Sandisk Corporation · NASDAQ:SNDK

Sandisk — Q2 2026 Earnings Presentation

18 slides from Sandisk's earnings presentation, Jan 29, 2026

  1. Slide 1: Fiscal Second Quarter 2026 Financial Results

    Fiscal Second Quarter 2026 Financial Results Quarter ended January 2, 2026 January 29, 2026

  2. Slide 2: Disclaimers

    Disclaimers “START” “REPEAT” “1988/2026” 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 Second Quarter Executive Summary

    Fiscal Second Quarter Executive Summary “START” “REPEAT” “1988/2026” Corporate • Sandisk’s technology and product portfolios intersect changing market dynamics at the perfect moment, positioning the company to manage a balanced portfolio and deliver industry-leading financial performance. Financial

  4. Slide 4: Business Highlights

    Business Highlights “START” “REPEAT” “1988/2026” Datacenter End Market • Datacenter revenue was up 64% sequentially, driven by strong adoption among AI infrastructure builders, semi-custom customers, and technology companies deploying AI at scale. • Completed qualification of our PCIe Gen5 high-perf

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

    Business Highlights (cont'd) “START” “REPEAT” “1988/2026” Consumer End Market • Product mix shifted toward premium products and higher-value configurations, supporting storage content growth and profitability. • Introduced a breakthrough in the USB form factor with the launch of Sandisk Extreme Fit

  6. Slide 6: Revenue Trends by End Market

    Revenue Trends by End Market “START” “REPEAT” “1988/2026” Datacenter Edge Consumer In millions In millions In millions $ 500 $ 1,800 $ 1,000 $ 400 $ 1,500 $ 800 $ 1,200 $ 300 $ 600 $ 900 $ 200 $ 400 $ 600 $ 100 $ 200 $ 300 $0 $0 $0 Q2F25 Q3F25 Q4F25 Q1F25 Q2F26 Q2F25 Q3F25 Q4F25 Q1F25 Q2F26 Q2F25 Q3

  7. Slide 7: Non-GAAP Financial Results

    Non-GAAP Financial Results(1) “START” “REPEAT” “1988/2026” ($ in millions, except for Diluted Net Income per Share) Q2'25 Q1'26 Q2'26 QoQ YoY Revenue $1,876 $2,308 $3,025 up 31% up 61% Gross Margin % 32.5% 29.9% 51.1% up 21.2 ppt up 18.6 ppt Operating Expenses $376 $446 $413 down 7% up 10% Operating

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

    Gross and Cash Capital Expenditure Trends and Plan “START” “REPEAT” “1988/2026” In millions Quarter Ended January 2, 2026 Revenue, net $3,205 • JV Gross CapEx fluctuates based primarily on node transitions and aligning Sandisk share of JV Gross CapEx $216 supply with demand. Funding mechanisms: • JV

  9. Slide 9: Fiscal Third Quarter Guidance

    Fiscal Third Quarter Guidance “START” “REPEAT” “1988/2026” GAAP Non-GAAP(1) Revenue ($M) $4,400 to $4,800 $4,400 to $4,800 Gross Margin 64.9% to 66.9% 65.0% to 67.0% Operating Expenses ($M) $496 to $532 $450 to $470 Interest and Other Expense, net ($M) $23 to $28 $25 to $30 Tax Expense ($M)(2) N/A $

  10. Slide 10: Joint Venture Operational Framework

    Joint Venture Operational Framework “START” “REPEAT” “1988/2026” 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” “1988/2026”

    “START” “REPEAT” “1988/2026”

  12. Slide 12: Appendix

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

  13. Slide 13: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations “START” “REPEAT” “1988/2026” In millions; unaudited Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue 1,876 1,695 1,901 2,308 3,025 GAAP Gross Profit $606 $382 $498 $687 $1,541 Stock-based compensation expense 3 3 4 4 5 Non-GAAP Gross Profit $609 $385 $502 $691 $1,546 In million

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

    GAAP to Non-GAAP Reconciliations (cont'd) “START” “REPEAT” “1988/2026” In millions; unaudited Q2'25 Q1'26 Q2'26 GAAP Operating Income $195 $176 $1,065 Gross profit adjustments 3 4 5 Operating expense adjustments 35 65 63 Non-GAAP Operating Income $233 $245 $1,133 GAAP Interest and Other Expense, Net

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

    GAAP to Non-GAAP Reconciliations (cont'd) “START” “REPEAT” “1988/2026” In millions, except per share amount; unaudited Q2'25 Q1'26 Q2'26 GAAP net income $104 $112 $803 Stock-based compensation expense 48 53 58 Business separation costs 21 9 9 Employee termination and other 3 (3) 1 (Gain) loss on bus

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

    GAAP to Non-GAAP Reconciliations (cont'd) “START” “REPEAT” “1988/2026” In millions; unaudited Q2'25 Q1'26 Q2'26 Cash Flows Cash flow provided by operating activities 95 488 1,019 Purchases of property, plant and equipment, net (48) (50) (39) Free Cash Flow $47 $438 $980 Activity related to Flash Ven

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

    GAAP to Non-GAAP Reconciliations (cont'd) “START” “REPEAT” “1988/2026” FOOTNOTES This presentation contains the following financial measures that are not in accordance with U.S. generally accepted accounting principles (“GAAP”): Non-GAAP gross profit; Non-GAAP operating expenses; Non-GAAP operating

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

    GAAP to Non-GAAP Reconciliations (cont'd) “START” “REPEAT” “1988/2026” (Gain) loss on business divestiture. In connection with the Company’s strategic decision to outsource the manufacturing of certain components and assemblies, on September 28, 2024, the Company completed the sale of 80% of its equ

Sandisk — Q2 2026 Earnings Presentation on 6ix