Revenue accelerated from $1.8B in 2024Q4 to $9.0B in 2026Q4, with gross margin expanding from 36.1% to 84.6%, though growth decelerated to 3.7% in 2026Q4.
Sandisk Corporation (SNDK) annual income statement — 6-year revenue, gross profit & net income history
| Metric | Jul'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jul'22 |
|---|
| Sales/Revenue | 20.25B | 7.36B | 6.66B | 6.09B | 9.75B | 9.75B |
| Revenue Growth % | 175.3% | 10.39% | 9.48% | -37.61% | - | 0% |
| Cost of Goods Sold | 5.78B | 5.14B | 5.59B | 5.66B | 6.51B | 6.51B |
| COGS % of Revenue | 28.53% | 69.93% | 83.91% | 92.93% | 66.74% | 66.74% |
| Gross Profit | 14.47B | 2.21B | 1.07B | 430M | 3.24B | 3.24B |
| Gross Margin % | 71.47% | 30.07% | 16.09% | 7.07% | 33.26% | 33.26% |
| Gross Profit Growth % | 554.25% | 106.34% | 149.3% | -86.74% | - | 0% |
| Operating Expenses | 2.08B | 3.59B | 1.54B | 2.46B | 2.04B | 2.04B |
| OpEx % of Revenue | 10.29% | 48.8% | 23.11% | 40.5% | 20.96% | 20.96% |
| Selling, General & Admin | 676M | 573M | 455M | 558M | 666M | 666M |
| SG&A % of Revenue | 3.34% | 7.79% | 6.83% | 9.17% | 6.83% | 6.83% |
| Research & Development | 1.33B | 1.13B | 1.06B | 1.17B | 1.36B | 1.36B |
| R&D % of Revenue | 6.56% | 15.39% | 15.92% | 19.18% | 13.96% | 13.96% |
| Other Operating Expenses | 79M | 1.88B | 24M | 740M | 16M | 16M |
| Operating Income | 12.39B | -1.38B | -468M | -2.04B | 1.2B | 1.2B |
| Operating Margin % | 61.19% | -18.72% | -7.02% | -33.44% | 12.3% | 12.3% |
| Operating Income Growth % | 999.71% | -194.23% | 77% | -269.58% | - | 0% |
| EBITDA | 13.09B | -1.21B | -244M | -1.59B | 1.73B | 1.73B |
| EBITDA Margin % | 64.65% | -16.51% | -3.66% | -26.08% | 17.69% | 17.69% |
| EBITDA Growth % | 1178.25% | -397.54% | 84.63% | -192% | - | 0% |
| D&A (Non-Cash Add-back) | 0 | 163M | 224M | 448M | 525M | 525M |
| EBIT | 13.09B | -1.42B | -463M | -1.97B | 1.22B | 1.22B |
| Net Interest Income | -3M | -41M | -28M | -10M | -9M | -9M |
| Interest Income | 70M | 22M | 12M | 21M | 0 | 0 |
| Interest Expense | 73M | 63M | 40M | 31M | 9M | 9M |
| Other Income/Expense | 628M | -102M | -35M | 33M | 34M | 34M |
| Pretax Income | 13.02B | -1.48B | -503M | -2B | 1.23B | 1.23B |
| Pretax Margin % | 64.29% | -20.11% | -7.55% | -32.9% | 12.65% | 12.65% |
| Income Tax | 1.58B | 162M | 169M | 141M | 170M | 170M |
| Effective Tax Rate % | 12.17% | -10.95% | -33.6% | -7.04% | 13.78% | 13.78% |
| Net Income | 11.43B | -1.64B | -672M | -2.14B | 1.06B | 1.06B |
| Net Margin % | 56.46% | -22.31% | -10.09% | -35.21% | 10.91% | 10.91% |
| Net Income Growth % | 796.71% | -144.2% | 68.64% | -301.41% | - | 0% |
| Net Income (Continuing) | 11.43B | -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) | 73.76 | -11.32 | -4.67 | -14.88 | 7.39 | 7.39 |
| EPS Growth % | 751.59% | -142.4% | 68.62% | -301.35% | - | 0% |
| EPS (Basic) | 77.78 | -11.32 | -4.67 | -14.88 | 7.39 | 7.39 |
| Diluted Shares Outstanding | 155M | 145M | 144M | 144M | 144M | 144M |
| Basic Shares Outstanding | 147M | 145M | 144M | 144M | 144M | 144M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying SNDK stock.
For fiscal year 2026, Sandisk Corporation (SNDK) reported total revenue of $20.25B. This represents a 107.6% increase compared to $9.75B in 2021.
Sandisk Corporation (SNDK) is profitable, generating $11.43B in net income for the fiscal year ending 2026 with a net profit margin of 56.5%.
Sandisk Corporation (SNDK) reported an operating income of $12.39B, resulting in an operating profit margin of 61.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Sandisk Corporation (SNDK) generated $14.47B in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustainability of explosive growth
Metrics are mathematically derived from official filings.
Explosive Revenue Acceleration
SNDK's revenue surged from $1.8B in 2024Q4 to $9.0B in 2026Q4, a 400% increase, with sequential growth accelerating to 50% in 2026Q2, according to reported financials.
The revenue trajectory shows a dramatic inflection starting in 2026Q1, with sequential growth of 22.6% and then 61.2% in Q2, followed by a more moderate 2.5% and 3.7% in Q3 and Q4. This pattern suggests a one-time demand surge, possibly from AI-related storage, rather than a sustainable linear trend. Investors should monitor whether this growth rate can be maintained or if it reflects a cyclical peak.
Gross Margin Expansion to Unprecedented Levels
Gross margin expanded from 36.1% in 2024Q4 to 84.6% in 2026Q4, far exceeding peers like Micron's 39.8%, as per the latest income statement data.
The gross margin improvement is extraordinary, jumping from 26.2% in 2025Q4 to 84.6% in 2026Q4. This suggests a fundamental shift in product mix or pricing power, possibly driven by high-margin enterprise storage solutions. However, such margins are historically unsustainable in the memory industry, and competitive pressures could erode them. The sustainability of this margin expansion is a key risk.
Operating Leverage Driving Profitability
Operating income scaled from $18M in 2025Q4 to $7.0B in 2026Q4, with operating margin jumping to 78.2%, while SG&A and R&D grew only modestly, per SEC filings.
The operating leverage is stark: revenue grew 5x from 2025Q4 to 2026Q4, but operating income grew nearly 400x. This indicates that fixed costs are being spread over a much larger revenue base, and variable costs are not scaling proportionally. The company appears to be operating at high capacity utilization, but this also means that any revenue decline could hit margins disproportionately.
Earnings Quality Boosted by One-Time Items
Net income in 2026Q4 reached $6.9B with EPS of $44.83, but 2025Q3 included a $1.9B loss, likely from impairment, as reported in the income statement.
The earnings quality is mixed: while 2026Q4 shows robust profitability, the 2025Q3 net loss of $1.9B on revenue of $1.7B suggests a significant write-down or non-operating charge. The tax rate appears to be very low, as net income is close to operating income, which may indicate tax benefits or one-time gains. Investors should scrutinize the sustainability of these earnings and the impact of stock-based compensation, which is relatively small at $67M.
Cost Structure Shift Toward Gross Margin
COGS as a percentage of revenue fell from 63.9% in 2024Q4 to 15.4% in 2026Q4, while R&D and SG&A remained stable, based on the latest quarterly data.
The dramatic reduction in COGS relative to revenue is the primary driver of margin expansion, suggesting a shift to a less capital-intensive business model or a significant drop in input costs. R&D and SG&A have grown in absolute terms but remain a small fraction of revenue, indicating disciplined expense management. However, the low COGS may reflect a unique product mix that could normalize.
2026Q2: The Turning Point
The inflection occurred in 2026Q2 when revenue jumped 61.2% sequentially and gross margin crossed 50%, marking the start of hypergrowth, as per the income statement.
2026Q2 was the pivotal quarter: revenue nearly doubled from $2.3B to $3.0B, and gross margin expanded from 29.8% to 50.9%. This suggests a major product launch or market shift, possibly related to AI storage demand. The subsequent quarters show continued acceleration, but the sustainability of this inflection is uncertain. The lasting impact is a transformed cost structure and profitability profile, but it also raises the bar for future performance.
Sustainability of Hypergrowth Questioned
Despite record margins, the 2025Q3 net loss of $1.9B and the recent revenue growth deceleration to 3.7% in 2026Q4 suggest potential volatility, as per reported figures.
Short-sellers would argue that the explosive growth is unsustainable, given the cyclical nature of the memory industry and the fact that revenue growth slowed to 3.7% in 2026Q4 from 61.2% in 2026Q2. The gross margin of 84.6% is far above historical norms and may attract competition. Additionally, the 2025Q3 loss indicates that the company is not immune to downturns. Investors should monitor whether the company can maintain its pricing power and whether the recent growth is a one-time event.