SANDISK CORP (SNDK) Company Report

SanDisk reported Q2 2026 revenue of $3 billion, a 31% sequential increase, and non-GAAP earnings per share of $6.20, significantly exceeding guidance.
The company provided strong Q3 2026 guidance, expecting revenue between $4.4 billion and $4.8 billion, non-GAAP gross margin of 65% to 67%, and non-GAAP EPS between $12 and $14.
Artificial intelligence is driving a step change in demand for NAND, with data center and edge workloads expanding, and data center is expected to become the largest market for NAND in 2026.
SanDisk extended its Yokkaichi joint venture with Kioxia through December 31, 2034, agreeing to pay $1,165 million for manufacturing services over several years.

20 hours ago

Transcript

SanDisk announces strong Q2 2026 results and Q3 2026 guidance, driven by AI demand

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

SanDisk reported strong Q2 2026 revenue of $3.025 billion, a 31% sequential increase, and non-GAAP EPS of $6.20, both significantly exceeding guidance.
The company provided robust Q3 2026 guidance, projecting revenue between $4.4 billion and $4.8 billion and non-GAAP EPS between $12 and $14.
Artificial intelligence (AI) is a significant driver, with data center revenue growing 64% sequentially and expected to become the largest market for NAND in 2026, leading to discussions for multi-year supply and pricing agreements.
SanDisk extended its Yokkaichi joint venture with Kioxia through December 31, 2034, securing continued product supply.

21 hours ago

Transcript

Sandisk and Kioxia Extend Joint Venture Agreement Through 2034

SNDK

New Projects/Investments

Sandisk and Kioxia have extended their joint venture agreements for the Yokkaichi and Kitakami Plants, with the new agreement running through December 31, 2034, an additional five years beyond the previous expiration date.
As part of this renewed agreement, Sandisk will pay Kioxia USD 1.165 billion for manufacturing services and continued supply availability, with these cash payments to be made in installments from 2026 to 2029.
The extension aims to ensure stable production of advanced 3D flash memory, leveraging AI-enabled smart manufacturing and economies of scale to address the growing demand driven by generative AI applications.

21 hours ago

Press Release

SanDisk Reports Strong Q2 2026 Results and Positive Q3 2026 Guidance

SNDK

Earnings

Guidance Update

New Projects/Investments

SanDisk reported Q2 2026 revenue of $3.025 billion, marking a 31% sequential increase, and non-GAAP earnings per share of $6.20, significantly exceeding guidance.
The company provided robust Q3 2026 guidance, projecting revenue between $4.4 billion and $4.8 billion and non-GAAP EPS between $12 and $14.
Artificial intelligence (AI) is a primary growth driver, with data center revenue increasing 64% sequentially in Q2 2026, and the data center market is expected to become the largest for NAND in 2026.
SanDisk extended its Kioxia joint venture through December 31, 2034, ensuring supply, and has begun signing multi-year agreements with customers, including one with a prepayment component.
Demand continues to exceed supply, with the company anticipating the market to be even more undersupplied in Q3 2026.

21 hours ago

Transcript

SanDisk Reports Strong Q2 2026 Results and Provides Upbeat Q3 2026 Guidance

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

SanDisk reported Q2 2026 revenue of approximately $3.0 billion and Non-GAAP diluted net income per share of $6.20, with a Non-GAAP gross margin of 51.1%.
The company experienced strong performance across its end markets, with Datacenter revenue up 64% sequentially, Edge demand meaningfully exceeding supply, and a shift towards premium products in the Consumer segment.
For Q3 2026, SanDisk anticipates revenue between $4,400 million and $4,800 million, and Non-GAAP diluted net income per share ranging from $12.00 to $14.00.

22 hours ago

Presentation

Sandisk Reports Strong Fiscal Second Quarter 2026 Financial Results and Provides Q3 2026 Outlook

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sandisk reported fiscal second quarter 2026 revenue of $3.03 billion, representing a 31% sequential increase and 61% year-over-year increase.
For Q2 2026, GAAP diluted net income per share was $5.15, and Non-GAAP diluted net income per share was $6.20.
The company's Datacenter revenue saw a 64% sequential increase, primarily driven by strong adoption among AI infrastructure builders.
Sandisk expects fiscal third quarter 2026 revenue to be in the range of $4.40 billion to $4.80 billion, with Non-GAAP diluted net income per share projected between $12.00 and $14.00.

22 hours ago

8-K

SanDisk Discusses Dynamic NAND Market, Data Center Growth, and Technology Roadmap

SNDK

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

SanDisk is experiencing a dynamic market where demand prioritizes supply over price, indicating a market restructuring rather than a supercycle.
The data center market is projected to become the largest NAND consumer by 2026, with exabyte growth in the 40s for that year, significantly driven by AI applications.
The company's BiCS8 technology constituted 15% of its portfolio last quarter and is expected to reach 40-50% by the end of the fiscal year. SanDisk is also developing High Bandwidth Flash (HBF) for AI inference, with memory die expected in late 2026 and controllers in early 2027.
SanDisk aims for a 35% through-cycle gross margin and is committed to supplying the market with mid-teens % growth, while being open to longer-term supply agreements with customers.
SanDisk is prudently managing its capital return strategy, having reduced its Target Operating Balance (TOB) from $2 billion to $1.3 billion last quarter.

Dec 10, 2025, 4:40 PM

Transcript

Sandisk Discusses Dynamic NAND Market, Technology Roadmap, and Capital Strategy

SNDK

New Projects/Investments

Guidance Update

Debt Issuance

Sandisk observes a dynamic NAND market where demand prioritizes supply over price, driven by a structural change post-2023 downturn and the data center market becoming the largest NAND consumer by 2026 with projected 40%+ growth.
The company aims for a 35% through-cycle gross margin but acknowledges the need to achieve higher to generate investor returns.
Sandisk is committed to mid-teens % annual growth in supply, noting that significant capacity expansion would require long-term demand conviction and customer commitment.
Sandisk is actively ramping its BiCS8 technology, which comprised 15% of its portfolio last quarter and is expected to be the predominant node (40%-50%) by fiscal year-end. They are also developing HBF for AI architectures, with memory die anticipated in late 2026 and controllers in early 2027.
Regarding capital allocation, Sandisk is prudently managing its debt, having reduced its TLB from $2 billion to $1.3 billion last quarter.

Dec 10, 2025, 4:40 PM

Transcript

SanDisk Highlights Structural Market Changes and Product Roadmap

SNDK

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

SanDisk reports a dynamic market where demand prioritizes supply over price, with a structural shift occurring post-2023 downturn. The data center market is projected to become the largest NAND consumer by 2026, with exabyte growth forecasts for 2026 increasing to the 40s from low-to-mid 20s.
The company aims for a 35% through-cycle gross margin but expects to perform above this target, noting that market dynamics are changing.
SanDisk is progressing with its BiCS8 technology transition, which constituted 15% of its portfolio last quarter and is expected to be the predominant node (40-50%) by the end of the fiscal year.
SanDisk is developing High Bandwidth Flash (HBF) for AI architectures, with the memory die expected in late 2026 and the controller in early 2027.
The company is prudently managing its capital, having reduced its Term Out Borrowing (TOB) to $1.3 billion last quarter from an initial $2 billion.

Dec 10, 2025, 4:40 PM

Transcript

SanDisk Discusses NAND Market Strategy, Financial Progress, and Enterprise/AI Product Development

SNDK

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

SanDisk is managing NAND supply for a mid-teens growth rate, deliberately undershipping to maximize margins, and expects the market to be undersupplied through the end of 2026.
The company reported a gross margin of 29.9% last quarter, with a through-cycle target of 35%. They paid down $500 million of Term Loan B and reduced net debt, now holding $91 million in cash.
SanDisk is advancing in the enterprise SSD market, with its TLC product contributing to 26% sequential growth in enterprise SSD. Its new QLC-based "Stargate" controller is entering qualification with two hyperscalers, with a third planned for 2026.
The company is developing High Bandwidth Flash, optimized for AI inference applications, with memory anticipated by end of 2025 and an initial system by early 2027.