Sandisk Corporation (SNDK) Earnings
Sandisk Corporation is expected to report next earnings on August 13, 2026 (in NaN days), with a consensus EPS estimate of $33.07. SNDK has beaten EPS estimates in 5 of its last 6 reported quarters (average surprise +172.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $14.62 | $23.41 | +60.1% | $6.0B | +26.1% |
| Jan 29, 2026 | $3.62 | $6.20 | +71.3% | $3.0B | +12.6% |
| Nov 6, 2025 | $0.88 | $1.22 | +38.2% | $2.3B | +7.2% |
| Aug 14, 2025 | $0.05 | $0.29 | +522.2% | $1.9B | +4.2% |
| May 7, 2025 | $-0.39 | $-0.30 | +23.1% | $1.7B | -6.5% |
| Mar 7, 2025 | $1.22 | $0.72 | -40.8% | $1.9B | +0.0% |
| Sep 29, 2024 | — | $1.47 | — | $1.9B | — |
| Jun 30, 2024 | — | $0.83 | — | $1.8B | — |
| Mar 31, 2024 | — | $0.19 | — | $1.7B | — |
| Dec 31, 2023 | — | $-1.43 | — | $1.7B | — |
| May 2, 2016 | — | $0.37 | — | $1.4B | — |
| Feb 12, 2016 | — | $0.64 | — | $1.5B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Signed five multi-year supply partnerships (NBMs) so far, with customers' commitments backed by firm financial guarantees, supporting durable earnings and more predictable business. - Data Center revenue grew 233% sequentially, driven by strong demand for TLC-based enterprise SSD portfolio, and expect to begin shipping QLC Stargate solutions in fiscal fourth quarter. - Edge sees shift towards premium devices, with strong year-over-year revenue growth in consumer storage categories. - Unveiled next-generation portable SSD portfolio and strengthened global consumer engagement through brand-led activities. - Extended joint venture with Kyoksha and invested in Nanya for supply chain resiliency.
Guidance
- Fiscal fourth quarter revenue forecast: $7,750 million to $8,250 million. - Non-GAAP gross margin forecast: 79% to 81%. - Non-GAAP operating expenses forecast: $480 million to $500 million. - Non-GAAP interest and other income forecast: $10 million to $30 million. - Non-GAAP tax expenses forecast: $775 million to $875 million. - Non-GAAP EPS forecast: $30 to $33, assuming 158 million fully diluted shares. - Board of Directors authorized a $6 billion share buyback program.
Segment performance
Revenue for the third quarter was $5,950 million, up 97% sequentially and 251% year-over-year. Data center revenue grew 233% sequentially to $1,467 million. Edge grew 118% to $3,663 million. Consumer came in at $820 million, down 10% in line with historical seasonality. Non-GAAP gross margin for the third quarter was 78.4%, up from 51.1% in the prior quarter. Non-GAAP operating expenses were $448 million, 7.5% of revenue. Non-GAAP operating margin was 70.9%, up from 37.5% in the prior quarter. Non-GAAP EPS was $23.41, up from $6.20 in the prior quarter. Adjusted free cash flow was $2,955 million, with cash flow from operations at $3,038 million and gross capital expenditures at $240 million (4% of revenue).
Analyst Q&A
Q: EPS guidance implies possible slowing price increase, and degree of price fix in coming quarters;
A: Don't guide pricing, but FQ3 had extraordinary pricing acceleration, agreements tailored to customers with fixed and variable elements.
Q: Growth in enterprise SSD, how much market vs product portfolio;
A: Portfolio in great shape, strong market pull, TLC product driving growth, expect enterprise share to rise.
Q: One-third of bid growth next year contracted, where it's going;
A: Still in active conversations, expect number to go up, can get above 50%.
Q: Margins and target margin;
A: Not ready to talk target margin yet, focused on getting value of technology recognized.
Q: Supply-demand for NAND, when industry might get into balance;
A: Markets balance supply and demand, data center accelerating, supply increased through nodal transitions.
Q: Capital structure, buybacks;
A: Announced $6 billion share buyback, will track cash flow.
Q: New business models, include largest U.S. hyperscalers;
A: Can't disclose customer names, provide RPO metric.
Q: Discussions with Keoxia on bit supply;
A: Conversations ongoing, aligned on BICS-8 transition plan.
Q: Stargate shipping and meaning;
A: QLC product under qualification, expected to do well.
Q: KB Cash opportunity and customer discussions;
A: Need to stay close to customers, agreements driven by customer understanding of infrastructure.
Q: Client demand snapping back, confidence in meeting demand;
A: Markets adapt, engaged in conversations with edge customers on multi-year agreements.
Q: RPO and financial guarantees, mostly in data center;
A: Not disclosing customer details, $42 billion RPO from signed deals.
Q: NAND SST roadmap, high bandwidth flash;
A: Steady progress, building technology, timeline for NAND die and system with controller.
Q: DRAM investment and supply agreement;
A: Partnership with NANIA for preferential DRAM access.
Q: Average duration of signed deals;
A: Can't provide average, deals customized to customers.
Q: Restriction on raising prices in long-term agreements;
A: Can't go into detail, pricing varies by agreement.
Q: QLC flash trending and TLC vs QLC mix;
A: Roughly two-thirds TLC, one-third QLC in portfolio, strong demand for TLC in enterprise SSD space