Sandisk Corp (SNDK) operating KPIs

SNDKNasdaqComputer Storage DevicesFiscal year ends June 28

Financials through Q1 FY2027, quarter ended Oct 2, 2026Last filing: 10-Q on Oct 30, 2026Score 17/3065% below fair value

$1150.89−179.16 (-13.47%)

Close on Oct 30, 2026Market cap $168.51BP/E 9.2Yield –

KPIs

Operating metrics that drive Sandisk's business · fiscal year ends Friday nearest to June 30

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Sandisk's fiscal year ends Friday nearest to June 30 — Q1 FY27 = Jul–Sep 2026.

Column labels

Metric	Q1 FY27 2026-10-02	Q4 FY26 2026-07-03	Q3 FY26 2026-04-03	Q2 FY26 2026-01-02	Q1 FY26 2025-10-03	Q4 FY25 2025-06-27	Q3 FY25 2025-03-28	Q2 FY25 2024-12-27	Q1 FY25 2024-09-27	Q4 FY24 2024-06-28	Q3 FY24 2024-03-29	Q2 FY24 2023-12-29

Total Flash exabytes sold YoY growth (%)(%)2				22.0%	31.0%		13.0%	-2.0%	-12.0%		20.0%	21.0%
Total Flash average selling price (ASP) per gigabyte YoY change (%)(%)			248.0%	36.0%	-9.0%		-11.0%	14.0%	39.0%		10.0%	-17.0%
Datacenter share of total NAND bit shipments (%)(%)		38.0%	25.0%			12.0%
Datacenter (formerly Cloud) end-market revenue($M)3		2,977	1,467	440	269	213	197	250	300	170	97	40
Datacenter (Cloud) exabytes sold YoY growth (%)(%)			160.0%	90.0%	1.0%		75.0%	305.0%	1,355.0%
Datacenter (Cloud) ASP per gigabyte YoY change (%)(%)			186.0%	-8.0%	-11.0%		16.0%	57.0%	12.0%
Cloud end-market revenue (legacy pre-FY26 label)($M)						213	197	250		170	97	40
Edge (formerly Client) end-market revenue (PC, mobile, gaming, automotive & industrial)($M)3		5,432	3,663	1,678	1,387	1,103	927	1,028	1,069	1,067	1,035	970
Edge (Client) exabytes sold YoY growth (%)(%)			-10.0%	10.0%	39.0%		5.0%	-14.0%	-29.0%
Edge (Client) ASP per gigabyte YoY change (%)(%)			343.0%	55.0%	-11.0%		-13.0%	22.0%	53.0%
Client end-market revenue (legacy pre-FY26 label)($M)						1,103	927	1,028		1,067	1,035	970
Consumer end-market revenue (SanDisk & WD_BLACK retail cards, USB flash & portable SSDs)($M)2		556	820	907	652	585	571	598	514	523	573	655
Consumer exabytes sold YoY growth (%)(%)			-40.0%	17.0%	32.0%		15.0%	-4.0%	-13.0%
Consumer ASP per gigabyte YoY change (%)(%)			139.0%	30.0%	-4.0%		-15.0%	-5.0%	9.0%
Pre-separation WDC Flash segment revenue (historical FY2020–FY2025Q2 bridge)($M)2		8,965	5,950	3,025	2,308	1,901	1,695	1,876	1,883	1,760	1,705	1,665

Remaining performance obligations (RPO) — Multi-year New Business Model (NBM) backlog($M)5	91,100	59,800	41,600
Unbilled remaining performance obligations (off-balance-sheet NBM backlog)($M)		58,700	41,200
Billed remaining performance obligations (recorded in Contract liabilities)($M)		1,100	400
Share of RPO expected to be recognized as revenue within next 12 months (%)(%)		19.0%	15.0%
Total customer financial guarantees backing NBMs (cash deposits + third-party instruments)($M)		16,500	11,000
Third-party financial institution collateral held for NBM obligations($M)		5,000
Total contract liabilities (deferred revenue & NBM customer prepayments)($M)4		1,242	511			25
Current contract liabilities($M)		849	323			25
Non-current contract liabilities($M)		393	188			0
Refund liabilities (NBM customer security deposits)($M)		1,500				126
NBM cash prepayments and security deposits received in operating cash flow($M)		1,938	538
Next-quarter Business Outlook — Revenue guidance (Low end, through Q1 FY27)($M)8	10,300	8,250	4,400	2,550	2,100	1,750
Next-quarter Business Outlook — Revenue guidance (High end, through Q1 FY27)($M)	10,800	8,750	4,800	2,650	2,200	1,850
Next-quarter Non-GAAP gross margin guidance (Low end, %)(%)	83.0%	78.0%	65.0%	41.0%	28.5%	25.5%
Next-quarter Non-GAAP gross margin guidance (High end, %)(%)	85.0%	80.0%	67.0%	43.0%	30.0%	28.0%
Next-quarter Non-GAAP operating expenses guidance (Low end)($M)	520	490	450	450	415	395
Next-quarter Non-GAAP operating expenses guidance (High end)($M)	540	510	470	475	430	405
Next-quarter Non-GAAP diluted EPS guidance (Low end)($)	44	28.50	12	3	0.70	-0.10
Next-quarter Non-GAAP diluted EPS guidance (High end)($)	46	31.50	14	3.40	0.90	0.15
Next-quarter guided diluted shares outstanding(M)	155	158	157	155	148	146
Total material contractual cash requirements (MD&A liquidity schedule)2
Purchase obligations and other long-term supplier commitments($M)6		5,892	7,107	2,539	2,481	2,633	2,781	2,908
Future minimum operating lease commitments (undiscounted)($M)		299	308	315	319	331	335	310

Flash Ventures — Maximum reasonably estimable loss exposure($M)4		2,897	2,967	3,104	3,094	3,384	3,359	3,607	3,790	3,369	3,576	4,011
Off-balance-sheet equipment operating lease guarantees (Sandisk 50% share)($M)7		923	993	1,076	1,219	1,404	1,379	1,343	1,558	1,299	1,431	1,609
Flash Ventures — Inventory and building depreciation prepayments exposure($M)		1,295	1,290	1,351	1,273	1,326	1,318	1,393	1,166	1,069	1,046	1,058
Flash Ventures — Total notes receivable from JVs($M)		577	483	453	341	359	371	583	503	491	556	726
Flash Ventures — Total equity investments in JVs($M)		102	201	224	261	295	291	288	563	510	543	618
Total notes receivable and equity investments in Flash Ventures (Balance Sheet carrying value)($M)6		679	684	677	602	654	662	871	1,066	1,001	1,099	1,344
Notes receivable — Flash Forward Ltd. (Yokkaichi Y5 fab)($M)		543	471	432	296	316	296	476	498	485	556	689
Notes receivable — Flash Alliance Ltd. (Yokkaichi Y4 fab)($M)		13	8	20	39	36	38	35	5	5	0	28
Notes receivable — Flash Partners Ltd. (Yokkaichi Y3 fab)($M)		21	4	1	6	7	37	72	0	1	0	9
Equity investment — Flash Alliance Ltd. (Yokkaichi Y4 fab)($M)		77	98	102	112	115	116	118	243	219	234	279
Equity investment — Flash Partners Ltd. (Yokkaichi Y3 fab)($M)		25	30	33	39	55	46	41	168	148	157	168
Equity investment — Flash Forward Ltd. (Yokkaichi Y5 fab)($M)		0	73	89	110	125	129	129	152	143	152	171
Flash Ventures — Net payments for flash memory wafer purchases and net loans($M)8			900	900	900		900	1,100	889		700	800
Notes receivable issuances to Flash Ventures (equipment funding outflows)($M)		123	83	169	87	59	8	252	14	59	0
Notes receivable proceeds from Flash Ventures (loan repayments received)($M)		13	45	32	97	87	246	120	62	91	128
Dividend distributions received from Flash Ventures($M)		92	0	0	15	0	0			0	0
Accounts payable due to Flash Ventures (related-party wafer payables)($M)		318	305	274	338	279	283	252	352	313	310	250
Flash Ventures fab capacity underutilization charges (recorded in Cost of revenue)($M)		0	0	0	11	51	24	0	0	0	0	107
Building depreciation prepayments remaining (K1, Y7 & K2 fabs, credited to future wafers)($M)3		840	856	881	914	946	938	944
Contractual minimum joint R&D funding commitment with Kioxia (next fiscal year)($M)					87	130	40
Period-end JPY / USD exchange rate used for Flash Ventures valuation		161	160	157	147	145	150	158	143	160
Summarized equity-method JV investees (Flash Ventures, SDSS & Unis) — Combined net sales13

Cash conversion cycle (CCC, in days)(days)3			140	105	113		150	151	162		119	96
Days sales outstanding (DSO, in days)(days)			42	37	51		53	44	50		43	37
Days in inventory (DIO, in days)(days)			158	121	115		150	156	163		127	98
Days payables outstanding (DPO, in days)(days)			-60	-53	-53		-53	-49	-51		-51	-39
Total inventories, net($M)4		2,698	2,238	1,970	1,907	2,079	2,160	2,172	2,069	1,955	1,730	1,612
Finished goods (assembled SSDs, embedded flash & retail cards)($M)		447	414	372	363	300	325	303		320
Work-in-process (3D NAND wafers in die prep, packaging & test)($M)		313	332	221	255	262	210	208		237
Raw materials and component supplies (controllers, DRAM, substrates)($M)		1,938	1,492	1,377	1,289	1,517	1,625	1,661		1,398
Inventory valuation reserves($M)		125				126
Sales incentive, price protection & rebate programs (% of gross revenue)(%)1			12.0%	14.0%	16.0%		19.0%	22.0%	16.0%		16.0%	22.0%
Top 10 customers share of net revenue (%)(%)			46.0%	44.0%	40.0%		41.0%	42.0%	53.0%		43.0%	45.0%
Property, plant and equipment, net($M)8		674	649	631	630	619	603	579	552	791	788	803
Operating lease liabilities — Total($M)6		201	207	210	212	219	220	196		182
Product warranty liability — Ending balance($M)5		48	73	56	54	44	39	44	41	48	43	43

International sales share of net revenue (%)3
Revenue by region — Asia (total)($M)			4,272	2,063	1,515		1,038	1,086	1,150		1,140	1,112
Revenue by region — Americas (total)($M)			1,209	513	406		375	389	443		272	257
Revenue by region — Europe, Middle East and Africa (EMEA)($M)		427	469	449	387	307	282	401	290	227	293	296
Long-lived assets (PP&E) by country — Malaysia (Penang / Batu Kawan SSD & flash assembly/test)($M)4		445				398				388
Long-lived assets by country — United States (Milpitas HQ & R&D)($M)		100				93				77
Long-lived assets by region — Rest of Asia (Japan, India & Israel)($M)		73				67				4
Long-lived assets by region — Europe, Middle East and Africa (EMEA)($M)		42				47				73
Long-lived assets by country — China (Shanghai)($M)		14				14				249
Malaysia tax holiday — Aggregate income tax savings5

Microsoft (MSFT) — Quarterly cash capital expenditures ($M)($M)		35,802	30,876	29,876	19,394	17,079	16,745	15,804	14,923	13,873	10,952	9,735
Alphabet / Google (GOOGL) — Quarterly cash capital expenditures ($M)($M)		44,924	35,674	27,851	23,953	22,446	17,197	14,276	13,061	13,186	12,012	11,019
Amazon (AMZN) — Quarterly cash capital expenditures ($M)($M)		54,208	44,203	39,522	35,095	32,183	25,019	27,834	22,620	17,620	14,925	14,588
Meta Platforms (META) — Quarterly cash capital expenditures ($M)($M)	33,942	30,116	18,997	21,383	18,829	16,538	12,941	14,425	8,258	8,173	6,400	7,592
Micron Technology (MU) — Quarterly cash capital expenditures ($M, US memory & NAND peer)($M)	11,110	7,826	6,387	5,389	5,658	2,938	4,055	3,206	3,120	2,086	1,384	1,796

Consolidated revenue, net (GAAP & Non-GAAP)($M)5		8,965	5,950	3,025	2,308	1,901	1,695	1,876	1,883	1,760	1,705	1,665
Cost of revenue (GAAP)($M)		1,383	1,288	1,484	1,621	1,403	1,313	1,270	1,157	1,124	1,242	1,504
Gross profit (loss) — GAAP($M)		7,582	4,662	1,541	687	498	382	606	726	636	463	161
Non-GAAP gross profit($M)		6,527	4,189	1,546	691	486	385	609	732	642	468
Non-GAAP gross margin (%)(%)		72.8%	70.4%	51.1%	29.9%	25.6%	22.7%	32.5%	38.9%	36.5%	27.4%
Segment reconciliation — Non-GAAP Cost of revenue adjustments (SBC & underutilization)($M)		1,377	1,284	1,479	1,617	1,399	1,310	1,267	1,152
Operating income (loss) — GAAP($M)7		7,037	4,111	1,065	176	18	-1,881	195	291	199	65	-245
Research and development (R&D) expense — GAAP($M)		348	337	327	316	285	285	279	283	298	277	246
Selling, general and administrative (SG&A) expense — GAAP($M)		197	161	139	179	162	139	142	130	117	107	113
Non-GAAP operating expenses($M)		501	469	481	446	402	434	377	396	394	368
Non-GAAP operating income (loss)($M)		6,026	3,720	1,065	245	84	-49	232	336	248	100
Segment reconciliation — Non-GAAP R&D adjustments (SBC)($M)		318	312			264	265
Segment reconciliation — Non-GAAP SG&A adjustments (SBC)($M)		166	136			138	118
Segment reconciliation — Unallocated corporate separation & restructuring charges($M)		0	53			33	9
Net income (loss) — GAAP($M)6		6,903	3,615	803	112	-23	-1,933	104	211	120	27	-301
Non-GAAP net income (loss)($M)		5,351	3,260	969	181	42	-43	178	250	166	62
Income (loss) before taxes — GAAP($M)		7,849	4,107	937	124	-1,479	-1,901	173	267	-503	54	-260
Income tax expense (benefit) — GAAP($M)		946	492	134	12	162	32	69	56	169	27	41
Diluted earnings (loss) per share — GAAP($)			23.03	5.15	0.75		-13.33	0.72	1.46		0.19
Non-GAAP diluted earnings (loss) per share($)		33.76	20.69	6.20	1.22	0.29	-0.30	1.23	1.72	1.14	0.43
Diluted weighted-average shares outstanding — GAAP(M)			157	156	149		145	145	145		145
Operating cash flow (net cash provided by operating activities)($M)6		7,126	3,038	1,019	488	94	26	95	-131	-130	-12	2
Capital expenditures (purchases of PP&E)($M)		43	45	39	50	45	44	48	67	38	29
Free cash flow (Operating cash flow less CapEx)($M)		5,525	3,179	843	438	90	-25	47	-198	-187	-53
Flash Ventures activity, net (notes receivable issuances/proceeds & distributions)($M)		-100	-15	188	10	56	31	44	48	31	141
Adjusted free cash flow (Free cash flow + net Flash Ventures activity)($M)		5,425	3,164	1,031	448	146	6	91	-150	-156	88
Net cash provided by (used in) investing activities($M)		-1,123	-83	-165	-15	-17	404	188	-19	-3	100	-9
Net cash provided by (used in) financing activities($M)		-4,976	-752	-758	-515	-102	276	130	214	85	-135	228
Cash and cash equivalents($M)5		4,762	3,735	1,539	1,442	1,481	1,507	804	322	328	377	425
Accounts receivable, net($M)		4,708	2,726	1,239	1,193	1,068	979	904	1,037	935	814	684
Total assets($M)		22,507	17,075	12,998	12,749	12,985	12,960	14,234	13,890	13,506	13,328	13,338
Accounts payable (third-party trade)($M)									297	357	386	396
Total liabilities($M)		6,771	3,298	2,785	3,368	3,769	3,799	2,233	1,764	2,424	2,389	2,442
Total stockholders' equity / parent company net investment($M)		15,736	13,777	10,213	9,381	9,216	9,161	12,001	12,126	11,082	10,939	10,896
Total stock-based compensation (SBC) expense($M)9		67	54	58	53	49	44	48	41	34	38	37

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

Fiscal calendar & WDC Separation: Sandisk Corporation (CIK 0002023554) completed its tax-free spin-off from Western Digital Corporation (WDC) on February 21, 2025 (Q3 FY25). Fiscal year ends on the Friday nearest to June 30 (FY26 was a 52-week year ended July 3, 2026). Pre-separation quarters (Q1 FY23 – Q1 FY25) are bridged directly from the 9-quarter standalone financial schedules in Form 10-12B/A EX-99.1.
Forward column (Q1 FY27): Column Q1 FY27 holds Sandisk's Q1 FY27 Business Outlook ($10,300M–$10,800M revenue, 83.0%–85.0% Non-GAAP gross margin, $520M–$540M Non-GAAP OpEx, $44.00–$46.00 Non-GAAP diluted EPS on 155M diluted shares), post-quarter-end cumulative NBM RPO ($91,100M including $31,300M from 2 NBMs signed in Q1 FY27), and calendar Q3 2026 cash CapEx reported by hyperscalers and memory peers.
New Business Models (NBMs) & RPO ($59.8B -> $91.1B): In H2 FY26, Sandisk transitioned hyperscale and enterprise customers from quarterly spot negotiations to multi-year New Business Model (NBM) supply agreements with committed volumes, floor pricing, and cash prepayments/deposits. RPO rose from $41.6B at Q3 FY26 to $59.8B at Q4 FY26 ($91.1B including Q1 FY27 signings; $93.9B minimum revenue at floor pricing), backed by $16.5B in financial guarantees ($2,476M cash prepayments/deposits received in FY26 + $5.0B third-party financial collateral).
Flash Ventures (Kioxia 49.9%/50.1% JVs): Sandisk procures 100% of its 3D NAND flash memory wafers through three unconsolidated 49.9%-owned Japanese joint ventures with Kioxia Corporation — Flash Partners Ltd. (Y3), Flash Alliance Ltd. (Y4), and Flash Forward Ltd. (Y5) — operating across Yokkaichi (Y3–Y7) and Kitakami (K1–K2) 300mm fabs. On Jan 29, 2026, all three JVs were extended to co-terminate on Dec 31, 2034 alongside a $1.2B manufacturing services commitment (2026–2029).
Q1–Q3 + Full-Year Disclosure Cycle (Step 5): Sandisk discloses exact YoY % changes in Exabytes Sold and ASP/GB, Cash Conversion Cycle (DSO, DIO, DPO, CCC), Sales Incentives (% of Gross Revenue), and Top 10 Customer Concentration (%) in Q1–Q3 Form 10-Q MD&A and Full-Year Form 10-K Item 7 without standalone Q4 figures.
Bound & qualitative disclosures excluded from numeric cells per Step 5: FY26 full-year total exabytes sold ('mid-teens percent' increase), FY26 total ASP/GB ('more than doubled'), FY26 Datacenter ASP/GB ('almost 150%' increase) and exabytes ('almost 120%' increase), FY26 Edge ASP/GB ('almost 180%' increase) and exabytes ('low single digits percent' decrease), FY26 Consumer ASP/GB ('over 80%' increase) and exabytes ('high single digits percent' decrease), and FY25 granted patents ('over 7,900') / pending applications ('over 3,200').
Subsidiary & parent-only evaluation (Steps 3–4): Sandisk reports under U.S. GAAP without parent-only financial statements, and its 49.9% Flash Ventures wafer JVs and 30% SDSS Shanghai assembly JV are equity-method investees (not consolidated). Summarized JV financials are reported directly under Rule 4-08(g) in Note 16; consolidated − parent subtraction does not apply.

Not shown because recent periods are missing (4)

2. Forward Visibility — Next-Quarter Business Outlook (through Q1 FY27), NBM Backlog (RPO & Deposits) & Contractual Commitments › Total contract liabilities (deferred revenue & NBM customer prepayments) › Revenue recognized from beginning-of-period contract liabilities
2. Forward Visibility — Next-Quarter Business Outlook (through Q1 FY27), NBM Backlog (RPO & Deposits) & Contractual Commitments › Total material contractual cash requirements (MD&A liquidity schedule) › Purchase obligations and other long-term supplier commitments › Purchase obligations — Remainder of current fiscal year
4. Working Capital (Cash Conversion Cycle), Inventory Stages, Pricing Programs, PP&E, Leases & Warranty › Property, plant and equipment, net › Non-cash capital expenditures in accounts payable
8. Consolidated GAAP (DB & Form 10 9Q Bridge) vs. Non-GAAP Profitability, Cash Flow, Balance Sheet & SBC › Cash and cash equivalents › Total debt (repaid in full in Q3 FY26)

Data updated 2026-10-26.

Every KPI on its own page

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Sandisk Corp (SNDK) operating KPIs

KPIs

Every KPI on its own page

1. Core Operational KPIs — Flash Exabytes Sold YoY (%), ASP per Gigabyte YoY (%) & End-Market Disaggregation

2. Forward Visibility — Next-Quarter Business Outlook (through Q1 FY27), NBM Backlog (RPO & Deposits) & Contractual Commitments

3. Flash Ventures (Kioxia 49.9%/50.1% Yokkaichi & Kitakami 300mm Wafer Fabs) & Related-Party JVs (SDSS, Unis)

4. Working Capital (Cash Conversion Cycle), Inventory Stages, Pricing Programs, PP&E, Leases & Warranty

5. Geographic Revenue, Long-Lived Assets by Country, Principal Facilities (Sq Ft) & Tax Incentives

6. Workforce, Safety, Responsible Supply Chain (Form SD 3TG Smelters & RBA) & Environmental Sustainability (ESG)

7. External Supply Chain Monthly Tracker (Taiwan MOPS, Jan 2018–Sep 2026) & Hyperscaler / Peer CapEx (through Q1 FY27)

8. Consolidated GAAP (DB & Form 10 9Q Bridge) vs. Non-GAAP Profitability, Cash Flow, Balance Sheet & SBC