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Sandisk Corp 8-K Report, Financial Results (Aug 5, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed August 5, 2026
Period End
August 5, 2026
Security
SNDK
In the 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. Material agreement8-K · Mar ’26Mar ’26

01—Abstract

Summary

Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.

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 billiona, 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 billionb, 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 billionc 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 billiond. 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.

02—Key points

Key Highlights

  1. Q4 FY2026 revenue of $8.97B, up 51% sequentially and 372% year-over-year; roughly two-thirds of sequential growth came from higher pricing rather than volume.
  2. GAAP gross margin expanded to 84.6% (from 78.4% in Q3), with GAAP diluted EPS of $43.97 and non-GAAP diluted EPS of $39.25.
  3. Datacenter revenue reached $2.98B in Q4 (up 103% sequentially), while Consumer revenue fell 32% sequentially to $556M.
  4. Board approved an additional $14B share repurchase program, bringing total remaining authorization to $15.5B; $4.52B was repurchased in Q4 alone.
  5. Free cash flow was $7.08B in Q4 and $11.49B for FY2026; adjusted free cash flow after NBM prepayments was $5.04B in Q4.
  6. Q4 GAAP net income includes about $804M of gains on equity securities, which management excludes from non-GAAP results.
  7. Q1 FY2027 guidance: revenue of $10.30B to $10.80B and non-GAAP diluted EPS of $44.00 to $46.00.

03—Questions

Frequently Asked Questions

  1. How much of Sandisk's Q4 growth came from pricing versus volume?

    Management said approximately one-third of the 51% sequential revenue increase came from higher volumes and two-thirds from higher pricing. This means a large portion of growth depends on memory pricing, which is cyclical.

  2. What is the difference between GAAP and non-GAAP results this quarter?

    GAAP diluted EPS was $43.97 versus non-GAAP $39.25. The gap mainly reflects $804M of mark-to-market gains on equity securities, plus stock-based compensation and other adjustments. Non-GAAP operating income was $7.10B, close to GAAP operating income of $7.04B.

  3. How is the company returning capital to shareholders?

    The board approved a new $14B buyback, lifting total remaining authorization to $15.5B. The company repurchased $4.52B of stock in Q4, and management expects repurchases to be funded by operating cash flow. The company may suspend or discontinue the program at any time.

  4. What does the guidance imply for the next quarter?

    Q1 FY2027 revenue guidance of $10.30B to $10.80B implies further sequential growth of roughly 15% to 20%. Non-GAAP EPS guidance of $44.00 to $46.00 is slightly above Q4's $39.25, and non-GAAP gross margin is guided to 83.0% to 85.0%.

  5. What risks should investors watch in these results?

    Key risks include memory pricing cycles, the sharp increase in receivables ($4.71B) and refund and income tax payable liabilities, and reliance on NBM prepayments that reduce adjusted free cash flow. Consumer revenue is also declining, and the company depends on partners such as Kioxia.

04—Continue

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