Sandisk Q1 FY27: $11.03B Revenue, $8.1B Net Income, $5B Buyback, 8-for-1 Split
SNDK has more than doubled off its 52-week low of $183.
Summary
Sandisk reported Q1 FY27 revenue of $11.03B and net income of $8.1B at an 85% gross margin, bought back $5.0B of stock, and disclosed $88.9B of contracted remaining performance obligations plus an eight-for-one stock split effective November 20.
Key Events · Earnings and Guidance · SNDK
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Q1 Revenue Nearly Quintuples
Revenue of $11,031M versus $2,308M a year ago, with Datacenter revenue up to $4,802M from $269M and Edge up to $5,832M from $1,387M.
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85% Gross Margin, $8.1B Net Income
Gross profit of $9,378M (85.0% of revenue) and net income of $8,101M, or $52.60 diluted EPS; results include a $513M gain on the Nanya equity investment.
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$5B Buyback Executed in Quarter
Repurchased 3,150,369 shares for $5.0B at an average of roughly $1,551-$1,638 per share; $10.5B remains available under the $20B Repurchase Programs.
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$88.9B Contracted Backlog
Remaining performance obligations under New Business Models total $88.9B, of which $87.4B is unbilled, backed by $12.8B of third-party collateral; about 20% is expected to be recognized as revenue over the next twelve months.
Analysis · SNDK · Technology
The quarter was extraordinary: revenue of $11.03B against $2.31B a year ago, an 85% gross margin and $8.1B of net income, driven by AI datacenter demand (Datacenter revenue $4.80B vs $269M). Management converted that into $5.0B of buybacks in a single quarter and still grew cash to $5.14B. The $88.9B of remaining performance obligations under the new long-term customer agreements is the number that matters most — it is contracted future revenue that materially reduces the historical cyclicality of the NAND business. The eight-for-one split (record November 9, post-split trading November 20) is cosmetic but broadens the shareholder base at a $1,148 share price. Watch the inventory build: days in inventory rose to 166 from 115, and receivables jumped $1.9B, so cash conversion is stretching even as margins peak.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 38.3% of the 891 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SNDK was trading at $1,148.05 on NASDAQ in the Technology sector, with a market capitalization of approximately $166.3B. The 52-week trading range was $183.00 to $2,354.39. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.