01—Abstract
Summary
Summary of the 10-K filed August 17, 2026. Cited figures are marked; the original filing is the authoritative source.
SanDisk Corporation (SNDK) has reported a significant financial turnaround in the fiscal year ended July 3, 2026, following its separation from Western Digital Corporation (WDC) on February 21, 2025.
The company achieved substantial revenue growth of 175% to $20.25 billiona, driven by strong performance across its Datacenter, Edge, and Consumer segments. Notably, Datacenter revenue saw a remarkable 437% increase, and Edge revenue grew by 195%, both boosted by higher sales and pricing, particularly fueled by AI infrastructure demand. This growth translated into a net income of $11.43 billion for the fiscal year, a stark contrast to the net loss reported in the previous year.
The company has also made progress in managing its financial structure, including early repayment of its Term Loan Facility and executing significant share repurchase programs totaling $20 billionb. While the company remains dependent on its joint ventures with Kioxia for flash-based memory wafers, it has extended these agreements through 2034. SanDisk appears well-positioned to capitalize on the increasing demand for data storage driven by AI and other technological advancements.
02—Key points
Key Highlights
- SanDisk reported a robust revenue increase of 175% to $20.25 billion for the fiscal year ended July 3, 2026, compared to the prior year.
- Datacenter and Edge segments showed exceptional growth, with revenues increasing by 437% and 195% respectively, driven by AI demand and pricing improvements.
- The company achieved a net income of $11.43 billion for the fiscal year, a significant improvement from the net loss in the previous year.
- SanDisk successfully repaid its $2.0 billion Term Loan Facility early in March 2026.
- The company announced and executed substantial share repurchase programs totaling $20 billion ($6 billion in April 2026 and $14 billion in August 2026).
- Joint venture agreements with Kioxia for flash-based memory wafers have been extended through December 31, 2034.
- Strategic equity investment made in Nanya Technology Corporation for $970 million in March 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Sandisk Corp kept $0.40.
- Revenue$11.28B100.0%
- Cost of revenue−$4.39B38.9%
- Gross profit$6.89B61.1%
- Operating costs−$1.54B13.6%
- Operating income$5.35B47.4%
- Interest, other & tax−$822.0M7.3%
- Net income$4.53B40.1%
Where FY2026 revenue went
$11.28B- Net income: $4.53B, 40% of revenue
- Cost of revenue: $4.39B, 39% of revenue
- R&D: $980.0M, 8.7% of revenue
- SG&A: $479.0M, 4.2% of revenue
- Other operating costs: $79.0M, 0.7% of revenue
- Interest, other & tax: $822.0M, 7.3% of revenue
Kept 40% as net incomeOther operating costs $79.0M · 0.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed August 17, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $11.28B$7.36B | +53.4% |
| Cost of Revenue | $4.39B$5.14B | −14.6% |
| Gross Profit | $6.89B$2.21B | +211.5% |
| R&D Expenses | $980.00M$1.13B | −13.4% |
| SG&A Expenses | $479.00M$573.00M | −16.4% |
| Operating Expenses | $1.54B$3.59B | −57.1% |
| Operating Income | $5.35B-$1.38B | +488.7% |
| Net Income | $4.53B-$1.64B | +376.1% |
| EPS (Basic) | $30.82$-11.32 | +372.3% |
| EPS (Diluted) | $29.42$-11.32 | +359.9% |
| Shares Outstanding (Basic) | 147.00M145.00M | +1.4% |
| Shares Outstanding (Diluted) | 154.00M145.00M | +6.2% |
05—Questions
Frequently Asked Questions
What is the overall financial performance of SanDisk in the reported fiscal year?
SanDisk experienced a dramatic financial turnaround in the fiscal year ended July 3, 2026. Revenue surged by 175% to $20.25 billion, leading to a net income of $11.43 billion, a significant improvement from the net loss reported in the previous fiscal year. This performance was driven by strong demand across all its end markets, particularly the Datacenter and Edge segments.
How is SanDisk positioned to benefit from the growth in AI?
SanDisk's product portfolio is strategically aligned with the demands of AI workloads. The company's revenue growth in the Datacenter and Edge segments, which it attributes partly to AI infrastructure demand, indicates a strong ability to capitalize on this trend. The company expects this AI-driven demand to persist and plans to invest accordingly.
What is SanDisk's strategy regarding its manufacturing and supply chain?
SanDisk's flash-based memory wafers are primarily sourced through its joint ventures with Kioxia. These critical agreements have been extended through December 31, 2034. The company also designs controllers in-house and utilizes third-party foundries. Its assembly and testing operations involve a mix of in-house facilities and contract manufacturers, providing flexibility and capacity.
What is SanDisk doing to return value to shareholders?
SanDisk has demonstrated a commitment to returning value to shareholders through significant share repurchase programs. The company authorized and repurchased approximately $4.5 billion in common stock during the fiscal year ended July 3, 2026, and subsequently announced an additional $14.0 billion share repurchase program. The company currently does not intend to pay any cash dividends.
06—Continue