Sandisk's FY26 Results: Revenue Up 175%, Net Income $11.4B, and a $14B Buyback
Summary
Sandisk's FY26 results show revenue up 175% to $20.2B, net income of $11.4B, and a new $14B buyback. Two new $31.3B customer agreements were signed post-year-end.
Key Events · Earnings and Guidance · SNDK
-
Revenue Nearly Triples
Fiscal 2026 revenue reached $20.248 billion, up 175% from $7.355 billion in fiscal 2025. Datacenter revenue surged 437% to $5.153 billion, Edge revenue rose 195% to $12.160 billion, and Consumer revenue increased 29% to $2.935 billion.
-
Profitability Inflection
Net income was $11.433 billion, a swing from a $1.641 billion loss in fiscal 2025. Gross margin expanded to 71.5% from 30.1%, driven by higher sales and pricing. Diluted EPS was $73.76 versus a loss of $11.32 per share.
-
Massive Buyback Expansion
On August 5, 2026, the Board authorized an additional $14.0 billion share repurchase program, following the $6.0 billion program approved in April 2026. During fiscal 2026, the company repurchased 3 million shares for $4.5 billion.
-
New Business Model Agreements
Subsequent to the balance sheet date, Sandisk entered into two additional New Business Model agreements with an aggregate transaction price of $31.3 billion. These multi-year agreements are supported by financial guarantees and customer purchase commitments.
Analysis · SNDK · Technology
Fiscal 2026 marked a dramatic inflection for Sandisk. Revenue nearly tripled to $20.2 billion, driven by a 437% surge in Datacenter revenue as AI infrastructure demand exploded. Gross margin expanded from 30.1% to 71.5%, turning a $1.6 billion loss into an $11.4 billion profit. The company also announced a massive $14 billion additional buyback authorization, bringing total repurchase capacity to $20 billion. Two new multi-year customer agreements worth $31.3 billion were signed after the fiscal year ended, pushing remaining performance obligations to $59.8 billion. This is a thesis-altering report that validates the AI-driven NAND supercycle and signals management's confidence in sustained demand.
At the time of this filing, SNDK was trading at $1,780.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $264.6B. The 52-week trading range was $42.82 to $2,354.39. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.