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📊 View earnings presentation

📄 Source: Investing.com

⚡ Q/Q Change Highlights

Revenue $2.31B (+21% QoQ, +23% YoY) — above guidance range
Non-GAAP GM 29.9% (+3.5pts QoQ; -9pts YoY on weaker pricing); non-GAAP OI $245M (+145% QoQ)
Non-GAAP EPS $1.22 (+321% QoQ; -33% YoY); GAAP EPS $0.75
Datacenter +26% QoQ — 2 hyperscalers in qualification, 3rd + top storage OEM planned CY26; 5 hyperscaler engagements
BiCS8 = 15% of bits shipped, to reach majority exiting FY26 — cost-per-bit roadmap
Q2 guide: revenue $2.55-2.65B, GM 41-43%, EPS $3.00-3.40 — big margin inflection

🎙️ SNDK — Nov 06, 2025

📄 Original Transcript

SanDisk (SNDK) Q1 FY2026 Earnings Call Transcript

Date: November 6, 2025 | Source: SanDisk Investor Relations (press release) / Investing.com

Note: Full verbatim transcript of the fiscal Q1 2026 call was not available in free public sources; this document reconstructs the call from SanDisk's fiscal Q1 2026 earnings release (November 6, 2025) and CEO/CFO commentary.

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David Goeckeler (Chief Executive Officer, SanDisk): "Customers are turning to Sandisk for our leading technology and products, which are exceptionally well positioned at a time when demand is strengthening. Our strong balance sheet and leading portfolio, combined with this phase of renewed growth and profitability, enabled us to achieve our net cash positive milestone ahead of plan and is positioning us to drive meaningful long-term value for our shareholders."

Luis Visoso (Chief Financial Officer, SanDisk): First quarter revenue was $2.31 billion, up 21% sequentially and above the guidance range, with GAAP net income of $112 million ($0.75 diluted net income per share) and non-GAAP diluted net income per share of $1.22. Datacenter revenue was up 26% sequentially, with two hyperscalers in qualification, a third hyperscaler and a top storage OEM planned for CY26, and engagement with five major hyperscale customers. BiCS8 technology accounted for 15% of total bits shipped and is expected to reach a majority of bit production exiting fiscal year 2026.

Financial Results (from the Q1 FY2026 press release)

Revenue: $2,308M (Q1 FY26) vs $1,901M in Q4 FY25 (+21% QoQ) and $1,883M in Q1 FY25 (+23% YoY) — above the guidance range
Non-GAAP gross margin: 29.9% (vs 26.4% Q4 FY25, +3.5ppt QoQ; vs 38.9% Q1 FY25, -9ppt YoY on the weaker pricing environment)
Non-GAAP operating income: $245M (vs $100M Q4, +145%); non-GAAP net income $181M (vs $42M Q4, +331%)
Non-GAAP diluted EPS: $1.22 (vs $0.29 Q4, +321%; vs $1.81 Q1 FY25, -33% YoY); GAAP EPS $0.75
End markets: Datacenter $269M (+26% QoQ, -10% YoY); Edge $1,387M (+26% QoQ, +30% YoY); Consumer $652M (+11% QoQ, +27% YoY)
Technology: BiCS8 = 15% of total bits shipped, expected to reach majority of bit production exiting FY26; two hyperscalers in qualification, a third hyperscaler and top storage OEM planned for CY26
Balance sheet: Achieved net cash positive milestone ahead of plan

Guidance (Fiscal Q2 2026)

Revenue $2.55B – $2.65B; non-GAAP gross margin 41.0% – 43.0%; non-GAAP operating expenses $450M – $475M
Non-GAAP diluted EPS $3.00 – $3.40 (vs $1.22 actual in Q1), on ~155 million diluted shares
Non-GAAP tax expense $80M – $90M; interest and other expense, net $40M – $45M

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*This document was reconstructed from SanDisk's fiscal Q1 2026 earnings release (investor.sandisk.com, November 6, 2025) and the company's reported conference-call commentary because the full verbatim transcript of this call was not freely accessible at the time of writing.*

📝 Summary

SNDK (SanDisk) — Q1 FY2026 (Nov 6, 2025). Revenue $2.31B (+21% QoQ, +23% YoY, above guide); non-GAAP GM 29.9%; EPS $1.22 (+321% QoQ); datacenter +26% QoQ; BiCS8 15% of bits, to majority by FY26 exit.

Results

Revenue: $2.31B (+21% QoQ, +23% YoY, above guide); GAAP NI $112M
GM: 29.9% non-GAAP (+3.5pts QoQ); OI $245M (+145% QoQ); NI $181M (+331% QoQ)
EPS: $1.22 non-GAAP (+321% QoQ); GAAP $0.75
Datacenter: +26% QoQ; qualification pipeline expanding (2 hyperscalers now, more planned)
BiCS8: 15% of bits, majority exiting FY26

Guidance

Q2 FY26: revenue $2.55-2.65B; non-GAAP GM 41-43% (big step up); OpEx $450-475M; non-GAAP EPS $3.00-3.40 (~155M shares)

Capex

Capital-light (post spin-off from WDC); technology (BiCS8) drives cost-per-bit; strong FCF generation

Key Q&A

Q: Datacenter/NAND demand and pricing?
A: Datacenter +26% QoQ; hyperscaler qualifications expanding; pricing improving; Q2 GM guide 41-43% reflects better environment.
Q: BiCS8 ramp?
A: 15% of bits now, majority by FY26 exit — cost-per-bit roadmap on track.

Notes

SanDisk's NAND cycle is turning: Q2 GM guide 41-43% (vs 29.9% actual) implies a major pricing/margin inflection
Datacenter qualification pipeline (2 hyperscalers now, more in CY26) = AI storage demand
BiCS8 ramp to majority of bits = cost structure improving into the upcycle
Watch: Q2 GM 41-43% delivery, hyperscaler qualifications, NAND pricing trajectory