Sandisk Corporation · NASDAQ:SNDK

Sandisk — Q3 2026 Earnings Presentation

18 slides from Sandisk's earnings presentation, Apr 30, 2026

  1. Slide 1: Fiscal Third Quarter 2026 Financial Results

    Fiscal Third Quarter 2026 Financial Results Quarter ended April 3, 2026 April 30, 2026

  2. Slide 2: Disclaimers

    Disclaimers “START” “REPEAT” “1988/2025” Forward-Looking Statements This presentation contains forward-looking statements within the meaning of U.S. federal securities laws, including, but not limited to, statements regarding expectations for: Sandisk Corporation’s (the “Company’s”) business outlook

  3. Slide 3: Fiscal Third Quarter Executive Summary

    Fiscal Third Quarter Executive Summary “START” “REPEAT” “1988/2025” Corporate • Further expansion into the large, fast-growing Datacenter end market with our leading technology. • Secured three New Business Model (“NBM”) partnerships backed by firm financial guarantees, with an additional two NBMs i

  4. Slide 4: Business Highlights

    Business Highlights “START” “REPEAT” “1988/2025” Datacenter End Market • Revenue reached $1.5B, up 233% sequentially — reflecting years of innovation to shift toward this attractive market. • Fiscal third quarter revenue was enhanced by strong demand for our TLC-based enterprise SSD portfolio, which

  5. Slide 5: Business Highlights (cont'd)

    Business Highlights (cont'd) “START” “REPEAT” “1988/2025” Edge End Market • Revenue reached $3.7B, up 118% sequentially as demand continued to shift toward premium devices across both PC and smartphone markets. • Driving mix toward high value configurations and customers that value our technology. C

  6. Slide 6: Revenue Trends by End Market

    Revenue Trends by End Market “START” “REPEAT” “1988/2025” Datacenter Edge Consumer In millions In millions In millions Revenue Revenue Revenue $1,467 million $3,663 million $820 million Increased 233% QoQ Increased 118% QoQ Decreased 10% QoQ 00.06 ©2026 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGH

  7. Slide 7: Non-GAAP Financial Results

    Non-GAAP Financial Results(1) “START” “REPEAT” “1988/2025” ($ in millions, except for Diluted Net Income (Loss) per Share) Q3'25 Q2'26 Q3'26 QoQ YoY Revenue $1,695 $3,025 $5,950 up 97% up 251% Gross Margin % 22.7% 51.1% 78.4% up 27.3 ppt up 55.7 ppt Operating Expenses $383 $413 $448 up 8% up 17% Ope

  8. Slide 8: Gross and Cash Capital Expenditure Trends and Plan

    “START” “REPEAT” “1988/2025” Gross and Cash Capital Expenditure Trends and Plan In millions Quarter Ended April 3, 2026 Revenue, net $5,950 • JV Gross CapEx fluctuates based primarily on node transitions and aligning Sandisk share of JV Gross CapEx $195 supply with demand Funding mechanisms: • JV Gr

  9. Slide 9: Fiscal Fourth Quarter Guidance

    “START” “REPEAT” “1988/2025” Fiscal Fourth Quarter Guidance GAAP Non-GAAP(1) Revenue ($M) $7,750 - $8,250 $7,750 - $8,250 Gross Margin 78.9% - 80.9% 79.0% - 81.0% Operating Expenses ($M) $523 - $558 $480 - $500 Interest and Other Income (Expense), net ($M) $12 - $32 $10 - $30 Tax Expense ($M)(2) N/A

  10. Slide 10: Joint Venture Operational Framework

    “START” “REPEAT” “1988/2025” 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 design) wit

  11. Slide 11: START REPEAT 1988/2025

    “START” “REPEAT” “1988/2025”

  12. Slide 12: Appendix

    “START” “REPEAT” “1988/2025” Appendix 00.012 ©2026 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

  13. Slide 13: GAAP to Non-GAAP Reconciliations

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations In millions; unaudited Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Revenue 1,695 1,901 2,308 3,025 5,950 GAAP Gross Profit $382 $498 $687 $1,541 $4,662 Stock-based compensation expense 3 4 4 5 4 Non-GAAP Gross Profit $385 $502 $691 $1,546 $4,666 In mil

  14. Slide 14: GAAP to Non-GAAP Reconciliations (cont'd)

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions; unaudited Q3'25 Q2'26 Q3'26 GAAP Operating Income (Loss) $(1,881) $1,065 $4,111 Gross profit adjustments 3 5 4 Operating expense adjustments 1,880 63 103 Non-GAAP Operating Income $2 $1,133 $4,218 GAAP Interest and O

  15. Slide 15: GAAP to Non-GAAP Reconciliations (cont'd)

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions, except per share amount; unaudited Q3'25 Q2'26 Q3'26 GAAP net income (loss) $(1,933) $803 $3,615 Goodwill impairment 1,830 — — Stock-based compensation expense 44 58 54 Business separation costs 9 9 7 Employee termin

  16. Slide 16: GAAP to Non-GAAP Reconciliations (cont'd)

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions; unaudited Q3'25 Q2'26 Q3'26 Cash Flows Cash flow provided by operating activities 26 1,019 3,038 Purchases of property, plant and equipment, net (44) (39) (45) Free Cash Flow $(18) $980 $2,993 Activity related to Fla

  17. Slide 17: GAAP to Non-GAAP Reconciliations (cont'd)

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP 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-GAAP operating

  18. Slide 18: GAAP to Non-GAAP Reconciliations (cont'd)

    “START” “REPEAT” “1988/2025” GAAP to Non-GAAP 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, the Company

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