Revenue growth accelerated to $6.0B in 2026Q3, while gross margins expanded significantly to 78.4% from the 22.5% trough recorded in 2025Q3.
| Sales/Revenue | 13.59B | 7.36B | 6.66B | 6.09B | 9.75B | 9.75B |
| Revenue Growth % | 88.97% | 10.39% | 9.48% | -37.61% | - | 0% |
| Cost of Goods Sold | 5.8B | 5.14B | 5.59B | 5.66B | 6.51B | 6.51B |
| COGS % of Revenue | - | 69.93% | 83.91% | 92.93% | 66.74% | 66.74% |
| Gross Profit | 7.58B | 2.21B | 1.07B | 430M | 3.24B | 3.24B |
| Gross Margin % | 55.75% | 30.07% | 16.09% | 7.07% | 33.26% | 33.26% |
| Gross Profit Growth % | - | 106.34% | 149.3% | -86.74% | - | 0% |
| Operating Expenses | 2.01B | 3.59B | 1.54B | 2.46B | 2.04B | 2.04B |
| OpEx % of Revenue | - | 48.8% | 23.11% | 40.5% | 20.96% | 20.96% |
| Selling, General & Admin | 641M | 573M | 455M | 558M | 666M | 666M |
| SG&A % of Revenue | - | 7.79% | 6.83% | 9.17% | 6.83% | 6.83% |
| Research & Development | 1.26B | 1.13B | 1.06B | 1.17B | 1.36B | 1.36B |
| R&D % of Revenue | - | 15.39% | 15.92% | 19.18% | 13.96% | 13.96% |
| Other Operating Expenses | 3M | 1.88B | 24M | 740M | 16M | 16M |
| Operating Income | 5.55B | -1.38B | -468M | -2.04B | 1.2B | 1.2B |
| Operating Margin % | 40.87% | -18.72% | -7.02% | -33.44% | 12.3% | 12.3% |
| Operating Income Growth % | - | -194.23% | 77% | -269.58% | - | 0% |
| EBITDA | 5.66B | -1.21B | -244M | -1.59B | 1.73B | 1.73B |
| EBITDA Margin % | 41.67% | -16.51% | -3.66% | -26.08% | 17.69% | 17.69% |
| EBITDA Growth % | 425.33% | -397.54% | 84.63% | -192% | - | 0% |
| D&A (Non-Cash Add-back) | 110M | 163M | 224M | 448M | 525M | 525M |
| EBIT | 5.37B | -1.42B | -463M | -1.97B | 1.22B | 1.22B |
| Net Interest Income | -67M | -41M | -28M | -10M | -9M | -9M |
| Interest Income | 51M | 22M | 12M | 21M | 0 | 0 |
| Interest Expense | 124M | 63M | 40M | 31M | 9M | 9M |
| Other Income/Expense | -230M | -102M | -35M | 33M | 34M | 34M |
| Pretax Income | 5.15B | -1.48B | -503M | -2B | 1.23B | 1.23B |
| Pretax Margin % | 37.89% | -20.11% | -7.55% | -32.9% | 12.65% | 12.65% |
| Income Tax | 643M | 162M | 169M | 141M | 170M | 170M |
| Effective Tax Rate % | 12.49% | -10.95% | -33.6% | -7.04% | 13.78% | 13.78% |
| Net Income | 4.64B | -1.64B | -672M | -2.14B | 1.06B | 1.06B |
| Net Margin % | 34.16% | -22.31% | -10.09% | -35.21% | 10.91% | 10.91% |
| Net Income Growth % | 218.66% | -144.2% | 68.64% | -301.41% | - | 0% |
| Net Income (Continuing) | 4.51B | -1.64B | -672M | -2.14B | 1.06B | 1.06B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 29.57 | -11.32 | -4.67 | -14.88 | 7.39 | 7.39 |
| EPS Growth % | 210.01% | -142.4% | 68.62% | -301.35% | - | 0% |
| EPS (Basic) | - | -11.32 | -4.67 | -14.88 | 7.39 | 7.39 |
| Diluted Shares Outstanding | 157M | 145M | 144M | 144M | 144M | 144M |
| Basic Shares Outstanding | 148M | 145M | 144M | 144M | 144M | 144M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Cyclical NAND Pricing Volatility
As reported in the most recent quarterly filings, Sandisk achieved a significant revenue expansion to $6.0B in 2026Q3, representing a 2.5% sequential growth rate that underscores a rapid recovery from the cyclical troughs observed in the 2025 fiscal year when revenue stagnated near $1.7B to $1.9B.
The recent acceleration suggests that the company has successfully navigated the inventory correction phase that plagued the industry throughout 2025. Investors should monitor whether this growth is sustainable or merely a reflection of pent-up demand and channel restocking following the previous period of supply-side overcapacity.
Based on the provided income statement data, gross margins surged to 78.4% in 2026Q3, a dramatic improvement from the 22.5% nadir recorded in 2025Q3, indicating that the company has regained substantial pricing power as market conditions for NAND flash memory have tightened significantly.
This margin profile suggests that the company's vertical integration and joint venture manufacturing strategy are highly sensitive to utilization rates. The rapid expansion in profitability implies that fixed costs are now being absorbed across a much larger revenue base, significantly enhancing the bottom-line contribution per bit.
According to the latest financial statements, operating income scaled to $4.1B in 2026Q3, demonstrating exceptional operating leverage as the company's SG&A expenses remained relatively contained at $161.0M despite the massive increase in top-line revenue compared to the $139.0M spent during the 2025Q3 downturn.
The ability to grow operating income at a rate far exceeding revenue growth suggests that the company maintains a lean cost structure that is highly responsive to cyclical upturns. This efficiency warrants further investigation into whether current SG&A levels are sustainable or if future investment in R&D will be required to maintain technological parity.
As indicated by the 2026Q3 figures, net income reached $3.6B, reflecting a high-quality conversion of operating gains into bottom-line results, with stock-based compensation of $54.0M remaining a relatively minor component of the overall expense structure relative to the significant earnings generated during this period.
The current earnings quality appears robust, as the company has moved past the non-cash impairment risks that likely contributed to the net loss of $1.9B in 2025Q3. Investors should remain cautious, however, as the cyclical nature of the memory business means that these high net margins may be subject to future volatility.
Quick answers to the most common questions about buying SNDK stock.
For fiscal year 2025, Sandisk Corporation (SNDK) reported total revenue of $7.36B. This represents a 24.6% decline compared to $9.75B in 2021.
Sandisk Corporation (SNDK) reported a net loss of $1.64B for the fiscal year ending 2025.
Sandisk Corporation (SNDK) reported an operating income of $-1377.0M, resulting in an operating profit margin of -18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sandisk Corporation (SNDK) generated $2.21B in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.