SanDisk — 2026Q3 財報

“Fiscal fourth quarter revenue was $8.97 billion, up 51% sequentially, with GAAP net income reported at $6.90 billion ($43.97 diluted net income per share). Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing.”

Q4 revenue was $8.97B, up 51% sequentially, with GAAP net income of $6.90B ($43.97 diluted EPS); the sequential growth was roughly one-third volume and two-thirds pricing, underscoring how much of the ramp is price-driven.

“Fiscal year 2026 revenue was $20.25 billion, up 175% year-over-year, with GAAP net income reported at $11.43 billion ($73.76 diluted net income per share). Revenue outperformance was driven by both our mix shift toward higher-value customers, with Datacenter up 437%, and higher pricing.”

Fiscal 2026 revenue reached $20.25B, up 175% year-over-year, with GAAP net income of $11.43B ($73.76 diluted EPS), powered by a mix shift to higher-value customers — Datacenter up 437% — plus higher pricing.

“Since announcing five New Business Model (“NBM”) agreements during our April earnings call, we have signed five additional agreements, including three NBMs with new customers and two deals expanding on previously signed NBMs.”

The New Business Model contract base keeps compounding: five additional agreements were signed since the April call — three with new customers and two expanding existing NBMs.

“Expanded our share repurchase authorization, with Sandisk’s Board of Directors approving an additional $14 billion buyback program, bringing total remaining authorization to $15.5 billion.”

Capital return stepped up sharply: the board approved an additional $14B buyback, taking total remaining repurchase authorization to $15.5B.

“Expect first quarter 2027 revenue to be in the range of $10.30 billion to $10.80 billion, with expected Non-GAAP diluted net income per share to be in the range of $44.00 to $46.00.”

Guidance implies the ramp continues into fiscal 2027: Q1 revenue of $10.30-10.80B with non-GAAP diluted EPS of $44.00-$46.00, both above the Q4 just reported.

“A year ago, data center represented roughly 12% of our bits. Exiting fiscal year 2026, it represents 38% of our portfolio and is our fastest-growing end market.”

Datacenter went from roughly 12% of bits a year ago to 38% of the portfolio exiting fiscal 2026, and is now the fastest-growing end market.

“The total expected revenue from all our NBMs we have signed is a minimum of $93.9 billion, assuming floor pricing. We believe actual revenue will be above that minimum.”

CFO Luis Visoso quantified the NBM book for the first time at this scale: a minimum of $93.9B of total expected revenue across all signed NBMs even at floor pricing, with actual revenue expected above that.

“We expect our NBMs to represent more than 50% of our bits in fiscal year 2027 and approximately 2/3 of our bits in fiscal year 2028.”

NBMs are becoming the dominant way Sandisk sells: more than 50% of fiscal 2027 bits and approximately two-thirds of fiscal 2028 bits are already committed under these agreements.

“Demand from our customers is growing faster than our supply. We therefore expect bits to remain on allocation beyond calendar year 2027.”

Management framed the supply-demand imbalance as persistent, expecting bits to remain on allocation beyond calendar 2027.