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Sandisk CorpSNDK

Sector
Technology
Industry
Computer Storage Devices
Exchange
Nasdaq

Stock Price $SNDK

Latest filings

You are here#24 of 67 in Technology by market cap

Filing record · 2025–202610-K210-Q68-K16

SNDK filed 2 annual reports (10-K), 6 quarterly reports (10-Q) and 16 current reports (8-K) between 2025 and 2026.

  1. Leadership change8-K · Mar ’25Mar ’25
  2. FY2025 annual report10-K · Aug ’25Aug ’25
  3. Material agreement8-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  4. $11.28B
YoY changeLargest recent move+10.4%in FY25Latest +53.4%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

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All SNDK Financial Metrics53 metrics

Income Statement15

Balance Sheet23

Cash Flow11

Per Share4

02—Overview

Sandisk Corp Financial Overview 2025–2025

Updated Jul 10, 2026

SanDisk's gross profit skyrocketed by 302% to $6.89 billiona during the first nine months of FY2026. Following its February 2025 separation from Western Digital, the standalone memory manufacturer has capitalized on AI-driven Datacenter and Edge demand to transform its margin profile and become a formidable cash engine. Showcasing this rapid operational turnaround, total net revenue expanded from $7.355 billion in FY2025 to $11.28 billion in just the first nine months of FY2026.

This top-line acceleration stems directly from favorable industry pricing, evidenced by a 76% increase in average selling prices per gigabyte and an 18% volume increase in exabytes sold. Margins followed suit, with gross margin expanding by 3,000 basis points in the first three quarters of FY2026. At the close of FY2025, the market valued the newly independent company at a mere $6.9 billionb market cap with shares priced at $47.15, weighed down by a $1.8 billion goodwill impairment that suppressed earnings to $-11.32 per share. By April 2026, SanDisk had eliminated those impairment drags, generating $4.545 billion in operating cash flow and boosting its cash reserves to $3.735 billion. Flush with liquidity, the board initiated a $6 billion share repurchase program in Q3 2026, aggressively returning capital to shareholders as standalone profitability surged.

Recent Developments (Q2 and Q3 2026)

SanDisk deployed its capital by investing $972 millionc into Nanya Technology Corporation during Q3 2026, acquiring a 3.9% stake at a 15% discount to secure long-term DRAM supply. This strategic move accompanied a bottom-line transformation. The company generated $4.53 billion in net income for the first nine months of FY2026, reversing a $1.61 billion net loss in the prior year. Operating income similarly swung to $5.35 billion from a prior $1.39 billion loss.

Management also rebuffed an unsolicited mini-tender offer from Tutanota LLC to purchase 100,000 shares at $1,150.00d each in May 2026. Bulls argue this strategic supply chain integration and rising net income justify the stock's valuation at 40.3x earnings as of the May 2026 reporting date. Conversely, bears caution that the company remains highly dependent on its Flash Ventures joint venture for memory wafers, exposing it to concentrated supply chain and financial guarantee risks.

What to watch: Flash Ventures joint venture stability; returns on the Nanya equity investment

03—Filings

Recent SEC Filings

  1. 8-KSandisk Corp 8-K Report, Executive Changes (Sep 16, 2026)Sandisk Corporation (SNDK) has filed an 8-K report detailing compensation adjustments for two of its key executives, effective October 1, 2026. Alper Ilkbahar, Chief Technology Officer, and Bernard Shek, Chief Legal Officer, have had their annual base salaries and short-term incentive (STI) target percentages adjusted following an annual review by the Compensation and Talent Committee. The filing specifies the new base salaries and STI targets for these officers, alongside the unchanged compensation for CEO David Goeckeler and CFO Luis Visoso. This report provides transparency into how the company is incentivizing its senior leadership. While the CEO and CFO's compensation remains static, the adjustments for the CTO and CLO suggest a recognition of their roles and contributions, potentially reflecting market competitiveness or increased responsibilities. Investors should note these changes as they may impact future operating expenses and executive motivation.
  2. 8-KSandisk Corp 8-K Report, Material Agreement (Sep 11, 2026)SanDisk Corporation (SDC) has executed Amendment No. 1 to its existing Loan Agreement, significantly altering its credit facility. This amendment establishes a new revolving credit facility totaling $1,500.0 million, which fully replaces previous revolving commitments. This provides the company with enhanced financial flexibility and a substantial capital resource. The terms of the new facility include an interest rate structure tied to SOFR or a base rate, with margins that can adjust based on the company's Net Leverage Ratio or corporate family ratings. A commitment fee is also payable on undrawn amounts. The facility matures in September 2031 with no amortization, offering long-term stability. The obligations remain guaranteed by Sandisk Technologies, Inc. and future material U.S. wholly owned subsidiaries, and are secured by company assets, subject to certain release provisions upon achieving investment-grade ratings.
  3. 8-KSandisk Corp 8-K Report, Financial Results (Aug 5, 2026)Sandisk (SNDK) reported fiscal fourth quarter 2026 results (quarter ended July 3, 2026) that were far above prior-year levels and sharply higher sequentially. Revenue reached $8.97 billion, up 51% quarter-over-quarter and up 372% year-over-year, with GAAP gross margin of 84.6%. GAAP diluted EPS was $43.97 and non-GAAP diluted EPS was $39.25. Management attributed roughly one-third of the sequential revenue growth to higher volumes and two-thirds to higher pricing. Datacenter revenue more than doubled sequentially to $2.98 billion, while Consumer revenue declined 32% sequentially. Fiscal 2026 revenue was $20.25 billion, up 175% year-over-year. A meaningful share of Q4 GAAP net income ($804 million) came from mark-to-market gains on equity securities, so the non-GAAP figures are a cleaner read on operating performance. On cash generation, operating cash flow was $7.13 billion in the quarter and free cash flow was $7.08 billion. Adjusted free cash flow, which deducts $1.94 billion of NBM prepayments and deposits, was $5.04 billion. Management also announced an additional $14 billion share repurchase authorization, bringing total remaining authorization to $15.5 billion. The company repurchased $4.52 billion of stock in the quarter, and cash rose to $4.76 billion. Income tax payable and refund liabilities rose sharply, and these balance sheet items warrant scrutiny when judging the quality of earnings and cash flow. For fiscal Q1 2027, management guided revenue of $10.30 to $10.80 billion and non-GAAP diluted EPS of $44.00 to $46.00 on about 155 million diluted shares. The guidance implies continued sequential growth, but the business remains highly exposed to NAND pricing cycles, and the sharp run-up in revenue and margins may not persist. The filing also includes forward-looking statements and a reminder that results may change when the Form 10-K is filed.
  4. 8-KSandisk Corp 8-K Report, Corporate Update (May 15, 2026)Sandisk Corporation (Nasdaq: SNDK) filed an 8-K on May 15, 2026 to disclose and publicly oppose an unsolicited "mini-tender" offer from Tutanota LLC to buy up to 100,000 shares of common stock at $1,150.00 per share. The shares sought represent less than 0.07% of Sandisk's common stock outstanding as of April 24, 2026, so the offer is financially immaterial to the company's capital structure and operations. The filing is a shareholder-protection disclosure rather than a report on Sandisk's business performance, financial results, or strategic developments. The company's May 14, 2026 press release, attached as Exhibit 99.1, recommends that stockholders not tender shares. It states that the offer's $1,150.00 price is conditioned on SNDK's closing price exceeding $1,150.00 on the last trading day before expiration, meaning tendering stockholders would likely receive a below-market price unless Tutanota waives the condition. Tutanota may also extend the offer in 45- to 180-day increments, which would delay payment. The offer is scheduled to expire at 5:00 p.m. ET on Wednesday, May 20, 2026, unless extended or terminated. Sandisk states it is not affiliated with Tutanota or the offer documents. For investors, the key takeaways are that no action is required from most holders, that the offer's conditions make it unattractive relative to market prices, and that stockholders who have already tendered may withdraw before expiration. The company also cautions that mini-tender offers are exempt from many SEC disclosure rules and urges holders to check current market quotes and consult their brokers or financial advisors.
  5. 8-KSandisk Corp 8-K Report, Financial Results (Apr 30, 2026)Sandisk (SNDK) reported fiscal third quarter 2026 results (quarter ended April 3, 2026) with revenue of $5.95 billion, up 97% sequentially and 251% year over year, and above its guidance range. GAAP gross margin expanded to 78.4% from 50.9% in the prior quarter, driving GAAP operating income of $4.11 billion and GAAP net income of $3.62 billion, or $23.03 per diluted share. Non-GAAP diluted EPS was $23.41. Management attributed the outperformance to a mix shift toward higher-value customers, led by Datacenter revenue up 233% sequentially, as well as higher pricing. Edge revenue rose 118% sequentially to $3.66 billion, while Consumer revenue declined 10% to $820 million. Management is also pointing to a structural change in the business. The company ended the quarter with three signed New Business Model (NBM) agreements, which it describes as multi-year customer engagements backed by firm financial commitments, and signed two more in the fiscal fourth quarter. For fiscal Q4 2026, the company guided revenue to $7.75–$8.25 billion and non-GAAP diluted EPS to $30.00–$33.00 on roughly 158 million diluted shares. Balance sheet strength is also notable: the company reports zero debt, cash of $3.7 billion, and operating cash flow of $3.04 billion in the quarter. The Board approved a $6 billion share repurchase program, to be funded from operating cash flow and executed at management's discretion, with no obligation to buy back shares. Investors should weigh the sharp margin expansion and the new contract structure against the fact that results rely heavily on pricing, which can reverse in NAND markets. Accounts receivable rose sharply to $2.7 billion and income tax payable increased substantially, so cash conversion in future quarters bears watching. The figures are preliminary and subject to completion of the Form 10-Q and auditor review.
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04—See also

Related Companies

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