[SNDK] Sandisk: Q1 fiscal 2027 earnings preview as NAND price gains slow

Sandisk (SNDK), a NAND flash memory company that sells solid-state drives, embedded storage and memory cards to cloud providers, PC and phone makers and retail consumers, is scheduled to report results for the first quarter of fiscal 2027 (the 13 weeks ending October 2, 2026) on 2026-10-29, which makes this a Sandisk Q1 fiscal 2027 earnings preview [1]. In its latest disclosed quarter, the fourth quarter of fiscal 2026 (the 13 weeks ended July 3, 2026), revenue reached $8.965 billion, up 51% sequentially, with roughly one-third of the growth coming from higher volumes and two-thirds from higher pricing [2]. Gross margin was 84.6%, operating income was $7.037 billion and non-GAAP diluted earnings per share were $39.25 [3], while datacenter revenue rose 103% sequentially to $2.977 billion [4]. For the first quarter, Sandisk guided to revenue of $10.3 billion to $10.8 billion, non-GAAP gross margin of 83% to 85% and non-GAAP diluted EPS of $44 to $46, assuming about 155 million shares [5], and management said on the call that sequential growth would come from both bit growth and higher pricing [6]. Drillr's compilation of 12 analysts puts average revenue expectations at $10.633 billion, and 11 analysts average $46.11 in EPS, slightly above the top of company guidance [7]; a separate Drillr earnings-calendar snapshot shows expected revenue of $10.419 billion and the same $46.11 in EPS [1].

Three things matter most in this report. The first is whether revenue and gross margin hold up as price increases slow: the $10.55 billion guidance midpoint implies sequential growth of about 17.7%, well below the fourth quarter's 51%, and because Sandisk buys wafers at cost, price changes fall almost entirely into gross profit, so whether revenue lands near the $10.8 billion top and whether non-GAAP gross margin holds 84.6% will show whether the slowdown is in pricing or in customer demand [5][2]. The second is datacenter revenue and delivery under Sandisk's long-term New Business Model (NBM) agreements: remaining performance obligations (RPO) stood at $59.8 billion at the end of fiscal 2026, all tied to NBMs, with about 19% to be recognized as revenue over the next 12 months [8], so further growth from the $2.977 billion datacenter base would be the first quarterly delivery test of those contracts [4]. The third is whether operating cash flow keeps pace with profit: of the fourth quarter's $7.126 billion in operating cash flow, about $2.09 billion came from NBM customer security deposits and advances and $730 million from income taxes not yet paid [9], inflows that will not repeat every quarter, just as the board raised the remaining buyback authorization to $15.5 billion [10].

Company Background and Business Structure

Sandisk is a storage company with more than 30 years of NAND flash history that controls everything from chip design to front-end and back-end manufacturing [11]. Western Digital acquired it in 2016, and on February 21, 2025, Western Digital distributed 80.1% of Sandisk's shares pro rata to its own stockholders while keeping 19.9%; Sandisk began trading as an independent company on February 24 [12]. The company repaid the term loan it took on at the separation early, in cash, on March 4, 2026, and recognized a $46 million loss on debt extinguishment [13]. Its fiscal year ends on the Friday nearest June 30; fiscal 2026 had 53 weeks with a 14-week first quarter, so the upcoming 13-week first quarter does not have the same number of weeks as the year-ago quarter [14].

Sandisk reports a single operating segment but discloses revenue by three end markets: Datacenter covers products for datacenters, cloud service providers and private cloud customers; Edge covers SSDs and embedded storage for PC, mobile, gaming, automotive and industrial device makers and channel customers; and Consumer covers retail memory cards, USB drives and portable SSDs [15]. In fiscal 2026 the three generated $5.153 billion, $12.160 billion and $2.935 billion, or about 25%, 60% and 14% of revenue; by geography, Asia contributed $14.241 billion, roughly 70%, the Americas $4.275 billion and Europe, the Middle East and Africa $1.732 billion [16]. Customer concentration is low: no single customer accounted for more than 10% of revenue in fiscal 2024 through 2026, and distributors and retailers receive limited price protection and marketing reimbursements [17].

Sandisk's wafer supply and most important asset relationships run through Flash Ventures, its joint venture with Kioxia. Sandisk owns 49.9% of each Flash Ventures entity, buys generally half of the wafer output at cost plus a small markup, and must pay half of the fixed costs regardless of how much it buys; it records its share of Flash Ventures earnings under the equity method one quarter in arrears [18]. All of Sandisk's flash wafers currently come from Flash Ventures, controllers are mainly designed in-house and made by outside foundries, and assembly and test are done in the company's own facilities and by contract manufacturers [19]. Sandisk also holds an equity stake in Nanya Technology, which produced a gain of about $807 million in fiscal 2026 [20], and marketable equity securities stood at $1.777 billion on the year-end balance sheet [21].

Financial History and Current Position

Annual results across three fiscal years show that Sandisk has only just emerged from a loss-making cycle. Revenue was $6.663 billion, $7.355 billion and $20.248 billion in fiscal 2024, 2025 and 2026, and gross margin was 16.1%, 30.1% and 71.5%; operating income was negative $468 million, negative $1.377 billion and $12.389 billion, with fiscal 2025 including a $1.830 billion goodwill impairment; net income was negative $672 million, negative $1.641 billion and $11.433 billion [22]. Non-GAAP diluted EPS for fiscal 2026 was $70.88 [2].

Fiscal 2026 growth was concentrated in datacenter and in pricing. Total revenue rose 175%, with Datacenter up 437%, Edge up 195% and Consumer up 29%, while total units shipped rose only by a mid-teens percentage on an exabyte basis [23]. Sales incentive programs, which are recorded as reductions of gross revenue, fell from 19% to 11% of gross revenue over the same period; that net price gain came from smaller allowances and cannot repeat every year [24].

Cash flow and the balance sheet also changed sharply in fiscal 2026. Operating cash flow rose from $84 million in fiscal 2025 to $11.671 billion [25]; for the year, Sandisk spent $177 million on equipment, repurchased $4.524 billion of stock and repaid $1.9 billion of debt [26]. As of July 3, 2026, it held $4.762 billion in cash with no borrowings, $4.708 billion in accounts receivable, $2.698 billion in inventory and $1.286 billion in current income taxes payable [21]. NBM-related balances included $59.8 billion of RPO [8], plus $1.242 billion of contract liabilities and $1.5 billion of refund liabilities, the latter two consisting mainly of customer advances and security deposits [27].

The fourth quarter of fiscal 2026 is the most recent disclosed quarter, and both growth and margins peaked for the year in that period. Quarterly revenue was $8.965 billion, up 51% sequentially and 372% year over year; gross margin rose from 78.4% in the third quarter to 84.6%, operating income was $7.037 billion and GAAP net income was $6.903 billion [3], including an $804 million gain on equity securities [26]. By end market, Datacenter revenue was $2.977 billion, up 103% sequentially; Edge was $5.432 billion, up 48%; and Consumer was $556 million, down 32% [4]. Fourth-quarter operating cash flow was $7.126 billion, and the entire $4.524 billion of fiscal 2026 buybacks took place in that quarter [26]; the board then added a $14 billion authorization, bringing the remaining total to $15.5 billion [10], and in September 2026 the company renewed its $1.5 billion revolving credit facility through 2031 [28].

Operating Model

Sandisk's revenue equals exabytes shipped times revenue per gigabyte, summed across three end markets, and fiscal 2026 growth came mainly from price rather than volume. Datacenter units shipped rose almost 120% for the year and revenue per gigabyte rose almost 150% [29]; Edge units shipped rose only by a high single-digit percentage while revenue per gigabyte rose almost 180% [30]; Consumer units shipped fell by a mid-teens percentage while revenue per gigabyte rose by a low-fifties percentage [31]. Volume is constrained by Flash Ventures wafer output and process-node transitions, and when supply is tight the company prioritizes datacenter and NBM customers; revenue per gigabyte depends on industry contract prices, the fixed and variable pricing in NBMs, product mix and sales incentives [18][32]. In timing, price changes in the non-NBM business reach revenue in the same quarter, while NBMs deliver agreed quarterly volumes and about 19% of RPO falls within the next 12 months [8]; historically, demand has been higher in the first and second fiscal quarters [33].

On the profit side, the key is that costs barely move with selling prices, so price changes flow almost entirely into gross profit. Sandisk buys wafers from Flash Ventures at cost plus a small markup, and unit costs fall only gradually with node transitions [18], which is why gross margin rose 4,100 basis points in fiscal 2026 [34]. Operating expenses are mostly research and development: R&D was $1.328 billion and SG&A $676 million for the year, for an operating margin of 61.3% [22]; the $196 million increase in R&D came mainly from performance-linked compensation and higher headcount [35]. Below pre-tax income, fiscal 2026 income tax expense was $1.584 billion, about 12% of pre-tax income [22], and the company becomes subject to the 15% US corporate alternative minimum tax (CAMT) from fiscal 2027 [36].

Operating cash flow equals net income plus non-cash items such as depreciation and stock compensation, adjusted for changes in receivables, inventory, income taxes payable and NBM advances and deposits, and those working-capital items had an outsized effect in fiscal 2026. Contract liabilities rose $1.217 billion, refund liabilities $1.374 billion and income taxes payable $1.370 billion, all cash inflows, while receivables rose $3.640 billion and inventory $619 million, absorbing cash [26]. Days in inventory rose from 135 to 178, mainly because of inventory builds to meet demand [37][38], and management said it will keep inventory at higher levels in fiscal 2027, with capital spending rising in dollars but running at about 6% of revenue and sellable bits growing by a mid-teens percentage [39]. Capital spending has two layers: Sandisk's own equipment purchases ($177 million in fiscal 2026) and net loans to Flash Ventures (about $275 million in fiscal 2026) [26]; Flash Ventures-related cash commitments for fiscal 2027 total $2.627 billion [40], and the company has said node transitions will raise capital investment [25]; this spending comes first, and the related bit growth appears only after new-node capacity ramps.

Industry and Competitive Position

NAND flash is dominated by a handful of vertically integrated suppliers, and Sandisk's main competitors include Kioxia, Micron, Samsung, SK Hynix and Yangtze Memory Technologies [41]. Kioxia holds the most unusual position: it is Sandisk's Flash Ventures partner, sharing process technology and fab scale, while also competing with Sandisk in end markets; while Flash Ventures operates, neither partner may work with third parties to manufacture flash [18].

Sandisk's strengths are its reach across datacenter, edge and retail markets, a well-known consumer brand, global retail presence and about 8,000 granted patents [15]. The company believes AI-driven demand will last through calendar 2027 and beyond [42], and the shift in its revenue mix is consistent with that view: datacenter revenue rose from 13% of the total in fiscal 2025 to 25% in fiscal 2026 [16] and reached 33.2% in the fourth quarter [4].

Sandisk is using NBMs to break the NAND industry's pattern of boom and bust in pricing, but that advantage has not yet been tested against comparable data. The 10-K describes NBMs as mostly multi-year agreements with stated volumes, pricing that has fixed and variable components and financial guarantees, and says they are expected to become the company's predominant way of doing business [32]; after announcing five agreements in April, Sandisk signed five more, three with new customers and two expanding existing deals [10], and management said NBMs will account for more than half of bits in fiscal 2027 and about two-thirds in fiscal 2028 [43]. However, the company does not disclose absolute revenue per gigabyte, a quarterly volume-and-price split or NBM revenue share, and public disclosure offers no competitor data on the same basis, so it is not possible to place Sandisk's pricing and margins relative to peers.

Core Debates

Two-thirds of Sandisk's fourth-quarter growth came from higher prices. Can the first quarter still deliver revenue of $10.3 billion to $10.8 billion?

This question sets the direction of Sandisk's profits, because nearly all of its costs are wafers bought at cost from the joint venture, so higher prices turn directly into gross profit. Fiscal 2026 revenue grew from $7.355 billion to $20.248 billion and gross margin rose from 30.1% to 71.5% [22], then reached 84.6% in the fourth quarter on a revenue base of $8.965 billion [3]. The guidance midpoint implies sequential growth of about 17.7%, far slower than the fourth quarter's 51% [5][2], and the question is whether only the pace of price increases is slowing or whether end customers have started to buy less.

The evidence for meeting guidance comes from the company's own statements and datacenter momentum. Sandisk guided to first-quarter non-GAAP gross margin of 83% to 85% [5] and said sequential growth would come from both bits and pricing [6]; the 10-K says AI-driven demand will last through calendar 2027 and beyond [42]; and fourth-quarter datacenter revenue doubled sequentially to $2.977 billion [4]. The evidence against is concentrated in price-sensitive businesses: fourth-quarter Consumer revenue fell 32% sequentially to $556 million, and Edge revenue was $5.432 billion [4]; Consumer units fell by a mid-teens percentage for the year [31], Edge units rose only by a high single-digit percentage and Edge revenue growth relied mainly on revenue per gigabyte rising almost 180% [30]; and the net price gain from sales incentives falling from 19% to 11% of gross revenue cannot repeat [24].

The financial transmission is direct: revenue per gigabyte in the non-NBM business follows industry contract prices and, multiplied by volume, forms revenue, while wafers are priced at cost, so price changes flow almost entirely into gross margin [18][34]. What remains unresolved is whether an alternative explanation holds: slower first-quarter growth may mainly reflect smaller contract-price increases in the non-NBM business, while the fixed-price portion of NBMs lowers revenue sensitivity to spot prices. Sequential changes in Edge and Consumer can partly separate the two explanations, because pricing in those businesses sits closer to the market.

The report should be read for five signals: whether revenue is at or above the $10.8 billion top of guidance, whether non-GAAP gross margin is at or above the fourth quarter's 84.6%, whether Edge revenue grows sequentially, whether Consumer revenue stops falling, and how the company splits sequential growth between volume and price [5]. If revenue falls below the $10.3 billion bottom of guidance or non-GAAP gross margin falls below 83%, slowing price increases will have hurt revenue and profit more than the company judged three months earlier.

Can Sandisk's long-term NBM agreements turn its datacenter boom into contracted, deliverable revenue?

NBMs determine whether Sandisk can escape the NAND price cycle, and they are the biggest difference between this cycle and past memory cycles. Sandisk still lost $1.641 billion in fiscal 2025 [22], yet RPO, all from NBMs, reached $59.8 billion at the end of fiscal 2026, about three times that year's revenue [8]. If these agreements deliver as contracted, revenue will depend more on contracted volume and cyclicality will fall; if datacenter growth comes mainly from higher prices, NBMs have only locked in future volume without changing current revenue's dependence on price.

The supporting evidence is that contracted volume, cash guarantees and datacenter revenue are all growing. Fiscal 2026 datacenter revenue rose 437% and units shipped rose almost 120% [29], and fourth-quarter datacenter revenue was $2.977 billion, double the prior quarter [4]; customers have paid $1.242 billion in advances and $1.5 billion in security deposits for NBMs [27], third-party financial institutions hold another $5.0 billion of collateral, and about 19% of RPO will be recognized over the next 12 months [8]; Sandisk signed further agreements after the quarter, and management said RPO would be $91.1 billion including the two NBMs signed after quarter-end [43]. The opposing evidence comes from the 10-K's risk disclosures: NBMs do not eliminate demand, market or execution risk [32], a customer default could leave Sandisk unable to resell volumes at comparable prices [44], and the agreements tie up supply and limit the company's ability to sell to customers offering better terms [45]; meanwhile, no single customer exceeds 10% of revenue and the company does not disclose NBM revenue share [17].

The transmission chain runs from new NBMs to higher RPO, advances and deposits, then through agreed quarterly deliveries into Datacenter and Edge revenue, with the fixed-price portion reducing revenue sensitivity to spot prices [32][8]. What remains unresolved is when the real value of NBMs can be tested. Datacenter revenue per gigabyte rose almost 150% in fiscal 2026 [29], showing that current growth is still driven mainly by price; the protective effect of NBMs will only become visible when prices fall, and the first quarter can only test whether the agreements deliver as contracted.

In the first quarter, the signals are whether datacenter revenue grows sequentially and exceeds 33.2% of total revenue, whether quarter-end RPO is above $59.8 billion, and whether contract liabilities plus refund liabilities stay at or above $2.742 billion [4][8][27], along with any new agreements, expansions or customer defaults. A sequential decline in datacenter revenue, quarter-end RPO below $59.8 billion or a customer default would weaken the view that NBMs are turning growth into contracted revenue.

Can Sandisk's profits turn into cash for buybacks? Will first-quarter operating cash flow keep pace with net income?

This question determines whether Sandisk's buybacks can continue, because the company plans repurchases around operating cash flow and the fourth quarter's cash flow included substantial one-time inflows. Operating cash flow was $11.671 billion in fiscal 2026 versus only $84 million in fiscal 2025 [25]; Sandisk repurchased $4.524 billion of stock in the fourth quarter [26], the board approved a new $14 billion authorization [10], and the company says repurchases are funded by operating cash flow [46]. But of the fourth quarter's $7.126 billion in operating cash flow, about $2.09 billion came from NBM customer deposits and advances and $730 million from income taxes not yet paid [9], so the first quarter is the first test of whether cash can keep pace with profit without those inflows.

The supporting evidence is that fourth-quarter cash flow exceeded profit and the balance sheet is clean. Fourth-quarter operating cash flow of $7.126 billion was above net income of $6.903 billion [26]; the company has already repaid its term loan early [13], ended the year with $4.762 billion in cash [21] and renewed its $1.5 billion revolving credit facility in September [28]. The opposing evidence is that taxes, inventory and capital spending will all draw on cash at once: current income taxes payable stood at $1.286 billion at year-end [21], and CAMT applies from fiscal 2027 [36]; receivables rose $3.640 billion over the year [26] and days in inventory rose from 135 to 178 [37]; and Flash Ventures-related cash commitments for fiscal 2027 total $2.627 billion [40].

The transmission chain runs from net income, adjusted for changes in receivables, inventory, income taxes payable and NBM advances and deposits, to operating cash flow; subtracting equipment purchases and loans to Flash Ventures gives free cash flow, which then sets the scale of buybacks [26][40]. Equipment purchases plus net Flash Ventures loans were only $153 million in the fourth quarter [26], while management said capital spending will rise in dollars in fiscal 2027 [39]. An alternative explanation is equally plausible: the fourth quarter's strong cash flow came mainly from one-time NBM signing cash and the timing of tax payments, so if the first quarter brings no large new advances, operating cash flow falling well short of net income would not necessarily mean weaker earnings quality.

In the first quarter, the signals are whether operating cash flow at least matches the net income implied by guidance, whether income taxes payable fall as cash tax payments rise, whether inventory grows faster than revenue, whether equipment purchases and Flash Ventures loans increase noticeably, and whether buybacks exceed free cash flow. At the $44 low end of EPS guidance and about 155 million shares, non-GAAP net income would be about $6.82 billion [5]; operating cash flow below that level, or buybacks that reduce the cash balance, would show that conversion of profit into distributable cash is weaker than in the fourth quarter.

Risks and Falsifiers

The five risks below fall on different financial lines, and each has a falsifier that later disclosures can test. Price-cycle and NBM delivery risk connect directly to the core debates, while wafer sourcing and tariff risk cut across the whole business.

The first risk is single-source wafer supply and dependence on the joint venture. All of Sandisk's wafers come from Flash Ventures [19]; while the venture operates, neither partner may manufacture flash with third parties, and Sandisk must pay half of fixed costs regardless of how much it buys [18]; at the end of fiscal 2026, Flash Ventures-related commitments totaled $6.559 billion, including $2.627 billion in fiscal 2027 [40], and depreciation prepayments still to be credited were $840 million [47]. The exposure falls on volume and gross margin; if Flash Ventures output ramps on schedule (the K2 fab in Kitakami began producing output in fiscal 2026) with no shutdown, accident or change in joint-venture terms, the risk has not materialized.

The second risk is trade and tariffs. US investigations under Section 232 and Section 301 could change tariff rates on Sandisk's products; most of its products sold in the US are currently exempt, and losing those exemptions would raise cost of goods sold or dampen US demand [48]. Fiscal 2026 revenue was $4.275 billion from the Americas and $14.241 billion from Asia [16], and the exposed lines are cost of goods sold and gross margin on US business; the concern would be falsified if the investigations end with Sandisk's products still exempt.

The third risk is the price cycle. After the sharp rise in fiscal 2026, NAND price increases may slow or reverse; the non-NBM business floats with market prices, and price declines would come almost entirely out of gross profit [34]. About two-thirds of the fourth quarter's $3.015 billion sequential revenue increase came from price [2], and on fourth-quarter revenue each 1% change in revenue per gigabyte moves revenue by about $90 million, almost all of it falling to gross profit; if first-quarter revenue and gross margin are both at or above the top of guidance and the company says prices are still rising, the risk has not yet materialized [5].

The fourth risk is NBM delivery and counterparty risk. Sandisk must deliver contracted volumes, and capacity, yield or supply-chain problems could trigger damages for breach; if a customer defaults, Sandisk must find other buyers and may not obtain comparable prices in a downturn [44]. The exposure is future revenue behind $59.8 billion of RPO, while customer cash guarantees of $2.742 billion plus $5.0 billion of third-party collateral cover only about 13% of RPO [8][27]; continued delivery as contracted, with no default, termination or draw on collateral, is the falsifier.

The fifth risk is cash conversion. Concentrated tax payments, inventory builds and new-node investment could hit at the same time and leave operating cash flow behind profit, while buybacks are planned around profit. Current income taxes payable were $1.286 billion and inventory $2.698 billion at year-end [21], days in inventory were 178 [37], Flash Ventures-related cash commitments for fiscal 2027 are $2.627 billion [40], and fourth-quarter buybacks were $4.524 billion [26]; if first-quarter operating cash flow is at least equal to net income and buybacks do not reduce the cash balance, the risk has not materialized.

What to Watch Next

• Revenue versus price slowdown: quarterly revenue against the fourth quarter's $8.965 billion [3]; a result at the $10.8 billion top of guidance confirms resilience, and anything below $10.3 billion falsifies it.
• Margin: non-GAAP gross margin against 84.6%; a reading below 83% falsifies the current view.
• Price-sensitive businesses: Edge revenue of $5.432 billion and Consumer revenue of $556 million [4]; watch whether Edge grows sequentially and Consumer stops falling, since declines in both would point to weakening price-sensitive demand.
• NBM conversion: datacenter revenue of $2.977 billion, or 33.2% of the total; a sequential decline falsifies the view.
• RPO: $59.8 billion [8]; quarter-end RPO below that level or a customer default falsifies the view.
• Customer cash guarantees: contract plus refund liabilities of $2.742 billion [27]; read alongside new agreements, expansions or defaults.
• Cash conversion: operating cash flow against $7.126 billion last quarter [26]; a figure below the roughly $6.82 billion of net income implied by the low end of guidance falsifies the view.
• Buybacks and cash: $4.524 billion repurchased and $4.762 billion in cash [21]; buybacks that reduce the cash balance falsify the view.
• Inventory and taxes: inventory of $2.698 billion and income taxes payable of $1.286 billion; inventory growing faster than revenue would show cash being tied up.

Conclusion

Sandisk's results are currently driven by two things: NAND prices and datacenter shipments. Fiscal 2026 revenue was $20.248 billion with a 71.5% gross margin [22], fourth-quarter revenue was $8.965 billion with an 84.6% gross margin [3], and the company ended the year with $4.762 billion in cash and no borrowings [21]. The central unresolved relationship has two layers: whether $59.8 billion of NBM contracts [8] can absorb the price sensitivity of the non-NBM business as price increases slow, and whether profit can keep turning into the cash buybacks require after taxes, inventory builds and capacity spending.

After the fourth-quarter report, Daniel Sparks of The Motley Fool offered an outside view with a clear argument [49]. He argues that Sandisk's earnings surge came mainly from soaring NAND prices and, citing TrendForce's forecast, notes that expected contract-price increases for this quarter have fallen from 70% to 75% last quarter to 10% to 15%, while the sequential growth implied by the midpoint of Sandisk's first-quarter revenue guidance has slowed from 51% to about 18%. He acknowledges that NBMs cover about half of fiscal 2027 shipments and are worth $93.9 billion at floor pricing, which could cushion the downside if prices fall, but he holds that the other half still floats with market prices and that earnings estimates for Sandisk were built on the steepest part of the price curve and will need rebuilding as it flattens. His view maps directly onto the first debate and partly onto the second; as of October 2, it was the only independent analysis after the fourth-quarter report to offer a comparable argument, so it represents one writer's interpretation rather than a shared market view.

The combination that would most strengthen the current understanding is first-quarter revenue near or above $10.8 billion, non-GAAP gross margin at or above 84.6%, sequential Edge growth and a stop to the Consumer decline [5], together with rising datacenter revenue, RPO above $59.8 billion and operating cash flow of at least about $6.82 billion. Conversely, revenue below $10.3 billion, gross margin below 83%, or a sequential datacenter decline, falling RPO or a customer default, combined with operating cash flow lagging well behind profit while buybacks keep drawing down cash, would materially weaken it.

Sources

[1] Drillr earnings calendar (updated 2026-10-01) · SNDK 2026-10-29 call · 2026-10-01 · Drillr earnings calendar

[2] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · news summary · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[3] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · Q4 financial highlights · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[4] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · end market summary · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[5] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · Q1 FY2027 business outlook · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[6] SNDK Q4 FY2026 earnings call 2026-08-05 · Q1 FY2027 guidance drivers · 2026-08-05 · Sandisk

[7] Drillr analyst_financial_estimates (updated 2026-10-01) · SNDK quarter ending 2026-10-03 · 2026-10-01 · Drillr analyst_financial_estimates

[8] SNDK 10-K filed 2026-08-17 · remaining performance obligations · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[9] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · Q4 working capital changes · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[10] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · NBM agreements and buyback · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[11] SNDK 10-K filed 2026-08-17 · business overview · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[12] SNDK 10-K filed 2026-08-17 · separation from WDC · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[13] SNDK 10-K filed 2026-08-17 · term loan settlement · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[14] SNDK 10-K filed 2026-08-17 · 53-week fiscal year · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[15] SNDK 10-K filed 2026-08-17 · end markets · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[16] SNDK 10-K filed 2026-08-17 · revenue by end market and geography · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[17] SNDK 10-K filed 2026-08-17 · customer concentration · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[18] SNDK 10-K filed 2026-08-17 · Flash Ventures wafer supply · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[19] SNDK 10-K filed 2026-08-17 · sole wafer source · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[20] SNDK 10-K filed 2026-08-17 · Nanya equity gain · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[21] SNDK 10-K filed 2026-08-17 · balance sheet · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[22] SNDK 10-K filed 2026-08-17 · consolidated results of operations · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[23] SNDK 10-K filed 2026-08-17 · net revenue drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[24] SNDK 10-K filed 2026-08-17 · sales incentive programs · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[25] SNDK 10-K filed 2026-08-17 · cash flow summary and FY27 capex · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[26] SNDK FY2026 Q4 results release (8-K Ex.99.1) 2026-08-05 · Q4 cash flow statement · 2026-08-05 · 8-K Ex.99.1 earnings release · https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm

[27] SNDK 10-K filed 2026-08-17 · contract and refund liabilities (Note 4) · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[28] SNDK 8-K filed 2026-09-11 · revolving credit facility amendment · 2026-09-11 · 8-K · https://www.sec.gov/Archives/edgar/data/2023554/000119312526389293/d138343d8k.htm

[29] SNDK 10-K filed 2026-08-17 · Datacenter revenue drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[30] SNDK 10-K filed 2026-08-17 · Edge revenue drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[31] SNDK 10-K filed 2026-08-17 · Consumer revenue drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[32] SNDK 10-K filed 2026-08-17 · NBM long-term agreements (MD&A) · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[33] SNDK 10-K filed 2026-08-17 · seasonality · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[34] SNDK 10-K filed 2026-08-17 · gross margin drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[35] SNDK 10-K filed 2026-08-17 · R&D expense drivers · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[36] SNDK 10-K filed 2026-08-17 · CAMT and tax holidays · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[37] SNDK 10-K filed 2026-08-17 · cash conversion cycle · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[38] SNDK 10-K filed 2026-08-17 · inventory days explanation · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[39] SNDK Q4 FY2026 earnings call 2026-08-05 · FY2027 capex and sellable bits · 2026-08-05 · Sandisk

[40] SNDK 10-K filed 2026-08-17 · material cash requirements · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[41] SNDK 10-K filed 2026-08-17 · competition · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[42] SNDK 10-K filed 2026-08-17 · operational update AI demand · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[43] SNDK Q4 FY2026 earnings call 2026-08-05 · NBM share of bits · 2026-08-05 · Sandisk

[44] SNDK 10-K filed 2026-08-17 · NBM execution and counterparty risk · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[45] SNDK 10-K filed 2026-08-17 · NBM supply constraint risk · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[46] SNDK 10-K filed 2026-08-17 · share repurchase authorization · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[47] SNDK 10-K filed 2026-08-17 · K2 fab and depreciation prepayments · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[48] SNDK 10-K filed 2026-08-17 · tariff exposure · 2026-08-17 · 10-K · https://www.sec.gov/Archives/edgar/data/2023554/000162828026057406/sndk-20260703.htm

[49] The Motley Fool (via Yahoo Finance) 2026-08-23 · Sandisk Rode an Estimated 70% Jump in NAND Prices. TrendForce Sees 10% to 15% This Quarter. · 2026-08-23 · The Motley Fool · https://finance.yahoo.com/markets/stocks/articles/sandisk-rode-estimated-70-jump-035801474.html