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SNDK

Sandisk Corporation

SNDK

Sandisk Corporation • NASDAQ
$223.28 ▲ 3.83% (+8.24)
Market Cap $32.43 B
52w High $284.76
52w Low $27.89
Dividend Yield 0%
P/E -18.56
Volume 13.37M
Outstanding Shares 145.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $2.308B ▲ $511M ▲ $112M ▲ 4.853% ▲ $0 ▲ $176M ▲
Q4-2025 $1.901B ▲ $480M ▼ $-23M ▲ -1.21% ▲ $-0.16 ▲ $59M ▲
Q3-2025 $1.695B ▼ $2.263B ▲ $-1.933B ▼ -114.041% ▼ $-13.33 ▼ $-1.848B ▼
Q2-2025 $1.876B ▼ $411M ▼ $104M ▼ 5.544% ▼ $0.72 ▼ $213M ▼
Q1-2025 $1.883B $435M $211M 11.206% $1.47 $367M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $1.442B ▼ $12.749B ▼ $3.368B ▼ $9.381B ▲
Q4-2025 $1.481B ▼ $12.985B ▲ $3.769B ▼ $9.216B ▲
Q3-2025 $1.507B ▲ $12.96B ▼ $3.799B ▲ $9.161B ▼
Q2-2025 $804M ▲ $14.234B ▲ $2.233B ▲ $12.001B ▼
Q1-2025 $322M $13.89B $1.764B $12.126B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $112M ▲ $488M ▲ $-15M ▲ $-515M ▼ $-39M ▼ $438M ▲
Q4-2025 $-23M ▲ $94M ▲ $-17M ▼ $-102M ▼ $-26M ▼ $49M ▲
Q3-2025 $-1.933B ▼ $26M ▲ $404M ▲ $276M ▲ $703M ▲ $-18M ▲
Q2-2025 $120M ▲ $-130M ▼ $-3M ▼ $85M ▲ $328M ▲ $-168M ▼
Q1-2025 $27M $-12M $100M $-135M $0 $-41M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025
Client Devices
Client Devices
 $1.03Bn ▲$930.00M ▼$3.20Bn ▲
Cloud
Cloud
 $250.00M ▲$200.00M ▼$760.00M ▲
Consumer
Consumer
 $600.00M ▲$570.00M ▼$1.70Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Sandisk’s sales have been recovering after a sharp industry downturn, but they are still below the earlier peak. Profitability, however, remains the weak point: the company moved from solid profits a few years ago to sizeable losses in each of the last three years. Gross profit has improved from the worst point, suggesting pricing and factory utilization are getting healthier, yet operating costs and restructuring effects are still heavy enough to keep the bottom line in the red. Overall, this looks like a classic cyclical recovery pattern in storage chips where revenue and gross margins are healing, but consistent earnings have not yet returned.

Balance Sheet

Balance Sheet The balance sheet shows a business that still has a reasonable capital base but has been gradually eroding its equity through repeated losses. Cash levels dipped to quite thin levels during the downturn and only recently bounced back somewhat, while debt has increased, making the company more reliant on borrowing than before. Even so, equity clearly exceeds debt, which provides some cushion, but the trend is toward a tighter financial position than in the past. This means Sandisk can support ongoing operations, but it has less room for prolonged weak conditions without further balance-sheet actions.

Cash Flow

Cash Flow Cash generation has been choppy and generally weak in recent years. After previously producing healthy cash from operations and free cash flow, Sandisk slipped into a period where its core business was burning cash instead of generating it, only just turning marginally positive on operating cash more recently. Management has been trimming investment spending, which helps limit cash outflow but also underlines the need to be selective on new projects. The overall picture is of a company coming out of a cash-strained phase but not yet back to comfortable, self-funding levels.

Competitive Edge

Competitive Edge Sandisk sits in a structurally tough but important market: flash memory is essential for modern devices and data centers, yet pricing is volatile and competition from global giants is intense. Within that landscape, Sandisk benefits from long-standing manufacturing partnerships, scale in production, and a highly recognized brand in both consumer and enterprise storage. Vertical integration—designing chips and selling complete products—gives it more control over cost and product quality than many smaller rivals. Its position is solid enough to participate meaningfully in upturns, but the industry’s commodity-like nature means it is unlikely to be insulated from price wars or downcycles.

Innovation and R&D

Innovation and R&D Innovation is one of Sandisk’s clearest strengths. The company has a long history of being early with key flash technologies and continues to push forward with advanced 3D NAND and new concepts like High Bandwidth Flash aimed at AI workloads. A deep patent portfolio, joint development with Kioxia, and work with partners like SK hynix reinforce its technology position and help share the heavy cost of R&D. The main question is execution: turning cutting-edge designs into reliable, high-volume, low-cost products fast enough to stay ahead of peers while keeping spending under control during weak market phases.

Summary

Sandisk today looks like a technologically strong, but financially pressured, memory maker emerging from a severe industry downturn. Revenue and gross profit are on the mend, yet the business is still loss-making and cash flows have only just begun to stabilize, leaving the balance sheet weaker than a few years ago. At the same time, the company retains notable competitive advantages—brand, patents, manufacturing partnerships, and vertical integration—backed by an active innovation pipeline focused on AI and data-center demand. The story going forward will revolve around whether industry conditions and internal execution are strong enough to restore sustainable profits and cash generation before financial flexibility becomes too constrained.

NEWS

November 25, 2025 · 7:00 PM UTC

Sandisk Announces Participation in Investor Conferences

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November 24, 2025 · 6:01 PM UTC

Sandisk Set to Join S&P 500; Upwork, First Interstate BancSystem, PTC Therapeutics to Join S&P SmallCap 600

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November 6, 2025 · 4:05 PM UTC

Sandisk Reports Fiscal First Quarter 2026 Financial Results

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October 6, 2025 · 7:30 PM UTC

Sandisk to Report First Quarter Fiscal Year 2026 Results on November 6, 2025

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September 29, 2025 · 7:00 PM UTC

Kioxia and Sandisk Announce Beginning of Operation of Fab2 at Kitakami Plant, Japan to Meet the Market Demand Driven by AI

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