Sandisk Corporation · NASDAQ:SNDK
Sandisk — Q4 2026 Earnings Presentation
25 slides from Sandisk's earnings presentation, Aug 5, 2026
Slide 1: Financial Results Fiscal Fourth Quarter 2026
FINANCIAL RESULTS FISCAL FOURTH QUARTER 2026 [PUBLIC] AUGUST 5, 2026 | QUARTER ENDED 07.03.26
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS NON-GAAP MEASURES This presentation contains forward-looking Other key risks and uncertainties that could cause artificial intelligence in our business operations; This presentation includes references to Non-GAAP statements within the meaning of U.S. federal a
Slide 3: Overview
Overview • Fiscal 2026 marks a fundamental inflection point for Sandisk, capping a year in which we reshaped the business toward the highest-value end markets, with Datacenter established as a major pillar of growth • We strengthened our portfolio with BiCS leadership across TLC and QLC, advanced HB
Slide 4: The Era of Inference: Reshaping NAND Demand
The Era of Inference: Reshaping NAND Demand • AI is fundamentally a memory-centric, storage-intensive problem, and it is reshaping the demand equation for NAND • The shift to inference and agentic AI is generating data at a scale that is redefining storage requirements • Every AI interaction creates
Slide 5: Technology and Product Leadership
Technology and Product Leadership • BiCS is recognized as an industry gold standard for NAND, and this year we ramped BiCS 8 to the majority of our bit production • BiCS 8 was enabled by innovations like CBA and hybrid wafer bonding, and our roadmap builds on these foundational technologies to deliv
Slide 6: Fiscal Q4 2026 Financial Highlights
Fiscal Q4 2026 Financial Highlights (1) ~$9.0B +51% QoQ $39.25 84.6% $5.0B +372% YoY Non-GAAP Diluted Non-GAAP Adjusted Revenue Net Income per Share Gross Margin Free Cash Flow (2) Sequential revenue growth came approximately one-third from higher volumes and two-thirds from higher pricing 1. Non-GA
Slide 7: Fiscal Q4 2026 Financial Performance by End-market
Fiscal Q4 2026 Financial Performance by End-market In millions Datacenter Edge Consumer Non-GAAP Gross Margin % $9,000 100% 85% 78% $7,000 80% $5,000 51% 60% $3,000 30% 40% 26% $1,000 20% $(1,000) FQ4'25 FQ1'26 FQ2'26 FQ3'26 FQ4'26 0% Datacenter Edge Consumer Revenue Revenue Revenue $2,977 million $
Slide 8: End-markets: Datacenter
End-markets: Datacenter • We scaled compute-focused TLC enterprise SSDs across a broad set of hyperscale and AI infrastructure customers • Datacenter has grown from 12% of our bits in Q4'FY25 to 38% in Q4'FY26, reflecting the strength of our technology position • Q4’FY26 revenue of $2,977 million, u
Slide 9: End-markets: Edge
End-markets: Edge • Edge remains a large and strategically important end market, spanning smartphones, PCs, tablets, and emerging physical AI use cases including automotive, robotics, and on-device agentic AI • Near term, PCs and smartphones are working through a period of adjustment as demand shift
Slide 10: End-markets: Consumer
End-markets: Consumer • Sandisk's global consumer presence remains a meaningful differentiator within the industry, giving us a unique connection with end users and channel partners • We continue to invest behind the brand and sharpen our go-to- market capabilities • We innovate around the products,
Slide 11: New Business Models (NBMs)
New Business Models (“NBMs”) 8 $93.9B $59.8B $16.5B Customers signed across Minimum contracted NBM RPO at quarter-end; $91.1B Financial guarantees: cash Datacenter and Edge revenue at floor pricing incl. deals signed after deposits and instruments 1/2 ~2/3 4+ yrs of bits committed under NBMs in FY20
Slide 12: Market Outlook
Market Outlook • We expect the NAND market to continue growing at an accelerated pace, supported by AI inference as a key tailwind • We estimate the NAND market will exceed $300 billion in revenue in calendar year 2026, up 3x year-over-year • We expect NAND market revenue of $500 billion in calendar
Slide 13: Non-GAAP Financial Results
Non-GAAP Financial Results(1) ($ in millions, except for Diluted Net Income per Share) Q4'25 Q3'26 Q4'26 QoQ YoY Revenue $1,901 $5,950 $8,965 up 51% up 372% Gross Margin % 26.4% 78.4% 84.6% up 6.2 ppt up 58.2 ppt Operating Expenses $402 $448 $484 up 8% up 20% Operating Income $100 $4,218 $7,104 up 6
Slide 14: Gross and Cash Capital Expenditure Trends and Plan
Gross and Cash Capital Expenditure Trends and Plan Quarter Ended July 3, 2026 Revenue, net $8,965 • JV Gross CapEx fluctuates based primarily on node transitions and aligning Sandisk share of JV Gross CapEx $519 supply with demand Funding mechanisms: • JV Gross CapEx is funded through a mix of exter
Slide 15: Fiscal First Quarter Guidance
Fiscal First Quarter Guidance Fiscal First Quarter Guidance GAAP Non-GAAP(1) Revenue ($M) $10,300 - $10,800 $10,300 - $10,800 Gross Margin 83.0% - 84.9% 83.0% - 85.0% Operating Expenses ($M) $574 - $614 $520 - $540 Tax Expense(2) N/A 15% Diluted Net Income per Share N/A $44.00 - $46.00 Diluted Share
Slide 16: Financial Outlook
Financial Outlook • Capital spending increases YoY as we ramp BiCS 8 and BiCS 10, consistent with growing supply mid-to-high teens • Investment relative to revenue comes down to approximately 6% of revenue for the full year • Higher inventory days, consistent with current levels, support our NBMs an
Slide 17: Appendix
APPENDIX 00.017 ©2026 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 18: Joint Venture Operational Framework
Joint Venture Operational Framework Joint Venture Operational Framework Flash Ventures 49.9% Owned by Sandisk 50.1% Owned by Kioxia Co-develops flash (including process technology and Owns and leases equipment for flash wafer production Co-develops flash (including process technology and memory desi
Slide 19: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations GAAP to Non-GAAP Reconciliations In millions; unaudited Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Revenue $1,901 $2,308 $3,025 $5,950 $8,965 GAAP Gross Profit 498 687 1,541 4,662 7,582 Stock-based compensation expense 4 4 5 4 6 Non-GAAP Gross Profit $502 $691 $1,546 $4,666 $7,58
Slide 20: GAAP to Non-GAAP Reconciliations (cont'd)
GAAP to Non-GAAP Reconciliations (cont’d) GAAP to Non-GAAP Reconciliations (cont’d) In millions; unaudited Q4'25 Q3'26 Q4'26 GAAP Operating Income (Loss) $18 $4,111 $7,037 Gross profit adjustments 4 4 6 Operating expense adjustments 78 103 61 Non-GAAP Operating Income $100 $4,218 $7,104 GAAP Interes
Slide 21: GAAP to Non-GAAP Reconciliations (cont'd)
GAAP to Non-GAAP Reconciliations (cont’d) In millions, except per share amount; unaudited Q4'25 Q3'26 Q4'26 GAAP net income (loss) $(23) $3,615 $6,903 Stock-based compensation expense 49 54 67 Business separation costs 17 7 — Employee termination and other 16 — — Loss on debt extinguishment — 46 — (
Slide 22: GAAP to Non-GAAP Reconciliations (cont'd)
GAAP to Non-GAAP Reconciliations (cont’d) GAAP to Non-GAAP Reconciliations (cont’d) In millions; unaudited Q4'25 Q3'26 Q4'26 Cash Flows Cash flow from operating activities $94 $3,038 $7,126 Purchases of property, plant and equipment, net (45) (45) (43) Free Cash Flow 49 2,993 7,083 Activity related
Slide 23: GAAP to Non-GAAP Reconciliations footnotes
GAAP GAAP to Non-GAAP Reconciliations to Non-GAAP (cont’d) Reconciliations (cont'd) FOOTNOTES This presentation contains the following financial measures that are not in accordance with U.S. generally accepted accountin g principles (“GAAP”): Non-GAAP gross profit; Non-GAAP operating expenses; Non-G
Slide 24: GAAP to Non-GAAP Reconciliations footnotes
GAAP GAAP to Non-GAAP Reconciliations to Non-GAAP (cont’d) Reconciliations (cont'd) Employee termination and other. From time to time, in order to realign the Company’s operations with anticipated market demand, the Company may terminate employees and/or restructure its operations. From time to time
Slide 25: LANOISK"
LANOISK"