Sandisk (SNDK) Earnings: Q1 Fiscal 2027 Results

The quarter ended October 2, 2026 and Sandisk published the results on October 29, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Sandisk reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• All per-share figures here are on a pre-split basis. Sandisk announced an eight-for-one forward stock split with the release, with shares expected to trade on a split-adjusted basis from November 20, 2026.
• Sandisk's fiscal year ends on the Friday nearest June 30. Q1 fiscal 2027 ended October 2, 2026; fiscal 2026 was a 53-week year that ended July 3, 2026, and its first quarter, the year-ago comparison here, ran 14 weeks.

Source: Sandisk Q1 fiscal 2027 results, October 29, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sandisk splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Sandisk's Datacenter revenue was $4.8 billion in Q1 fiscal 2027, up 1685% from $269 million in Q1 fiscal 2026, 44% of total revenue.
• Sandisk's Edge revenue was $5.8 billion in Q1 fiscal 2027, up 320% from $1.4 billion in Q1 fiscal 2026, 53% of total revenue.
• Sandisk's Consumer revenue was $397 million in Q1 fiscal 2027, down 39% from $652 million in Q1 fiscal 2026, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q1 fiscal 2027 release, Sandisk said:

“Expect second quarter 2027 revenue to be in the range of $12.2 billion to $12.6 billion, with expected Non-GAAP diluted net income per share on a pre-split basis in the range of $55.00 to $57.00”

“Non-GAAP gross margin guidance excludes stock-based compensation expense, totaling approximately $9 million to $12 million.”

“The Company's Non-GAAP operating expenses guidance excludes stock-based compensation expense, totaling approximately $137 million to $185 million.”

Source: Sandisk Q1 fiscal 2027 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SNDK forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release, before the eight-for-one stock split announced on October 29, 2026.

We do not hold a confirmed date for Sandisk's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Oct 29, 2026

Sandisk sells NAND flash storage into three end markets, and in Q1 fiscal 2027 Edge was the largest at $5,832 million of $11,031 million in revenue, followed by Datacenter at $4,802 million and Consumer at $397 million. A year earlier Datacenter was $269 million and Consumer, at $652 million, was larger than it. (Sandisk Q1 fiscal 2027 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Sandisk's 10-Q puts the 378% rise in revenue down mostly to price. Datacenter revenue rose 1,685% on higher sales and higher pricing, with exabytes sold up almost 330% and revenue per gigabyte up almost 320%. Edge revenue rose 320% primarily due to higher pricing: revenue per gigabyte rose more than 450% while exabytes sold fell 20%. Consumer revenue fell 39% on lower sales, with exabytes down more than 70%. Across all products, exabytes sold rose almost 10%. (Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Sandisk describes Datacenter as products for public or private cloud environments and enterprise customers, and Edge as flash sold to OEM and channel customers for personal computers, mobile, gaming, automotive, physical AI, at-home entertainment and industrial uses. Its products include SSDs, embedded products, removable cards, USB drives and wafers and components. All of its flash-based memory comes from Flash Ventures, its joint ventures with Kioxia, which run eight manufacturing facilities in Japan. (Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026; Sandisk Form 10-K, fiscal 2026, Aug 17, 2026)

Sandisk's sales are concentrated by region and customer. Asia accounted for $7,216 million of revenue in the quarter, the Americas $3,257 million and Europe, Middle East and Africa $558 million. Two separate customers each accounted for 12% of net revenue; a year earlier no customer reached 10%. (Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Sandisk also books customer prepayments under long-term agreements it calls New Business Models (NBMs). Contract liabilities, which mainly hold those obligations, were $1.5 billion at October 2, 2026, up from $1.2 billion at July 3, 2026, and Sandisk said the increase was driven by new NBMs. (Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Sandisk's GAAP diluted EPS of $52.60 in Q1 fiscal 2027 was above its Non-GAAP EPS of $49.51 because GAAP net income included a $513 million net gain on equity securities, which Non-GAAP results exclude. Non-GAAP figures also exclude $91 million of stock-based compensation expense and income tax adjustments of $58 million, giving Non-GAAP net income of $7,624 million against GAAP net income of $8,101 million. (Sandisk Q1 fiscal 2027 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

Sandisk repurchased approximately 3.2 million shares for $5.0 billion in the quarter, and $10.5 billion remained available under its repurchase programs at October 2, 2026. Diluted weighted average shares were 154 million, against 149 million a year earlier. Every per-share figure in the release is pre-split: the eight-for-one forward split is effective November 19, 2026. (Sandisk Q1 fiscal 2027 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Sandisk's effective tax rate was 13% in the quarter, on income before taxes of $9,319 million, compared with 10% a year earlier. The 10-Q cites the mix of earnings by jurisdiction, foreign-derived deduction eligible income, credits and Malaysian tax holidays expiring between 2028 and 2031 for the rate sitting below the U.S. statutory rate. (Sandisk Form 10-Q, Q1 fiscal 2027, Oct 30, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sandisk gives a numeric outlook in its release. For Q2 fiscal 2027 it expects revenue of $12,200 million to $12,600 million, GAAP gross margin of 84.4% to 85.4% (Non-GAAP 84.5% to 85.5%), Non-GAAP operating expenses of $540 million to $560 million and Non-GAAP diluted EPS of $55.00 to $57.00 on about 151 million diluted shares, all on a pre-split basis. It gives no GAAP EPS outlook. (Sandisk Q1 fiscal 2027 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

Sandisk's Non-GAAP EPS outlook excludes stock-based compensation, which it estimates at $146 million to $197 million for the quarter, and assumes a Non-GAAP tax rate of 14.3%. (Sandisk Q1 fiscal 2027 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Sandisk, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sandisk's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SNDK is on is SNDK a buy or a sell?, what analysts expect next is on the SNDK forecast, and what the company does is on the Sandisk (SNDK) stock page.

Every number on this page can be traced to a document Sandisk published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.