SanDisk Company Profile

The CODEW · Company Profile · Semiconductor Intelligence · AI Intelligence

Last updated: October 16, 2026 | Latest reported quarter: Q4 fiscal 2026 (ended July 3, 2026) | Ticker: NASDAQ: SNDK

Company overview

SanDisk is one of the world's leading makers of NAND flash memory and the storage products built on it: solid-state drives (SSDs), embedded storage for phones and PCs, memory cards and USB drives. It was founded in 1988, was bought by Western Digital in 2016 for about $16 billion, and returned as an independent public company when Western Digital spun it off in February 2025. Its manufacturing is done jointly with Kioxia through the Flash Ventures joint venture in Japan.

The AI build-out has turned flash storage from a cyclical commodity business into a supply-constrained one. In fiscal 2026, revenue rose 175% to $20.2 billion, and in the June quarter, data-center sales reached $2.98 billion, double the prior quarter. Non-GAAP gross margin hit 84.6%, up from about 26% a year earlier, and SanDisk was the best-performing stock in the S&P 500 in 2025.

Key facts

Founded	1988 (SanDisk); independent again from February 24, 2025, after the Western Digital separation
Headquarters	Milpitas, California
Listing	NASDAQ: SNDK; added to the S&P 500 in late 2025
Chairman and CEO	David Goeckeler (since February 2025; previously CEO of Western Digital)
CFO	Luis Visoso (since February 2025)
Fiscal year	Ends on the Friday nearest June 30 (fiscal 2026 ended July 3, 2026)
Fiscal 2026 revenue	$20.25 billion, up 175% (fiscal 2025: $7.36 billion)
Fiscal 2026 net income	$11.43 billion GAAP ($73.76 per diluted share); adjusted free cash flow of $8.7 billion
Reporting markets	Data Center, Edge and Consumer

Business model

SanDisk designs flash controllers, firmware, and finished storage products, and sources most of its wafers from the Flash Ventures joint venture with Kioxia, in which both companies share the cost of fabs at Yokkaichi and Kitakami. It sells into three markets: Data Center (enterprise SSDs for cloud and AI servers), Edge (PCs, phones, automotive and other devices) and Consumer (retail cards, USB drives and portable SSDs under the SanDisk and WD_Black brands).

The central change is commercial. Instead of selling mostly at spot and quarterly contract prices, SanDisk is signing multi-year agreements with data-center customers. Remaining performance obligations stood at $59.8 billion at quarter end, or $91.1 billion including deals signed afterward, with roughly 50% of fiscal 2027 bit shipments and 67% of fiscal 2028 bits already committed. At its August 13 investor day, the company cited customer commitments of about $93.9 billion.

Products and technology

Area	Status
3D NAND (BiCS)	Co-developed with Kioxia; the current mainstream generation is BiCS8 (218 layers), with newer generations in development.
Enterprise SSDs	High-capacity QLC drives for AI inference and storage; revenue shipments of the "Stargate" QLC platform began in the latest quarter. The industry is shifting toward 122 TB and 245 TB class drives.
High Bandwidth Flash (HBF)	HBM-style stacked NAND for AI inference, designed with SK hynix. Published specifications cite up to roughly 512 GB per stack and up to 3 TB/s in the top performance class. It complements HBM rather than replacing it, since flash responds much more slowly than DRAM. SanDisk said at investor day that the first die has taped out and customer sampling is expected next year. An HBF consortium includes SK hynix, Google, Meta and Tenstorrent.
Edge and consumer	Embedded and client SSDs, memory cards, USB drives and WD_Black gaming storage; a 3D matrix memory technology is also in development.

Financial information

Metric	Q4 FY2026 (quarter ended Jul 3, 2026)
Revenue	$8.97 billion (+51% sequentially, +372% year over year from $1.90 billion)
Non-GAAP gross margin	84.6% (78.4% prior quarter; 26.4% a year earlier)
Data Center revenue	$2.98 billion (+103% sequentially), about a third of revenue and 38% of bits shipped (12% a year earlier). Fiscal 2026 data-center revenue was $5.15 billion, up 437%.
Edge / Consumer revenue	$5.43 billion (+392%) / $556 million
Net income	GAAP $6.90 billion ($43.97 per diluted share); non-GAAP EPS $39.25 (vs $23.41 prior quarter)
Operating cash flow / capex	$7.13 billion / $562 million (6.3% of revenue)
Capital returns	$4.52 billion of buybacks in the quarter; a further $14 billion authorized, leaving $15.5 billion
Q1 FY2027 guidance	Revenue of $10.30–10.80 billion; non-GAAP EPS of $44.00–46.00; non-GAAP gross margin of 83.0–85.0%

About two-thirds of the $3.02 billion sequential revenue gain came from higher prices and one-third from volume, which shows how much of the profit surge is price-driven. The Q1 revenue guide midpoint sat roughly 2.5% below consensus, and one report said the shares were trading near $1,600 afterward, well above the $725 high seen earlier in 2026; market capitalization figures from third-party sites vary widely, so use a live quote. At its August 13 investor day, SanDisk set a long-term goal of about 80% non-GAAP gross margin and double-digit revenue growth through 2030, versus the current 84.6%.

Leadership

David Goeckeler	Chairman and CEO since February 2025; led Western Digital through the separation.
Luis Visoso	Executive Vice President and CFO since February 2025; previously CFO of Unity Software and, briefly, Palo Alto Networks.
Alper Ilkbahar	Executive Vice President and Chief Technology Officer; leads the HBF effort.

Executive officers are from the fiscal 2026 proxy statement. Other named officers were not confirmed here; check SanDisk's leadership page before publishing.

Competitors

Supplier	Position (TrendForce, calendar Q1 2026 NAND revenue)
Samsung	Market leader, about 31.6% share; revenue of roughly $23 billion in Q2 2026.
SK hynix Group (including Solidigm)	Second, about $7.5 billion and 17.6% share; strong in high-capacity QLC enterprise SSDs. Also SanDisk's partner on HBF.
Kioxia	Third, about $6.0 billion; SanDisk's joint venture partner and a competitor in finished products.
Micron and SanDisk	Tied for fourth at about $5.95 billion each (roughly 13.9% share).

Other competitors include China's YMTC and hard drive makers (Western Digital and Seagate), since a shortage of high-capacity hard drives has pushed some storage orders toward QLC SSDs. The five NAND leaders plan almost no new capacity in 2026, so supply is tight across the industry.

Strategy

1. Pivot to the data center

Data center is now the largest flash market segment in SanDisk's own view, and the company says enterprise flash demand will reach about 1.2 zettabytes by 2030. The product mix is moving toward high-capacity QLC SSDs for AI inference.

2. Locking in supply and demand

In January 2026, SanDisk and Kioxia extended their joint venture at the Yokkaichi and Kitakami fabs through 2034, and SanDisk said at investor day that it has invested in access to DRAM to support enterprise SSD contracts. On the sales side, multi-year agreements with customers are meant to smooth out the traditional NAND price cycle.

3. New memory tiers for AI

High Bandwidth Flash is intended to give AI accelerators far more near-memory capacity than HBM at a lower cost per bit, with a technical advisory board that includes Raja Koduri and a consortium of memory and AI companies.

4. Capital returns

Buybacks now total $15.5 billion of remaining authorization, with the company stating it expects "growing and durable free cash flow."

The CODEW analysis

Independent analysis, separate from the factual record above. Draft for editorial review.

This is a pricing story as much as a demand story. About two-thirds of the latest sequential revenue gain came from price, and gross margin rose from 26% to 85% in a year. That is extraordinary for a memory maker and has historically been temporary. The investment question is how much of it is cyclical scarcity and how much has been locked in by long-term agreements.

The long-term contracts are the key test. If $60 to $90 billion of committed revenue holds, with volume and pricing terms that survive a downturn, SanDisk becomes less cyclical than past NAND cycles. If customers can renegotiate when spot prices fall, the commitment figure is softer than it looks. The company's own long-term margin target of about 80% is only a few points below the current peak.

Dependence on Kioxia and Japan is structural. The Flash Ventures fabs supply most wafers, so SanDisk's growth is capped by joint capacity and by decisions made with a partner that also sells competing products. The extension through 2034 reduces uncertainty but also entrenches the shared-capacity model.

HBF is an option, not yet a revenue line. It plays to the real AI bottleneck, memory capacity per accelerator, but samples arrive next year, and flash will remain slower than HBM. Watch whether NVIDIA, Google, or AMD designs commit to it.

What to watch: NAND contract price trends and TrendForce capacity data; renewal terms on long-term agreements; data-center share of bits; the Q1 FY2027 report against the $10.3 to $10.8 billion guide; HBF sampling; Samsung, SK hynix and Micron capacity decisions; and the consumer and PC demand weakness that rising prices are creating.

Related coverage

Semiconductor Intelligence
AI Intelligence
Company Analysis and Company Deep Dive: SanDisk
Watch Series
The Term Sheet (Western Digital separation; Kioxia joint venture)
Related profiles: NVIDIA, TSMC, AMD, Broadcom, CoreWeave

Sources

This profile is a durable reference page and is not investment advice. Factual sections are sourced above; the CODEW analysis section reflects The CODEW's independent view. Last updated October 16, 2026.

The CODEW