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Sandisk (SNDK) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 30, 2026 · Sandisk (SNDK) Q1 FY27 earnings results →

Q1 FY27 Revenue up 378% year over year to $11.0B · 73¢ of every $1 of revenue kept as net profit · operating margin 79.6%

Sandisk made $11.0B in Q1 FY27 (+378% Y/Y): Edge $5.8B, Datacenter $4.8B, Consumer $397M. Operating margin 79.6%, net earnings $8.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$11.0B
Year over year+378%
Operating margin79.6%
Net earnings$8.1B
Operating cash flow$6.4B

Drawing the Sankey…

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Sandisk Q1 FY27 revenue breakdown: Sankey diagram of revenue (Edge, Datacenter, Consumer), costs, profit and cash flow
Sandisk Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $11.0B in Q1 FY27, up 378% year over year and up 23% from the previous quarter. Edge was the largest line at 53% of revenue. Datacenter added $4.5B year over year (up 1685%), 52% of the total change. Consumer declined 39%.

Gross margin was 85.0%, up 55.2 points from Q1 FY26. Operating profit was $8.8B, a 79.6% margin (up 72.0 points year over year). Of the extra revenue versus Q1 FY26, 99% reached operating profit, above the 8% margin then. Operating expenses grew 17% against revenue growth of 378%. The fastest-growing cost line was Research & development (+22%). Net earnings were $8.1B, up 7133% year over year. The effective tax rate was 13.1%.

Operating cash flow was $6.4B (up 1204% year over year), 79% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $1.9B. After purchases of property, plant and equipment, net ($0.05B), free cash flow as the company reports it was $6.3B.

Quarterly history

Sandisk revenue by quarterSandisk revenue by quarter$1.9BQ2 FY25$1.7BQ3 FY25$2.3BQ1 FY26$3.0BQ2 FY26$6.0BQ3 FY26$9.0BQ4 FY26$11.0BQ1 FY27
Sandisk net earnings by quarterSandisk net earnings by quarter$104MQ2 FY25−$1.9BQ3 FY25$112MQ1 FY26$803MQ2 FY26$3.6BQ3 FY26$6.9BQ4 FY26$8.1BQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 30, 2026$11.0B+378%79.6%$8.1B$6.4B
Q4 FY2610-KAug 17, 2026$9.0B+372%78.5%$6.9B$7.1B
Q3 FY2610-QMay 1, 2026$6.0B+251%69.1%$3.6B$3.0B
Q2 FY2610-QJan 30, 2026$3.0B+61%35.2%$803M$1.0B
Q1 FY2610-QNov 7, 2025$2.3B+23%7.6%$112M$488M
Q3 FY2510-QMay 12, 2025$1.7B-0.6%-111.0%−$1.9B$26.0M
Q2 FY2510-QMar 7, 2025$1.9B+13%10.4%$104M$95.0M

Charts

Sandisk: revenue growth, year over year and quarter over quarterSandisk: revenue growth, year over year and quarter over quarterY/YQ/Q+13%Q2 FY25-1%-10%Q3 FY25+23%+36%Q1 FY26+61%+31%Q2 FY26+251%+97%Q3 FY26+372%+51%Q4 FY26+378%+23%Q1 FY27
Latest (Q1 FY27): Y/Y +378%, Q/Q +23%.
Sandisk: where the cash came from (+) and went (−), TTM to Q1 FY27Sandisk: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$17.5BBuybacks−$9.5BCash drawn (+) / kept (−)−$3.7BOther investing−$1.5BNet borrowing (+) / repaid (−)−$1.4BTaxes on employees’ shares−$1.4BCapital spending−$181MOther financing$53.0MAsset & business sales$34.0MExchange rates−$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Sandisk: profit against cash, quarter by quarterSandisk: profit against cash, quarter by quarterNet incomeOperating cash flow$104M$95.0MQ2 FY25−$1.9B$26.0MQ3 FY25−$23.0M$94.0MQ4 FY25$112M$488MQ1 FY26$803M$1.0BQ2 FY26$3.6B$3.0BQ3 FY26$6.9B$7.1BQ4 FY26$8.1B$6.4BQ1 FY27
Latest (Q1 FY27): Net income $8.1B, Operating cash flow $6.4B.
Sandisk: diluted shares by fiscal yearSandisk: diluted shares by fiscal year145MFY23145MFY24145MFY25155MFY26
+6.9% since FY23: more shares outstanding (issuance, stock pay).
Sandisk: long-term debt falling due (FY25)Sandisk: long-term debt falling due (FY25)$20.0M2026$20.0M2027$20.0M2028$20.0M2029$20.0M2030$1.8BLater
Cash $1.5B, short-term investments —, long-term debt $1.8B at 2025-06-27.
Sandisk in its industry: growth against margin (6 companies, SIC 3572)Sandisk in its industry: growth against margin (6 companies, SIC 3572)revenue growth, year over year →↑ operating marginmedian +56%median 47%WDCSTXNTAPPQMCOSNDK (+300%, 80%)
Computer Storage Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Memory & storage (excluding HBM)

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Sandisk

Prior to February 21, 2025, we were wholly owned by Western Digital Corporation (“WDC”). As of February 21, 2025, we separated from WDC (the “separation”) and became a standalone publicly traded company, trading under the stock symbol “SNDK” on the Nasdaq Global Select Market. For more information about the separation, see Part II, Item 7., Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8., Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.

In its own words, from its 10-K, filed Aug 17, 2026.

Sandisk against its Computer Storage Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +378% against the peers' median +56%. Operating margin: 79.6% against the peers' median 46.7%.

CompanyQuarterRevenueY/YOp. margin
SNDK SandiskQ1 FY27$11.0B+378%79.6%
WDC Western DigitalQ1 FY27$4.4B+56%46.7%
STX Seagate Technology HoldingsQ1 FY27$4.2B+61%48.8%
NTAP NetAppQ1 FY27$1.8B+30%26.6%
P EverpureQ2 FY27$1.2B+38%5.3%
QMCO QuantumQ1 FY27$80.8M+26%6.2%

Source: Sandisk 10-Q on SEC EDGAR · CIK 2023554 · Computer Storage Devices

Guidance and outlook

Sandisk Revenue: guidance against what was reportedSandisk Revenue: guidance against what was reportedguided rangereported (above / within / below)Q1 FY26$2.3BQ2 FY26$3.0BQ3 FY26$6.0BQ4 FY26$9.0BQ1 FY27$11.0BQ2 FY27
Met or beat 5 of 5 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Sandisk: what its forward-looking statements are about (10-Q filed 2026-10-30)Sandisk: what its forward-looking statements are about (10-Q filed 2026-10-30)Demand4Other2Deals1Margins1Buybacks & dividends1
9 statements; tone +0.33 (−1 all cautious, +1 all confident); 1 hedged.
Sandisk: outlook statements against the filing beforeSandisk: outlook statements against the filing beforeNew1Dropped8Confident3

13F: who owns SNDK and who is buying

Largest holders of SNDK (13F)Largest holders of SNDK (13F)BlackRock$23.4BVanguard Capital Management LLC$22.0BFMR LLC$17.9BState Street$13.5BInvesco$12.8BGeode Capital Management, LLC$8.2BVanguard Portfolio Management LLC$8.0BClear Street Group$6.8BSituational Awareness LP$5.7BMorgan Stanley$5.5B
Funds' net buying of SNDK by quarter (13F)Funds' net buying of SNDK by quarter (13F)$4.9B2025-03$1.3B2025-06−$1.4B2025-09−$1.2B2025-12−$4.0B2026-03−$12.3B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SNDK

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q3 FY25 results · Q2 FY25 results

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