$SNDK · Sandisk Corp
Sandisk reported Q1 FY2027 results with revenue of $11.031B, GAAP net income of $8.1B ($52.60 diluted EPS), and non-GAAP diluted EPS of $49.51. The company also announced an 8-for-1 forward stock split with a November 9, 2026 record date and November 20, 2026 post-split trading start. Q2 FY2027 guidance calls for revenue of $12.2B–$12.6B and non-GAAP diluted EPS of $55.00–$57.00 on a pre-split basis.
- Revenue of $11.031B grew 23% sequentially and 378% year-over-year, driven by datacenter revenue surging 61% Q/Q to $4.8B.
- GAAP diluted EPS of $52.60 (up 20% Q/Q); non-GAAP diluted EPS of $49.51 (up 26% Q/Q).
- GAAP gross margin reached 85.0%, up 55.2 percentage points from 29.8% a year ago.
- Board approved an 8-for-1 forward stock split: record date November 9, 2026, trading on split-adjusted basis begins November 20, 2026.
- Q2 FY2027 guidance: revenue $12.2B–$12.6B, non-GAAP diluted EPS $55.00–$57.00 (pre-split basis).
Extended-hours trading shows shares at $1,365.00, up 2.63% from the regular-session close of $1,330.05, indicating a positive initial reaction to the strong beat and stock split announcement. The regular session had declined 5.32% ahead of the release.
A $192B market-cap semiconductor company growing revenue 378% YoY with 85% gross margins while returning $5B in buybacks and splitting its stock 8-for-1 is a rare combination of hypergrowth and shareholder returns.
Sandisk's 85% gross margin and datacenter revenue nearly doubling sequentially underscore the AI-driven memory boom benefiting NAND flash suppliers. The 8-for-1 split follows a pattern of high-price semiconductor names improving retail accessibility.
Forward-looking risks include adverse changes in trade policies and tariff regimes, volatility in product demand and pricing, and reliance on strategic partner Kioxia Corporation. Consumer segment revenue declined 29% sequentially to $397M, signaling weakness in that end market.