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Sentiment · FY2026 Q4
Sandisk delivered explosive Q3 results with revenue surging 251% year-over-year to $5.95 billion, driven by data center AI demand that grew 233% sequentially, while non-GAAP EPS reached $23.41 compared to $6.20 in the prior quarter. Record gross margins reflected exceptional pricing power and a favorable mix shift toward high-value enterprise SSDs, and the company launched a $6 billion share buyback program. Q4 guidance of $7.75-$8.25 billion signals continued momentum, with the Stargate QLC enterprise SSD ramping and new business models transforming earnings visibility.
Cloud & AI | Competitive Dynamics | Demand | Pricing | Supply Chain | Innovation & R&D | Capex Investment | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2026Q1 | 10 | 7 | 6 | 4 | 6 | 6 | 2 | 2 |
| 2026Q2 | 6 | 5 | 4 | 4 | 3 | 2 | 2 | 2 |
| 2026Q3 | 9 | 5 | 3 | 3 | 2 | 2 | 2 |
| '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|
| Cloud & AI | 10 | 6 | 9 |
| Competitive Dynamics | 7 | 5 | 5 |
| Demand | 6 | 4 | 3 |
| Pricing | 4 | 4 | 3 |
| Supply Chain | 6 | 3 | 2 |
| Innovation & R&D | 6 | 2 | 2 |
| Capex Investment | 2 | 2 | 2 |
| Margin | 2 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $1.88B | +22.8% | $1.46 | +140.6% | 38.6% | 16.6% | 11.2% | $-198M |
| FY2025 Q2 | $1.88B | +12.7% | $0.72 | +134.6% | 32.3% | 10.4% | 5.5% | $47M |
| FY2025 Q3 | $1.70B | -0.6% | $-13.33 | -7115.8% | 22.5% | -2.5% | -114.0% | $-18M |
| FY2025 Q4 | $1.90B | +8.0% | $-0.16 | -119.3% | 26.2% | 0.9% | -1.2% | $49M |
| FY2026 Q1 | $2.31B | +22.6% | $0.75 | -48.6% | 29.8% | 8.3% | 4.9% | $438M |
| FY2026 Q2 | $3.02B | +61.2% | $5.15 | +615.3% | 50.9% | 35.5% | 26.5% | $980M |
| FY2026 Q3 | $5.95B | +251.0% | $23.03 | +272.8% | 78.4% | 69.1% | 60.8% | $2.99B |
| FY2026 Q4 | $8.96B | +371.6% | $44.83 | +28118.8% | 84.6% | 78.2% | 77.0% | $7.08B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jim Schneider | Goldman Sachs | 8 (0%) |
| Mark Newman | Bernstein | 7 (0%) |
| Joe Moore | Morgan Stanley | 7 (0%) |
| CJ Muse | Cantor Fitzgerald | 7 (14%) |
| Asiya Merchant | Citigroup | 6 (0%) |
| Aaron Rakers | Wells Fargo | 5 (0%) |
| Ruplu Bhattacharya | Bank of America | 5 (0%) |
| Karl Ackerman | BNP Paribas | 4 (0%) |
| Vijay Rakesh | Mizuho Securities | 4 (0%) |
| Mehdi Hosseini | Susquehanna | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 8 (0%) |
| Cantor Fitzgerald | 1 | 7 (14%) |
| Morgan Stanley | 1 | 7 (0%) |
| Bernstein | 1 |
What SNDK and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“on the follow-up on HBF. I mean are you seeing book SanDisk and Hynix talking about it, I guess, but outside of that, when you look at high bandwidth flash, are you seeing investments or CapEx picking up there”
Analyst notes SanDisk (a Lam memory-maker customer) is discussing high-bandwidth flash, a potential future NAND capex driver.
“It is our intention to monetize the remaining 1.7 million shares in an equity-for-equity transaction.”
WDC plans to divest its remaining 1.7 million SanDisk shares tax-free before year-end, fully exiting its post-spin SanDisk position.
| 7 (0%) |
| Citigroup | 1 | 6 (0%) |
| Wells Fargo | 2 | 6 (0%) |
| Bank of America | 2 | 6 (0%) |
| Mizuho Securities | 1 | 4 (0%) |
“During the third fiscal quarter, we significantly strengthened our balance sheet by monetizing 5.8 million shares of SanDisk, which led to a $3.1 billion reduction in our debt.”
Western Digital sold 5.8 million of its SanDisk shares to cut debt, signaling WDC is steadily unwinding its residual stake in the spun-off flash business.
“investing approximately $1 billion in Nanya to secure long-term DRAM supply”
Sandisk invested roughly $1B in Nanya to secure long-term DRAM supply, a read-through to demand for Nanya's DRAM output.
“extending our JV with Kioxia through December 2034”
Sandisk extended its NAND manufacturing joint venture with Kioxia through 2034, reinforcing long-term supply and R&D alignment between the two NAND makers.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SNDK Sandisk Corporation | 9 | +251.0% | |
| APH Amphenol | 9 | +58.4% | |
| COHR Coherent, Inc. | 9 | +20.6% | |
| FLEX Flex Ltd. | 9 | +16.9% | |
| FTV Fortive | 5 | -27.5% | |
| GLW Corning Inc. | 9 | +20.1% | |
| GRMN Garmin | 8 | +14.2% | |
| JBL Jabil | 9 | +23.1% | |
| KEYS Keysight Technologies | 9 | +23.3% | |
| TDY Teledyne Technologies | 8 | +7.6% | |
| TEL TE Connectivity | 8 | +14.5% | |
| TRMB Trimble Inc. | 9 | +11.8% |