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Technology · NASDAQ: SNDK

Sandisk: how the business works

Sandisk makes flash memory for data centers, devices and shoppers, with revenue of $20.2 billion in FY2026.

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Sandisk Corporation · Milpitas, California

Last updated

Revenue, FY2026
$20.2B
Operating income, FY2026
$12.4B
Net income, FY2026 (incl. Nanya gain)
$11.4B
Revenue, Q1 FY2027
$11.0B
Employees, July 2026
About 11,100

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Sandisk in 5 points

  1. 1 · What it sells

    Sandisk makes flash memory, the chips that keep data when the power is off, and sells it as drives, built-in storage and memory cards, with FY2026 revenue of $20.2 billion.

    More: what it sells

  2. 2 · Who pays it

    In FY2026, device makers and distributors (Edge) paid 60.1% of revenue, data center customers 25.4%, and retailers and other sellers serving shoppers (Consumer) 14.5%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, Sandisk kept $54.1 as net income, including an $808 million gain on equity securities, $807 million of it on Nanya shares, while operating income, before interest and tax, was $61.2 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Sandisk has one reportable segment and does not disclose profit by end market; its total FY2026 operating income was $12.4 billion.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Sandisk's revenue rose 378% in Q1 FY2027 from a year earlier while exabytes sold rose almost 10%, and its gross margin was 7.1% in FY2023 and 85.0% in Q1 FY2027.

    More: the one thing to watch

Sources: From Sandisk's FY2026 10-K, FY2025 10-K, Q1 FY2027 10-Q and Q1 FY2027 earnings release · checked

See the full receipt and the management scorecard below

Sources (4)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Sandisk's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Sandisk · FY2026

Receipt for every $100

Where $100 of Sandisk's money went in FY2026
Cost of revenue$27.3
Research and development$6.3
Selling, general and admin$3.2
Other operating items$0.4
Interest and other expense$1.2
Income tax$7.5
Kept as net income$54.1
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus the equity securities gain and interest income): each line = line ÷ $21.1 billion × 100. The profit line includes the $808 million gain on equity securities, $807 million of it on Nanya shares.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Sandisk do?

Data center customers, device makers, and retailers and other sellers serving shoppers pay Sandisk for flash storage; its flash comes from factories shared with Kioxia, and FY2026 selling prices left $61.2 of operating income per $100 of revenue.

  • In FY2026 Edge devices were 60.1% of revenue, Datacenter 25.4% and Consumer 14.5%. In Q1 FY2027 Datacenter reached 43.5%.
  • Prices drove the jump. Q1 FY2027 revenue rose 378% from a year earlier, while the storage sold, measured in exabytes, rose almost 10%.
Next: Who pays it

03Who pays it

Who pays Sandisk?

  • Device makers and distributors (Edge)

    60%

    of revenue

    Makers of PCs, phones, game consoles, cars and other devices, buying flash built into their products, plus distributors.

  • Data center customers (Datacenter)

    25%

    of revenue

    Public and private cloud operators and enterprise server users buying enterprise SSDs. This was 43.5% of revenue in Q1 FY2027.

  • Retailers and other sellers serving shoppers (Consumer)

    15%

    of revenue

    Retail stores and other sales channels that sell portable drives, memory cards and USB drives to shoppers. This was 3.6% of revenue in Q1 FY2027.

  • Device makers and distributors (Edge)60%
  • Data center customers (Datacenter)25%
  • Retailers and other sellers serving shoppers (Consumer)15%

How spread out the customers are

Top 10 customers were 44% of FY2026 revenue, up from 40% in FY2025, and no customer was over 10%. In Q1 FY2027 two customers were 12% of revenue each. Sandisk does not name them. End-market shares are a Cityfort calculation from FY2026 10-K and Q1 FY2027 earnings release.

Top 10 customers
44%
Sources (3)
Next: Why it makes money

04Why it makes money

Why does Sandisk make money?

Flash prices, more than volume, decide how much Sandisk earns.

In Q1 FY2027 revenue rose by $8.7 billion from a year earlier (13 weeks against 14), while cost of revenue rose by $32 million. Sandisk's 10-K lists the balance of supply and demand among the things that influence its prices. Gross margin was 7.1% in FY2023 and 85.0% in Q1 FY2027.

Gross profit per $100 of revenue

$7.1$85.0

FY2023 to Q1 FY2027

  1. Customers buy flash storage, measured in gigabytes
  2. The wafers come from factories shared with Kioxia
  3. Sandisk pays half the fixed factory costs, whatever it orders
  4. Selling prices move with supply and demand in storage
  5. Price changes reach gross profit with little change in cost
  6. Long-term agreements now set volumes for several years

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2026

Which businesses make up Sandisk?

  • Edge

    60%

    Flash for PCs, phones, cars and other devices. Q1 FY2027 revenue was $5.8 billion; exabytes sold fell 20% and revenue per gigabyte rose more than 450% from a year earlier.

    Revenue $12.2B

  • Datacenter

    25%

    Enterprise drives for cloud and server customers. Q1 FY2027 revenue was $4.8 billion, up from $269 million; exabytes sold rose almost 330%.

    Revenue $5.2B

  • Consumer

    15%

    Portable drives, memory cards and USB drives. Q1 FY2027 revenue was $397 million, down from $652 million; exabytes sold fell more than 70%.

    Revenue $2.9B

How the mix changed

  • Edge
  • Datacenter
  • Consumer

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearEdgeDatacenterConsumer
FY2022$6.0B$1.3B$2.5B
FY2023$3.6B$500M$1.9B
FY2024$4.1B$325M$2.3B
FY2025$4.1B$960M$2.3B
FY2026$12.2B$5.2B$2.9B
Sources (5)
Next: How has it done

06The numbers · Consolidated · US$

How has Sandisk done?

Revenue

$20.2BFY2026

Revenue fell to $6.1 billion in FY2023, rose to $20.2 billion in FY2026 and reached $11.0 billion in Q1 FY2027 alone.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$9.8B
FY2023$6.1B
FY2024$6.7B
FY2025$7.4B
FY2026$20.2B
Q1 FY2025$1.9B
Q2 FY2025$1.9B
Q3 FY2025$1.7B
Q4 FY2025$1.9B
Q1 FY2026$2.3B
Q2 FY2026$3.0B
Q3 FY2026$6.0B
Q4 FY2026$9.0B
Q1 FY2027$11.0B

Net profit

$11.4BFY2026

Sandisk had net losses from FY2023 to FY2025, including a $1.83 billion goodwill write-down in FY2025, then net income of $11.4 billion in FY2026.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022$1.1B–
FY2023−$2.1B−$14.78
FY2024−$672M−$4.63
FY2025−$1.6B−$11.32
FY2026$11.4B$73.76
Q1 FY2025$211M$1.46
Q2 FY2025$104M$0.72
Q3 FY2025−$1.9B−$13.33
Q4 FY2025−$23M−$0.16
Q1 FY2026$112M$0.75
Q2 FY2026$803M$5.15
Q3 FY2026$3.6B$23.03
Q4 FY2026$6.9B$43.97
Q1 FY2027$8.1B$52.60

Profit kept per $100 of revenue

$56.5FY2026

Net income per $100 of revenue went from a $35.2 loss in FY2023 to $56.5 in FY2026 and $73.4 in Q1 FY2027.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202210.9%17.7%
FY2023−35.2%−26.1%
FY2024−10.1%−3.7%
FY2025−22.3%−16.5%
FY202656.5%61.9%

Free cash flow

$11.5BFY2026

Free cash flow went from negative $120 million in FY2025 to $11.5 billion in FY2026, when customer deposits and advances added $2.6 billion to operating cash flow.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$1.2B$410M$741M
FY2023−$713M$219M−$932M
FY2024−$309M$166M−$475M
FY2025$84M$204M−$120M
FY2026$11.7B$177M$11.5B
See all yearly numbers
Sandisk annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$9.8B$1.7B$1.1B–$1.2B$410M$741M
FY2023$6.1B−$1.6B−$2.1B−$14.78−$713M$219M−$932M
FY2024$6.7B−$244M−$672M−$4.63−$309M$166M−$475M
FY2025$7.4B−$1.2B−$1.6B−$11.32$84M$204M−$120M
FY2026$20.2B$12.5B$11.4B$73.76$11.7B$177M$11.5B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (ends on the Friday nearest June 30; FY2026 ended Jul 3, 2026 and had 53 weeks. All EPS figures are before the 8-for-1 stock split; FY2022 EPS was not published). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (16)
Next: What they said, and what happened

07Who runs it

Who runs Sandisk, and did they deliver?

  • David Goeckeler

    Chairman and Chief Executive Officer · since 2025

    CEO since February 2025. FY2026 total pay was $15.2 million, down from $22.9 million in FY2025. That was 267 times the median employee's $56,823.

  • Luis Visoso

    Executive Vice President and Chief Financial Officer · since 2025

    CFO since February 2025. FY2026 total pay was $8.4 million.

  • Richard Cassidy

    Lead Independent Director

    The Board picks a lead independent director because the Chair is also the CEO. Seven of eight director nominees are independent.

What they said, and what happened

5 delivered · 2 too early to tell

  1. Said on Aug 14, 2025

    Sandisk guided Q1 FY2026 revenue of $2.10–2.20 billion.

    What happened

    Reported revenue of $2.31 billion, above the range.

    Delivered

  2. Said on Nov 6, 2025

    Sandisk guided Q2 FY2026 revenue of $2.55–2.65 billion.

    What happened

    Reported revenue of $3.03 billion, above the range.

    Delivered

  3. Said on Nov 6, 2025

    Sandisk said its BiCS8 chips were "expected to reach majority of bit production exiting fiscal yearThe company's own 12-month year, which may not end in December. Learn more 2026".

    What happened

    The filings read for this page do not report the outcome.

    Too early to tell

  4. Said on Jan 29, 2026

    Sandisk guided Q3 FY2026 revenue of $4.40–4.80 billion.

    What happened

    Reported revenue of $5.95 billion, above the range.

    Delivered

  5. Said on Apr 30, 2026

    Sandisk guided Q4 FY2026 revenue of $7.75–8.25 billion.

    What happened

    Reported revenue of $8.97 billion, above the range.

    Delivered

  6. Said on Aug 5, 2026

    Sandisk guided Q1 FY2027 revenue of $10.30–10.80 billion.

    What happened

    Reported revenue of $11.03 billion, above the range.

    Delivered

  7. Said on Oct 29, 2026

    Sandisk guided Q2 FY2027 revenue of $12.2–12.6 billion.

    What happened

    Q2 FY2027 results are not out yet.

    Too early to tell
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Sandisk?

  • Pricing

    Results depend on flash prices, and those move both ways

    Sandisk's 10-K says its industry has seen declining selling prices and periods of excess capacity. Gross margin was 33.3% in FY2022, 7.1% in FY2023 and 85.0% in Q1 FY2027. Q1 FY2027 revenue rose 378% while exabytes sold rose almost 10%.

    Watch Exabytes sold against revenue per gigabyte, in each 10-Q.

  • Concentration

    All its flash comes from one set of factories

    Substantially all flash must come from Flash Ventures: eight factories in Japan. Sandisk pays 50% of fixed costs whatever it orders, and rolling orders are binding. Its estimated maximum loss exposure was $2.9 billion at Jul 3, 2026. Under-use charges were $249 million in FY2024 and $11 million in FY2026.

    Watch Flash Ventures commitments ($7.1 billion at Oct 2, 2026) and under-use charges.

  • Execution

    Long-term agreements carry their own risks

    These agreements commit Sandisk to deliver stated volumes, and the 10-K lists execution, financial and market risks. Sandisk's Oct 30, 2026 10-Q says about 20% of the $88.9 billion is expected to become revenue over the next 12 months. The figure is not yet revenue, and it depends on delivery and on customers paying.

    Watch Remaining performance obligationsSigned contracts with customers that have not been billed yet. and the share expected to become revenue over the next 12 months.

  • Concentration

    A few large customers bring in much of the revenue

    Top 10 customers were 44% of FY2026 revenue, up from 40% in FY2025. In Q1 FY2027 two customers were 12% each, when none was over 10% a year earlier. Three customers were about 16%, 15% and 11% of receivables, money customers still owe, at Oct 2, 2026.

    Watch The customer note in each 10-Q and 10-K.

  • Regulation

    Much of its product ships to China and Hong Kong

    Products shipped to China and Hong Kong brought in $9.6 billion of FY2026 revenue. Sandisk's Aug 17, 2026 10-K says pending US Section 232 and Section 301 investigations may affect tariff rates on its products. It also says the majority of its products sold in the US are currently exempt from tariffs.

    Watch Tariff statements in each 10-Q.

  • Cash and liquidity

    Some FY2026 cash flow came from customers and unpaid tax

    FY2026 operating cash flow of $11.7 billion included $1.4 billion of refund liabilities, $1.2 billion of contract liabilities and $1.4 billion of income tax owed but not yet paid. Sandisk's Aug 17, 2026 10-K says it expects to be subject to the 15% corporate alternative minimum tax in FY2027.

    Watch Refund liabilities ($1.6 billion at Oct 2, 2026) and current income tax payable ($1.5 billion at Oct 2, 2026) at each quarter end.

  • Technology

    Moving to newer chip generations carries risk

    Sandisk's Aug 17, 2026 10-K names technology transitions as a risk and says it anticipates higher capital spending in FY2027. Purchases of property and equipment were $177 million in FY2026. Net payments to Flash Ventures, for wafers and net loans, were $3.6 billion.

    Watch Capital spending and payments to Flash Ventures in FY2027.

Sources (5)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Remaining performance obligations rose from $41.6 billion at Apr 3, 2026 to $88.9 billion at Oct 2, 2026.
  • Reported revenue came in above Sandisk's own guided range in each of the five quarters from Q1 FY2026 to Q1 FY2027.
  • Datacenter revenue reached $4.8 billion in Q1 FY2027, up from $269 million a year earlier.
  • Debt fell from $1.85 billion at Jun 27, 2025 to zero at Apr 3, 2026, and cash reached $5.1 billion at Oct 2, 2026.
  • The Kioxia ventures, Sandisk's source of flash, now run to Dec 31, 2034.

What critics point to

  • Sandisk had net losses in FY2023, FY2024 and FY2025, and gross margin was 7.1% in FY2023.
  • Q1 FY2027 revenue rose 378% while exabytes sold rose almost 10%; Edge exabytes fell 20% and Consumer exabytes fell more than 70%.
  • All of its flash comes from eight factories in Japan, and it pays half the fixed costs whatever it orders.
  • Customer deposits and advances added $2.6 billion to FY2026 operating cash flow, and refund liabilities must be repaid at contract end.
  • Sandisk's Oct 30, 2026 10-Q says about 20% of the $88.9 billion of remaining performance obligations is expected to become revenue over the next 12 months.
Next: What to watch next

10What to watch next

What should you watch next at Sandisk?

Next event

Q2 FY2027 results

Date not announced yet.

  • Revenue against the $12.2–12.6 billion statement

    Sandisk said on Oct 29, 2026 that it expected this for Q2 FY2027. Its reported revenue was above the guided range in each of the last five quarters.

  • Price against volume

    Each 10-Q says how exabytes sold and revenue per gigabyte moved. In Q1 FY2027 total exabytes rose almost 10%, and revenue per gigabyte rose more than 110% to more than 450%, depending on the end market.

  • Long-term agreements and customer money

    Remaining performance obligations were $88.9 billion and refund liabilities $1.6 billion at Oct 2, 2026; refund liabilities must be repaid at contract end.

Next: Key dates

11Key dates

What are the key dates for Sandisk?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Sandisk
EventDateSource
Record date for the 8-for-1 stock splitHolders of record at the close of business get seven more shares for each share held.Form 8-K, Oct 29, 2026 (8-for-1 stock split, Item 8.01)
Annual meeting of stockholdersHeld online. Holders of record on Sep 21, 2026 can vote.2026 proxy statement (DEF 14A)
New shares issued after the market closeForm 8-K, Oct 29, 2026 (8-for-1 stock split, Item 8.01)
Shares expected to start trading on a post-split basisAt the market open, under the same symbol, SNDK. Q1 FY2027 diluted EPS of $52.60 would be $6.58 on the split basis, as shown in the 10-Q.Form 8-K, Oct 29, 2026 (8-for-1 stock split, Item 8.01); Form 10-Q, Q1 FY2027 (ended Oct 2, 2026)

Learn: IPO lock-up agreements: what they are and when they end

Sources (3)
Next: Key facts

12Key facts

Key facts about Sandisk

What does Sandisk do?
Sandisk Corporation makes flash memory, the chips that keep data when the power is off. Sandisk sells it as data center drives, storage for phones and PCs, memory cards and USB drives. Its FY2026 revenue was $20.2 billion.
How does Sandisk make money?
Sandisk makes money by selling flash storage, and in FY2026 price moved its revenue more than volume did. Sandisk's FY2026 revenue rose 175% to $20.2 billion, while total exabytes sold rose by a mid-teens percentage.
What is Sandisk's business model?
Sandisk gets its flash wafers from Flash Ventures, joint ventures owned 49.9% by Sandisk and 50.1% by Kioxia, and sells the finished products. Since FY2026 Sandisk has also signed multi-year agreements with stated volumes. Remaining performance obligations under them were $88.9 billion at Oct 2, 2026.
Who are Sandisk's customers?
Sandisk sells to computer and device makers, cloud service providers, resellers, distributors and retailers. Sandisk's top 10 customers were 44% of FY2026 revenue, and no single customer was over 10% that year. Its filings do not name them.
How big is Sandisk, and is it profitable?
Sandisk had FY2026 revenue of $20.2 billion, operating income of $12.4 billion and net income of $11.4 billion, including an $808 million gain on equity securities, $807 million of it on Nanya shares. In FY2025 Sandisk had a net loss of $1.6 billion.
What is Sandisk's revenue by segment?
Sandisk has one reportable segment and reports revenue by end market. In FY2026 Edge brought in $12.2 billion (60.1%), Datacenter $5.2 billion (25.4%) and Consumer $2.9 billion (14.5%). Sandisk does not report profit by end market.
Who owns Sandisk?
Sandisk has one class of common stock with one vote per share. BlackRock reported 7.7% at Sep 30, 2026. Sandisk's 2026 proxy, as of Sep 4, 2026, lists Vanguard Capital Management at 7.6%, FMR at 5.4% and Jane Street at 5.1%, with 11 directors and executive officers under 1%.
What is Sandisk's Datacenter business?
Sandisk's Datacenter business sells enterprise solid-state drives (SSDs) for public and private clouds and enterprise servers, including AI workloads. Sandisk's Datacenter revenue was $5.2 billion in FY2026 and $4.8 billion in Q1 FY2027 alone.
What is Sandisk's Edge business?
Sandisk's Edge business sells SSDs and embedded flash for PCs, phones, tablets, game consoles, cars, industrial and connected-home devices. Sandisk's Edge revenue was $12.2 billion in FY2026 and $5.8 billion in Q1 FY2027.
What is Sandisk's Consumer business?
Sandisk's Consumer business sells portable SSDs, memory cards and USB drives through retail stores and other sales channels. Sandisk's Consumer revenue was $2.9 billion in FY2026 and $397 million in Q1 FY2027.
Sources (5)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Sandisk sell?

Sandisk makes flash memory, the chips that keep data when the power is off. It sells the chips inside finished products: drives for data centers, storage built into phones, PCs and cars, and memory cards you can buy in a store.

  • Edge ($12.2B in FY2026)

    SSDs and embedded flash for PCs, phones, tablets, game consoles, cars, industrial and connected-home devices. Sold to device makers and through distributors. Called Client before the FY2026 filings.

  • Datacenter ($5.2B)

    Enterprise SSDs for public and private clouds and enterprise servers, including AI workloads. Called Cloud before the FY2026 filings.

  • Consumer ($2.9B)

    Portable SSDs, memory cards and USB drives sold through retail stores and other sales channels.

What it does

  • Does: Designs flash chips and the drives and cards built from them
  • Does: Assembles and tests products, including at its owned site in Penang, Malaysia
  • Does: Signs multi-year agreements that set volumes with cloud and device customers

What it does not do

  • Does not: Does not own the wafer factories: Kioxia owns them, and Flash Ventures (49.9% Sandisk, 50.1% Kioxia) leases them
  • Does not: Does not name its customers or give a market share figure in its FY2026 10-K
  • Does not: Does not report profit for Datacenter, Edge or Consumer separately
  • Does not: Does not pay a dividend
Sources (1)
14How the money flows

14How the money flows · FY2026

How does money flow through Sandisk?

Money in

  • Edge$12.2B
  • Datacenter$5.2B
  • Consumer$2.9B
  • Gain on equity securities ($808M, $807M of it on Nanya shares) and interest income ($70M)$878M

The company

Sandisk

$21.1B came in

Money out

  • Cost of revenue$5.8B
  • Research and development$1.3B
  • Selling, general and admin$676M
  • Other operating items (debt payoff loss, separation costs and others)$79M
  • Interest and other expense (incl. $93M of legal settlements)$250M
  • Income tax$1.6B
  • Net income$11.4B
  1. Device makers, data center customers, and retailers and other sellers serving shoppers paid Sandisk $20.2 billion in FY2026.
  2. Cost of revenue, the cost of the products sold, took $5.8 billion.
  3. Research, sales and other running costs took $2.1 billion. That left $12.4 billion of operating income, or $61.2 per $100 of revenue.
  4. An $808 million gain on equity securities, $807 million of it on Nanya shares, and $70 million of interest income came in. Interest paid and other expense took $250 million.
  5. After $1.6 billion of income tax, $11.4 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Sandisk need to run?

  • Factories shared with Kioxia

    All flash wafers come from Flash Ventures: eight factories in Japan, six at Yokkaichi and two at Kitakami. Net payments for wafers and loans were $3.6 billion in FY2026.

  • The Kioxia agreements

    Terms of all three ventures now run to Dec 31, 2034. Sandisk pays Kioxia $1.2 billion over 2026–2029 for manufacturing services and continued supply.

  • DRAM, a second kind of memory chip

    The 10-K lists DRAM among the items Sandisk buys from outside suppliers. On Mar 25, 2026 Sandisk signed a multi-year supply deal with Nanya and agreed to buy about 3.9% of it for about $1.0 billion. Those shares were worth $2.3 billion at Oct 2, 2026.

  • Assembly sites

    Sandisk owns 1,177,000 square feet in Penang, Malaysia. It also owns 20% of SDSS, an assembly and test venture with JCET, which holds 80%.

  • People and patents

    About 11,100 employees across 33 countries in July 2026, 74% in Asia Pacific. About 8,000 patents, with about 3,000 more pending.

Sources (3)
16Where it sells

16Where it sells · FY2026, by where products were shipped

Where does Sandisk sell?

  • Hong Kong25%
  • Rest of Asia23%
  • China22%
  • United States18%
  • Europe, Middle East and Africa9%
  • Other3%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Sandisk compete with?

Sandisk's FY2026 10-K names five flash makers it competes with, and gives no market share figure. Kioxia is both a competitor and its factory partner.

  • Kioxia

    Named in Sandisk's FY2026 10-K as a flash maker it competes with. Also owns 50.1% of Flash Ventures.

  • Micron Technology

    Named in Sandisk's FY2026 10-K as a vertically integrated flash supplier it competes with.

  • Samsung Electronics

    Named in Sandisk's FY2026 10-K as a vertically integrated flash supplier it competes with.

  • SK Hynix

    Named in Sandisk's FY2026 10-K as a vertically integrated flash supplier it competes with.

  • Yangtze Memory Technologies

    Named in Sandisk's FY2026 10-K as a vertically integrated flash supplier it competes with.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Long-running factory partnership3 of 5

    The first Kioxia venture began in 2004 and their terms now run to Dec 31, 2034, but Sandisk must also pay half the fixed costs whatever it orders.

  • Patents and research3 of 5

    Sandisk holds about 8,000 patents, with about 3,000 pending, and spent $1.3 billion on research and development in FY2026.

  • Multi-year customer agreements3 of 5

    Remaining performance obligations were $88.9 billion at Oct 2, 2026, but these agreements only began in FY2026. Sandisk's Oct 30, 2026 10-Q says about 20% is expected to become revenue over the next 12 months.

  • Control over price2 of 5

    Gross margin was 33.3% in FY2022, 7.1% in FY2023 and 85.0% in Q1 FY2027, and the 10-K says top customers can make substantial demands on pricing.

Weak spot

One source of flash

The Kioxia agreements require substantially all of Sandisk's flash to come from Flash Ventures, which limits how it can respond to changes in demand and supply, its 10-K says.

Sources (5)
18Where growth could come from

18Where growth could come from

Where could Sandisk's growth come from?

Sandisk said on Oct 29, 2026 that it expected Q2 FY2027 revenue of $12.2–12.6 billion and GAAP gross margin of 84.4–85.4%. Its Aug 17, 2026 10-K says: "We expect AI-driven demand to persist through calendar year 2027 and beyond."
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • Data center drives

    Working

    $4.8B in Q1 FY2027

    Datacenter revenue was $4.8 billion in Q1 FY2027, up from $269 million a year earlier. Exabytes sold rose almost 330% and revenue per gigabyte almost 320%.

    Status: Working, on track against what the company said.

  • Long-term agreements

    Early

    $88.9B at Oct 2, 2026

    Remaining performance obligations, revenue under contract but not yet earned, rose from $41.6 billion at Apr 3, 2026. Sandisk's Oct 30, 2026 10-Q says about 20% is expected to become revenue over the next 12 months. Sandisk's Aug 17, 2026 10-K says it expects long-term agreements to become its "predominant way of doing business".

    Status: Early, too early to judge.

  • Edge devices

    Mixed

    Exabytes down 20% in Q1 FY2027

    Edge revenue rose to $5.8 billion from $1.4 billion a year earlier, as revenue per gigabyte rose more than 450% while exabytes sold fell 20%.

    Status: Mixed, partly on track.

  • Newer chip generations

    Early

    BiCS8: 15% of bits, Nov 2025

    Sandisk said on Nov 6, 2025 that its BiCS8 chips were 15% of bits shipped. Its Aug 17, 2026 10-K says it anticipates higher capital spending in FY2027 as it moves to newer generations.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
19The company's own measures (non-GAAP)

19The company's own measures · FY2026 and Q1 FY2027

What do Sandisk's own measures show?

Adjusted (non-GAAP) figures are Sandisk's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, FY2026

    $12.4B

    Company's own measure: Non-GAAP operating income, FY2026

    $12.7B

    Leaves out stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, separation costs, restructuring, business sale items, the debt payoff loss and goodwill impairment.

  • Official (GAAP): Net income, FY2026

    $11.4B

    Company's own measure: Non-GAAP net income, FY2026

    $11.0B

    Also leaves out gains on equity securities (almost all the Nanya shares) and makes tax adjustments, so it is below GAAP net income this year.

  • Official (GAAP): Net income, Q1 FY2027

    $8.1B

    Company's own measure: Non-GAAP net income, Q1 FY2027

    $7.6B

    Same definition. It leaves out the $513 million gain on Nanya shares in the quarter.

  • Official (GAAP): Diluted EPS, Q1 FY2027 (before the split)

    $52.60

    Company's own measure: Non-GAAP diluted EPS, Q1 FY2027 (before the split)

    $49.51

    Same definition, per share.

  • Official (GAAP): Net cash from operating activities, FY2026

    $11.7B

    Company's own measure: Adjusted free cash flow, FY2026

    $8.7B

    Sandisk's definition: operating cash flow minus property purchases, plus Flash Ventures activity (net), less customer prepayments and deposits under long-term agreements.

  • Official (GAAP): Net cash from operating activities, Q1 FY2027

    $6.4B

    Company's own measure: Adjusted free cash flow, Q1 FY2027

    $5.7B

    Same definition. The adjustments were $148 million for Flash Ventures and $465 million for customer payments.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
20Financial strength and debt

20Financial strength · Oct 2, 2026

How much debt does Sandisk have?

At Oct 2, 2026 Sandisk had $5.1 billion of cash and no borrowings. A year earlier it had $1.44 billion of cash and $1.35 billion of debt.
  • Total debt$0M
  • Cash and investments$5.1B
  • Net cash (cash minus debt)$5.1B
  • Net worth (shareholders' money)$18.1B
Debt to equity
0×
$ of debt for every $1 of shareholders' money
  • Net cash is a Cityfort calculation from Q1 FY2027 earnings release. It leaves out the Nanya shares ($2.3 billion) and operating lease liabilities ($201 million at Jul 3, 2026).
  • Before the Feb 2025 spin-off, debt meant notes due to Western Digital. A $2.0 billion term loan taken at the spin-off was settled in full on Mar 4, 2026.
  • A $1.5 billion revolving credit line, undrawn at Jul 3, 2026, was refinanced on Sep 9, 2026 and matures Sep 9, 2031.
  • Some of the cash is customer money: refund liabilities were $1.6 billion and contract liabilities $1.5 billion at Oct 2, 2026. Refund liabilities must be repaid at contract end.
  • At Oct 2, 2026 customers also held $12.8 billion of collateral with third-party financial institutions. It is off the balance sheet and is not Sandisk's cash.
  • Commitments at Oct 2, 2026 were $7.1 billion to Flash Ventures and $5.6 billion of purchase obligations.
Sources (5)
21Who owns it

21Who owns it · ownership as of Sep 4, 2026

Who owns Sandisk?

Sandisk has one class of common stock, one vote per share. In the proxy's Sep 4, 2026 table, 11 directors and executive officers held 423,973 shares, 0.3% (Cityfort calculation from 2026 proxy statement; the proxy says under 1%). CEO David Goeckeler held 304,184 of them. Western Digital, the former parent, held no shares as of Jul 3, 2026.
Officers and directors (as a group), shares
0.3%
Share classes
Sandisk share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares outstanding on Oct 26, 2026 (Q1 FY2027 10-Q cover), before the 8-for-1 split.)142.31–––Yes
Holders of 5% or more
Sandisk holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.7.7%–Sep 30, 2026S26, S17Schedule 13G/A filed Oct 27, 2026: 11,085,551 shares. The proxy table shows 6.1%, from earlier data.
Vanguard Capital Management7.6%–Sep 4, 2026S17, S242026 proxy table: 11,000,476 shares. Its Schedule 13G filed Apr 30, 2026 showed 7.17% at Mar 31, 2026.
FMR LLC5.4%–Sep 4, 2026S17, S252026 proxy table: 7,861,064 shares. Its Schedule 13G/A filed Aug 6, 2026 showed 5.3% at Jun 30, 2026.
Jane Street Group, LLC5.1%–Sep 4, 2026S17, S272026 proxy table: 7,409,437 shares. Its Schedule 13G filed Aug 5, 2026 showed 5.0% at Jul 30, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (6)
22What it does with profit

22What it does with profit

What does Sandisk do with its profit?

Sandisk pays no dividend. Its Aug 17, 2026 10-K says: "We do not currently intend to pay any cash dividends in the foreseeable future." Share counts here are before the 8-for-1 split.

  • Buyback · Apr 30, 2026

    Sandisk announced that its Board had authorized a $6.0 billion buyback.

    $6.0B

  • Buyback · Jul 3, 2026

    FY2026: bought back 3 million shares for $4.5 billion.

    $4.5B

  • Buyback · Aug 5, 2026

    Sandisk announced that its Board had authorized $14.0 billion more.

    $14.0B

  • Buyback · Oct 2, 2026

    Q1 FY2027: bought back 3,150,369 shares for $5.0 billion. $10.5 billion of the authorization remained.

    $5.0B

  • Money raised · Feb 21, 2025

    Took a $2.0 billion seven-year term loan at the spin-off. Settled in full on Mar 4, 2026, with a $46 million loss.

    $2.0B

Sources (3)
23Governance signals

23Governance signals

What do Sandisk's governance filings show?

Auditor
KPMG LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Sandisk buys wafers from Flash Ventures (49.9% owned), sells through Unis Venture in China (48% owned) and uses SDSS for assembly and test (20% owned). The 2026 proxy reports that a child of CFO Luis Visoso is an employee, with target pay under $250,000.
Credit rating
No public credit rating found

Flags to know about

  • disclosure

    No profit by end market

    Sandisk has one reportable segment, so it gives revenue but not profit for Datacenter, Edge and Consumer.

  • disclosure

    Customers not named

    The FY2026 10-K does not name customers or give a market share figure, though top 10 customers were 44% of revenue.

  • disclosure

    Years carved out of Western Digital

    Figures before Feb 21, 2025 use costs allocated by Western Digital, and the 10-K says they "may not be indicative" of a standalone company. FY2023 EPS uses 145 million shares applied retroactively.

  • other

    Pre-arranged share sale plans

    Under Rule 10b5-1 plansAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more adopted in May 2026, CEO David Goeckeler may sell up to 124,192 shares and CFO Luis Visoso up to 11,000. The trust of director Caulfield's spouse has a plan for up to 4,000. Counts are before the split.

  • other

    Share policies

    Sandisk's proxy describes policies against hedging or using company shares as loan collateral, and a policy to recover pay in some cases (clawback).

Sources (4)
24What the market paid

24What the market paid · price as of Nov 4, 2026

What did the market pay for Sandisk on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026, before the 8-for-1 split: Sandisk closed at $1,037.40 on Nasdaq. Times 142.3 million shares (Oct 26, 2026), that is a market value of about $147.6 billion (Cityfort calculation from the Nov 4, 2026 Nasdaq closing price and the Q1 FY2027 10-Q cover). P/E is price ÷ earnings per share: 8.3 on $124.75, the sum of the last four quarters' diluted EPS (Cityfort calculation from the Q2 FY2026 to Q1 FY2027 earnings releases). P/B is market value ÷ shareholders' equity: 8.1 on equity of $18.1 billion at Oct 2, 2026 (Cityfort calculation from the Q1 FY2027 earnings release). The split, with post-split trading expected from Nov 20, 2026, does not by itself change market value: on the same close, $1,037.40 ÷ 8 = $129.675 on 1,138.3 million shares.

Share price
$1,037.40
Market value (market cap)
$147.6B
P/E
8.3×
P/B
8.1×

Source: SNDK historical quotes, Nov 4, 2026 close; Form 10-Q, Q1 FY2027 (ended Oct 2, 2026); Q1 FY2027 earnings release (8-K Ex. 99.1) and 4 more

Sources (7)
25How it got here

25How it got here

How did Sandisk get here?

  1. 2004

    Milestone

    First factory venture

    Flash Partners began in 2004, followed by Flash Alliance in 2006 and Flash Forward in 2010. Kioxia is the partner today.

  2. 2023

    Crisis

    Revenue and margin fell

    FY2023 revenue fell to $6.1 billion from $9.8 billion, and net loss was $2.1 billion, including a $671 million goodwill write-down. Gross margin was 7.1%.

  3. 2023

    Business-model change

    Separation decided

    On Oct 30, 2023, Western Digital announced that its board had authorized pursuing a plan to separate its flash business.

  4. 2025

    Business-model change

    Spin-off from Western Digital

    Western Digital distributed 80.1% of Sandisk on Feb 21, 2025, and trading began on Feb 24. It held no shares as of Jul 3, 2026.

  5. 2025

    Crisis

    Goodwill written down by $1.83 billion

    After the spin-off the unit's carrying value exceeded its fair value. The FY2025 net loss was $1.64 billion.

  6. 2026

    Business-model change

    Long-term agreements and higher prices

    In FY2026 Sandisk began multi-year agreements with stated volumes. Revenue rose 175% to $20.2 billion and net income reached $11.4 billion.

  7. 2026

    Milestone

    Kioxia ventures extended to 2034

    On Jan 29, 2026 the partners extended the ventures to Dec 31, 2034. Sandisk agreed to pay Kioxia $1.2 billion over 2026–2029.

  8. 2026

    Milestone

    Debt paid, Nanya stake bought, buyback started

    Sandisk settled its term loan on Mar 4, agreed on Mar 25 to buy a Nanya stake, and authorized $20.0 billion of buybacks in April and August.

  9. 2026

    Milestone

    8-for-1 stock split announced

    On Oct 29, 2026 Sandisk announced the split. Holders get seven more shares for each share held.

Sources (6)

26Sources and changes

Where every number on this page comes from

Sources (25 documents)
  1. S1Form 10-K, fiscal year 2026 (ended Jul 3, 2026) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 17, 2026
  2. S2Form 10-K, fiscal year 2025 (ended Jun 27, 2025) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 21, 2025
  3. S3Form 10 (10-12B/A), information statement, Exhibit 99.1 · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2025
  4. S4Form 10-Q, Q1 FY2027 (ended Oct 2, 2026) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  5. S5Form 10-Q, Q3 FY2026 (ended Apr 3, 2026) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
  6. S6Form 10-Q, Q2 FY2026 (ended Jan 2, 2026) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
  7. S7Form 10-Q, Q1 FY2026 (ended Oct 3, 2025) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
  8. S8Form 10-Q, Q3 FY2025 (ended Mar 28, 2025) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2025
  9. S9Form 10-Q/A, Q2 FY2025 (ended Dec 27, 2024) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 17, 2025
  10. S10Q1 FY2027 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  11. S11Q4 FY2026 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  12. S12Q3 FY2026 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  13. S13Q2 FY2026 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
  14. S14Q1 FY2026 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  15. S15Q4 FY2025 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2025
  16. S16Q3 FY2025 earnings release (8-K Ex. 99.1) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  17. S172026 proxy statement (DEF 14A) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2026
  18. S18Form 8-K, Oct 29, 2026 (8-for-1 stock split, Item 8.01) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  19. S19Form 8-K, Sep 11, 2026 (revolving credit facility amendment) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
  20. S20Form 8-K, Mar 25, 2026 (Nanya investment and supply arrangement) · Sandisk Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
  21. S24Schedule 13G, Vanguard Capital Management (as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  22. S25Schedule 13G/A, FMR LLC (as of Jun 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  23. S26Schedule 13G/A, BlackRock, Inc. (as of Sep 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
  24. S27Schedule 13G, Jane Street Group, LLC (as of Jul 30, 2026) · Jane Street Group, LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  25. S28SNDK historical quotes, Nov 4, 2026 close · Nasdaq · Tier 1: company or exchange filing · Nov 4, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.