Sandisk Q1 FY27 earnings review

Revenue rose 23.0% sequentially to $11,031M, above the August guide.

Sandisk Corporation (SNDK) · Q1 FY27 · Published Nov 5, 2026 · By DeepCell AI · Sources

Sandisk Q1 FY27 earnings review

Quarter ended October 2, 2026

For information only, not investment advice. No rating or price target.

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1 · Sandisk (SNDK) Q1 FY27 earnings review

Revenue rose 23.0% sequentially to $11,031M, above the August guide

  1. 1.Revenue was $11,031M, up 23.0% QoQ and 377.9% YoY
  2. 2.Datacenter revenue rose 61.3% QoQ to $4,802M
  3. 3.GAAP diluted EPS was $52.60; Non-GAAP diluted EPS was $49.51
  4. 4.Returned $5,000M via share repurchases; announced an 8-for-1 stock split
  5. 5.Shares closed at $1150.89 on Oct 30, -13.5% vs. the Oct 29 close

Note: All per-share figures are pre-split. Share prices are regular-session closes.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; Yahoo Finance, Oct 29, Oct 30 and Nov 4, 2026 closes; analysis of company data

2

2 · Executive summary

Revenue and Non-GAAP EPS cleared the August guide highs

Q1 FY27 results vs. August company guidance and Yahoo Finance consensus

MetricActualGuide / estimateVarianceResult
Revenue vs. August range$11,031M$10,300M–$10,800M+$481M vs midAbove
Non-GAAP EPS vs. August range$49.51$44.00–$46.00+$4.51 vs midAbove
Non-GAAP EPS vs. Yahoo Finance$49.51$46.41+$3.10 / +6.7%Beat

Share price after the Oct 29 after-close release (Yahoo Finance)

MeasureOct 29 closeOct 30 closeNov 4 closeOct 30 vs. Oct 29
Sandisk (Nasdaq)$1330.05$1150.89$1037.40-$179.16 / -13.5%

Note: August guide is from the Aug 5 Form 8-K. Yahoo Finance is Normalized/Non-GAAP consensus (third-party).Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; Aug 5 Form 8-K Ex. 99.1; Yahoo Finance analysis page; Yahoo Finance, Oct 29, Oct 30 and Nov 4, 2026 closes; analysis of company data

3

3 · Q1 results vs. guidance

Revenue rose 377.9% YoY and 23.0% QoQ, with GAAP net income of $8,101M

  1. Sequential growth ledRevenue rose 23.0% from Q4 FY26.
  2. Margins stayed highGAAP gross margin was 85.0%; operating margin was 79.6%.
  3. Cash generation stayed largeFree cash flow was $6,309M; Adjusted free cash flow was $5,696M.

Key figures in $M and % for Q1 FY27 vs. Q1 FY26

$M unless notedQ1 FY26Q1 FY27YoY
Revenue$2,308M$11,031M377.9%
Operating income$176M$8,780M4888.6%
Net income$112M$8,101M7133.0%
Diluted EPS$0.75$52.606913.3%
Non-GAAP diluted EPS$1.22$49.513958.2%

Note: Non-GAAP measures follow Sandisk definitions; see the reconciliation appendix.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

4

4 · Q1 key financials

Datacenter revenue rose 61.3% QoQ to $4,802M

Revenue by end market

$M, Q4 FY26 vs. Q1 FY27 and YoY

End marketQ4 FY26Q1 FY27QoQQ1 FY26YoY
Datacenter$2,977M$4,802M61.3%$269M1685.1%
Edge$5,432M$5,832M7.4%$1,387M320.5%
Consumer$556M$397M28.6%$652M39.1%
Total revenue$8,965M$11,031M23.0%$2,308M377.9%
Datacenter was 43.5% of revenue“We have started fiscal year 2027 with another quarter of strong performance, with robust and growing demand for our products driving outpaced growth in our data center business.” David Goeckeler, Chairman and CEO

Note: End-market labels are Sandisk's. YoY for Datacenter is marked n.m. in the release.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

5

5 · End market revenue

6 · Sequential revenue bridge

7 · End market mix

8 · YoY revenue

9 · Margins

Adjusted free cash flow was $5,696M after Flash Ventures and NBM items

Cash flow bridge

$M, Q1 FY27

$M · Operating cash flow: $6,363M$M · Capex: -$54M$M · Free cash flow: $6,309M$M · Flash Ventures: -$148M$M · NBM impact: -$465M$M · Adjusted FCF: $5,696MOperating cashflowCapexFree cash flowFlash VenturesNBM impactAdjusted FCF$0M$2,000M$4,000M$6,000M$7,000M$6,363M-$54M$6,309M-$148M-$465M$5,696M
Operating cash flow was $6,363M; FCF was $6,309M

Note: NBM is New Business Model. Adjusted free cash flow adds Flash Ventures activity, net, and subtracts NBM prepayments and deposits.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

10

10 · Cash flow

Repurchased 3.2 million shares for $5,000M and set an 8-for-1 split

Capital returns and stock split

Q1 FY27 and announced actions

ItemAmount
Share repurchases$5,000M
Shares repurchased in the quarter3.2 million
Shares repurchased over two quarters6.0 million (~4% of shares)
Forward stock split8-for-1, record Nov 9, effective after close Nov 19, 2026
Post-split tradingExpected to begin Nov 20, 2026
Per-share metrics in this deckPre-split basis
Cash ended at $5,136M, up $374M since Jul 3

Note: The release presents all per-share information on a pre-split basis.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

11

11 · Capital returns and split

12 · Balance sheet

Q2 FY27 revenue guide is $12,200M to $12,600M, with Non-GAAP EPS $55.00 to $57.00

Fiscal second quarter 2027 outlook (pre-split)

Company guidance, Oct 29, 2026

MetricGAAPNon-GAAP
Revenue$12,200M–$12,600M$12,200M–$12,600M
Gross margin84.4%–85.4%84.5%–85.5%
Operating expenses$677M–$745M$540M–$560M
Tax rateN/A14.3%
Diluted EPSN/A$55.00–$57.00
Diluted shares151 million151 million
Midpoint revenue of $12,400M would be $12,400M vs. Q1 of $11,031M

Note: SBC is stock-based compensation. Non-GAAP EPS guidance excludes SBC and other items; full GAAP EPS guide was not provided. Per-share figures are pre-split.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

13

13 · Q2 FY27 outlook

Consumer revenue fell 28.6% QoQ, and the stock fell 13.5% the day after earnings

Indicator
What to watch
Implication
Q1 reading
Datacenter demand
Sustained AI NAND pull
Revenue mix
Datacenter $4,802M
NBM and pricing
ASP and contract mix
Margin durability
GAAP GM 85.0%
Flash Ventures / capex
Supply and cash use
Adj FCF
Adj FCF $5,696M
Post-print price
Guidance and split digest
Oct 30 close
$1150.89

Note: NBM is New Business Model; FCF is free cash flow. These are analytical watch points, not company targets.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

14

14 · Key risks

Appendix: Non-GAAP reconciliation

ClaimEvidenceCalculation
GAAP diluted EPS$52.60 in Q1 FY27Income statement
Stock-based compensation$91M in Q1 FY27Reconciliation
Gain on equity securities, net$513M excluded from Non-GAAPReconciliation
Non-GAAP diluted EPS$49.51; Non-GAAP net income $7,624MReconciliation

Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

15

15 · Appendix: GAAP to Non-GAAP

16 · Appendix: Sequential detail

17 · Appendix: Cash flow

18 · Appendix: Prior guide

Appendix: income statement detail

GAAP income statement, $M

$M unless notedQ1 FY26Q1 FY27YoY
Revenue$2,308M$11,031M377.9%
Gross profit$687M$9,378M1265.1%
Operating income$176M$8,780M4888.6%
Net income$112M$8,101M7133.0%
Diluted EPS ($)$0.75$52.606913.3%

Non-GAAP results, $M

$M unless notedQ1 FY26Q1 FY27YoY
Non-GAAP operating income$245M$8,871M3520.8%
Non-GAAP net income$181M$7,624M4112.2%
Non-GAAP diluted EPS ($)$1.22$49.513958.2%

Note: SBC is stock-based compensation. Non-GAAP excludes SBC, separation, termination, divestiture loss, equity gains and tax effects.Source: Sandisk Form 8-K Ex. 99.1, Oct 29, 2026; analysis of company data

19

19 · Appendix: P&L detail

Appendix: sources

  • Filing index: Sandisk Corp. Form 8-K, Oct 29, 2026 (Items 2.02, 8.01, 9.01) — https://www.sec.gov/Archives/edgar/data/2023554/000162828026068243/0001628280-26-068243-index.htm
  • Earnings release (Ex. 99.1), Oct 29, 2026, after market close; call 4:30 PM ET — https://www.sec.gov/Archives/edgar/data/2023554/000162828026068243/sndkq1-27ex991xpressrelease.htm
  • IR news page — https://investor.sandisk.com/news-releases/news-release-details/sandisk-reports-fiscal-first-quarter-2027-financial-results
  • Prior Q1 FY27 outlook: Form 8-K Ex. 99.1, Aug 5, 2026 — https://www.sec.gov/Archives/edgar/data/2023554/000162828026053346/sndkq4-26ex991xpressrelease.htm
  • Non-GAAP EPS consensus: Yahoo Finance SNDK analysis (Normalized), retrieved Nov 5, 2026 — https://finance.yahoo.com/quote/SNDK/analysis/
  • Share price: Yahoo Finance SNDK, regular-session closes Oct 29, Oct 30 and Nov 4, 2026 — https://finance.yahoo.com/quote/SNDK/
  • No Form 10-Q for the quarter ended Oct 2, 2026 was used; figures are from the Oct 29 earnings 8-K Ex. 99.1.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures are from Sandisk's Oct 29, 2026 Form 8-K Ex. 99.1 and the Aug 5, 2026 Form 8-K for prior guidance. Consensus and prices are third-party data on the sources page and are unverified.

Forward-looking statements. Outlook, the stock split and watch items are forward-looking. Assumptions may prove wrong, and Form 10-Q figures may differ from these preliminary results.

Past performance. Past results, including those for fiscal Q1 2027, are not a reliable indicator of future results.

Non-GAAP measures. Non-GAAP EPS, free cash flow and Adjusted free cash flow follow Sandisk's definitions. They supplement GAAP and may not be comparable across companies. The release reconciles them to GAAP.

Stock split. Per-share figures are pre-split. An 8-for-1 split has a Nov 9, 2026 record date; post-split trading is expected Nov 20, 2026.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Sandisk Corporation and does not represent its views. Company and brand names belong to their owners.

How it was made. Built with DeepCell with figures linked to a model. Check originals and consult an adviser before any investment decision.

Date of analysis. The analysis reflects information available as of November 5, 2026, with share prices up to the Nov 4 close. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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