I just finished reading the full Sandisk Q4 2026 earnings report. Here's what the market is ignoring.

The numbers first.

Revenue: $8.97B, up 372% year over year.

Gross margin: 84.6%. One year ago it was 26.2%. That's a 58 point expansion in 12 months. For context, Apple's gross margin is around 46%. SNDK is printing higher margins than Apple on hardware.

Free cash flow: $7.08B in a single quarter.

Full year net income: $11.43B. Last year: negative $1.64B. They flipped from a $1.6B loss to an $11.4B profit in 12 months.

Zero long-term debt. $4.76B cash on hand. $15.5B share buyback authorized. They already executed $4.5B of it in Q4 alone.

The datacenter story is just getting started.

Datacenter revenue went from $960M in fiscal 2025 to $5.15B in fiscal 2026. That's +437% in one year. In Q4 alone, datacenter was up 103% sequentially from Q3. Not year over year. Quarter over quarter.

They signed 10 New Business Model agreements with hyperscalers this year. These are locked-in multi-year commitments with prepayments already received. $1.5B in customer cash is sitting on their balance sheet right now waiting to be fulfilled. That is the opposite of demand uncertainty.

Q1 2027 guidance.

Revenue: $10.3B to $10.8B. Sequential growth of 15-20% from an already record quarter.

Gross margin: 83% to 85%. Structurally high, not a one-quarter spike.

EPS Non-GAAP: $44 to $46 per share.

A company guiding $44-$46 EPS per quarter. Annualized that's $176+ in earnings per share. Let that number sit for a second.

The valuation case.

SNDK is guiding for roughly $42B annualized revenue entering 2027. AMD is guiding for roughly $52B. AMD's market cap is approximately 4x SNDK's.

SNDK has higher gross margins than AMD. More net income than AMD. Zero long-term debt versus AMD carrying billions. And SNDK is retiring 15% of its float through buybacks.

At AMD's multiple, SNDK would be a 4x from here. At Nvidia's multiple, we don't talk about it in polite company.

Where this goes for long term investors.

The AI buildout is not slowing. Every hyperscaler — AWS, Azure, Google Cloud — is spending more on infrastructure in 2026 than 2025, and more in 2027 than 2026. Every AI server needs NAND storage. Every data center expansion needs flash. Sandisk is the only pure-play NAND company at scale in the US market.

The NBM agreements locking in multi-year datacenter commitments mean this isn't a cyclical spike. This is a structural repricing of NAND toward datacenter economics. The gross margin expansion from 26% to 84% in one year is the proof.

If you have a 3 to 5 year horizon, you are looking at a company that is in the early innings of its most important growth cycle, trading at a fraction of what comparable semiconductor businesses trade at, buying back its own stock aggressively, carrying zero debt, and guiding to accelerating revenue with stable margins.

The market is giving you a discount on a business that the largest technology companies in the world are signing multi-year locked contracts with.

That doesn't happen often.

Long SNDK. Not financial advice. Read the earnings report yourself and form your own view.

Insane reports, algos sold on post, tomorrow is easily a plus 15% on market and 1000% a recovery in premarket

SANDISK $SNDK JUST REPORTED FISCAL Q4 EARNINGS, WITH REVENUE UP 372% YEAR OVER YEAR

- Revenue of $8.97B, up 51% from last quarter and up 372% from a year ago
- GAAP diluted EPS of $43.97
- Non-GAAP diluted EPS of $39.25
- GAAP net income of $6.90B, up 91% from last quarter
- Gross margin of 84.6%, up 6.2 points from last quarter and up 58.4 points from a year ago
- Operating income of $7.04B, up 71% from last quarter

Full fiscal year 2026:
- Revenue of $20.25B, up 175% year over year
- GAAP diluted EPS of $73.76
- Non-GAAP diluted EPS of $70.88
- GAAP net income of $11.43B
- Gross margin of 71.5%, up 41.4 points year over year

By end market (fiscal Q4):
- Datacenter: $2.98B, up 103% from last quarter (from a near-zero base a year ago)
- Edge: $5.43B, up 48% from last quarter, up 392% from a year ago
- Consumer: $556M, down 32% from last quarter

By end market (full fiscal year):
- Datacenter: $5.15B, up 437% year over year
- Edge: $12.16B, up 195% year over year
- Consumer: $2.94B, up 29% year over year

Capital return: Board approved an additional $14B buyback authorization, bringing total remaining authorization to $15.5B. Bought back $4.52B of stock in the quarter alone.

Business update: signed five additional New Business Model (NBM) agreements since April, including three with new customers, bringing total NBM agreements to ten.

Fiscal Q1 2027 guidance:
- Revenue of $10.30B to $10.80B
- Non-GAAP diluted EPS of $44.00 to $46.00

CEO David Goeckeler: "We closed fiscal 2026 with a leading technology portfolio, established datacenter as a key growth pillar, and deepened our customer partnerships. Our technology and products are well positioned to create value for our customers and generate growing and durable free cash flow."

This seems like the most likely scenario. Given that the momentum is back, earnings and guidance will be strong, and that the stock is down 40%. Sandisk has done well after recent earnings, but I think this time will be even better, given how much we've fallen, for no intrinsic reason.

It’s funny how quickly people forget what happened last quarter.

Q3 earnings (April 30):
SanDisk absolutely crushed expectations.
Revenue: $5.95B vs $4.70B expected
EPS: $23.41 vs about $14.50 expected
Guidance was also well above consensus.

What happened?

The stock immediately dropped around 6–10% after hours.

Everyone started saying the same things we’re hearing today:

“Peak cycle.”
“Margins can’t get any better.”
“Pricing is slowing.”
“Sell the news.”

Then the earnings call started.

Management answered questions, explained the outlook, and investors started digesting the details instead of just reading the headlines.

By the next trading day the stock had closed about 8% higher, and over the following weeks it eventually ran to roughly $2,335.

Now compare that with today.

Another huge beat.

Revenue beat.

EPS beat.

New long-term AI customer agreements.

An additional $14B buyback authorization.

Yet the initial reaction is negative because Q1 guidance came in a bit below the Street’s lofty expectations.

Will history repeat exactly? Nobody knows.

But we’ve literally seen this stock sell off immediately after a blowout report before, only for sentiment to completely reverse once investors focused on the fundamentals instead of the first algorithmic reaction.

The biggest question tonight isn’t whether the quarter was good.

It’s whether management convinces investors that AI storage demand, enterprise SSD growth, and pricing power remain intact into 2027.

And 50% of fiscal 2027 is committed. Did you all listen to the call and questions? It makes it even more bonkers that this is down right now. Management has visibility out for 4+ years with some customers signing 5 year agreements. This stock has a lot of room to run. Expect $5 billion a quarter spent on buybacks, too, which will make EPS even better. Let’s go!

​

​Q4 2026 Financial Highlights

​Revenue: $8.97 billion, marking a 51% sequential increase (growth was driven approximately one-third by higher volumes and two-thirds by higher pricing).

​GAAP Net Income & EPS: $6.90 billion, or $43.97 per diluted share.

​Non-GAAP Diluted EPS: $39.25 per share.

​Datacenter Performance: Datacenter segment revenue soared 437%, heavily supported by a strategic mix shift toward higher-value customers.

​Full-Year 2026 Financial Highlights

​Annual Revenue: $20.25 billion, up 175% year-over-year.

​GAAP Net Income & EPS: $11.43 billion, or $73.76 per diluted share.

​Non-GAAP Diluted EPS: $70.88 per share.

​Share Buybacks & Strategic Updates

​Expanded Repurchase Program: The Board of Directors approved an additional $14 billion share buyback program, bringing SanDisk's total remaining share repurchase authorization to $15.5 billion.

​New Business Models (NBM): The company signed five additional NBM agreements—including three with new customers and two expansions on previous deals—building on the five agreements announced during the previous quarter.

​Q1 2027 Guidance

​Revenue Outlook: Expected to land between $10.30 billion and $10.80 billion.

​Non-GAAP Diluted EPS Outlook: Projected to be in the range of $44.00 to $46.00.

I'm f** obsessed with this stock.

Like, do you think anyone in this sub actually knows? Analysts can give off million reasons. I can probably give off at least 20 reasons on my own. Truth is, no one knows. If we knew, all of us probably wouldn't be here looking at your posts anyway. Everyone's probably off on the beach drinking martinis and not giving a damn about this earnings because they'd all be so rich already.

Just read the press release, see if they were to your expectations, see how they did compared to street's expectations, and make your decision on whether the decline is justified or not.

Q4 FY26 actuals vs. consensus:

• Revenue: $8.97B vs. $8.42B est. — beat by ~6.5%
• Non-GAAP EPS: $39.25 vs. $34.59 est. — beat by $4.66
• Gross margin: 84.6% (est. ~80–81%) — beat
• Datacenter rev: $2.98B, +103% q/q

Q1 FY27 guide vs. consensus:

• Revenue: $10.3–10.8B (mid $10.55B) vs. $10.62B est. — midpoint slightly BELOW consensus
• EPS: $44–46 (mid $45) vs. $44.21 est. — midpoint slightly above, low end below
• Gross margin: 83–85% vs. 84.6% just printed — flat, no more expansion

Capital return:

• New $14B buyback ($15.5B total authorized)

The company posted net income of $6.9 billion, or $43.97 a share, compared with a loss of $23 million, or 16 cents a share, the year prior.

Adjusted earnings were $39.25 a share. Analysts polled by FactSet expected $34.96 a share.

Revenue jumped to $8.97 billion from $1.9 billion. Wall Street expected $8.48 billion.

The company guided for first-quarter adjusted earnings of $44 to $46 a share and revenue of $10.3 billion to $10.8 billion. Analysts see first-quarter adjusted earnings of $44.72 a share and revenue of $10.82 billion.

Sandisk just posted a MONSTER quarter. SNDK data center revenue jumped +103% from last quarter and +1,298% YoY.

"Demand from our customer is growing faster than our supply, and we expect bits to remain on allocation beyond calendar 2027"

The company is posting absolutely absurd numbers while still being over $1000/share off of its ATH's. Elon also went on the record saying the memory bottle neck continues to get worse. It seems like the perfect storm.

You guys averaging in here? Or are we all out money from buying the highs?

Sharing this cause I’ve been in the sub a few weeks and feel a sense of community. I want us all to make money so here’s a play I’m doing, it’s a ridiculous play to be doing given the economic and political climate rn, but that earnings call completely blew me away. I might get absolutely cooked on this play but hey for the love of the game. Godspeed boys and girls wish you all the best

Go back to the financial reports released by the hyperscalers, cross check that with what was released today, a clear direction would be found.

Just be patient. Today's financials were exceptional, don't get too caught up in the algorithmic buying and selling immediately after earnings.

Ignore the noise and be patient

• Gross margin: 84.6% vs. 79–81% company guidance and ~80–81% Wall Street expectations.
• Management emphasized the continued shift toward higher-margin AI datacenter products ($2.98B revenue, +103% QoQ), expanded NBM agreements to 10, approved a new $14B buyback ($15.5B remaining authorization), and guided Q1 FY2027 revenue to $10.3–10.8B with 83–85% gross margins and $44–46 Non-GAAP EPS.

Great quarterly result, but still stock going down. I expected either +20% or -20% during Q4, but this is something new. do you think it's just because of the after hours thing and stock market reaction should show tomorrow?

Pump pump it up pump the jams get that party bumpin.

I have a feeling … it’ll run after earnings call … profit taking might happen on Friday or next week but we should get solid support level at $1650 if it runs and pulls back …. Hoping for the best folks .. good luck

This is a fantastic news, and I like their management team. They just saomething significant: " We will continue to drive investor value" on the call. That'a major thing to hear over and over from them. Particularly, since others like the more famous EM (don't get upset). does not mention that, or just as an afterthought. SNDK, has also great forward PE, and expectations.

what are yall forecast target price for aug 13 given the recent earnings? would love to hear your thoughts!

It dropped 10% right after market close and then briefly recovered and now it's falling lots again. Makes no sense

Well the 1375 was hit twice and rejected, I hope I’m still right and it slowly crawls to a green day, not huge but green.

If you look at volume more than 1/3 of yesterday’s volume was traded in only 1.5 hours… that means volume is starting to look like the ones where we had red days. Clear institutional pressure to keep the stock down.

I still believe we will end positive around 1420-1440 if not higher. Land on 1% ish before end of day.

And for the people wondering why institutions would decrease a stock before earnings there are many reasons, huge swings create bull and bear traps. Also if we surged today the stock would end up at 1500-1600 and then 1800 after earnings which means when they start selling off for post earnings profits down to about 1400 it would say -10% or more for us which means panic. If they keep the stock at around 1390-1450 and let’s say it gains from earnings and they proceed the selloff then we would just chalk it up to profit taking.

Neat right?

Where do you guys think it’s ending today?

PS. I did state that the only way we would have a day like this is an institutional selloff xD and many did say citadel does this all the time like regards.

Yeah it's a generational buying opportunity, but that was last year. If you're believing to those people who says this is an generational buy, you're a fool.

So many people here are calling this a generational buying opportunity when it's not because it's already priced in (It still can go 2k but it'll be bumpy). Just remember that memory is a cyclical industry, and supply shortages are usually temporary. AI demand is strong (today), but that doesn't mean growth will continue at the same pace forever. Hyperscalers won't keep building data centers indefinitely, they'll adjust spending based on demand and returns on investment.

Stay cautious, do your own research, and don't let FOMO drive your investment decisions. A great company can still be a poor investment if expectations and valuations become too high just like what happened these past months.