Sandisk (SNDK) Company Report

Sandisk delivered Q1 Fiscal Year 2026 revenue of $2.3 billion, marking a 21% sequential increase, with non-GAAP earnings per share of $1.22. The company generated $448 million in adjusted free cash flow and closed the quarter with a net cash position of $91 million.
Demand for NAND products continued to outpace supply, a trend expected to persist through the end of calendar year 2026 and beyond. Sandisk is making strategic allocation decisions to maximize long-term value.
The Data Center Business revenue increased 26% sequentially, driven by Global Hyperscaler, Neocloud, and OEM customers. BiCS8 technology accounted for 15% of total bits shipped and is projected to reach a majority of bit production by the end of fiscal year 2026.
The company anticipates cost headwinds to transition to cost tailwinds in the December quarter, expecting gross margin expansion primarily due to pricing improvements and lower cost per gigabyte from the BiCS8 ramp. Most of the revenue growth in the upcoming quarter is expected to be pricing-driven.

Nov 6, 2025, 9:30 PM

Sandisk Corporation Announces Strong Q1 2026 Results and Positive Q2 2026 Guidance

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sandisk Corporation reported Q1 2026 revenue of $2.3 billion and Non-GAAP diluted net income per share of $1.22, with a Non-GAAP gross margin of 29.9%.
The company achieved a net cash position approximately 6 months faster than its target and noted that demand for its NAND products continued to outpace supply.
Datacenter revenue grew 26% sequentially, and Edge end market revenue increased 26% quarter-over-quarter to $1,387 million, driven by AI growth and PC refresh cycles.
For Q2 2026, Sandisk provided guidance for Non-GAAP revenue between $2,550 million and $2,650 million, Non-GAAP gross margin of 41.0% to 43.0%, and Non-GAAP diluted net income per share of $3.00 to $3.40.

Nov 6, 2025, 9:30 PM

SanDisk Reports Strong Q1 2026 Results and Provides Q2 2026 Guidance

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

SanDisk reported strong Q1 FY2026 results, with revenue of $2.3 billion and non-GAAP EPS of $1.22 , exceeding prior guidance. The company also achieved a net cash position of $91 million and generated $448 million in adjusted free cash flow.
For Q2 FY2026, the company expects revenue between $2,550 million and $2,650 million and non-GAAP EPS between $3 and $3.40. Non-GAAP gross margin is projected to be 41% to 43%.
Demand for NAND products continues to outpace supply, a trend anticipated to extend beyond calendar year 2026, with fabs operating at 100% utilization. The data center business revenue increased 26% sequentially.
The company's BICS8 technology comprised 15% of total bits shipped and is expected to become the majority of bit production by the end of fiscal year 2026. SanDisk has also achieved its primary capital allocation goal of reaching a net cash position.

Nov 6, 2025, 9:30 PM

Sandisk Reports Q1 2026 Financial Results and Provides Q2 2026 Outlook

SNDK

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sandisk reported Q1 2026 revenue of $2.31 billion, an increase of 21% sequentially, with GAAP net income of $112 million and Non-GAAP diluted net income per share of $1.22.
Datacenter revenue grew 26% sequentially in Q1 2026, and the company achieved its net cash positive milestone ahead of plan.
For Q2 2026, Sandisk expects revenue to be in the range of $2.55 billion to $2.65 billion, with Non-GAAP diluted net income per share projected between $3.00 and $3.40.
BiCS8 technology accounted for 15% of total bits shipped in Q1 2026 and is expected to represent the majority of bit production by the end of fiscal year 2026.

Nov 6, 2025, 9:13 PM

Sandisk Updates on Market Dynamics, Product Roadmap, and Financial Trajectory

SNDK

Guidance Update

Product Launch

Revenue Acceleration/Inflection

Sandisk has successfully progressed since its split from Western Digital six months ago, delivering on expectations set at its Investor Day in February and demonstrating strong cash flow generation and debt reduction.
The company anticipates the NAND industry will experience an undersupplied market through 2026, driven by improving demand across smartphones, PCs, and data centers, and a fundamental shift in supply management. Sandisk aims to grow its bit supply in line with the market's mid-teens CAGR demand growth.
Sandisk is transitioning to BICS 8 technology, expecting it to comprise 40-50% of its portfolio by the end of this fiscal year, which will provide cost tailwinds. They are also developing High Bandwidth Flash (HBF) for AI inference, with NAND availability in late 2026 and the system in early 2027.
Financially, Sandisk expects to be free cash flow positive for the full year and aims to become net debt neutral to positive very quickly. They project a long-term average gross margin of 35% and anticipate gross margin expansion in the coming quarters.

Sep 10, 2025, 10:05 PM

Sandisk Provides Update on Financial Performance, Market Dynamics, and Product Development at Goldman Sachs Conference

SNDK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Sandisk expects to be net cash flow positive soon and has already paid down $200 million in debt, with a long-term gross margin target of 35% through cycle and expectations for gross margin expansion in the coming quarters.
The company anticipates an undersupplied NAND market all the way through 2026, driven by increasing demand in smartphones, PCs, and data centers, and has implemented a 10% price increase for certain consumer and shell products.
Sandisk is ramping its BiCS 8 technology, expecting it to comprise 40%-50% of its portfolio by the end of the fiscal year and provide cost tailwinds, while also developing High Bandwidth Flash (HBF) for AI inference and progressing with new enterprise SSD products, including the Stargate platform.

Sep 10, 2025, 10:05 PM

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Recent SEC filings and earnings call transcripts for SNDK.

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