SanDisk Corp (NAS:SNDK)

Q4 2026 Sandisk Corp Earnings Call Transcript

Aug 5, 2026 / 08:30 PM GMT

Release Date Price: $1350.5 (-5.40%)

Transcript 10-K8-K

Key Points

Positve

SanDisk Corp (SNDK) delivered record revenue, gross margin, and earnings per share in Q4 FY2026, all above the high end of guidance, with non-GAAP EPS of $39.25.
The company's New Business Models (NBMs) provide over 4 years of visibility, with more than 50% of FY2027 bits and approximately 2/3 of FY2028 bits already committed, backed by $16.5 billion in financial guarantees.
Data center revenue surged 103% sequentially to $2,977 million, growing from 12% to 38% of the portfolio year-over-year, driven by strong AI inference demand and the ramp of the QLC Stargate platform.
Technology leadership remains a key strength, with BiCS8 ramped to majority of bit production and BiCS10 announced, positioning SanDisk Corp (SNDK) as an industry gold standard for NAND across TLC and QLC.
The company generated $5,035 million in adjusted free cash flow (56% margin) and repurchased $4.5 billion of stock, with an additional $14 billion buyback authorization approved, reflecting strong capital returns.
NAND market demand is robust, with the company expecting the market to exceed $300 billion in CY2026 and approach $500 billion in CY2027, with bits remaining on allocation beyond CY2027.

Negative

Consumer revenue declined 32% sequentially to $556 million, impacted by pricing adjustments and softer demand in the consumer segment.
Gross margin is guided lower to 83-85% for Q1 FY2027 from 84.6% in Q4, due to mix, higher component costs, and prudent assumptions, despite modest price increases.
PC and smartphone markets are experiencing a period of adjustment, with units expected to decline mid-teens in CY2026, delaying growth until CY2027.
Bit growth for FY2027 is expected to be slightly below the mid-to-high teens target due to higher inventory days required to support NBMs and component costs.
The Q1 FY2027 revenue guidance of $10.3-$10.8 billion was viewed as lighter than some expectations, with sequential growth driven by only modest price increases as pricing is locked in under NBMs.
Capital spending will increase year-over-year to support BiCS8 and BiCS10 transitions, though it will decline as a percentage of revenue to approximately 6%.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SNDK.OQ - SanDisk Corporation
Q4 2026 Sandisk Corp Earnings Call
Aug 05, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to Sand Disk's 4th quarter fiscal year 2026 earnings conference call.

All participants will be in a listen-only mode.

Should you need assistance, please be followed on your telephone keypad.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press star, then 1 on your telephone keypad.

To withdraw your question, please press star, then 2.

Please note that this event is being recorded.

I would now like to turn the conference over to Ivan Donaldson.

Vice President of Investor Relations, please go ahead.

Before we begin, please note that today's discussion will contain forward

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