Sandisk Corp 8-K
PositiveEarningsNew guidance
Higher pricing drove most of Q4's revenue surge; higher-value customer mix and datacenter growth lifted FY sales.
Filed 2026-08-05 16:09 ET
- 2.02 Results of Operations
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
Fiscal Q4 and FY2026 results with Q1 FY2027 guidance. Q4 revenue rose 51% Q/Q, with roughly two-thirds of the increase from higher pricing and one-third from higher volumes. FY revenue growth reflected higher pricing and a mix shift toward higher-value customers, including 437% growth in datacenter revenue. Sandisk also signed five additional New Business Model agreements and authorized another $14B in share repurchases, bringing remaining authorization to $15.5B.
Key Figures
| Metric | Q4 2026 | Q4 2025 | Y/Y |
|---|---|---|---|
| Revenue | $8.97B | $1.90B | +372% |
| Operating income (GAAP) | $7.04B | $18M | n/m |
| Operating income (non-GAAP) | $7.10B | $100M | n/m |
| Net income (GAAP) | $6.90B | $(23)M | n/m |
| Net income (non-GAAP) | $6.16B | $42M | n/m |
| Diluted EPS (GAAP) | $43.97 | $(0.16) | n/m |
| Diluted EPS (non-GAAP) | $39.25 | $0.29 | n/m |
| Operating cash flow | $7.13B | $94M | +7,480% |
| Free cash flow | $7.08B | $49M | +14,400% |
| Adjusted free cash flow (non-GAAP) | $5.04B | $77M | +6,440% |
- Q4 GAAP gross margin was 84.6%, up 6.2 percentage points Q/Q; datacenter revenue was $2.98B, up 103% Q/Q, and edge revenue was $5.43B, up 48%.
- FY2026 revenue was $20.25B (+175% Y/Y); GAAP operating income was $12.39B vs a $1.38B loss, and GAAP net income was $11.43B vs a $1.64B loss. Non-GAAP net income was $10.99B vs $440M; diluted EPS was $73.76 GAAP and $70.88 non-GAAP, vs losses of $11.32 GAAP and $2.99 non-GAAP.
- FY operating cash flow was $11.67B, free cash flow $11.49B and adjusted free cash flow $8.74B. Q4 repurchases were $4.52B; cash was $4.76B, and shares outstanding were 149M vs 146M a year earlier.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | Q1 FY2027 | $10.3B-$10.8B | — | — |
| Revenue (non-GAAP) | Q1 FY2027 | $10.3B-$10.8B | — | — |
| Gross margin (GAAP) | Q1 FY2027 | 83.0%-84.9% | — | — |
| Gross margin (non-GAAP) | Q1 FY2027 | 83.0%-85.0% | — | — |
| Operating expenses (GAAP) | Q1 FY2027 | $574M-$614M | — | — |
| Operating expenses (non-GAAP) | Q1 FY2027 | $520M-$540M | — | — |
| Tax expense (non-GAAP) | Q1 FY2027 | 15.0% | — | — |
| Diluted EPS (non-GAAP) | Q1 FY2027 | $44.00-$46.00 | — | — |
| Diluted shares outstanding | Q1 FY2027 | ≈155M | — | — |
Non-GAAP guidance excludes stock-based compensation of $5M-$7M from gross margin, $54M-$74M from operating expenses, and $59M-$81M from diluted EPS.
Investor Takeaways
- Q1 FY2027 revenue and non-GAAP diluted EPS vs the guided ranges will show whether recent pricing and volume momentum continues.
- The final FY2026 results in the Form 10-K may differ from the currently reported figures after closing procedures, adjustments and audit.
- Repurchase activity under the expanded authorization will show how much of the remaining $15.5B is returned to shareholders.
The summary is written by an AI model reading the filing.
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