SNDK · Sandisk Corp
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AI Brief
Q4 FY26 earnings call · Aug 5, 2026TL;DR. Sandisk delivered record fiscal Q4 results well above guidance and signed five additional New Business Model (NBM) agreements, while authorizing a new $14 billion share repurchase program and guiding Q1 FY27 revenue to $10.3–$10.8 billion.
- + Q4 FY26 revenue of $8,965M, up 51% sequentially and 372% year-over-year, beat the high end of guidance.
- + Record Q4 non-GAAP gross margin of 84.6% and non-GAAP operating margin of 79.2% materially exceeded guidance.
- + Q4 non-GAAP EPS of $39.25 beat the high end of the $30–$33 guidance range, with adjusted free cash flow of $5,035M.
- + Signed five additional NBMs (including three new customers) bringing total to eight customers, with NBMs to cover over 50% of FY27 bits and ~two-thirds of FY28 bits.
- + Board approved an additional $14 billion share repurchase authorization, bringing total remaining to $15.5 billion.
- − Q4 consumer revenue declined 32% sequentially to $556M.
- − Q1 FY27 non-GAAP gross margin guided to 83–85%, modestly below the 84.6% reported in Q4, despite continued pricing growth.
- − Sellable bit growth in FY27 is expected to be only mid-teens, lower than the long-term mid-to-high-teens target, due to higher inventory build for NBMs.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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our published analysis of this company
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Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Costs incurred for reduction in utilization of Flash Ventures manufacturing capacity | $11M | fiscal year 2026 filing | — |
| Distributions received from Flash Ventures | $107M | fiscal year 2026 filing | — |
| Net payments to Flash Ventures | $3.6B | fiscal year 2026 filing | — |
| Purchases under the Supply Agreement with SDSS | $519M | fiscal year 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Computer Hardware — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SNDK
this stock
Sandisk Corp
|
$262.36B | +654.8% | +175.3% | 24.3 | 4.1% |
|
DELL
Dell Technologies Inc.
|
$360.75B | +351.3% | +18.8% | 33.0 | 2.3% |
|
ANET
Arista Networks, Inc.
|
$243.21B | +52.2% | +28.6% | 61.0 | 1.2% |
|
STX
Seagate Technology Holdings plc
|
$194.64B | +211.8% | -36.7% | 61.8 | 3.7% |
|
WDC
Western Digital Corp
|
$147.96B | +156.2% | +35.7% | 16.9 | 5.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SNDK | +9.7% | +12.0% | +191.0% | +14.4% | +654.8% |
| SPY | -0.3% | -0.1% | +20.1% | -0.7% | +11.7% |
| vs SPY | +10.0% | +12.1% | +170.8% | +15.1% | +643.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.