Sandisk Earnings: Sales Top Its Own Forecast at $11.03 Billion, and an Eight-for-One Stock Split Is Coming
Sandisk's fiscal first quarter 2027 sales rose 23% from the quarter before to $11.03 billion, above the top of its own forecast for a fifth quarter running. Data centers drove most of it, with sales up 61% and now 44% of the total by our calculation, and Sandisk announced an eight-for-one stock split.
The short answer. Sandisk, the flash memory company that split from Western Digital, sold $231 million more than the top of its own forecast range. It expects sales to keep rising next quarter. The same flash sits inside PCs, phones and cars, so its price reaches people who own no shares. Over its last fiscal year, Sandisk's Edge revenue per gigabyte, from those device makers, rose to almost 2.8 times its level of the year before, by our calculation from its 10-K. By our calculation, data centers now bring in 44% of Sandisk's sales and store products such as memory cards just 4%.
Sandisk fiscal first quarter 2027 at a glance
On this page
- Sandisk earnings report: sales, profit and its own forecast
- Sandisk data center sales against PCs, phones and memory cards
- Sandisk gross margin and flash prices
- Sandisk stock split: when the eight-for-one split happens
- Does Sandisk pay a dividend? Buybacks, shares and debt
- Sandisk earnings guidance for the next quarter
- Frequently asked questions
Sandisk earnings report: sales, profit and its own forecast
Sandisk sold more than it told investors to expect, once again. Sales of $11.03 billion beat the top of its own range by $231 million.
When it reported in August, Sandisk forecast fiscal first quarter sales of $10.30 billion to $10.80 billion (August 5 release). The quarter, which ended October 2, 2026, came in at $11.031 billion, according to the October 29 results release.
That was 23% more than the fiscal fourth quarter's $8.97 billion, and over the year the rise was 378%, from $2.31 billion in the first quarter of fiscal 2026. That yearly comparison understates the rise, because the year-ago quarter had 14 weeks and this one had 13, according to Sandisk's 10-Q for that quarter. Per week, by our calculation, sales were 5.1 times their level of a year earlier.
Profit per share also beat the forecast. Diluted earnings per share were $52.60 under GAAP, the standard accounting rules.
They were $49.51 on Sandisk's adjusted (non-GAAP) measure, which leaves out stock pay and one-time items, against a forecast of $44.00 to $46.00.
The GAAP figure is the higher of the two mostly because of a $513 million gain on shares Sandisk holds in other companies (equity securities). That gain is in GAAP net income of $8.10 billion and is left out of the adjusted number.
This was the fifth quarter in a row that sales finished above the top of Sandisk's own range, and the chart below shows each one. By our calculation, the beat over the middle of the range ran from 5% to 29%.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| Fiscal Q1 2026 | $2.10B | $2.20B | $2.31B |
| Fiscal Q2 2026 | $2.55B | $2.65B | $3.03B |
| Fiscal Q3 2026 | $4.40B | $4.80B | $5.95B |
| Fiscal Q4 2026 | $7.75B | $8.25B | $8.97B |
| Fiscal Q1 2027 | $10.30B | $10.80B | $11.03B |
Sandisk's releases do not explain why each forecast came in low. The streak shows how fast the business moved, and on its own it cannot separate higher prices, more shipments and a cautious forecast.
Sandisk data center sales against PCs, phones and memory cards
Edge, the storage built into PCs, phones, consoles and cars, still brings in most of the money, and data centers are catching up fast. Store products such as memory cards, USB drives and portable SSDs were 4% of sales.
Sandisk splits its sales three ways, and its annual report on Form 10-K says what is in each. Datacenter is mostly solid state drives (SSDs) for cloud and enterprise servers, and Sandisk does not say how much of it is AI work. Edge, which Sandisk used to call Client, is storage built into PCs, phones, game consoles and cars. Consumer is the cards, USB drives and portable SSDs sold through stores.
Datacenter sales rose 61% from the fourth quarter to $4.80 billion. A year earlier they had been $269 million.
Edge, still the biggest of the three, rose 7% to $5.83 billion. In dollars Datacenter added far more, $1,825 million against $400 million for Edge by our calculation.
Consumer went the other way, down 29% from the fourth quarter to $397 million. Sandisk has described the move in its own words: its April release, describing its third quarter, spoke of "a deliberate shift in our mix toward the highest-value end markets, led by Datacenter."
Show the data
| Category | Datacenter | Edge (PCs, phones, consoles, cars) | Consumer (cards, USB, portable SSDs) |
|---|---|---|---|
| Fiscal Q1 2026 | $0.27B | $1.39B | $0.65B |
| Fiscal Q2 2026 | $0.44B | $1.68B | $0.91B |
| Fiscal Q3 2026 | $1.47B | $3.66B | $0.82B |
| Fiscal Q4 2026 | $2.98B | $5.43B | $0.56B |
| Fiscal Q1 2027 | $4.80B | $5.83B | $0.40B |
Put as shares of the whole, by our calculation, Datacenter went from 12% of Sandisk's sales a year earlier to 44%. Consumer went from 28% to 4%.
Edge fell to 53% of sales, its lowest share in the last five quarters, because data centers grew so much faster. For a brand most people know from the card in their camera, the business behind the name has changed a great deal in a year.
Show the data
| End market | Fiscal Q1 2027 | Fiscal Q4 2026 | Fiscal Q1 2026 | Share of sales, Q1 2027 |
|---|---|---|---|---|
| Datacenter | $4,802M | $2,977M | $269M | 43.5% |
| Edge | $5,832M | $5,432M | $1,387M | 52.9% |
| Consumer | $397M | $556M | $652M | 3.6% |
| Total | $11,031M | $8,965M | $2,308M | 100% |
Source: Sandisk fiscal first quarter 2027 results release, End Market Summary; shares are our calculation.
Sandisk gross margin and flash prices
Flash still sells for far more than it costs to make. Adjusted gross profit was 85.1% of sales, against 29.9% a year earlier. Gross profit is what is left of sales after the cost of making the chips.
This release does not split the rise into prices and volumes. Over its last full fiscal year, the 10-K shows prices rising faster than shipments in both Datacenter and Edge. Datacenter shipped almost 120% more flash, measured in exabytes (billions of gigabytes), while its revenue per gigabyte rose almost 150%.
In Edge the gap was wider. Shipments rose by a high single-digit percentage and revenue per gigabyte by almost 180%, according to the 10-K.
Cost of revenue was $1.65 billion in the quarter, against $1.62 billion a year earlier, while sales grew more than fourfold. So nearly all of the extra sales over the year showed up as gross profit.
Show the data
| Category | Value |
|---|---|
| Q1 FY25 | 38.9% |
| Q2 FY25 | 32.5% |
| Q3 FY25 | 22.7% |
| Q4 FY25 | 26.4% |
| Q1 FY26 | 29.9% |
| Q2 FY26 | 51.1% |
| Q3 FY26 | 78.4% |
| Q4 FY26 | 84.6% |
| Q1 FY27 | 85.1% |
Sandisk has also said what level it plans around. At its August 13 investor day, it set a model for fiscal 2028 to 2030 with "non-GAAP gross margins to sustain at approximately 80 percent" and revenue growth in the mid-to-high teens.
The quarter's 85.1% sits above that model. Our reading is that Sandisk itself treats today's margin as higher than the level it expects to hold for the long run. The model is a target, though, and sets no figure for any single quarter.
Part of Sandisk's case for steadier margins is a set of long contracts it calls New Business Model agreements, "built on committed volumes, enforceable contractual frameworks with minimum financial guarantees, and structured pricing mechanisms." By the investor day it had them with eight customers, covering about 50% of the flash it expects to ship in fiscal 2027.
The 10-K also names their limit. If a customer fails to take the volumes it committed to, the guarantees "may not fully offset such lost revenue," depending on when and how the failure happens.
Sandisk stock split: when the eight-for-one split happens
Every Sandisk share will become eight shares after the close on November 19, 2026. Each new share will be worth about an eighth of an old one, and the company's total value does not change.
Sandisk announced the split with its results, "to make the stock more accessible, including to employees" through its employee stock purchase plan. Holders of record at the close on November 9, 2026 receive seven more shares for each one they hold.
The new shares will be issued after the market closes on Thursday, November 19. Trading on the split-adjusted basis is expected to start at the open on Friday, November 20. The release says market capitalization and ownership percentages will not be affected. It does not describe the split's tax treatment, and points holders to stock split FAQs on Sandisk's investor relations site.
An owner of 10 shares would hold 80 after the split. At the regular-session close of $1,330.05 on October 29, each new share would be worth about $166 by our calculation. The 80 together would be worth the same as the 10 before.
Every per-share figure in the release, including the forecast below, is still on the pre-split basis. In after-hours trading at 4:06 p.m. Eastern Time on October 29, Sandisk shares changed hands at $1,290.05, 3.0% below that close, according to StockTitan real-time Nasdaq data.
Does Sandisk pay a dividend? Buybacks, shares and debt
Sandisk pays no dividend and its balance sheet shows no debt. It returns cash by buying back its own shares, $5.0 billion of them in the quarter.
The 10-K says plainly: "We do not currently intend to pay any cash dividends in the foreseeable future." Instead, repurchases of common stock came to $5,000 million in the fiscal first quarter, according to the cash flow statement.
In August the board added $14 billion to the buyback program, leaving $15.5 billion authorized at that time. Chief Financial Officer Luis Visoso said at the investor day that Sandisk expects "to return 100 percent of excess cash to our shareholders after investing in the business."
The release says the $5.0 billion bought about 3.2 million shares, and that over the past two quarters Sandisk repurchased 6.0 million shares, about 4% of its total.
Shares outstanding were 144 million on October 2, 2026, against 146 million on July 3, according to the balance sheet.
The balance sheet shows no debt, and cash and cash equivalents stood at $5.14 billion.
Sandisk earnings guidance for the next quarter
Sandisk expects sales to keep climbing in its fiscal second quarter of 2027, to between $12.20 billion and $12.60 billion.
The middle of that range, $12.40 billion, would be about 12% above the quarter just reported, by our calculation. That is a smaller step than the 23% rise Sandisk has just posted.
Sandisk also forecast adjusted earnings per share of $55.00 to $57.00 on the pre-split basis, about $6.88 to $7.13 per post-split share by our calculation.
Its adjusted gross margin forecast, 84.5% to 85.5%, is close to the quarter just ended. By our reading, Sandisk is planning for its margin to stay near this level next quarter, still above its long-run model.
Sandisk has finished above the top of each of its last five ranges. A record like that says nothing certain about the next quarter, which depends on flash prices that Sandisk does not set on its own.
What to watch
- Whether fiscal second quarter 2027 sales land in Sandisk's $12.20 billion to $12.60 billion range: Sandisk's next results release, whose date it has not yet announced.
- How much of the quarter's growth came from prices and how much from more flash shipped, by end market: Sandisk's quarterly report on Form 10-Q for this quarter.
Our numbers
- 5% to 29%: how far each of the last five quarters' reported sales came in above the midpoint of Sandisk's own forecast range (sales divided by the midpoint, minus one).
- 44% and 4%: Datacenter and Consumer sales over total sales in the fiscal first quarter of 2027, from Sandisk's end market table (12% and 28% a year earlier).
- $0.40 billion and $1.825 billion: the rise in Edge and Datacenter sales from the fiscal fourth quarter, from the same table.
- 5.1 times: fiscal first quarter 2027 sales per week (13 weeks) against the 14-week quarter a year earlier.
- About $6.88 to $7.13: the $55.00 to $57.00 pre-split forecast for adjusted earnings per share divided by eight.
- About $166: the October 29 close of $1,330.05 divided by eight.
- Almost 2.8 times: the 10-K's almost 180% rise in Edge revenue per gigabyte over fiscal 2026, written as a multiple.
- About 12%: the midpoint of Sandisk's fiscal second quarter 2027 sales range against fiscal first quarter 2027 sales.
Frequently asked questions
How was Sandisk earnings?
Sales for the fiscal first quarter of 2027 were $11.03 billion, up 23% from the fourth quarter and above the top of Sandisk's own forecast. Adjusted earnings per share were $49.51, against a forecast of $44.00 to $46.00.
When was the Sandisk earnings call?
Sandisk scheduled its fiscal first quarter call for October 29, 2026, at 1:30 p.m. Pacific Time, after releasing its results at 4:05 p.m. Eastern Time.
When is the Sandisk stock split?
Sandisk will issue seven more shares for each share held to holders of record at the close on November 9, 2026. The new shares are issued after the close on November 19, and trading on the split-adjusted basis is expected to start on November 20.
Does Sandisk pay a dividend?
No. Its annual report says it does not currently intend to pay cash dividends in the foreseeable future. It returns cash through share buybacks.
Is Sandisk still owned by Western Digital?
No. Sandisk became a separate company on Nasdaq, ticker SNDK, when it separated from Western Digital in February 2025. Its 10-K says Western Digital kept 1,691,884 shares after a sale in February 2026 and has disposed of more since March. Western Digital expects to part with all its remaining Sandisk shares by the end of 2026.
Where can I follow Sandisk news on StockTitan?
The Sandisk overview page collects its press releases and filings as they come out, and the Sandisk financials page has its quarterly figures. Our articles on Western Digital's results and SK hynix's results cover two other storage and memory makers.
Sources
- Sandisk fiscal first quarter 2027 results, October 29, 2026 (StockTitan)
- Sandisk fiscal fourth quarter 2026 results, August 5, 2026 (StockTitan)
- Sandisk fiscal third quarter 2026 results, April 30, 2026 (StockTitan)
- Sandisk fiscal second quarter 2026 results, January 29, 2026 (StockTitan)
- Sandisk fiscal first quarter 2026 results, November 6, 2025 (StockTitan)
- Sandisk fiscal fourth quarter 2025 results, August 14, 2025 (StockTitan)
- Sandisk 2026 Investor Day, August 13, 2026 (StockTitan)
- Sandisk overview (StockTitan)
- Sandisk annual report on Form 10-K for fiscal 2026 (SEC)
- Sandisk quarterly report on Form 10-Q for the quarter ended October 3, 2025 (SEC)
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