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Sandisk Delivers Record Q3 Earnings and $42 Billion AI Supply Deals as Stock Faces Volatility Sandisk reported record fiscal Q3 2026 results, with revenue of about US$6b, a 251% year-over-year rise, and adjusted EPS of US$23.41, supported by a gross margin of 78.4% and strong AI-driven datacenter demand.
The company has secured multi-year supply agreements with hyperscale AI customers totaling roughly US$42b in committed revenue, retired all long-term debt, and approved a US$6b share repurchase program.
Despite a very large share price run since its 2025 spin-off, recent trading has included pullbacks tied to valuation worries, sector-wide selloffs, profit-taking, and regulatory and geopolitical headlines, including China-related AI chip policy discussions.
Taken together, you are looking at a company with unusually high earnings power today, long-term contract visibility, and a capital-light, debt-free balance sheet, but also one whose stock has already priced in a lot of AI optimism.
Key risks to keep in mind include the cyclical nature of NAND pricing, potential margin pressure from QLC technology or future supply growth, and sensitivity to policy decisions and demand trends in China, which still contributes a sizeable share of revenue. Recent Insider Transactions • May 17
VP & Chief Accounting Officer recently sold US$3.5m worth of stock On the 12th of May, Michael Pokorny sold around 2k shares on-market at roughly US$1,426 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$1,340, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Tech industry in the US. Total returns to shareholders of 3,555% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$875 per share. Duyuru • May 03
Sandisk Corporation Provides Earnings Guidance for Fourth Quarter of 2026 Sandisk Corporation provided earnings guidance for fourth quarter of 2026. For the period, the company expects Revenue to be in the range of $7,750 million - $8,250 million. Reported Earnings • May 01
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: US$24.43 (up from US$13.33 loss in 3Q 2025). Revenue: US$5.95b (up 251% from 3Q 2025). Net income: US$3.62b (up US$5.55b from 3Q 2025). Profit margin: 61% (up from net loss in 3Q 2025). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 62%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Tech industry in the US. Price Target Changed • Apr 30
Price target increased by 13% to US$1,051 Up from US$928, the current price target is an average from 21 analysts. New target price is approximately in line with last closing price of US$1,097. Stock is up 3,265% over the past year. The company is forecast to post earnings per share of US$45.58 next year compared to a net loss per share of US$11.32 last year. Price Target Changed • Apr 27
Price target increased by 8.8% to US$968 Up from US$889, the current price target is an average from 21 analysts. New target price is 9.6% below last closing price of US$1,070. Stock is up 3,216% over the past year. The company is forecast to post earnings per share of US$41.75 next year compared to a net loss per share of US$11.32 last year. Price Target Changed • Apr 11
Price target increased by 8.4% to US$825 Up from US$761, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of US$852. Stock is up 2,564% over the past year. The company is forecast to post earnings per share of US$39.37 next year compared to a net loss per share of US$11.32 last year. Duyuru • Apr 01
Sandisk Corporation to Report Q3, 2026 Results on Apr 30, 2026 Sandisk Corporation announced that they will report Q3, 2026 results on Apr 30, 2026 New Risk • Mar 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Significant insider selling over the past 3 months (US$2.2m sold). Recent Insider Transactions • Feb 27
Independent Director recently sold US$2.2m worth of stock On the 25th of February, Miyuki Suzuki sold around 4k shares on-market at roughly US$628 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.4m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Feb 26
Independent Director notifies of intention to sell stock Miyuki Suzuki intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of February. If the sale is conducted around the recent share price of US$628, it would amount to US$2.2m. Since March 2025, Miyuki's direct individual holding has decreased from 14.64k shares to 13.41k. There has only been one transaction (US$248k sale) from insiders over the last 12 months. Reported Earnings • Jan 30
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$5.46 (up from US$0.91 in 2Q 2025). Revenue: US$3.03b (up 61% from 2Q 2025). Net income: US$803.0m (up US$699.0m from 2Q 2025). Profit margin: 27% (up from 5.5% in 2Q 2025). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Tech industry in the US. Duyuru • Jan 30
Sandisk Corporation Provides Earnings Guidance for the Fiscal Third Quarter of 2026 Sandisk Corporation provided earnings guidance for the fiscal third quarter of 2026. For the quarter, the company expected revenue of $4,400 million to $4,800 million. Duyuru • Jan 03
Sandisk Corporation Appoints Alexander R. Bradley to Board of Directors and Audit Committee, Effective December 30, 2025 Sandisk Corporation announced that Alexander R. Bradley has joined its board of directors and been appointed to the audit committee, effective December 30, 2025. Since 2016, Bradley has served as Chief Financial Officer of First Solar, a leading American solar technology and manufacturing company. He first joined the company in 2008 and held key leadership roles, including as vice president of both treasury and project finance, where he structured and financed major solar projects across the globe. Prior to joining First Solar, Bradley worked in investment banking and leveraged finance at HSBC in London and New York, focusing on the energy and utilities sector. He also served as an officer and board member of the general partner of 8point3 Energy Partners. Bradley holds a Master of Arts degree from the University of Edinburgh, Scotland. With this appointment, Sandisk’s board of directors is comprised of eight directors, seven of whom are external and independent. Duyuru • Dec 31
Sandisk Corporation to Report Q2, 2026 Results on Jan 29, 2026 Sandisk Corporation announced that they will report Q2, 2026 results on Jan 29, 2026 New Risk • Dec 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Duyuru • Nov 27
Sandisk Corporation(NasdaqGS:SNDK) dropped from Russell Small Cap Comp Value Index Sandisk Corporation(NasdaqGS:SNDK) dropped from Russell Small Cap Comp Value Index Reported Earnings • Nov 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.77 (down from US$1.47 in 1Q 2025). Revenue: US$2.31b (up 23% from 1Q 2025). Net income: US$112.0m (down 47% from 1Q 2025). Profit margin: 4.9% (down from 11% in 1Q 2025). Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Tech industry in the US. Duyuru • Nov 07
Sandisk Corporation Provides Earnings Guidance for Second Quarter of Fiscal 2026 Sandisk Corporation provided earnings guidance for second quarter of fiscal 2026. For the quarter, the company's revenue expected to be in the range of $2.55 billion to $2.65 billion. Buy Or Sell Opportunity • Nov 03
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 394% to US$207. The fair value is estimated to be US$168, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Board Change • Oct 10
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. Chairman & CEO David V. Goeckeler is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buy Or Sell Opportunity • Oct 09
Now 21% undervalued Over the last 90 days, the stock has risen 181% to US$130. The fair value is estimated to be US$165, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Duyuru • Oct 08
Sandisk Corporation, Annual General Meeting, Nov 18, 2025 Sandisk Corporation, Annual General Meeting, Nov 18, 2025. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$17.7b market cap). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Duyuru • Sep 22
Sandisk Corporation(NasdaqGS:SNDK) dropped from FTSE All-World Index (USD) Sandisk Corporation(NasdaqGS:SNDK) dropped from FTSE All-World Index (USD) Reported Earnings • Aug 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: US$11.32 loss per share (further deteriorated from US$4.67 loss in FY 2024). Revenue: US$7.36b (up 10% from FY 2024). Net loss: US$1.64b (loss widened 144% from FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Tech industry in the US. Duyuru • Aug 15
Sandisk Corporation Provides Earnings Guidance for Fiscal First Quarter of 2026 Sandisk Corporation provided earnings guidance for Fiscal First Quarter of 2026. For the quarter, the company's revenue expected to be in the range of $2.10 billion to $2.20 billion. Duyuru • Aug 05
Sandisk Showcases UltraQLC Technology Platform with Milestone Enterprise SSD Capacity at FMS 2025 Sandisk demonstrated a high-capacity 256TB1 NVMe enterprise SSD, a breakthrough in storage capacity, performance and power efficiency, made possible by Sandisk's new enterprise-grade UltraQLC platform. Offering extraordinary capacity, the UltraQLC platform marks a significant achievement in NAND architecture, built with a combination of BiCS8 QLC CBA NAND, custom controllers and advanced system optimizations. As workloads and business requirements evolve in the AI era, flash storage must become more customizable to match complex workloads. The new SANDISK 256TB1 NVMe SSD, built on the UltraQLC platform, is designed for AI-driven, data-intensive workloads like data ingest, preparation, and fast AI data lakes with high-performance speeds and power efficiency, while improving TCO for high-capacity applications in hyperscale cloud. The SANDISK UltraQLC 256TB1 NVMe SSD sets a new benchmark for hyperscale flash storage, purpose-built for the fast, intelligent data lakes powering AI at scale. With lower latency, higher bandwidth, and greater reliability, it delivers the performance needed for today's most demanding AI workloads. Key innovations include: Direct Write QLC, which eliminates SLC buffering by enabling power-loss safe writes on the first pass; BiCS8 2Tb QLC die that doubles storage density while maintaining compact die sizes; UltraQLC power optimization, which uses Dynamic Frequency Scaling for up to 10% higher performance for a given power level2 (projected); Scalable multi-core controller that helps ensure high throughput and endurance at extreme capacities; Data Retention (DR) profile that reduces DR recycles by up to 33%3 (projected), improving drive reliability, resilience and continuous access to data while decreasing power consumption. The SANDISK SN670 128TB1 NVMe SSD and SANDISK UltraQ LC 256TB1 NVMe SSD will be available in U.2 form factor in the first half of 2026, with additional form factors available later in the year. Duyuru • Jul 25
Sandisk Corporation Announces Advisory Board Appointments Sandisk Corporation announced the formation of a Technical Advisory Board to guide the development and strategy of its groundbreaking High Bandwidth Flash (HBF™) memory technology. The board includes industry experts and senior technical leaders from both within and outside the company. Appointed on July 24, 2025, Professor David Patterson and Raja Koduri will provide strategic guidance, technical insight, market perspective, and shape open standards as Sandisk prepares to launch HBF. Professor David Patterson, Pardee Professor of Computer Science, Emeritus at the University of California at Berkeley and a Google distinguished engineer, will lead the Technical Advisory Board and guide the group toward actionable insights and decisions. He is a prominent computer scientist known for co-developing Reduced Instruction Set Computing (RISC), which revolutionized processor design. He played key roles in the development of Redundant Array of Inexpensive Disks (RAID), and Networks of Workstations (NOW). Patterson co-authored the seminal textbook Computer Architecture: A Quantitative Approach and was also awarded the 2017 ACM Turing Award for his contributions to the industry. Raja Koduri is a computer engineer and business executive renowned for leading graphics architecture, with previous positions at AMD as Senior Vice President and Chief Architect and at Intel as Executive Vice President of Accelerated Computing Systems and Graphics. He directed the development of AMD’s Polaris, Vega, and Navi GPU architectures, Intel’s Arc and Ponte Vecchio GPUs, and spearheaded Intel’s foray into discrete graphics. In early 2023, he founded a startup focused on generative AI for gaming, media, and entertainment, and joined the Board of Tenstorrent in the AI and RISC-V semiconductor space. Most recently, he serves as Founder/CEO of Oxmiq Labs and Co-Founder of Mihira Visual Studios and continues to shape graphics and AI innovation through advisory and board roles across the semiconductor industry. Duyuru • Jul 17
Sandisk Corporation to Report Q4, 2025 Results on Aug 14, 2025 Sandisk Corporation announced that they will report Q4, 2025 results on Aug 14, 2025 Duyuru • Jun 06
Sandisk Corporation has completed a Follow-on Equity Offering in the amount of $713.581369 million. Sandisk Corporation has completed a Follow-on Equity Offering in the amount of $713.581369 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 18,534,581
Price\Range: $38.5
Discount Per Security: $1.155 Buy Or Sell Opportunity • Jun 03
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to US$38.64. The fair value is estimated to be US$31.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 9.7% in a year. Earnings are forecast to grow by 99% in the next year. Duyuru • May 31
Sandisk Corporation has filed a Follow-on Equity Offering. Sandisk Corporation has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock Buy Or Sell Opportunity • May 12
Now 30% overvalued The stock has been flat over the last 90 days, currently trading at US$41.20. The fair value is estimated to be US$31.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 9.7% in a year. Earnings are forecast to grow by 99% in the next year. Reported Earnings • May 09
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: US$13.33 loss per share. Net loss: US$1.93b (flat on 3Q 2024). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Tech industry in the US. Duyuru • Apr 23
Sandisk Corporation to Report Q3, 2025 Results on May 07, 2025 Sandisk Corporation announced that they will report Q3, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to US$38.26, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Tech industry in the US. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$56.21, the stock trades at a forward P/E ratio of 117x. Average forward P/E is 3x in the Tech industry in the US. Duyuru • Mar 12
Sandisk Corporation Appoints Michael R. Pokorny as Chief Accounting Officer On March 6, 2025, the Board of Directors of Sandisk Corporation appointed Michael R. Pokorny as Chief Accounting Officer of the Company. In this position, Mr. Pokorny will serve as the Company’s principal accounting officer.Mr. Pokorny, 48, previously served as Vice President, Controller at Splunk Inc., a cybersecurity software company, from November 2022 to October 2024. Between 2012 and 2022, Mr. Pokorny served in various roles of increasing responsibility within the accounting team at Amazon.com Inc., including as Director, AWS Accounting from October 2020 to November 2022. Prior to that, between 2004 and 2012, Mr. Pokorny served as Vice President, Financial Reporting at Walker & Dunlop Inc. as a Staff Accountant at the U.S. Securities and Exchange Commission, and in progressive roles in public accounting at KPMG LLP. Mr. Pokorny holds a Bachelor of Science degree in Accounting from the University of Maryland. Reported Earnings • Mar 09
Second quarter 2025 earnings released Second quarter 2025 results: EPS: US$0.91. Net income: US$104.0m (up US$104.0m from 2Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Tech industry in the US. Duyuru • Feb 20
Kioxia and Sandisk Unveil Next-Generation 3D Flash Memory Technology Achieving 4.8Gb/s NAND Interface Speed Kioxia Corporation and Sandisk Corporation have pioneered a 3D flash memory technology, setting the industry benchmark with a 4.8Gb/s NAND interface speed, superior power efficiency, and heightened density. Unveiled at ISSCC 2025, the new 3D flash memory innovation, together with the companies’ revolutionary CBA (CMOS directly Bonded to Array) technology,incorporates one of the latest interface standards, Toggle DDR6.0 for NAND flash memory, and leverages the SCA (Separate Command Address) protocol, a novel command address input method of its interface, and PI-LTT (Power Isolated Low-Tapped Termination) technology, which is instrumental in further reducing power consumption. Leveraging this unique high-speed technology, the companies expect the new 3D flash memory to achieve a 33% improvement in NAND interface speed compared with their 8th generation 3D flash memory currently in mass production, reaching a 4.8Gb/s interface speed. The technology can also deliver enhanced power efficiency of data input/output, reducing power consumption by 10% for input and 34% for output, thereby achieving a balance of high performance and low power consumption. Previewing the 10th generation 3D flash memory, the companies detailed that by increasing the number of memory layers to 332 and optimizing the floor plan for increased planar density, the technology improves bit density by 59%. Kioxia and Sandisk also shared plans for the upcoming 9th generation 3D flash memory. Enabled by their unique CBA technology, the companies can combine the new CMOS technology with an existing memory cell technology to deliver capital-efficient, high-performance, low-power products. Both companies remain committed to developing cutting-edge flash memory technologies, offering tailored solutions to meet customer needs, and contributing to the advancement of the digital society. 