◆ Inside the Latest Quarter (Q4 FY2026)

Sandisk (SNDK) — the variant view

Revenue up 372%, gross margin at 84.6%, and the consumer business down 5% — the quarter that made the scale of this cycle unarguable.

1. ReportedNet income $6,903 million, diluted earnings per share $43.97, non-GAAP $39.25. The composition matters more than the total.
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗
2. ReportedSandisk stated that sequential growth came approximately one-third from higher volumes and two-thirds from higher pricing. By end market, Datacenter was $2,977 million, up 103% sequentially and from $213 million a year earlier; Edge was $5,432 million, up 48% and 392%; and Consumer was $556 million, down 32% sequentially and 5% year over year.
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗
3. ReportedBy end market, Datacenter was $2,977 million, up 103% sequentially and from $213 million a year earlier; Edge was $5,432 million, up 48% and 392%; and Consumer was $556 million, down 32% sequentially and 5% year over year. The retail business the company is named after shrank, in the best quarter in its history, because supply went where the price was higher.
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗
4. ReportedThe board authorised a further $14 billion of buybacks on top of the $6 billion approved in April, leaving $15.5 billion of remaining authorisation against a company that had already repurchased 3 million shares for $4.5 billion during the year. And after the balance-sheet date, Sandisk signed two additional New Business Model agreements with an aggregate transaction price of $31.3 billion — on...
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗
5. ReportedAnd after the balance-sheet date, Sandisk signed two additional New Business Model agreements with an aggregate transaction price of $31.3 billion — one and a half times the entire year's revenue, in two contracts. Guidance for the September quarter is revenue of $10.30 to $10.80 billion at 83.0% to 85.0% gross margin, with non-GAAP earnings per share of $44.00 to $46.00 on about 155 million di...
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗
6. ReportedGuidance for the September quarter is revenue of $10.30 to $10.80 billion at 83.0% to 85.0% gross margin, with non-GAAP earnings per share of $44.00 to $46.00 on about 155 million diluted shares. Annualised, that is a run rate above $42 billion on a company that did $7.4 billion two years ago.
   Sandisk Corporation, fiscal fourth quarter 2026 results press release, 5 August 2026 (filed as Exhibit 99.1 to a Form 8-K). Fourth-quarter revenue of $8,965 million, up 51% sequentially from $5,950 million and up 372% from $1,901 million a year earlier; gross margin 84.6% against 78.4% sequentially and 26.2% a year earlier; operating expenses $545 million; operating income $7,037 million against $4,111 million and $18 million; net income $6,903 million against $3,615 million and a loss of $23 million; diluted net income per share $43.97 against $23.03 and a loss of $0.16, with non-GAAP diluted EPS of $39.25. Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing. Fiscal year 2026 revenue of $20,248 million, up 175%, gross margin 71.5% against 30.1%, operating income $12,389 million against a loss of $1,377 million, net income $11,433 million against a loss of $1,641 million, diluted EPS $73.76 against a loss of $11.32, and non-GAAP diluted EPS of $70.88 against $2.99. Fourth-quarter revenue by end market: Datacenter $2,977 million, up 103% sequentially from $1,467 million and from $213 million a year earlier; Edge $5,432 million, up 48% sequentially and 392% year over year from $1,103 million; Consumer $556 million, down 32% sequentially from $820 million and down 5% from $585 million. Full-year end markets: Datacenter $5,153 million up 437%, Edge $12,160 million up 195%, Consumer $2,935 million up 29%. Since announcing five New Business Model agreements on the April earnings call, Sandisk signed five additional agreements including three NBMs with new customers and two deals expanding previously signed NBMs. The board approved an additional $14 billion buyback programme, bringing total remaining authorisation to $15.5 billion. First-quarter fiscal 2027 guidance is revenue of $10.30 billion to $10.80 billion, GAAP gross margin of 83.0% to 84.9% and non-GAAP of 83.0% to 85.0%, operating expenses of $574 million to $614 million GAAP and $520 million to $540 million non-GAAP, a 15.0% non-GAAP tax rate, non-GAAP diluted net income per share of $44.00 to $46.00, and approximately 155 million diluted shares. Chairman and Chief Executive Officer David Goeckeler said the company closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar and deepened its customer partnerships. — Q4 FY2026 · publ. 2026-08-05 · source ↗

• Sandisk Corporation Form 10-K, FY2026 (SEC EDGAR)
• Sandisk Q4 FY2026 results press release (SEC EDGAR, Form 8-K exhibit)