Sandisk earnings: October 29, 2026 results
Sandisk's next results are scheduled for October 29, 2026. Watch revenue, earnings, shipment growth and realized pricing.
What has Sandisk guided for the year?
For the next quarter, Sandisk forecasts revenue of $10,300–$10,800 million and non-GAAP earnings of $44.00–$46.00 per diluted share. Non-GAAP is management’s version of profit after removing selected items from GAAP, the standard accounting result. The exclusions include stock-based compensation: issuing shares may not require an immediate cash payment, but it dilutes existing owners. The forecast is therefore useful for judging operations, but it should be checked against GAAP profit, share count and cash flow.
Management’s longer-range model targets average non-GAAP gross margins of 80.0%, operating margins of 75.0% and adjusted free-cash-flow margins of 50.0% across FY2028–FY2030. These are averages, not promises for every quarter. Free cash flow is the money left after operating needs and investment; the adjusted version also removes company-specific items.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Fiscal Q1 2027 | 10,300 | 10,800 | Aug 5, 2026 |
| Gross Margin (Non-GAAP) | Fiscal Q1 2027 | 83.0% | 85.0% | Aug 5, 2026 |
| Diluted Net Income Per Share (Non-GAAP) | Fiscal Q1 2027 | 44.00 | 46.00 | Aug 5, 2026 |
| non-GAAP operating margins | FY2028–FY2030 | 75.0% | 75.0% | Aug 13, 2026 |
| adjusted free cash flow margin | FY2028–FY2030 | 50.0% | 50.0% | Aug 13, 2026 |
Did Sandisk keep its past promises?
Sandisk has delivered tangible results, including debt reduction and actual repurchases. At Investor Day on August 13, 2026, management promised to return all excess cash after investing in the business. That promise leaves judgment over what counts as necessary investment, but it gives shareholders a clear principle to test.
What has Sandisk's last eight quarters shown?
The eight-quarter sequence shows revenue weakening in early 2025 before climbing through the rest of the year and accelerating in 2026. Management attributed roughly one-third of sequential revenue growth to volume and two-thirds to pricing. That mix makes the quarter powerful but also exposes it to future price reversals.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,965 | 5,950 | 3,025 | 2,308 | 1,901 | 1,695 | 1,876 | 1,883 |
| Gross margin | 84.6% | 78.4% | 50.9% | 29.8% | 26.2% | 22.5% | 32.3% | 38.6% |
| Operating income | 7,037 | 4,111 | 1,065 | 176 | 18 | -1,881 | 195 | 291 |
| Net income | 6,903 | 3,615 | 803 | 112 | -23 | -1,933 | 104 | 211 |
| EPS, diluted | 43.97 | 23.03 | 5.15 | 0.75 | -0.16 | -13.33 | 1.19 | |
| = Free cash flow | 7,083 | 2,993 | 980 | 438 | 49 | -18 | 47 | -198 |
What should I watch in Sandisk's next results?
Sandisk’s fiscal Q1 earnings call is scheduled for October 29, 2026, at 4:30 p.m. Eastern. Investors should watch revenue, earnings, shipment growth, realized pricing and the next outlook. Those figures will show whether customers are taking the capacity Sandisk is funding and whether the following quarter still supports the plan.