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SNDK · Q4 2026
Archived report (Q4 2026). Latest deep dive →
The quarter in brief
A blowout quarter — revenue up 372% y/y (+51% q/q) to $8,965M and gross margin of 84.6% (26.2% a year ago) on NAND pricing and a Datacenter business that doubled in a quarter, lifting operating income to $7,037M and GAAP net income to $6,903M, $804M of it from a gain on equity securities.
Net Income
$6,903M
Revenue
$8,965M
up 372% y/y
Operating Income
$7,037M
up ×391 y/y
Gross Profit
$7,582M
up 1422% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Datacenter | $2,977 · +1298% |
| Edge | $5,432 · +392% |
| Consumer | $556 · −5% |
| Revenue | $8,965 · +372% · Gross margin 84.6% |
| Cost of Revenue | $1,383 · −1% |
| Gross Profit | $7,582 · +1422% · 84.6% margin |
| R&D | $348 · +22% |
| SG&A | $197 · +22% |
| Operating Income | $7,037 · ×391 · 78.5% margin |
| Equity Gain & Other, net | $812* |
| Pretax Income | $7,849 · vs −$18 |
| Income Tax | $946 · ~12% effective rate |
| Net Income | $6,903 · vs −$23 · EPS $43.97 vs −$0.16 |
Verdict: a blowout quarter — revenue up 372% y/y (+51% q/q) to $8,965M and gross margin of 84.6% (26.2% a year ago) on NAND pricing and a Datacenter business that doubled in a quarter, lifting operating income to $7,037M and GAAP net income to $6,903M, $804M of it from a gain on equity securities.
Operating cash flow $7,126M · free cash flow $7,083M (adjusted $5,035M after Flash Ventures and NBM prepayments) · buybacks $4,524M in the quarter, plus a new $14B authorization ($15.5B remaining) · Q1 FY27 guidance: revenue $10,300–10,800M, gross margin 83.0–84.9%, non-GAAP EPS $44.00–46.00.
Source and notation
* marks non-cash / ≈ estimated. Source: Sandisk Corporation press release, 8-K EX-99.1 (SEC EDGAR).
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Chart: “SNDK Q4 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/sndk/q4-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/sndk/q4-2026"><img src="https://whoreportstoday.com/t/sndk/q4-2026/sankey.png" alt="SNDK Q4 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/sndk/q4-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/sndk/q4-2026">SNDK Q4 2026 earnings chart (Who Reports Today)</a>
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- Revenue of $8,965M is up 372% y/y from a depressed $1,901M base in Q4 FY25 and up 51% from $5,950M in Q3 FY26 — the sequential jump shows the pricing cycle is still accelerating, not just lapping an easy comparison.
- Datacenter revenue reached $2,977M (+103% q/q, $213M a year ago) and Edge $5,432M (+48% q/q, +392% y/y), while Consumer fell to $556M (−32% q/q, −5% y/y).
- Gross margin of 84.6% (78.4% in Q3, 26.2% a year ago): cost of revenue was flat y/y at $1,383M while revenue more than quadrupled.
- Operating expenses rose only 14% y/y to $545M (R&D $348M, SG&A $197M), so operating income went from $18M to $7,037M — a 78.5% operating margin.
- Below the operating line, a non-cash $804M gain on equity securities lifted pretax income to $7,849M; non-GAAP net income of $6,162M ($39.25 per share) excludes it, versus GAAP $6,903M ($43.97).
- Tax expense of $946M is an effective rate of about 12%; diluted shares rose to 157M from 145M a year ago.
What distorts the picture in this report and what to watch beyond the headlines.
SNDK — SanDisk, now part of Western Digital, designed and manufactured flash memory products including SSDs, memory cards, and USB drives.
It was a key player in consumer and enterprise storage solutions.
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