SNDK · Fundamental & earnings

Sandisk's fiscal Q1 2027, covering July 4–October 2, 2026, recorded GAAP revenue of USD 11,031,000,000 and net income of USD 8,101,000,000 in the normalized SEC evidence. [8]

Sandisk reported fiscal Q1 diluted EPS of $52.60 under GAAP and $49.51 on a non-GAAP basis. These are pre-split figures, not adjusted for the announced eight-for-one split. [2]

The issuer's end-market disclosure shows fiscal Q1 2027 Datacenter revenue of $4,802 million, up 61% sequentially, and Edge revenue of $5,832 million, up 7% sequentially and 320% year over year. These are end-market revenue disclosures; they do not establish segment-level profitability. [2]

Consumer was a counterweight to Datacenter and Edge growth: Sandisk reported fiscal Q1 Consumer revenue of $397 million, down 29% sequentially and 39% year over year. At the consolidated level, reported GAAP gross margin was 85.0%, versus 84.6% in fiscal Q4 2026. [2]

For July 4–October 2, 2026, operating cash flow was USD 6,363,000,000. Cash and cash equivalents stood at USD 5,136,000,000 on October 2, 2026. These distinguish quarterly cash generation from period-end liquidity. [8]

Sandisk reported fiscal Q1 non-GAAP free cash flow of $6,309 million and adjusted free cash flow of $5,696 million. The reconciliation includes Flash Ventures activity and NBM prepayments and deposits, so the two measures should not be treated as interchangeable. The company also reported $5.0 billion of quarterly share repurchases. [2]

The September credit amendment provided $1,500.0 million of revolving commitments, with maturity on September 9, 2031. Commitments are not evidence of drawn debt or unrestricted available liquidity. The supplied deterministic evidence lacks aligned current debt components, preventing a supported total-debt or net-debt assessment. [4]

Management's fiscal Q2 2027 outlook calls for revenue of $12,200–$12,600 million and non-GAAP diluted EPS of $55.00–$57.00 on a pre-split basis. No accepted pre-release consensus is supplied, so no beat-or-miss conclusion is supported. [2]

For fiscal Q2, Sandisk guides to GAAP gross margin of 84.4%–85.4% and non-GAAP gross margin of 84.5%–85.5%; operating expenses are guided to $677–$745 million GAAP and $540–$560 million non-GAAP. GAAP diluted EPS guidance is not provided, limiting direct comparison with the non-GAAP EPS outlook. [2]

Headline GAAP earnings should not be interpreted solely as operating performance: fiscal Q1 included a $513 million gain on equity securities, which the issuer removes in its non-GAAP reconciliation. Future investment valuation changes could therefore affect GAAP earnings independently of product demand. [2]

Sandisk identifies demand volatility, selling-price fluctuations, manufacturing and supply-chain disruptions, and reliance on Kioxia as risks. These qualify management's durability narrative; the disclosures identify exposures rather than demonstrate that a disruption has occurred. [2]

Monitor receivables collection and inventory absorption in subsequent cash-flow disclosures. Fiscal Q1 operating cash flow included $1,877 million of cash use from accounts receivable and $318 million from inventories; continued absorption could constrain cash available for capital returns even if earnings remain strong. [2]

Verify split implementation and consistent per-share presentation in future comparisons. Sandisk expects post-split trading to begin November 20, 2026, whereas the current earnings release uses pre-split metrics; mixing these bases would distort EPS comparisons. [2]

A full review of the October 30 Form 10-Q remains an evidence watchpoint. The bundle provides filing-index metadata and selected normalized financial facts, not the full quarterly filing; footnotes, detailed operating explanations and other uncaptured disclosures remain outside this assessment. [9]