Sandisk Corporation Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Sandisk Q4 & FY2026 Earnings Summary

Strategic Context: Sandisk closed FY2026 with record results driven by AI inference demand, BiCS 8 technology leadership, and new long-term business models (NBMs). Datacenter grew from ~12% of bits a year ago to 38% exiting FY2026, becoming the fastest-growing segment. The company ended with a net cash balance sheet and executed aggressive capital returns.

Q4 FY2026 Financial Highlights (vs. Q3 FY2026 and Q4 FY2025)

  • Revenue: $8,965 million — up 51% sequentially and 372% year-over-year (above guidance of $7.75–8.25 billion). Growth split: ~1/3 volume, ~2/3 pricing.
  • Non-GAAP Gross Margin: 84.6% — up from 78.4% in Q3 and 26.4% in Q4 FY2025 (above guidance of 79–81%).
  • Non-GAAP Operating Margin: 79.2% — up from 70.9% prior quarter.
  • Non-GAAP EPS: $39.25 — up from $23.41 in Q3 and $0.29 in Q4 FY2025 (above guidance of $30–33).
  • Free Cash Flow: $5,035 million adjusted FCF (56% margin), excluding $1.938 billion in NBM prepayments.
  • Share Repurchases: $4.5 billion (2.836 million shares).

Full Year FY2026 Performance (vs. FY2025)

  • Revenue: $20,248 million — up 175% year-over-year, with mid-teens bit growth.

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Operator : Good afternoon, and welcome to Sandisk's Fourth Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ivan Donaldson, Vice President of Investor Relations. Please go ahead. Ivan Donaldson : Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties. These forward-looking statements include expectations for our technology and product portfolio, our business plans and performance, our capital allocation priorities, market trends and opportunities and our future financial results. We assume no obligation to update these statements. Please refer to our annual report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. We will also make references to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the written materials posted in the Investor Relations section of our website. With that, I'll turn the call over to David. David V. Goeckeler : Thanks, Ivan. Good afternoon, and thank you for joining Sandisk's Fiscal Fourth Quarter Earnings Call. As we close fiscal year '26, we believe Sandisk is in a strong strategic pos

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