Quarterly Earnings Performance
Note: SanDisk is an active, independently traded company (Nasdaq: SNDK) since February 21, 2025, when it completed its spin-off from Western Digital Corporation. SanDisk's fiscal year ends in late June/early July (FY2026 ends July 3, 2026). Quarters below are labeled by SanDisk's fiscal quarter designation and grouped under the calendar year in which the report was released. Prior to the February 2025 spin-off, SanDisk operated as Western Digital's Flash segment; YoY comparisons reference the equivalent Flash segment period where available.
| Quarter | Period | Report Date | Revenue | YoY Growth | EPS (non-GAAP) | Guidance (next qtr) | Notes |
|---|---|---|---|---|---|---|---|
| Q4 FY2025 | Mar 29 – Jun 27, 2025 | Aug 14, 2025 | $1.90B | N/A* | $0.29 | $2.10–$2.20B rev | First standalone reported quarter; GAAP net loss $23M; beat rev guidance |
*First full standalone quarter as a public company; no directly comparable prior-year standalone period.
| Quarter | Period | Report Date | Revenue | YoY Growth | EPS (non-GAAP) | Guidance (next qtr) | Notes |
|---|---|---|---|---|---|---|---|
| Q1 FY2026 | Jun 28 – Oct 3, 2025 | Nov 6, 2025 | $2.31B | +23% | $1.22 | $2.55–$2.65B rev; $3.00–$3.40 EPS | +21% QoQ; gross margin expanding; AI datacenter demand rising |
| Q2 FY2026 | Oct 4, 2025 – Jan 2, 2026 | Jan 29, 2026 | $3.03B | +61% | $6.20 | $4.40–$4.80B rev; $12.00–$14.00 EPS | +31% QoQ; datacenter rev +64% QoQ; NAND supply-demand imbalance widening |
| Q3 FY2026 | Jan 3 – Apr 3, 2026 | Apr 30, 2026 | $5.95B | +251% | $23.41 | $7.75–$8.25B rev; $30.00–$33.00 EPS | +97% QoQ; gross margin 78.4%; datacenter rev +233% QoQ; $6B buyback authorized |
| Quarter | Est. Report Date | Est. Revenue | Est. EPS | Source |
|---|---|---|---|---|
| Q4 FY2026 (Apr 4 – Jul 3, 2026) | ~Jul 24 – Aug 3, 2026 | $7.75–$8.25B (guidance) | $30.00–$33.00 (guidance) | SanDisk Q3 FY2026 guidance; analyst consensus |
As of May 2026. Consensus based on 22 analysts: 17 Buy / 4 Hold / 1 Sell. Average PT: $1,493. Range: $1,000–$2,350.
| Firm | Rating | Price Target | Prior PT | Date | Notes |
|---|---|---|---|---|---|
| Citigroup | Buy | $2,025 | $1,300 | May 19, 2026 | Highest active PT among major banks |
| Susquehanna | Buy | $2,000 | — | 2026 | Most bullish early-2026 call |
| Bernstein SocGen | Outperform | $1,700 | $1,250 | May 1, 2026 | Raised post-Q3 FY2026 beat |
| Bank of America | Buy | $1,550 | — | 2026 | — |
| Raymond James | Buy | $1,470 | $725 | 2026 | Doubled PT; hypergrowth conviction |
| Jefferies | Buy | $1,400 | — | 2026 | — |
| Wells Fargo | Equal Weight | $1,250 | $975 | 2026 | Cautious; NAND cycle sustainability concerns |
| Barclays | Hold | — | — | 2026 | Maintaining caution despite raising PT |
| RBC Capital | Hold | — | — | 2026 | Still cautious despite 550%+ run |
SanDisk relisted on Nasdaq in February 2025 following its separation from Western Digital and emerged as one of the best-performing stocks of 2025–2026, surging ~550%+ as a standalone entity. YoY revenue growth accelerated from +23% in Q1 FY2026 to +61% in Q2 FY2026 and an extraordinary +251% in Q3 FY2026 ($5.95B), driven by surging enterprise NAND demand for AI data centers and a favorable supply-demand imbalance. The company reached a zero-debt balance sheet, generated $2.99B in free cash flow in Q3 alone, and authorized a $6B buyback. Q4 FY2026 guidance of $7.75–$8.25B signals continued hypergrowth, with management expecting the NAND pricing tailwind to persist through 2026. The Wall Street analyst community is broadly bullish (17/22 Buy), with price targets ranging from $1,000 (bears citing cycle risk) to $2,025–$2,350 (bulls citing structural AI storage demand).
Generated: 2026-05-27