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Sandisk cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$6.3B in Q1 FY27 · $17.4B over twelve months

Operating cash flow$6.4B
Capital spending−$54.0M
Free cash flow+$6.3B
Cash / net income0.8×

Analysis

In Q1 FY27, Sandisk generated $6.4B of operating cash flow and spent $54.0M on capital projects, leaving free cash flow of $6.3B.

Over the twelve months to Oct 2, 2026, operating cash flow was $17.5B; the largest uses were buybacks ($9.5B), other investing ($1.5B), net borrowing (+) / repaid (−) ($1.4B); besides operations, cash came from other financing ($53.0M), asset & business sales ($34.0M); the cash balance rose by $3.7B.

Operating cash flow was $6.4B against net income of $8.1B — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$1.9B, income taxes payable +$403M, inventory −$318M.

Free cash flow

Sandisk: free cash flow by quarterSandisk: free cash flow by quarter$47.0MQ2 FY25−$18.0MQ3 FY25$49.0MQ4 FY25$438MQ1 FY26$980MQ2 FY26$3.0BQ3 FY26$7.1BQ4 FY26$6.3BQ1 FY27
Operating cash flow less capital spending.
Sandisk: operating cash flow against capital spendingSandisk: operating cash flow against capital spendingOperating cash flowCapital spending$95.0M$48.0MQ2 FY25$26.0M$44.0MQ3 FY25$94.0M$45.0MQ4 FY25$488M$50.0MQ1 FY26$1.0B$39.0MQ2 FY26$3.0B$45.0MQ3 FY26$7.1B$43.0MQ4 FY26$6.4B$54.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow $6.4B, Capital spending $54.0M.

Capital allocation, year by year

Sandisk: where the cash came from (up) and went (down), by fiscal yearSandisk: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY23: Operating cash flow −$713MFY23: Capital spending −$219MFY23FY24: Operating cash flow −$309MFY24: Asset sales $137MFY24: Capital spending −$166M$137MFY24FY25: Operating cash flow $84.0MFY25: Net borrowing $1.9BFY25: Shares issued $5.0MFY25: Asset sales $401MFY25: Capital spending −$204M$2.4BFY25FY26: Operating cash flow $11.7BFY26: Net borrowing −$1.9BFY26: Shares issued $53.0MFY26: Asset sales $25.0MFY26: Capital spending −$177MFY26: Buybacks −$4.5B$11.7BFY26
Over these 4 years operating cash flow totalled $10.7B; the largest uses were buybacks ($4.5B) and net borrowing ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.1B
Debtnone
Net cash$5.1B
Due within a year$20.0M

Sandisk funds itself: free cash flow was $17.4B over the last twelve months, with $5.1B of cash and investments and no debt on the balance sheet ($20.0M due within a year, 256.8× covered by cash).

Sandisk: debt maturities by year (FY25)Sandisk: debt maturities by year (FY25)$20.0MYear 1$20.0MYear 2$20.0MYear 3$20.0MYear 4$20.0MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.1B of cash and investments now.

Where the cash came from and went

Sandisk: sources (+) and uses (−) of cash, Q1 FY27Sandisk: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$6.4BBuybacks−$5.0BTaxes on employees’ shares−$755MCash drawn (+) / kept (−)−$374MOther investing−$218MCapital spending−$54.0MAsset & business sales$34.0MExchange rates$4.0M
Sandisk: sources (+) and uses (−) of cash, TTM to Q1 FY27Sandisk: sources (+) and uses (−) of cash, 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 profit to cash

Sandisk: net income to operating cash flow, Q1 FY27Sandisk: net income to operating cash flow, Q1 FY27Net income$8.1BDepreciation & amortization$43.0MStock-based pay$91.0MDeferred taxes−$20.0MReceivables−$1.9BInventory−$318MPayables$197MAccrued liabilities−$24.0MEmployee-related liabilities−$215MDeferred revenue$287MIncome taxes payable$403MOther operating capital$14.0MOperating cash flow$6.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$6.4B−$54.0M−$5.0B——−$374M$6.3B
Q4 FY26$7.1B−$43.0M——$29.0M−$1.0B$7.1B
Q3 FY26$3.0B−$45.0M—−$650M—−$2.2B$3.0B
Q2 FY26$1.0B−$39.0M—−$750M—−$97.0M$980M
Q1 FY26$488M−$50.0M—−$500M—$39.0M$438M
Q4 FY25$94.0M−$45.0M—−$100M$5.0M$26.0M$49.0M
Q3 FY25$26.0M−$44.0M———−$703M−$18.0M
Q2 FY25$95.0M−$48.0M———−$482M$47.0M

Sandisk: income statement and cash flow

Sandisk, Q1 FY27: revenue $11.0B (+378% year over year), operating margin 79.6%. The chart follows the revenue to costs, profit and cash.

Sandisk: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.