EdgeThin moat

Sandisk (SNDK) — moat facet

Slightly more flash at almost three times the price per gigabyte.

Edge is Sandisk's largest end market. It brought in $12,160 million in fiscal 2026, up 195%, about 60.1% of revenue.12

Edge revenue by quarter ($m)$1,103mQ4 FY2025$3,663mQ3 FY2026$5,432mQ4 FY2026Sandisk fiscal Q4 2026 results release
Up 392% in a year on bits that grew only by single digits.

It covers flash sold to device makers and the channel that serves them. The 10-K lists SSDs for desktop and notebook PCs, gaming consoles and set-top boxes, and embedded storage for phones, tablets, cars, industrial equipment and connected-home devices.3

Until this year it did not grow. Revenue was $4,069 million in fiscal 2024 and $4,127 million in fiscal 2025, flat through the downturn, while Sandisk lost money in both years.4

Fiscal 2026 was almost all price. Revenue rose $8,033 million; bits shipped rose only by a high single-digit percentage, and revenue per gigabyte rose almost 180%.5 In other words, Sandisk sold slightly more flash to the same customers and was paid almost three times as much for each gigabyte.

The June quarter was the strongest yet. Edge revenue was $5,432 million, up 48% on the prior quarter and 392% on a year earlier.6 Some of the long-term agreements Sandisk signed from April 2026 cover this market, which for the first time puts part of it under contract.7

Sandisk does not report profit by end market, so the margin on Edge cannot be separated from the company's 84.6% gross margin in the June quarter.8

The verdict is that Edge is a volume business earning a shortage price. The number that would change that is its bit growth: high single digits in fiscal 2026, and a price fall without faster bit growth would take most of this year's revenue gain away.

Moat trajectory: Holding steady

Revenue up 48% on the prior quarter, on price rather than volume.

The number that tests this moat
Reported
Edge revenue, fiscal year
$12,160M in fiscal 2026, up 195%

Bits grew only by a high single-digit percentage; a price decline without faster bit growth would reverse most of the gain.

Source: Sandisk Form 10-K FY2026 ↗
References
  1. ReportedIt brought in $12,160 million in fiscal 2026, up 195%, about 60.1% of revenue.
    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. Moat Explorer calcIt brought in $12,160 million in fiscal 2026, up 195%, about 60.1% of revenue.
    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 ↗
  3. ReportedThe 10-K lists SSDs for desktop and notebook PCs, gaming consoles and set-top boxes, and embedded storage for phones, tablets, cars, industrial equipment and connected-home devices.
    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. ReportedRevenue was $4,069 million in fiscal 2024 and $4,127 million in fiscal 2025, flat through the downturn, while Sandisk lost money in both years.
    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. ReportedRevenue rose $8,033 million; bits shipped rose only by a high single-digit percentage, and revenue per gigabyte rose almost 180%.
    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 ↗
  6. ReportedEdge revenue was $5,432 million, up 48% on the prior quarter and 392% on a year earlier.
    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 ↗
  7. ReportedSome of the long-term agreements Sandisk signed from April 2026 cover this market, which for the first time puts part of it under contract.
    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. ReportedSandisk does not report profit by end market, so the margin on Edge cannot be separated from the company's 84.6% gross margin in the June 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 ↗
Sources
Generated September 23, 2026