Slide 1: Fiscal Fourth Quarter 2025 Financial Results
Fiscal Fourth Quarter 2025 Financial Results Quarter ended June 27, 2025 Thursday, August 14, 2025
Slide 2: Disclaimers
“START” “REPEAT” “1988/2025” Disclaimers 00.02 ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 3: Fiscal Fourth Quarter Executive Summary
“START” “REPEAT” “1988/2025” Fiscal Fourth Quarter Executive Summary Key Messages • Strong Sequential Financial Performance, Exceeding Revenue and Non-GAAP EPS Guidance • Favorable Supply-Demand Dynamics & Our Strategic Pricing Driving Gross Margin Expansion • Ramping Industry Leading Technology wit
Slide 4: Business Highlights
“START” “REPEAT” “1988/2025” Business Highlights Cloud End Market • Bit Shipment & Market Share Growth • Datacenter represented over 12% of total bits shipped • Clear momentum with customers in AI-driven workloads and hyperscale demand • Technology & Product Wins • Announced a 256 TB NVMe enterprise
Slide 5: Business Highlights (cont'd)
“START” “REPEAT” “1988/2025” Business Highlights (cont'd) Client End Market • PC & Mobile Market Drivers • Ongoing uplift from AI-enabled PC demand and smartphone refresh cycles • Rising average capacity trends across mobile and PC markets • Tailwinds from Windows 10 end of life and post-pandemic re
Slide 6: Business Highlights (cont'd)
“START” “REPEAT” “1988/2025” Business Highlights (cont'd) Consumer End Market • Product Expansion & Innovation • Continued momentum in BiCS-based flash adoption across retail channels • Launch of next-gen portable SSDs and high-performance USB drives targeting creators and gamers • Co-branded expans
Slide 7: Revenue Trends by End Market
“START” “REPEAT” “1988/2025” Revenue Trends by End Market Cloud Client Consumer In millions In millions In millions $ 400 $ 1,200 $ 800 $ 300 $ 600 $ 800 $ 200 $ 400 $ 400 $ 100 $ 200 $- $- $- Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Revenue Revenue R
Slide 8: Non-GAAP Financial Results
Non-GAAP Financial Results(1) “START” “REPEAT” “1988/2025” ($ in millions, except for EPS) Q4 2024 Q3 2025 Q4 2025 QoQ YoY Revenue $1,760 $1,695 $1,901 up 12% up 8% Gross Margin % 36.4% 22.7% 26.4% up 3.7 ppt down 10 ppt Operating Expenses 386 383 402 up 5% up 4% Operating Income 255 2 100 up 4900%
Slide 9: Gross and Cash Capital Expenditure Trends and Plan
“START” “REPEAT” “1988/2025” Gross and Cash Capital Expenditure Trends and Plan In millions Year Ended June 27, 2025 Revenue, net $7,355 • JV Gross CapEx fluctuates based primarily on node transitions and aligning Sandisk share of JV Gross CapEx $686 supply with demand Funding mechanisms: External f
Slide 10: Fiscal First Quarter Guidance
“START” “REPEAT” “1988/2025” Fiscal First Quarter Guidance(1) GAAP Non-GAAP(2) Revenue ($B) $2.10 - $2.20 $2.10 - $2.20 Gross Margin 28.3% - 29.2% 28.5% - 29.5% Operating Expenses ($M) $475 - $490 $415 - $430 Interest and Other Expense, net ($M) $38 - $43 $40 - $45 Tax Expense ($M)(3) N/A $35 - $40
Slide 11: 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
Slide 12: “START” “REPEAT” “1988/2025”
“START” “REPEAT” “1988/2025”
Slide 13: Appendix
“START” “REPEAT” “1988/2025” Appendix 00.013 ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 14: GAAP to Non-GAAP Reconciliations
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations In millions; unaudited Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue $1,760 $1,883 $1,876 $1,695 $1,901 GAAP Gross Profit $636 $726 $606 $382 $498 Stock-based compensation expense 5 6 3 3 4 Non-GAAP Gross Profit $641 $732 $609 $385 $502 In millio
Slide 15: GAAP to Non-GAAP Reconciliations (cont'd)
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions; unaudited Q4'24 Q3'25 Q4'25 GAAP Operating Income (Loss) $199 $(1,881) $18 Gross profit adjustments 5 3 4 Operating expense adjustments 51 1,880 78 Non-GAAP Operating Income $255 $2 $100 GAAP Interest and Other Expen
Slide 16: 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 Q4'24 Q3'25 Q4'25 GAAP Net Income (Loss) $120 $(1,933) $(23) Goodwill impairment — 1,830 — Stock-based compensation expense 34 44 49 Business separation costs 18 9 17 Employee termi
Slide 17: GAAP to Non-GAAP Reconciliations (cont'd)
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions; unaudited Q4'24 Q3'25 Q4'25 Cash Flows Cash flow provided by (used in) operating activities (130) 26 94 Purchases of property, plant and equipment, net (35) (44) (45) Free Cash Flow $(165) $(18) $49 Activity related
Slide 18: GAAP to Non-GAAP Reconciliations (cont'd)
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) In millions; unaudited Q4'24 Q3'25 Q4'25 GAAP Net Income (Loss) $120 $(1,933) $(23) Interest and other expense, net 2 20 36 Income tax expense 77 32 5 Depreciation and amortization 54 37 36 EBITDA $253 $(1,844) $54 Goodwill impai
Slide 19: GAAP to Non-GAAP Reconciliations (cont'd)
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) 00.019 ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 20: GAAP to Non-GAAP Reconciliations (cont'd)
“START” “REPEAT” “1988/2025” GAAP to Non-GAAP Reconciliations (cont'd) 00.020 ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED