Sandisk Corporation earnings overview

Sandisk Corporation

Sandisk's Q3 FY2026 results mark a dramatic acceleration from an already strong prior quarter. Revenue of $5.95 billion (up 251% YoY) and non-GAAP EPS of $23.41 (vs. $14.62 consensus) reflect surging AI-driven data-center demand that grew 233% sequentially. Gross margin expanded to 78.4% on a higher-value customer mix. The signing of five multiyear New Business Model (NBM) agreements, backed by $11 billion in financial guarantees and covering over a third of FY27 bit volume, signals a structural shift toward contracted demand that could reduce NAND cyclicality. With Q4 guidance raised to $7.75-$8.25 billion revenue and $30-$33 EPS, plus a $6 billion buyback authorization, management is projecting sustained momentum. The stock's 8.3% post-earnings move and subsequent 48% drift suggest the market is absorbing the structural thesis, though pricing volatility and execution risk on NBM…