Sandisk Corp. (SNDK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$34.5	$39.3	+13.7%	—	$9B	—
Q3 26	$14.7	$23.4	+59.7%	—	$6B	—
Q2 26	$3.54	$6.2	+75.1%	—	$3B	—
Q1 26	$0.89	$1.22	+37.1%	—	$2.3B	—
Q4 25	$0.03	$0.29	+866.7%	—	$1.9B	—
Q3 25	-$0.39	-$0.3	+23.1%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	—	—	—	$20.2B	—
FY25	—	-$11.3	—	—	$7.4B	—
FY24	—	-$4.63	—	—	$6.7B	—
FY15	—	$1.89	—	—	$5.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26
Revenue	$3.6B	$4.8B	$5.7B	$5.1B	$6.2B	$6.6B	$5.6B	$6.7B	$7.4B	$20.2B
YoY change	+6.43%	+35.3%	+17.3%	-10.8%	+22.1%	+7.42%	-16%	—	+10.4%	+175.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26
Revenue	3.6B	4.8B	5.7B	5.1B	6.2B	6.6B	5.6B	6.7B	7.4B	20.2B
Cost of revenue	2.3B	2.6B	3.2B	3.4B	3.3B	3.6B	3.3B	5.6B	5.1B	5.8B
Gross profit	1.3B	2.3B	2.4B	1.7B	2.9B	3.1B	2.3B	1.1B	2.2B	14.5B
Gross margin	36%	46.9%	43.1%	33.3%	46.5%	46.3%	40.6%	16.1%	30.1%	71.5%
Research & development	384.2M	422.6M	547.4M	602.8M	742.3M	852.3M	883.2M	1.1B	1.1B	1.3B
Selling, general & administrative	379.9M	376.3M	357.2M	374.5M	468.6M	598.2M	589.6M	455M	573M	676M
Operating expenses	751.5M	786.3M	904.6M	977.2M	1.2B	1.5B	1.5B	1.5B	1.7B	2B
Operating income	519.4M	1.5B	1.5B	697M	1.6B	1.6B	730.9M	-444M	507M	12.5B
Operating margin	14.6%	30.3%	27%	13.8%	26.7%	24%	13.1%	-6.66%	6.89%	61.6%
Non-operating income, net	-1.7M	31.6M	21.5M	-8.6M	-80M	-28.2M	-113M	-31M	-1.9B	552M
Pretax income	503.8M	1.5B	1.5B	626.9M	1.5B	1.5B	529.6M	-503M	-1.5B	13B
Income tax	88.5M	157.3M	489.8M	209.5M	473.5M	481.6M	141.1M	169M	162M	1.6B
Net income	415.3M	1.3B	987M	417.4M	1B	1B	388.5M	-672M	-1.6B	11.4B
Net margin	11.6%	26.9%	17.4%	8.26%	16.9%	15.2%	6.98%	-10.1%	-22.3%	56.5%
EBITDA	811.8M	1.7B	1.9B	1.2B	2.2B	2.2B	1.4B	-215M	631M	12.5B
EPS	1.83	5.59	4.12	1.72	4.44	4.52	1.89	-4.63	-11.3	—
Diluted EPS	1.79	5.44	4.04	1.7	4.34	4.23	1.82	-4.63	-11.3	—

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 15	Q4 15	Q1 16	Q4 23	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	1.5B	1.5B	1.4B	1.7B	1.8B	1.9B	1.7B	1.9B	2.3B	3B	6B	9B
Cost of revenue	849.5M	918.3M	822.4M	1.5B	1.1B	1.3B	1.3B	1.4B	1.6B	1.5B	1.3B	1.4B
Gross profit	602.8M	624.9M	543.3M	161M	636M	606M	382M	498M	687M	1.5B	4.7B	7.6B
Gross margin	41.5%	40.5%	39.8%	9.67%	36.1%	32.3%	22.5%	26.2%	29.8%	50.9%	78.4%	84.6%
Research & development	211.6M	230.5M	244.2M	246M	298M	279M	285M	285M	316M	327M	337M	348M
Selling, general & administrative	139.7M	161.5M	136.6M	113M	117M	142M	139M	162M	179M	139M	161M	197M
Operating expenses	351.3M	391.9M	380.8M	393M	415M	442M	424M	447M	495M	466M	498M	545M
Operating income	238.3M	220.2M	156.1M	-198M	221M	185M	-42M	51M	192M	1.1B	4.2B	7B
Operating margin	16.4%	14.3%	11.4%	-11.9%	12.6%	9.86%	-2.48%	2.68%	8.32%	35.5%	70%	78.5%
Non-operating income, net	-2.6M	-1.6M	-19M	-54M	-18M	-10M	-1.8B	-39M	-44M	-125M	-63M	784M
Pretax income	214.2M	190.6M	121.8M	-260M	197M	173M	-1.9B	-18M	124M	937M	4.1B	7.8B
Income tax	81.2M	55.2M	43.4M	41M	77M	69M	32M	5M	12M	134M	492M	946M
Net income	133M	135.5M	78.4M	-301M	120M	104M	-1.9B	-23M	112M	803M	3.6B	6.9B
Net margin	9.16%	8.78%	5.74%	-18.1%	6.82%	5.54%	-114%	-1.21%	4.85%	26.5%	60.8%	77%
EBITDA	403.3M	384.2M	304.3M	-202M	282M	203M	-9M	92M	216M	1B	4.2B	7.1B
EPS	0.65	0.67	0.39	-2.08	—	0.72	-13.3	-0.16	0.77	5.46	24.4	47
Diluted EPS	0.65	0.65	0.37	-2.08	—	0.72	-13.3	-0.16	0.75	5.15	23	44

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
Market cap	—	—	—	—	—	—	—	—	6.6B	—	250.8B
Enterprise value	—	—	—	—	—	—	—	—	7.1B	—	255.7B
Shares outstanding	227.4M	232.5M	239.5M	242.1M	234.9M	222.7M	205.4M	145M	145M	—	—

Valuation

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
P/E	—	—	—	—	—	—	—	—	—	—	23.1
P/S	—	—	—	—	—	—	—	—	0.89	—	12.3
P/B	—	—	—	—	—	—	—	—	0.71	—	16.2
EV/EBITDA	—	—	—	—	—	—	—	—	11.3	—	20.3
EV/Sales	—	—	—	—	—	—	—	—	0.97	—	12.6
Earnings yield	—	—	—	—	—	—	—	—	—	—	4.32%
FCF yield	—	—	—	—	—	—	—	—	-1.82%	—	3.08%
PEG	—	—	—	—	—	—	—	—	—	—	-0

Profitability

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
Gross margin	36%	46.9%	43.1%	33.3%	46.5%	46.3%	40.6%	16.1%	30.1%	71.5%	84.6%
Operating margin	14.6%	30.3%	27%	13.8%	26.7%	24%	13.1%	-6.66%	6.89%	61.6%	78.5%
Net margin	11.6%	26.9%	17.4%	8.26%	16.9%	15.2%	6.98%	-10.1%	-22.3%	56.5%	56.5%
ROE	10.6%	22.5%	14%	5.75%	15%	15.4%	6.77%	-6.06%	-17.8%	72.7%	91.6%
ROA	6.92%	14.8%	9.7%	4.04%	9.94%	9.81%	4.21%	-4.98%	-12.6%	50.8%	43.9%
ROIC	14.3%	28.1%	17.6%	7.63%	18.7%	17%	13.8%	-3.78%	5.19%	98.2%	98.2%
Return on tangible assets	7.06%	14.9%	10.6%	4.42%	11.1%	13.4%	5.57%	74%	-54.9%	91.3%	91.3%

Financial health

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
Current ratio	3.35	4.2	3.98	2.45	3.78	1.92	2.82	1.67	3.56	2.29	2.29
Quick ratio	2.66	3.67	3.36	2.05	3.16	1.6	2.42	0.75	2.11	1.81	1.81
Debt / equity	0.26	0.3	0.23	0.23	0.29	0.31	0.37	0.09	0.22	0.01	0.01
Debt / assets	0.17	0.19	0.16	0.16	0.19	0.2	0.23	0.07	0.16	0.01	0.01
Net debt / EBITDA	-1.12	-0.65	-0.64	-1.01	-0.43	-0.1	-1.34	-3.06	0.89	-0.37	-0.37
Interest coverage	7.52	17.4	11.9	6.21	16.5	12.9	5.25	-11.6	-22.5	179.3	179.3
Effective tax rate	17.6%	10.8%	33.2%	33.4%	31.2%	32.3%	26.7%	0%	0%	12.2%	12.2%

Per share

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
Revenue per share	15.7	20.8	23.6	20.9	26.3	29.8	27.1	46	50.7	—	137.7
EPS (basic)	1.83	5.59	4.12	1.72	4.44	4.52	1.89	-4.63	-11.3	—	—
EPS (diluted)	1.79	5.44	4.04	1.7	4.34	4.23	1.82	-4.63	-11.3	—	73.8
Book value per share	17.2	24.9	29.5	30	29.7	29.3	27.9	76.4	63.6	—	105.6
FCF per share	1.83	5.78	3.18	0.16	6.99	6.47	3.04	-3.28	-0.83	—	73.2
Cash per share	8.44	12.2	11.9	11.9	12.4	10.2	19.5	2.26	10.2	—	32.5
Capex per share	0.26	0.39	0.81	2.02	0.91	1.05	2.01	0.2	—	—	—

Capital allocation

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26	Current
Capex / revenue	1.67%	1.87%	3.41%	9.66%	3.46%	3.51%	7.44%	0.44%	—	—	—
Capex / operating cash flow	12.2%	3.25%	17.1%	86.9%	11.8%	13.4%	41.8%	-8.01%	—	—	—
Payout ratio	0%	0%	0%	0%	9.71%	23.3%	48.6%	—	—	—	0%

Period	Q3 15	Q4 15	Q1 16	Q4 23	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$1.5B	$1.5B	$1.4B	$1.7B	$1.8B	$1.9B	$1.7B	$1.9B	$2.3B	$3B	$6B	$9B
YoY change	-16.8%	-11.1%	+2.51%	—	+5.71%	—	—	+8.01%	—	+61.2%	+251%	+371.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26
Cash & short-term investments	1.9B	2.8B	2.8B	2.9B	2.9B	2.3B	4B	328M	1.5B	4.8B
Receivables	234.4M	367.8M	521.8M	626M	682.8M	842.5M	618.2M	935M	1.1B	4.7B
Inventory	596.5M	509.6M	678.4M	750.1M	757M	698M	809.4M	2B	2.1B	2.7B
Total current assets	2.9B	4B	4.4B	4.6B	4.7B	4.2B	5.7B	3.5B	5.1B	12.8B
Property, plant & equipment	243.7M	208.1M	274.9M	437.9M	394.3M	385.9M	433.7M	394M	229M	277M
Goodwill & intangibles	116.2M	74.8M	885.2M	897.3M	1.1B	2.7B	2.3B	14.4B	10B	10B
Total assets	6B	8.8B	10.2B	10.3B	10.5B	10.3B	9.2B	13.5B	13B	22.5B
Accounts payable	316.5M	415M	534.9M	469.3M	282.6M	404.2M	323.3M	357M	366M	516M
Short-term debt	75M	—	—	906.7M	—	864.7M	913.2M	814M	20M	—
Total current liabilities	871.1M	960.1M	1.1B	1.9B	1.2B	2.2B	2B	2.1B	1.4B	5.6B
Long-term debt	934.7M	1.7B	1.6B	789.9M	2B	1.2B	1.2B	171M	2B	177M
Total liabilities	2.1B	3B	3.1B	3.1B	3.5B	3.7B	3.5B	2.4B	3.8B	6.8B
Shareholders' equity	3.9B	5.8B	7.1B	7.3B	7B	6.5B	5.7B	11.1B	9.2B	15.7B
Total debt	1B	1.7B	1.6B	1.7B	2B	2.1B	2.2B	985M	2B	177M
Net debt	-90.6M	881.9M	437.4M	701.2M	999.1M	1.2B	672M	657M	561M	-4.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 15	Q3 15	Q4 15	Q1 16	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	1.8B	1.7B	4B	4.5B	328M	804M	1.5B	1.5B	1.4B	1.5B	3.7B	4.8B
Receivables	640.8M	740.6M	618.2M	497.2M	935M	904M	979M	1.1B	1.2B	1.2B	2.7B	4.7B
Inventory	780.8M	785.3M	809.4M	881.1M	2B	2.2B	2.2B	2.1B	1.9B	2B	2.2B	2.7B
Total current assets	3.7B	3.6B	5.7B	6.2B	3.5B	4.5B	5.1B	5.1B	5B	5.2B	9.2B	12.8B
Property, plant & equipment	—	—	433.7M	—	394M	299M	231M	229M	237M	236M	254M	277M
Goodwill & intangibles	2.4B	2.3B	2.3B	2.2B	14.4B	13.7B	10B	10B	10B	10B	10B	10B
Total assets	9.1B	9.1B	9.2B	9.5B	13.5B	14.2B	13B	13B	12.7B	13B	17.1B	22.5B
Accounts payable	412.4M	426.6M	323.3M	292.8M	357M	320M	363M	366M	398M	436M	416M	516M
Short-term debt	892.1M	—	913.2M	2.2B	814M	553M	20M	20M	20M	20M	—	—
Total current liabilities	2B	1.1B	2B	3.7B	2.1B	1.9B	1.4B	1.4B	1.5B	1.7B	1.9B	5.6B
Long-term debt	1.2B	2.1B	1.2B	—	171M	179M	2.1B	2B	1.5B	769M	182M	177M
Total liabilities	3.5B	3.4B	3.5B	4.2B	2.4B	2.2B	3.8B	3.8B	3.4B	2.8B	3.3B	6.8B
Shareholders' equity	5.6B	5.6B	5.7B	5.3B	11.1B	12B	9.2B	9.2B	9.4B	10.2B	13.8B	15.7B
Total debt	2.1B	2.1B	2.2B	2.2B	985M	732M	2.1B	2B	1.5B	789M	182M	177M
Net debt	1.4B	1.4B	672M	-1.1B	657M	-72M	636M	561M	97M	-750M	-3.6B	-4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY24	FY25	FY26
Net income	415.3M	1.3B	987M	417.4M	1B	1B	388.5M	-672M	-1.6B	11.4B
Depreciation & amortization	230.7M	226.8M	352M	416.3M	464.1M	578.5M	621.1M	224M	163M	149M
Stock-based compensation	95.6M	77.6M	63.1M	78.4M	99.8M	155.3M	172.4M	149M	182M	232M
Change in working capital	-241.6M	52.4M	-209.3M	-394.2M	206.9M	1.7M	-176.9M	-134M	-414M	-1.6B
Operating cash flow	487.9M	2.8B	1.1B	561.8M	1.8B	1.7B	990.6M	-362M	84M	11.7B
Capital expenditure	-59.7M	-90.4M	-192.9M	-488M	-213.4M	-232.8M	-413.8M	-29M	—	—
Investing cash flow	-363M	-2.7B	-567M	-570.4M	-914.5M	-489.9M	1B	210M	584M	-1.2B
Dividends paid	0	0	0	0	-101.2M	-234.6M	-188.9M	—	—	—
Share repurchases	0	0	-4M	-230.1M	-1.6B	-1.3B	-1.3B	—	—	-4.5B
Financing cash flow	0	832.3M	-190.2M	-211.4M	-1.2B	-1.4B	-1.4B	-136M	437M	-7.1B
Net change in cash	124.8M	901.5M	372.3M	-220M	-275.5M	-107M	624M	-288M	1.1B	3.4B
Free cash flow	416.3M	1.3B	760.9M	37.9M	1.6B	1.4B	623.9M	-475M	-120M	11.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 15	Q3 15	Q4 15	Q1 16	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	81M	133M	135.5M	78.4M	120M	104M	-1.9B	-23M	112M	803M	3.6B	6.9B
Depreciation & amortization	156.4M	156.8M	155.4M	139.3M	54M	36M	37M	36M	36M	38M	38M	37M
Stock-based compensation	44.4M	41.4M	45.2M	43.7M	34M	48M	44M	49M	53M	58M	54M	67M
Change in working capital	-238.6M	-30M	77.5M	91.4M	-454M	-347M	105M	-13M	258M	-7M	-1.4B	-1.8B
Operating cash flow	38.1M	271.3M	439.3M	343.6M	-274M	-127M	-1.8B	94M	488M	1B	3B	7.1B
Capital expenditure	-95.6M	-88.6M	-131.4M	-59.5M	-35M	-48M	-44M	—	—	—	—	—
Investing cash flow	322.5M	25.6M	345.3M	1.4B	-3M	12M	404M	28M	35M	-126M	-38M	-110M
Dividends paid	-62.6M	-61.6M	-212K	-2.6M	—	—	—	—	—	—	—	—
Share repurchases	-287.3M	-212.8M	0	0	—	—	—	—	—	—	—	—
Financing cash flow	-345.6M	-254.5M	5.7M	12M	102M	-420M	-375M	-107M	-515M	-782M	-752M	-481M
Net change in cash	15M	42.4M	790.3M	1.8B	-175M	-535M	-1.7B	15M	8M	111M	2.2B	6.5B
Free cash flow	-72.1M	187.5M	299.4M	312.3M	-168M	47M	-18M	49M	438M	980M	3B	7.1B

Sandisk Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement