Equity · Technology
Sandisk Corporation (SNDK) perpetual futures
SNDK perpetual futures on 31 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade SNDKUSDT.
SanDisk Corporation designs and supplies storage solutions, including SSDs, embedded memory, memory cards, USB devices, and NAND flash components, based in Milpitas, California.
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Trading data
Perpetual market activity
35/35 live markets
Trading data
Perpetual market activity
Spot performance
Venue matrix
35 markets
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| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | SNDK/USDT | Trading | $851.52 | 0.0% APR 0.000% every 8h | +0.1 bps | - | $406.2M | $211.9M | USDT | - | |
 OKX | Trade | SNDK/USDT | Trading | $851.30 | 0.0% APR 0.000% every 8h | +1.2 bps | $6M | $204.9M | $75.5M | USDT | 75x | |
 Gate.io | Trade | SNDK/USDT | Trading | $851.50 | 0.0% APR 0.000% every 8h | +2.7 bps | $14.3M | $58.3M | $83.7M | USDT | 75x | |
 Hyperliquid HIP-3 | Trade | xyz:SNDK | Trading | $851.09 | -110.9% APR -0.013% every 1h | +0.7 bps | - | $57.6M | $93.3M | USDC | 10x | |
 Bitget | Trade | SNDK/USDT | Trading | $851.53 | 0.0% APR 0.000% every 8h | +0.2 bps | - | $50.6M | $24.3M | USDT | 75x | |
 Bybit | Trade | SNDK/USDT | Trading | $851.41 | 0.0% APR 0.000% every 8h | +1.5 bps | $3.9M | $32.8M | $39.1M | USDT | 100x | |
 Aster | Trade | SNDKUSD1 | Trading | $855.01 | 0.0% APR 0.000% every 8h | +1.5 bps | $992K | $18.2M | $12M | USD1 | - | |
 KuCoin | Trade | SNDK/USDT | Trading | $851.09 | 0.0% APR 0.000% every 8h | +1.4 bps | $197.2K | $12.4M | $11.6M | USDT | 20x | |
| Hyperliquid HIP-3 | Trade | io:SNDK | Trading | $851.13 | -20.6% APR -0.00235% every 1h | +0.1 bps | - | $6.6M | $3.9M | USDC | 15x | |
 MEXC | Trade | SNDK/USDT | Trading | $851.89 | 0.0% APR 0.000% every 8h | +14.2 bps | $24.6M | $6.3M | $42.9M | USDT | 200x | |
 BloFin | Trade | SNDK/USDT | Trading | $851.34 | 0.0% APR 0.000% every 8h | +0.5 bps | - | $4.6M | $4.7M | USDT | 75x | |
 Ondo Perps | Trade | SNDK/USD | Trading | $850.80 | - | +2.4 bps | $835.4K | $2.7M | $1.1M | USDC | 5x | |
 HTX | Trade | SNDK/USDT | Trading | $851.80 | +1.8% APR +0.00169% every 8h | +0.1 bps | $1.2B | $2.1M | $1M | USDT | - | |
 Phemex | Trade | SNDK / USDT | Trading | $851.65 | 0.0% APR 0.000% every 8h | +1.9 bps | - | $1.8M | $2.3M | USDT | 50x | |
 Extended | Trade | SNDK/USD | Trading | $853.89 | -210.2% APR -0.024% every 1h | +0.1 bps | - | $1.7M | $496K | USD | 10x | |
 Variational | Trade | SNDK/USDC | Trading | $850.75 | 0.0% APR 0.000% every 8h | +4.9 bps | no public depth feed | $1.6M | $2.6M | USDC | - | |
| MEXC | Trade | SNDK/USDC | Trading | $851.47 | 0.0% APR 0.000% every 8h | +0.1 bps | $226.8K | $676.9K | $311K | USDC | 20x | |
| Aster | Trade | SNDKUSDT | Trading | $853.99 | 0.0% APR 0.000% every 8h | +3.1 bps | $1.5M | $562.1K | $637.9K | USDT | - | |
 Deribit | Trade | SNDK/USDC | Trading | $851.05 | +4.7% APR +0.00433% every 8h | +2.7 bps | $510.7K | $415.4K | $385.1K | USDC | 10x | |
 Pacifica | Trade | SNDK/USDC | Trading | $851.30 | +11.0% APR +0.00125% every 1h | +2.4 bps | - | $368.6K | $241.4K | USDC | 10x | |
 Helix (Injective) | Trade | SNDK/USDC | Trading | $865.91 | +3.6% APR +0.00042% every 1h | - | no public depth feed | $292.3K | - | USDC | 12x | |
| MEXC | Trade | SNDK/USD1 | Trading | $851.44 | 0.0% APR 0.000% every 8h | +20.1 bps | $170.3K | $101.6K | $8.3M | USD1 | 20x | |
 Crypto.com Exchange | Trade | SNDK/USD | Trading | $851.95 | +5.0% APR +0.00057% every 1h | +12.2 bps | $622.4K | $96.1K | $352.9K | USD | 50x | |
 GRVT | Trade | SNDK/USDT | Trading | $851.28 | 0.0% APR 0.000% every 8h | +0.9 bps | $39.1K | $23K | $32.3K | USDT | - | |
 Orderly Network | Trade | SNDK/USDC | Trading | $851.56 | +17.3% APR +0.016% every 8h | - | no public depth feed | $12.6K | $9.1K | USDC | - | |
 Aevo | Trade | SNDK/USDC | Trading | $851.08 | +8.8% APR +0.00100% every 1h | +9.4 bps | $206K | $0 | $502.1 | USDC | 10x | |
 Paradex | Trade | SNDK/USD | Trading | $850.72 | -52.6% APR -0.048% every 8h | +13,473.8 bps | - | $0 | $17 | USDC | 5x | |
 Vest | Trade | SNDK/USDC | Trading | $865.97 | +5.0% APR +0.00057% every 1h | +300.2 bps | $0 | - | - | USDC | 10x | |
 XT.com | Trade | SNDK/USDT | Trading | $850.92 | 0.0% APR 0.000% every 8h | +10.2 bps | $288.5K | $2M | - | USDT | 75x | |
 Deepcoin | Trade | SNDK/USDT | Trading | $850.91 | - | +0.6 bps | - | $74.2M⚠ | $387.2K | USDT | 20x | |
 Ourbit | Trade | SNDK/USDT | Trading | $851.35 | 0.0% APR 0.000% every 8h | +0.1 bps | $12.8M | $27.6M⚠ | $325.2K | USDT | 200x | |
 Bitunix | Trade | SNDK/USDT | Trading | $851.36 | +3.7% APR +0.00334% every 8h | +0.1 bps | $7.4M | $18.7M⚠ | $2.4M | USDT | 75x | |
 BingX | Trade | SNDK-USDT | Trading | $851.64 | +5.5% APR +0.00500% every 8h | +0.4 bps | $15.2M | $5.3M⚠ | $8.1K | USDT | - | |
 Backpack | Trade | SNDK/USDC | Trading | $851.40 | +5.5% APR +0.00063% every 1h | +1.2 bps | $201.7K | $1.3M⚠ | $234.1K | USDC | 10x | |
 LBank | Trade | SNDK/USDT | Trading | $851.49 | 0.0% APR 0.000% every 8h | +0.9 bps | $6.6M | $900.6K⚠ | $29.8K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| SNDKBbStocks | $850.63 | -0.14% | $16.2M | $72.0M | BNB Smart Chain (BEP20) |
| rSNDKTokenized | $850.17 | -0.19% | $7.7M | $10.6M | Arbitrum |
| SNDKXxStocks | $851.53 | -0.03% | $4.0M | $24.0M | Ethereum · X Layer |
| SNDKonOndo GM | $856.12 | +0.51% | $985k | $3.0M | Solana · Ethereum · BNB Smart Chain (BEP20) · HyperEVM |
| SNDKTokenized | $855.33 | +0.41% | $54k | $1.0M | Solana |
| SNDKRobinhood | $851.12 | -0.08% | $11k | $1.3M | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 pancakeswapDEX · bsc | SNDKB/USDT ↗ | $852.30 | $36k | $86k |
 uniswapDEX · robinhood | SNDK/USDG ↗ | $851.12 | $11k | $187k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 19 of 31 venues absorb $10k · Typical cost: +5.7 bps – +11.9 bps
No fresh book data: Binance, Hyperliquid HIP-3, Bitget, BloFin, Phemex, Extended, Variational, Pacifica, Helix (Injective), Orderly Network, Paradex, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
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- -3.7% since the NYSE close · 31v
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $2,277 |
| 12-month target range (low – high) | $1,550 – $3,050 |
| Ratings in the provider's consensus | 18 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 4 | 17 | 4 | 0 | 1 |
| Oct 2026 | 4 | 17 | 3 | 0 | 1 |
| Sep 2026 | 4 | 17 | 3 | 0 | 1 |
| Aug 2026 | 4 | 16 | 4 | 0 | 1 |
| Jul 2026 | 3 | 15 | 4 | 1 | 1 |
| Jun 2026 | 3 | 15 | 3 | 1 | 1 |
| May 2026 | 3 | 15 | 5 | 0 | 1 |
| Apr 2026 | 2 | 14 | 6 | 0 | 1 |
| Mar 2026 | 2 | 12 | 6 | 0 | 0 |
| Feb 2026 | 2 | 13 | 7 | 0 | 0 |
| Jan 2026 | 2 | 13 | 8 | 0 | 1 |
| Dec 2025 | 1 | 13 | 6 | 1 | 1 |
Ownership
Institutional · 2026-Q3Reference market activity
SNDK-PERPPrice performance
11Insider activity
FY2026 Q4Insider transactions
25Sandisk officer Shek Bernard (Chief Legal Officer) sold 600 shares of Common Stock on Nov 2, 2026 at $1,158.26 per share (S-Sale), leaving 24,666 shares owned.
Shek Bernard (Chief Legal Officer) disposed of 322 common shares via tax withholding (F-InKind) at $1,365.38 each, leaving 25,266 shares owned.
Sandisk officer Shek Bernard sold 600 common shares at $1,734.94 each on Oct 1, 2026, leaving 25,588 shares owned.
Sandisk officer Pokorny Michael received an A-Award of 458 Common Stock shares at $0.00 on 2026-09-17, bringing holdings to 21,550 shares. This is a grant/compensation, not a purchase.
Sandisk CFO Visoso Luis Felipe received an award of 1,635 Common Stock shares on 2026-09-17, bringing his holdings to 132,611. This was an A-Award (compensation grant), not an open-market purchase.
Sandisk director and Chairman & CEO David Goeckeler received an award of 3,296 common shares and sold 33,841 common shares across 15 open-market sales at $1,567.2555-$1,587, leaving 416,706 shares after the award.
Sandisk officer Shek Bernard received 1,001 Common Stock shares as an award (A) and 118 shares were withheld for taxes at $1,791.82 (F), leaving 26,188 shares owned.
Sandisk officer Alper Ilkbahar received 1,619 common shares via a stock award (A) on Sep 17, 2026 at $0.00, holding 42,109 shares after.
Sandisk officer and CFO Visoso Luis Felipe sold 1,000 shares of common stock at $1,568.83 each on September 15, 2026, leaving 130,976 shares owned.
Filings
68 · Latest SEC filingsSandisk officer Shek Bernard (Chief Legal Officer) sold 600 shares of Common Stock on Nov 2, 2026 at $1,158.26 per share (S-Sale), leaving 24,666 shares owned.
Shek Bernard (Chief Legal Officer) disposed of 322 common shares via tax withholding (F-InKind) at $1,365.38 each, leaving 25,266 shares owned.
Sandisk officer Shek Bernard sold 600 common shares at $1,734.94 each on Oct 1, 2026, leaving 25,588 shares owned.
Sandisk officer Pokorny Michael received an A-Award of 458 Common Stock shares at $0.00 on 2026-09-17, bringing holdings to 21,550 shares. This is a grant/compensation, not a purchase.
Sandisk CFO Visoso Luis Felipe received an award of 1,635 Common Stock shares on 2026-09-17, bringing his holdings to 132,611. This was an A-Award (compensation grant), not an open-market purchase.
Sandisk director and Chairman & CEO David Goeckeler received an award of 3,296 common shares and sold 33,841 common shares across 15 open-market sales at $1,567.2555-$1,587, leaving 416,706 shares after the award.
Sandisk officer Shek Bernard received 1,001 Common Stock shares as an award (A) and 118 shares were withheld for taxes at $1,791.82 (F), leaving 26,188 shares owned.
Sandisk officer Alper Ilkbahar received 1,619 common shares via a stock award (A) on Sep 17, 2026 at $0.00, holding 42,109 shares after.
Sandisk officer and CFO Visoso Luis Felipe sold 1,000 shares of common stock at $1,568.83 each on September 15, 2026, leaving 130,976 shares owned.
Sandisk director and CEO David Goeckeler reported selling 33,838 shares of common stock across 13 open-market transactions on Sept 14, 2026, at prices from $1,522.59 to $1,541.88, leaving 413,770 shares owned.
Sandisk officer Shek Bernard sold 2,308 common shares at $1,767.33 and had 2,271 shares withheld for taxes at $1,554.99, leaving 25,305 shares.
On Sep 3, 2026, the reporting person sold 400 common shares (4 open-market sales at $1561.69–$1571.041) and had 3,244 shares withheld for tax (F) at $1554.99.
Sandisk CFO Luis Felipe Visoso had 5,838 shares of Common Stock withheld for taxes at $1,554.99 each on Sept 3, 2026, leaving 131,976 shares owned.
Sandisk officer Michael Pokorny reported a tax-withholding transaction: 1,283 common shares disposed at $1,554.99 each on Sept 3, 2026, leaving 21,092 shares held.
Sandisk officer Ilkbahar Alper sold 4,712 common shares in 30 open-market transactions at $1,513.23-$1,558.90, leaving 48,806 shares after the first sale.
Sandisk director and CEO David Goeckeler reported a Form 4 showing 10,540 shares of Common Stock disposed at $1,554.99 on 2026-09-03 to cover tax withholding (code F), leaving 447,248 shares owned.
Bernard Shek, Chief Legal Officer of Sandisk, sold 600 common shares at $1,525.60 each on September 1, 2026.
On August 25, 2026, EVP & CTO Alper Ilkbahar disposed of 654 shares of common stock via tax withholding (code F) at $1,480.77 each, leaving 48,846 shares owned.
The reporting person disposed of 212 shares of Common Stock via tax withholding (F) at $1480.77 per share.
On 2026-08-25, CEO David Goeckeler had 49,782 shares withheld to cover taxes at $1,480.77, reducing his direct holdings to 457,788 shares.
Chief Legal Officer Bernard Shek disposed of 219 shares of Sandisk common stock in two tax-withholding transactions on Aug 20-21, 2026, at $1596.08-$1600.62 per share.
Director and CEO David Goeckeler disposed of 2,333 common shares via tax withholding transactions on Aug 20-21, 2026, reducing his ownership to 507,570 shares.
Luis Felipe Visoso, EVP & CFO of Sandisk, disposed 27,244 common shares through tax withholding in 2 transactions on Aug 20-21, 2026, priced between $1596.08 and $1600.62 per share.
Alper Ilkbahar, CTO of Sandisk, converted 276 performance shares into common stock and sold 759 shares to cover taxes, totaling $1.21M.
Bernard Shek (Chief Legal Officer & Secty) sold 600 shares of Sandisk common stock at $1,162.16 per share on 2026-08-03, leaving 30,915 shares owned afterward.
Bernard Shek, Chief Legal Officer & Secretary of Sandisk, sold 600 shares of common stock at $2088 per share, leaving 31,515 shares owned afterward.
Bernard Shek (Chief Legal Officer & Secretary) had 117 Sandisk common shares withheld to cover taxes at $2184.75 per share, leaving 32,115 shares owned.
Bernard Shek (Chief Legal Officer & Secty) sold 600 shares of Sandisk common stock at $1,736 per share, leaving 32,232 shares owned afterward.
Alper (EVP, CTO) sold 2,000 shares of common stock on the open market at prices from $1,755.31 to $1,758.40, and separately gifted 2,694 shares, leaving 49,983 shares owned.
Sandisk EVP/CTO Alper Ilkbahar had 653 common shares withheld for taxes on 2026-05-25 at $1478.69/share, leaving 54,677 shares owned.
Bernard Shek, Chief Legal Officer & Secretary, had 211 shares of common stock withheld to cover taxes at $1478.69 per share, leaving 32,832 shares owned afterward.
David Goeckeler (Chairman & CEO) had 1,569 shares of Sandisk common stock withheld to cover taxes on 2026-05-25, at $1,478.69 per share. He now owns 509,903 shares directly.
Sandisk EVP/CTO Alper Ilkbahar had 481 shares of common stock withheld across 2 transactions on 5/20-5/21/2026 to cover taxes, at prices of $1392.56-$1542.24, leaving 55,330 shares owned afterward.
Sandisk CFO Luis Felipe Visoso had 1,588 shares of common stock withheld to cover taxes at $1,542.24 per share, leaving 165,058 shares owned afterward.
David Goeckeler (Chairman & CEO) had 2,331 shares of Sandisk common stock withheld to cover taxes over two transactions on May 20-21, 2026, at prices between $1392.56 and $1542.24. He now owns 511,472 shares directly.
Bernard Shek, Sandisk's Chief Legal Officer & Secretary, had 216 common shares withheld for taxes (F-InKind) across two transactions on 5/20-5/21/2026, at prices between $1,392.56 and $1,542.24. He now owns 33,043 shares.
Director Thomas Caulfield gifted 9,666 shares of Sandisk common stock on 2026-05-12, leaving 4,834 shares owned afterward. No cash was involved.
Sandisk Corp VP & Chief Accounting Officer Michael Pokorny sold 2,446 common shares on 2026-05-12 at $1426.18 per share, leaving 22,375 shares owned afterward.
Director Necip Sayiner sold 579 shares of Sandisk common stock on 2026-05-08 at $1503.11 per share, leaving 2,900 shares owned afterward.
Michael Pokorny (VP, Chief Accounting Officer) had 1,429 shares of Sandisk common stock withheld to cover taxes at $1562.34 per share, leaving 24,821 shares owned afterward.
Sandisk EVP/CTO Alper had 2,251 shares of common stock withheld to cover taxes at $913.02 per share, leaving 55,811 shares owned afterward.
Bernard Shek (Chief Legal Officer & Secty) had 41 Sandisk common shares withheld for taxes at $913.02 on 2026-04-20, leaving 33,259 shares owned.
Bernard Shek (Chief Legal Officer & Secty) had 117 Sandisk common shares withheld for tax purposes at $709.71 per share, leaving 33,300 shares owned.
Director Thomas Caulfield gifted 14,500 common shares on 2026-03-03. One related holding now shows 14,500 shares owned, while another holding fell to 2,312 shares after the gift.
David Goeckeler (Chairman & CEO) had 1,569 Sandisk shares withheld to cover taxes on 2026-02-25 at $632.38 each, leaving 513,803 shares owned.
Bernard Shek, Chief Legal Officer & Secretary, had 211 shares of Sandisk common stock withheld to cover taxes at $632.38 per share, leaving 33,417 shares owned.
Transcripts
Earnings callsFY2026 Q42026-08-05
Earnings calls
AI summary
positiveSandisk reported record Q4 FY2026 results with revenue of $8,965 million, up 51% sequentially and 372% year-over-year, exceeding guidance. Non-GAAP gross margin reached 84.6%, and non-GAAP EPS was $39.25, both above guidance. The company attributed performance to strong demand driven by the Era of Inference, with Datacenter becoming 38% of bits. New Business Models (NBMs) have expanded to 8 customers with total commitments of at least $93.9 billion, providing multi-year visibility. The company repurchased $4.5 billion in stock and authorized an additional $14 billion buyback. For Q1 FY2027, Sandisk expects revenue between $10.3B and $10.8B, gross margin between 83% and 85%, and EPS between $44 and $46.
Key takeaways
- Record Q4 FY2026 results: revenue $8.965B (up 51% Q/Q), non-GAAP gross margin 84.6%, non-GAAP EPS $39.25, all exceeding guidance.
- New Business Models (NBMs) expanded to 8 customers with minimum total revenue of $93.9B and RPO of $59.8B (or $91.1B including two post-quarter deals).
- Demand for NAND remains strong due to AI inference, with Datacenter now representing 38% of bits, up from 12% a year ago.
- Strong balance sheet and capital returns: repurchased $4.5B in Q4 and new $14B authorization, bringing total remaining to $15.5B.
- Industry outlook: NAND market expected to exceed $300B in revenue in 2026 and approach $500B in 2027.
Financial highlights
- Revenue: $8,965M in Q4 FY26, up 51% sequentially and 372% year-over-year; full year FY26 revenue $20,248M, up 175%.
- Non-GAAP gross margin: 84.6% in Q4, up from 78.4% prior quarter and 26.4% prior year.
- Non-GAAP EPS: $39.25 in Q4, above guidance of $30-$33; full year EPS not disclosed.
- Adjusted free cash flow: $5,035M in Q4, representing 56% margin; cash flow from operations $7,126M; gross CapEx $562M (6.3% of revenue).
Guidance
- Q1 FY2027 revenue expected between $10.3B and $10.8B, with sequential growth from both bit growth and higher pricing.
- Q1 FY2027 non-GAAP gross margin expected between 83% and 85%.
- Q1 FY2027 non-GAAP operating expenses expected between $520M and $540M.
- Q1 FY2027 non-GAAP EPS expected between $44 and $46, assuming 155M diluted shares.
Q&A themes
- NBM margins and pricing: Management confirmed NBMs expected to generate around 80% gross margin, with upside potential.
- NBM expansion and customer demand: Customers are coming back for additional volumes just a quarter after signing, indicating strong demand.
- Growth vs industry: Sandisk plans to grow with the market, leveraging node transitions for bit growth, and expects to maintain market share.
- AI and product innovation: HBF (high-bandwidth flash) and KV-cache opportunities are being pursued; more details at upcoming Investor Day.
Risks
- The company faces potential risks from market fluctuations in non-NBM business, as pricing for that portion floats with the market.
- Consumer revenue declined 32% sequentially, attributed to pricing adjustments and demand shifts, with an expectation of recovery in 2027.
- Capital spending is planned to increase year-over-year to ramp BiCS 8 and BiCS 10, which could impact cash flows, though relative to revenue it is expected to decline.
FY2026 Q32026-04-30
Earnings calls
AI summary
positiveSanDisk delivered Q3 revenue of $5.95 billion, significantly exceeding guidance, with data center revenue surging 233% sequentially to $1.467 billion. The company signed five multiyear supply partnership agreements totaling $42 billion in minimum contractual revenue with over $11 billion in financial guarantees, representing over one-third of fiscal 2027 bit volume and fundamentally reshaping the business toward more predictable, higher-margin operations.
Key takeaways
- Data center revenue grew 233% sequentially with strong TLC enterprise SSD demand; QLC Stargate products launching for revenue in Q4
- Five multiyear new business model (NBM) agreements signed with minimum $42 billion contractual revenue, 5-year maximum duration, and variable/fixed pricing structures
- Non-GAAP gross margin expanded to 78.4% from 51.1% sequentially; non-GAAP operating margin reached 70.9%; non-GAAP EPS of $23.41
- Generated $2.955 billion adjusted free cash flow (49.7% margin); achieved net cash position and announced $6 billion share buyback authorization
Financial highlights
- Q3 FY2026 revenue: $5.95 billion, up 97% sequentially and 251% year-over-year versus guidance of $4.4B-$4.8B
- Non-GAAP gross margin: 78.4% (Q3) versus 51.1% (Q2); guided Q4 79-81%
- Non-GAAP EPS: $23.41 (Q3) versus guidance of $4.12-$14.00; Q4 guided $30-$33
- Cash position: $3.735 billion; adjusted free cash flow: $2.955 billion; CapEx: 4% of revenue ($240 million)
Guidance
- Q4 FY2026 revenue guidance: $7.75B-$8.25B driven by bit growth and higher pricing
- Q4 non-GAAP gross margin: 79-81%; operating expenses: $480M-$500M; non-GAAP EPS: $30-$33
- Data center expected to represent increasing portion of revenue mix; Stargate QLC shipping for revenue in Q4
- Mid-to-high teens bit growth model maintained through nodal transitions; $6 billion share buyback program authorized with no expiration date
Q&A themes
- Pricing dynamics in Q4 appear conservative given early quarter timing; mix of fixed and variable pricing in NBM contracts with shorter-term mostly fixed
- Enterprise SSD represents 25% of data center portfolio this quarter with expectation to increase; Stargate QLC ramp to complement TLC high-performance products
- Management targets NBM penetration above 50% of bit volume over time; pursuing both data center and edge customers for long-term partnerships
- High bandwidth flash on track with NAND expected late 2026 and system solution with controller early-to-mid 2027; supports AI inference architectures and KV cache workloads
Risks
- New business model agreements still in early stages with most customers (one-third of FY2027 bits contracted); execution risk on converting additional customers to NBM model
- Market dynamics extremely rapid and difficult to forecast, particularly around KV cache sizing and agentic AI infrastructure requirements
- Edge market (consumer and PC) currently contracting with unit decline; recovery assumption to "flat to up slightly" units in 2027 carries execution risk
FY2026 Q22026-01-29
Earnings calls
AI summary
positiveSanDisk delivered exceptional Q2 results with revenue of $3.025 billion, up 31% sequentially and 61% year-over-year, significantly exceeding guidance. Non-GAAP gross margin expanded to 51.1% from 29.9% in Q1, and non-GAAP EPS reached $6.20 versus guidance of $3.00-$3.40. The company is shifting toward multiyear customer agreements with firmer supply commitments as data center becomes the largest NAND market in 2026, driven by AI infrastructure buildout.
Key takeaways
- Data center revenue grew 64% sequentially to $440M; company expects data centers to become largest NAND market in 2026 due to AI infrastructure expansion
- Transitioning business model from quarterly price negotiations to multiyear agreements with customers seeking supply certainty; one LTA signed with prepayment component
- BICS Eight node ramping successfully; Stargate QLC product expected to ship for revenue within next several quarters; enterprise SSD exabyte demand forecast at high 60% growth in 2026
- Q3 guidance: revenue $4.4-4.8B, non-GAAP gross margin 65-67%, non-GAAP EPS $12-14; planning sustained mid-to-high teens bit growth with no material increase to capital spending
Financial highlights
- Q2 revenue: $3.025B (+31% QoQ, +61% YoY); beat guidance of $2.55-2.65B
- Non-GAAP gross margin: 51.1% (vs. 41-43% guidance); includes $24M startup costs
- Non-GAAP operating margin: 37.5% vs. 10.6% in Q1; OpEx $413M benefited from $35M one-time NPI accounting change
- Non-GAAP EPS: $6.20 vs. $3.00-3.40 guidance; free cash flow $843M (27.9% margin)
Guidance
- Q3 revenue guidance: $4.4-4.8B; bits expected down mid-single digits due to lower seasonality
- Q3 non-GAAP gross margin: 65-67%; non-GAAP EPS: $12-14 (vs. 157M fully diluted shares)
- Capital expenditure: $5.255B in Q2 (8.4% of revenue); maintaining CapEx plan supporting mid-to-high teens annual bit growth through BICS Eight transition
- Bit growth outlook: planning mid-to-high teens annual growth through 2026, 2027, 2028; will not increase CapEx without high-confidence in durable demand at attractive pricing
Q&A themes
- Long-term agreements addressing need for supply certainty and demand visibility; customers want planning horizons extending to 2027-2030; LTA terms include length, price, quantities, and prepayment components
- AI infrastructure evolution: key value cache and NAND requirements emerging; potential 75-100 exabyte incremental demand in 2027, doubling in 2028; high-bandwidth flash innovation underway
- Enterprise SSD enterprise SSD portfolio (high teens % of bits) predominantly TLC; BICS Eight migration ongoing; QLC Stargate product qualifications progressing with two major hyperscalers
- Supply-demand outlook: data centers completely undersupplied; demand exceeds supply beyond 2026; NAND allocation prioritizing strategic customers; industry greenfield capacity announcements considered normal course
Risks
- Multiyear agreements model change still early-stage; customer adoption and contract terms remain uncertain; pricing lock-in risk if market conditions deteriorate
- AI infrastructure demand sustainability unproven over multiple years; KV cache and related NAND requirements still being quantified and not yet included in demand forecasts
- Consumer and edge markets facing unit headwinds from PC/smartphone comparisons; base effects expected in 2026 though company expects strong customer signals to persist
FY2026 Q12025-11-06
Earnings calls
AI summary
positiveSandisk reported Q1 FY2026 revenue of $2.3 billion, up 21% sequentially and 23% year-over-year, exceeding guidance with non-GAAP EPS of $1.22. Demand continues to outpace supply across all end markets, particularly in data center which grew 26% sequentially. The company achieved net cash position of $91 million and generated $448 million in adjusted free cash flow.
Key takeaways
- Data center revenue grew 26% sequentially and is expected to become the largest NAND market in calendar 2026, driven primarily by AI infrastructure investments
- BiCS8 technology accounted for 15% of total bits shipped in Q1 and is expected to reach majority of bit production by end of FY2026, enabling cost and efficiency benefits
- Demand expected to exceed supply through end of calendar 2026 and beyond; customers proactively seeking multi-quarter to multi-year supply commitments, a structural change from historical quarterly dynamics
- Enterprise SSD 'Stargate' program in qualification with 2 hyperscalers currently and 3 additional customers (hyperscaler plus major storage OEM) planned for calendar 2026
- Nintendo Switch 2 microSD Express cards exceeded 900,000 units sold in Q1, demonstrating strong consumer gaming segment momentum
Financial highlights
- Q1 FY2026 revenue: $2.308 billion, up 21% QoQ and 23% YoY, exceeding guidance of $2.1-$2.2 billion
- Non-GAAP gross margin: 29.9%, up 350 bps QoQ; excluding start-up and underutilization costs would be 33.1%
- Non-GAAP EPS: $1.22, beating guidance of $0.70-$0.90
- Adjusted free cash flow: $448 million (19.4% margin); net cash position: $91 million; paid additional $500 million on term loan during quarter
Guidance
- Q2 FY2026 revenue guidance: $2.55-$2.65 billion, driven by double-digit price increases and mid-single-digit bit growth
- Q2 non-GAAP gross margin: 41-43% (including $30 million start-up costs); start-up costs expected to reach zero thereafter
- Q2 non-GAAP EPS: $3.00-$3.40 per share (155 million diluted shares)
- Data center exabytes expected to grow mid-40% in calendar 2026; supply expected to grow 17% in calendar 2026 to service mid-teens constrained demand
Q&A themes
- Long-term customer engagements: Major hyperscalers proactively seeking supply visibility through 2027, with multi-quarter volume and price commitments beginning to emerge as customers move away from historical quarterly purchasing
- Enterprise SSD market opportunity: Company expects sequential growth in data center business throughout FY2026, with Stargate 128TB drives in qualification and 256TB products expected mid- to late 2026
- BiCS8 technology transition: Productivity gains from BiCS8 enable continued bit supply growth without additional wafer capacity; QLC expected to grow from 20% to 40% of company's market by end of FY2026
- HBF (high-bandwidth flash) development: Memory expected late 2026, controller in 2027; technology positioned for AI inference applications in both edge and data center; multiple customer conversations ongoing on use case requirements
Risks
- Market demand forecasts are volatile and changing rapidly (data center exabyte growth estimates revised upward from mid-20% to mid-40% in just 3 months), creating uncertainty in long-term planning
- Long-term customer supply agreements are still in nascent stage; final terms and commitments remain uncertain and could impact revenue visibility
- Q3 seasonality typically sees 12-14% sequential bit decline in consumer business, which could offset data center growth momentum
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 15, 2026, 08:54 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Computer Hardware
- Chief executive
- David V. Goeckeler
- Employees
- 11,100
- IPO date
- Nov 8, 1995
- Country
- US
- Exchange
- NASDAQ Global Select
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 5/5
- Price to earningsi
- 4/5
- Price to booki
- 1/5
Company press releases
Congressional disclosures
Senate
House
Market cap history
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.35% | 4.6M |
| VOO | 0.39% | 3.8M |
| QQQ | 0.84% | 3M |
| FXAIX | 0.39% | 2.5M |
| IVV | 0.26% | 1.9M |
| 1657.T | 0.2% | 1.9M |
| XAW.TO | 0.15% | 1.9M |
| XSP.TO | 0.29% | 1.9M |
| XWD.TO | 0.21% | 1.9M |
| SPY | 0.29% | 1.8M |
| VUG | 0.7% | 1.6M |
| FDGRX | 1.95% | 1.5M |
Analyst track record
How the analysts covering SNDK have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 149 | 220 |
| Analysts | 25 | 27 |
| Buy / hold / sell | 126 / 23 / 0 | 181 / 39 / 0 |
| Upgrades / downgrades / initiations | 6 / 1 / 8 | 7 / 1 / 25 |
| Price targets hit / missed | 39 / 102 (28%) | 106 / 102 (51%) |
| Avg. return after a rating (TipRanks) | -0.9% | +363.5% |
| Best / worst call | +326.1% / -71.2% | > +1,000% / -71.2% |
After buy calls on this stock: median 21-day move +23.6% vs S&P 500 +20.6% (n = 166)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Vijay RakeshMizuho Securities100% hit rate on this stock · 11 targets measuredBuytarget $1,900Oct 30, 2026
- Mark MillerBenchmark Co.100% hit rate on this stock · 8 targets measuredBuytarget $450Jan 15, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Amit DaryananiEvercore ISINov 11, 2026 | BuyMaintained | $2,500↗ | article ↗ |
| Nov 9, 2026 | Wamsi MohanBank of America SecuritiesNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 5, 2026 | Stacy RasgonBernsteinNov 5, 2026 | BuyReiterated | $3,000↗ | article ↗ |
| Nov 2, 2026 | Steven FoxFox AdvisorsNov 2, 2026 | HoldDowngraded | –↗ | article ↗ |
| Oct 30, 2026 | Unknown AnalystWedbushOct 30, 2026 | BuyReiterated | $2,000↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 149 ratings
Frequently asked questions
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Sandisk Corporation (SNDK) perpetual futures trade on 31 crypto venues, including Binance, OKX, Deepcoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
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A SNDK perpetual is a derivative that tracks the price of Sandisk Corporation with no expiry date. It lets you take long or short exposure to Sandisk Corporation on crypto venues, around the clock.
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