SNDK · Q4 FY2026
Sandisk Corp Q4 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $8.97B | $1.90B (yr ago) | Beat |
| EPS | $43.97 GAAP | -$0.16 GAAP (yr ago) | Beat |
| Free Cash Flow | $7.08B | $0.05B (yr ago) | Beat |
| Gross Margin | 84.6% | 26.2% (yr ago) | Beat |
| Operating Margin | 78.5% | 0.9% (yr ago) | Beat |
What changed
Revenue increased 372.0% year over year to $8.97 billion as higher pricing supplied roughly two-thirds of sequential growth and higher volumes supplied one-third. GAAP gross margin reached 84.6%, while free cash flow increased to $7.08 billion from $0.05 billion a year earlier; adjusted free cash flow was lower at $5.04 billion after accounting for Flash Ventures activity and New Business Model payments.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise. We initiate fair value at $1,465.40 per share: the quarter materially strengthened the earnings and cash-flow evidence, but the current price already values Sandisk at 23.1x TTM earnings.