01—Abstract
Summary
Summary of the 10-K filed August 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Sandisk Corporation has successfully completed its separation from Western Digital Corporation (WDC) and is now operating as a standalone, publicly traded entity (SNDK).
The company is a leader in developing, manufacturing, and providing data storage solutions based on NAND flash technology, serving the Cloud, Client, and Consumer end markets. For the fiscal year ended June 27, 2025, Sandisk reported a significant increase in net revenue, up 10% year-over-year, driven by strong performance in the Cloud segment due to increased enterprise SSD shipments and improved pricing. However, the company also recorded a substantial goodwill impairment charge of $1.8 billiona, impacting its net income, which resulted in a net loss of $1.64 billion.
Despite the net loss, the company has secured significant financing with a $2.0 billionb Term Loan Facility and a $1.5 billion revolving credit facility to support its operations. The company's strategic focus remains on innovation and cost leadership to capitalize on the growing demand for data storage solutions.
02—Key points
Key Highlights
- Sandisk completed its separation from Western Digital Corporation on February 21, 2025, and now trades independently as SNDK.
- Net revenue increased by 10% to $7.355 billion for the fiscal year ended June 27, 2025, primarily driven by a 195% surge in Cloud revenue.
- The company recorded a significant goodwill impairment charge of $1.8 billion, contributing to a net loss of $1.64 billion for the fiscal year.
- Sandisk secured new financing, including a $2.0 billion Term Loan Facility and a $1.5 billion revolving credit facility.
- The company is heavily reliant on its joint ventures with Kioxia for flash-based memory wafers, highlighting a significant supplier concentration risk.
- International sales represented a substantial 80% of net revenue in fiscal year 2025.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Sandisk Corp lost $0.22.
- Revenue$7.36B100.0%
- Cost of revenue−$5.14B69.9%
- Gross profit$2.21B30.1%
- Operating costs−$3.59B48.8%
- Operating income−$1.38B18.7%
- Interest, other & tax−$264.0M3.6%
- Net income−$1.64B22.3%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed August 21, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.36B$6.66B | +10.4% |
| Cost of Revenue | $5.14B$5.59B | −8.0% |
| Gross Profit | $2.21B$1.07B | +106.3% |
| R&D Expenses | $1.13B$1.06B | +6.7% |
| SG&A Expenses | $573.00M$455.00M | +25.9% |
| Operating Expenses | $3.59B$1.54B | +133.1% |
| Operating Income | -$1.38B-$468.00M | −194.2% |
| Net Income | -$1.64B-$672.00M | −144.2% |
| EPS (Basic) | $-11.32$-4.63 | −144.5% |
| EPS (Diluted) | $-11.32$-4.63 | −144.5% |
| Shares Outstanding (Basic) | 145.00M145.00M | 0.0% |
| Shares Outstanding (Diluted) | 145.00M145.00M | 0.0% |
05—Questions
Frequently Asked Questions
What is the current status of Sandisk as a company following the reporting period?
Sandisk Corporation successfully separated from Western Digital Corporation (WDC) on February 21, 2025, and is now an independent, publicly traded company trading under the symbol 'SNDK'. The financial results for the period ending June 27, 2025, reflect its operations as a standalone entity.
How did Sandisk perform financially in the fiscal year ended June 27, 2025?
Sandisk reported a 10% increase in net revenue to $7.355 billion, driven by strong growth in its Cloud segment. However, the company incurred a significant goodwill impairment charge of $1.8 billion, resulting in a net loss of $1.64 billion for the year.
What are the key risks highlighted in the filing for Sandisk?
Key risks include substantial reliance on strategic partnerships like those with Kioxia for critical components, potential supply chain disruptions, competition, managing technology transitions, and the impact of global economic and geopolitical factors. The company also faces risks related to its recent separation from WDC, including integration costs and operational independence.
Does Sandisk plan to pay dividends to its shareholders?
The company currently does not intend to pay any cash dividends in the foreseeable future. It plans to retain all available funds and future earnings for the operation of its business and to strengthen its financial position and flexibility.
06—Continue