Sndk: the business angle

Sandisk Corporation (Nasdaq: SNDK) today reported fiscal third quarter financial results. “This quarter marks a fundamental inflection point for Sandisk. Sndk has emerged this Friday as one of the stories drawing attention in Taiwan.

Key facts

• Sandisk Corporation (Nasdaq: SNDK) today reported fiscal third quarter financial results. “This quarter marks a fundamental inflection point for Sandisk.
• Sandisk Reports Fiscal Third Quarter 2026 Financial Results.
• Third quarter revenue was $5.95 billion, up 97% sequentially and above the guidance range, with GAAP net income reported at $3,615 million ($23.03 diluted net income per share).
• Revenue outperformance was driven by both our mix shift toward higher-value customers, with Datacenter up 233%, and higher pricing.
• Third quarter Non-GAAP diluted net income per share was $23.41.

What we know

Going deeper, Sandisk Reports Fiscal Third Quarter 2026 Financial Results.

On the substance, Third quarter revenue was $5.95 billion, up 97% sequentially and above the guidance range, with GAAP net income reported at $3,615 million ($23.03 diluted net income per share).

Beyond the headlines, Revenue outperformance was driven by both our mix shift toward higher-value customers, with Datacenter up 233%, and higher pricing.

More precisely, Third quarter Non-GAAP diluted net income per share was $23.41.

It is worth noting that Expect fourth quarter revenue to be in the range of $7.75 billion to $8.25 billion, with expected Non-GAAP diluted net income per share to be in the range of $30.00 to $33.00.

By the numbers

At this stage, Business Outlook for Fiscal Fourth Quarter of 2026.

On a related note, On February 21, 2025, Sandisk Corporation (the “Company”) completed its separation from Western Digital Corporation (“WDC”) and became a standalone publicly traded company.

Going deeper, the financial statements for all periods presented, including the historical results of the Company prior to February 21, 2025, are now referred to as “Consolidated Financial Statements” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

On the substance, the investment community conference call to discuss these results and the Company’s business outlook for the fiscal fourth quarter of 2026 will be broadcast live online today at 1:30 p.m.

The wider context

On a related note, the financial results for the Company’s fiscal third quarter ended April 3, 2026 included in this press release represent the most current information available to management.

Going deeper, after the completion of the separation, in the third quarter of fiscal 2025, the Company identified potential impairment indicators related to the trading price of the Company’s common stock and resulting market capitalization that warranted a quantitative impairment analysis of long-lived assets and goodwill.

On the substance, Management performed a quantitative impairment analysis and determined that the carrying value of the reporting unit exceeded its fair value, resulting in the recognition of a $1.8 billion impairment charge for the three and nine months ended March 28, 2025.

Beyond the headlines, On October 30, 2023, Western Digital Corporation (“WDC”) announced that its board of directors (the “WDC Board of Directors”) authorized management to pursue a plan to separate the Company into an independent public company.

More precisely, the separation received final approval by the WDC Board of Directors and was completed on February 21, 2025.

The bottom line

• The financial statements for all periods presented, including the historical results of the Company prior to February 21, 2025, are now referred to as “Consolidated Financial Statements” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
• The investment community conference call to discuss these results and the Company’s business outlook for the fiscal fourth quarter of 2026 will be broadcast live online today at 1:30 p.m.
• The financial results for the Company’s fiscal third quarter ended April 3, 2026 included in this press release represent the most current information available to management.
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