Sandisk (SNDK) financial statements
Sandisk reported revenue of $20.2B in fiscal 2026, up 49.3% a year over 3 years.
Net income was $11.4B and the operating margin 61.2%, against -33.4% in 2023.
Free cash flow was $11.5B, and the company returned $4.5B in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sandisk's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | $6.1B | $6.7B | $7.4B | $20.2B |
| Cost of revenue | $5.7B | $5.6B | $5.1B | $5.8B |
| Gross profit | $430M | $1.1B | $2.2B | $14.5B |
| Research and development | $1.2B | $1.1B | $1.1B | $1.3B |
| Selling, general and admin | $558M | $455M | $573M | $676M |
| Operating income | -$2.0B | -$468M | -$1.4B | $12.4B |
| Interest expense | $31M | $40M | $63M | $73M |
| Pre-tax income | -$2.0B | -$503M | -$1.5B | $13.0B |
| Income tax | $141M | $169M | $162M | $1.6B |
| Net income | -$2.1B | -$672M | -$1.6B | $11.4B |
| EPS (diluted) | -$14.78 | -$4.63 | -$11.32 | $73.76 |
| Diluted shares | 145M | 145M | 145M | 155M |
| Gross margin | 7.1% | 16.1% | 30.1% | 71.5% |
| Operating margin | -33.4% | -7.0% | -18.7% | 61.2% |
| Net margin | -35.2% | -10.1% | -22.3% | 56.5% |
Balance sheet
Fiscal years, from Sandisk's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Cash and short-term investments | $292M | $328M | $1.5B | $4.8B |
| Receivables | — | $935M | $1.1B | $4.7B |
| Inventory | — | $2.0B | $2.1B | $2.7B |
| Total current assets | — | $3.5B | $5.1B | $12.8B |
| Property, plant and equipment | — | $791M | $619M | $674M |
| Goodwill | — | $7.2B | $5.0B | $5.0B |
| Total assets | — | $13.5B | $13.0B | $22.5B |
| Total current liabilities | — | $2.1B | $1.4B | $5.6B |
| Long-term debt | — | $0 | $1.8B | $0 |
| Total liabilities | — | $2.4B | $3.8B | $6.8B |
| Shareholders' equity | $11.4B | $11.1B | $9.2B | $15.7B |
| Net debt | -$292M | -$328M | $368M | -$4.8B |
Cash flow
Fiscal years, from Sandisk's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Operating cash flow | -$713M | -$309M | $84M | $11.7B |
| Capital spending | $219M | $166M | $204M | $177M |
| Free cash flow | -$932M | -$475M | -$120M | $11.5B |
| Stock-based compensation | $165M | $149M | $182M | $232M |
| Share buybacks (net) | — | $0 | $0 | -$4.5B |
| Net borrowing | $0 | $0 | $1.9B | -$1.9B |
| Free cash flow margin | -15.3% | -7.1% | -1.6% | 56.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for SNDK.
Open SNDK in InvestinglyQuestions
What was Sandisk's revenue in 2026?
$20.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Sandisk generate?
$11.5B in fiscal 2026 (operating cash flow minus capital spending).
From Sandisk's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.