 10% adverse currency movement. The filing states that there were no material changes to the risk factors in the August 17, 2026 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $49.51
- Gross margin
- 85.0%
What stood out
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Revenue and EPS beat consensus
Revenue was $11.031 billion and non-GAAP diluted EPS was $49.51, exceeding consensus revenue of $10.698 billion and EPS of $46.36 by 3.1% and 6.8%, respectively.
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Margins and cash flow strengthened
GAAP gross margin reached 85.0%, while free cash flow was $6.309 billion during the quarter.
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Meaningful share repurchases
The company repurchased 3,150,369 shares during the quarter, including 1,851,864 shares at an average price of $1,551.37 and 1,298,505 shares at $1,638.10.
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Large remaining buyback authorization
Repurchase capacity remained $10.500 billion at October 2, 2026, supported by the company’s expectation that repurchases will be funded by operating cash flows.
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Controls remained effective
Disclosure controls and procedures were assessed as effective as of the period end, and the company reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, those controls.
What to watch
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Nanya equity exposure
The company held $2.3 billion of marketable equity securities in Nanya as of October 2, 2026; a hypothetical 10% market-price decline would reduce their aggregate value by $229 million.
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Foreign-exchange exposure
A hypothetical 10% adverse movement in foreign-exchange rates would have produced a $22 million fair-value loss on foreign-currency derivative contracts as of October 2, 2026. Net realized and unrealized transaction and foreign-exchange contract losses were $7 million in the quarter versus $3 million in the prior-year quarter.
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Cash-flow allocation and buybacks
The company repurchased 3,150,369 shares during the quarter and stated that repurchases are expected to be funded by operating cash flows; the filing also states that the programs may be suspended or discontinued at any time and that remaining authorization was $10.500 billion.
Management's outlook
Associated earnings guidance provided fiscal Q2 2027 revenue of $12.2 billion-$12.6 billion and non-GAAP diluted EPS of $55.00-$57.00 on a pre-split basis. The filing does not establish a change versus prior outlook; the prior 8-K stated that comparable operating guidance was unavailable.
Earlier filings 4
10-Q · May 1, 2026
SanDisk's Q3 2026 10-Q report shows a significant turnaround with revenue reaching $5.95 billion, a 251% increase year-over-year, and EPS soaring to $23.41, surpassing analysts' expectations by over 63%. Management…
10-Q · January 30, 2026
Sandisk reported a very strong quarter: revenue of $3,025 million and diluted EPS of $5.15 for the three months ended January 2, 2026, driven by a large gross-margin expansion and operating-leverage. Gross profit was…
10-Q · November 7, 2025
Sandisk reported quarterly revenue of $2,308 million and diluted EPS of $0.75 for the quarter ended October 3, 2025. Revenue increased versus the year-ago quarter ($1,883 million) but profitability compressed: gross…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.