The Revenue LinesThin moat

Sandisk (SNDK) — moat facet

The same flash sold three ways: Edge is the revenue, Datacenter the growth, Consumer the brand.

Sandisk reports its revenue in three end markets, and all three are the same NAND flash sold to different buyers. In fiscal 2026 Edge brought in $12,160 million, Datacenter $5,153 million and Consumer $2,935 million, of $20,248 million.1 Sandisk reports one segment and discloses no profit by end market, so these pages are about revenue, volume and price.

Fiscal 2026 growth by end market: bits against price (%)high single digitsEdge bitsalmost +180%Edge $/GBalmost +120%Datacenter bitsalmost +150%Datacenter $/GB-mid-teensConsumer bitslow-fiftiesConsumer $/GBSandisk Form 10-K FY2026; approximate as disclosed, bars at the stated levels
Everywhere but the datacenter, the year's growth was price.

The year's growth came mostly from price, and the 10-K says how much. Edge revenue rose 195% while bits shipped rose by a high single-digit percentage; Datacenter rose 437% on bits up almost 120%; Consumer rose 29% while bits fell by a mid-teens percentage.2 Revenue per gigabyte rose almost 180%, almost 150% and by the low fifties percent respectively.3

The mix is moving toward the datacenter. Datacenter was about 4.9% of revenue in fiscal 2024 and 25.4% in fiscal 2026, and 33.2% in the June quarter, when Consumer was 6.2%.456 The long-term agreements Sandisk has been signing cover the Datacenter and Edge markets.7

The latest quarter showed where supply is going. Datacenter revenue roughly doubled on the prior quarter to $2,977 million, Edge rose 48% to $5,432 million, and Consumer fell 32% to $556 million.8 The joint-venture supply behind all three is argued under Half of Eight Fabs, Without Owning One; these pages carry each market's series.

The number that ties them together is Datacenter's share of revenue, 33.2% in the latest quarter.910 If it keeps rising under contracts, Sandisk's revenue becomes less exposed to the spot price; if it falls back when prices do, the contracts did less than they seemed.

Moat trajectory: Widening

Datacenter's share of revenue rose to 33.2% in the June 2026 quarter from 11.2% a year earlier.

The number that tests this moat
Moat Explorer calc
Datacenter share of revenue, latest quarter
About 33.2% in Q4 fiscal 2026, from 11.2%

Rising under contracts reduces exposure to the spot price; falling back when prices fall would show the contracts did little.

How it's calculated: 2,977 / 8,965 against 213 / 1,901.
Source: Sandisk fiscal Q4 2026 results release (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Edge
Slightly more flash at almost three times the price per gigabyte.
DIG DEEPER 02
Datacenter
From $325 million to $5.2 billion in two years, the only market where volume doubled.
DIG DEEPER 03
Consumer
The brand business, shipping less and getting squeezed out in a shortage.
References
  1. ReportedIn fiscal 2026 Edge brought in $12,160 million, Datacenter $5,153 million and Consumer $2,935 million, of $20,248 million.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  2. ReportedEdge revenue rose 195% while bits shipped rose by a high single-digit percentage; Datacenter rose 437% on bits up almost 120%; Consumer rose 29% while bits fell by a mid-teens percentage.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  3. ReportedRevenue per gigabyte rose almost 180%, almost 150% and by the low fifties percent respectively.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  4. ReportedDatacenter was about 4.9% of revenue in fiscal 2024 and 25.4% in fiscal 2026, and 33.2% in the June quarter, when Consumer was 6.2%.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  5. ReportedDatacenter was about 4.9% of revenue in fiscal 2024 and 25.4% in fiscal 2026, and 33.2% in the June quarter, when Consumer was 6.2%.
    Sandisk fiscal Q4 2026 results release (Exhibit 99.1, 5 August 2026) - end-market revenue for Q4 FY2026, Q3 FY2026 and Q4 FY2025 (Datacenter $2,977M/$1,467M/$213M, Edge $5,432M/$3,663M/$1,103M, Consumer $556M/$820M/$585M); gross margin 84.6% — Q4 FY2026 · publ. 5 August 2026 · source ↗
  6. Moat Explorer calcDatacenter was about 4.9% of revenue in fiscal 2024 and 25.4% in fiscal 2026, and 33.2% in the June quarter, when Consumer was 6.2%.
    Moat Explorer calculation from Sandisk's FY2026 10-K and Q4 FY2026 release: end-market shares of revenue — FY2024 to Q4 FY2026 · publ. 2026-09-23 · source ↗
  7. ReportedThe long-term agreements Sandisk has been signing cover the Datacenter and Edge markets.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  8. ReportedDatacenter revenue roughly doubled on the prior quarter to $2,977 million, Edge rose 48% to $5,432 million, and Consumer fell 32% to $556 million.
    Sandisk fiscal Q4 2026 results release (Exhibit 99.1, 5 August 2026) - end-market revenue for Q4 FY2026, Q3 FY2026 and Q4 FY2025 (Datacenter $2,977M/$1,467M/$213M, Edge $5,432M/$3,663M/$1,103M, Consumer $556M/$820M/$585M); gross margin 84.6% — Q4 FY2026 · publ. 5 August 2026 · source ↗
  9. ReportedThe number that ties them together is Datacenter's share of revenue, 33.2% in the latest quarter.
    Sandisk fiscal Q4 2026 results release (Exhibit 99.1, 5 August 2026) - end-market revenue for Q4 FY2026, Q3 FY2026 and Q4 FY2025 (Datacenter $2,977M/$1,467M/$213M, Edge $5,432M/$3,663M/$1,103M, Consumer $556M/$820M/$585M); gross margin 84.6% — Q4 FY2026 · publ. 5 August 2026 · source ↗
  10. Moat Explorer calcThe number that ties them together is Datacenter's share of revenue, 33.2% in the latest quarter.
    Moat Explorer calculation from Sandisk's FY2026 10-K and Q4 FY2026 release: end-market shares of revenue — FY2024 to Q4 FY2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026