Analyst Consensus ?
ConsensusBuy16 ratings
Bullish1487.5%
Neutral212.5%
Bearish00.0%
Sandisk Corporation · SNDK · FY2027 Q1 · Calendar Q4 2026
SNDK: AI-driven NAND demand remains strong, but execution risks persist
The quarter supports the view that resilient AI and data-center demand can drive earnings growth: management said Q1 results topped guidance, data-center demand is expanding, and NBM partnerships cover roughly half of FY27 bits. The case remains dependent on pricing, execution of BiCS and HBF products, and continued demand across end markets.
Reported After market closeNASDAQTechnology
$192.23B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$49.51
Consensus $46.67
EPS surprise
+6.1%
Reported versus consensus
Reported revenue
$11.03B
Consensus $10.72B
Revenue surprise
+2.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-13.5%
Event window
SPY move
-1.8%
Same window
Abnormal move
-11.7%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
SNDKSPY benchmark
Ask FN2 about SNDK FY2027 Q1
Transcript, numbers and history already loaded
Why did SNDK fall 13.5% after beating EPS estimates in FY2027 Q1?What changed in SNDK's guidance and outlook in FY2027 Q1?Give me the bull and bear case for SNDK after FY2027 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts the emphasis from the prior quarter's broad roadmap to realized Q1 strength and greater forward visibility from NBM partnerships. Management also disclosed an 8-for-1 stock split, HBF samples expected in calendar 2027, and NBM coverage of roughly two-thirds of FY28 bits.
Guidance delta
Guidance sentiment was maintained. Q1 revenue and non-GAAP EPS topped guidance, with the analysis attributing the upside 60% to volume and 40% to pricing.
Key takeaways
- Q1 revenue and non-GAAP EPS topped guidance.
- AI inference and data-center demand were identified as major NAND growth drivers.
- NBM partnerships cover roughly half of FY27 bits and about two-thirds of FY28 bits.
- BiCS9, BiCS10 and HBF remain central to the product roadmap.
Management priorities
- Accelerate BiCS9 and BiCS10 rollout.
- Deliver HBF sample devices in calendar 2027.
- Expand NBM partnerships and data-center supply allocation.
- Continue the share-repurchase program and execute the announced stock split.
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Beat
Miss
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Analyst 52W Price Targets
$1,150.89Current
$63Low
$1,566.89Average
$3,050High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Oct 26, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 6, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 14, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Aug 14, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 14, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 6, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 23, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 3, 2026 |
| Barclays | Overweight | Equal Weight | Upgrade | May 27, 2026 |
| Jefferies | Buy | Buy | Maintain | Jan 30, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 30, 2026 |
| Benchmark | Buy | Buy | Maintain | Jan 15, 2026 |
Named analyst price targets
Upside is calculated against the persisted current price $1,150.89. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $2,050 | $1,704.16 | +78.1% | Oct 6, 2026 |
| Mizuho Securities | Analyst unavailable | $1,875 | $1,493.12 | +62.9% | Aug 25, 2026 |
| RBC Capital | Analyst unavailable | $1,600 | $1,656.09 | +39.0% | Aug 14, 2026 |
| UBS | Analyst unavailable | $1,750 | $1,528.11 | +52.1% | Aug 14, 2026 |
| Mizuho Securities | Vijay Rakesh | $1,900 | $1,528.11 | +65.1% | Aug 14, 2026 |
| Goldman Sachs | James Schneider | $2,200 | $1,528.11 | +91.2% | Aug 13, 2026 |
| Wells Fargo | Analyst unavailable | $1,550 | $1,528.11 | +34.7% | Aug 13, 2026 |
| New Street | Analyst unavailable | $2,900 | $1,254.98 | +152.0% | Aug 10, 2026 |
| New Street | Analyst unavailable | $3,000 | $1,283.61 | +160.7% | Aug 6, 2026 |
| Jefferies | Analyst unavailable | $1,750 | $1,350.5 | +52.1% | Aug 6, 2026 |
| RBC Capital | Srini Pajjuri | $1,300 | $1,350.5 | +13.0% | Aug 6, 2026 |
| Wells Fargo | Analyst unavailable | $1,400 | $1,350.5 | +21.6% | Aug 6, 2026 |
| Evercore ISI | Analyst unavailable | $2,800 | $1,350.5 | +143.3% | Aug 6, 2026 |
| Susquehanna | Analyst unavailable | $3,050 | $1,622.81 | +165.0% | Jul 23, 2026 |
| Susquehanna | Analyst unavailable | $3,250 | $1,599.27 | +182.4% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $1,620 | $1,589.4 | +40.8% | Jul 22, 2026 |
| Evercore ISI | Analyst unavailable | $3,100 | $1,915.92 | +169.4% | Jul 13, 2026 |
| Bernstein | Mark Newman | $3,000 | $2,050.39 | +160.7% | Jun 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $2,900 | $1,611.3 | +152.0% | Jun 8, 2026 |
| Mizuho Securities | Vijay Rakesh | $2,200 | $1,559.32 | +91.2% | Jun 8, 2026 |
| Morgan Stanley | Analyst unavailable | $1,750 | $1,737 | +52.1% | Jun 3, 2026 |
| Mizuho Securities | Vijay Rakesh | $1,825 | $1,589.94 | +58.6% | May 28, 2026 |
| Barclays | Tom O'Malley | $2,300 | $1,589.55 | +99.8% | May 26, 2026 |
| Melius Research | Analyst unavailable | $2,350 | $1,307.4 | +104.2% | May 18, 2026 |
| Mizuho Securities | Analyst unavailable | $1,625 | $1,406.32 | +41.2% | May 6, 2026 |
| UBS | Analyst unavailable | $1,700 | $1,187 | +47.7% | May 4, 2026 |
| Goldman Sachs | James Schneider | $1,200 | $1,081.43 | +4.3% | May 1, 2026 |
| Mizuho Securities | Vijay Rakesh | $1,220 | $1,148.24 | +6.0% | May 1, 2026 |
| Evercore ISI | Analyst unavailable | $1,400 | $1,141 | +21.6% | May 1, 2026 |
| Raymond James | Analyst unavailable | $1,470 | $1,142.51 | +27.7% | May 1, 2026 |
| Susquehanna | Analyst unavailable | $2,000 | $1,096.51 | +73.8% | May 1, 2026 |
| Barclays | Tom O'Malley | $1,200 | $1,096.51 | +4.3% | May 1, 2026 |
| Jefferies | Analyst unavailable | $1,400 | $1,096.51 | +21.6% | May 1, 2026 |
| Wedbush | Matt Bryson | $1,200 | $1,002.35 | +4.3% | Apr 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,400 | $989.9 | +21.6% | Apr 27, 2026 |
| Morgan Stanley | Analyst unavailable | $1,100 | $989.9 | -4.4% | Apr 27, 2026 |
| Wells Fargo | Aaron Rakers | $975 | $920.99 | -15.3% | Apr 20, 2026 |
| Evercore ISI | Analyst unavailable | $1,200 | $952.5 | +4.3% | Apr 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,000 | $851.57 | -13.1% | Apr 9, 2026 |
| Bernstein | Analyst unavailable | $1,250 | $851.57 | +8.6% | Apr 9, 2026 |
| UBS | Analyst unavailable | $1,000 | $652.79 | -13.1% | Feb 2, 2026 |
| Barclays | Tom O'Malley | $750 | $576.25 | -34.8% | Feb 2, 2026 |
| Bernstein | Analyst unavailable | $1,000 | $539.3 | -13.1% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $800 | $539.3 | -30.5% | Jan 30, 2026 |
| Morgan Stanley | Joseph Moore | $690 | $539.3 | -40.0% | Jan 30, 2026 |
| Jefferies | Blayne Curtis | $700 | $539.3 | -39.2% | Jan 30, 2026 |
| Mizuho Securities | Analyst unavailable | $710 | $539.3 | -38.3% | Jan 30, 2026 |
| Goldman Sachs | James Schneider | $700 | $539.3 | -39.2% | Jan 30, 2026 |
| RBC Capital | Srini Pajjuri | $650 | $539.3 | -43.5% | Jan 30, 2026 |
| Raymond James | Melissa Fairbanks | $725 | $539.3 | -37.0% | Jan 30, 2026 |
| Mizuho Securities | Analyst unavailable | $600 | $470.8 | -47.9% | Jan 27, 2026 |
| Morgan Stanley | Joseph Moore | $483 | $473.83 | -58.0% | Jan 26, 2026 |
| Benchmark Co. | Analyst unavailable | $450 | $414.5 | -60.9% | Jan 15, 2026 |
| Barclays | Tom O'Malley | $385 | $387.81 | -66.5% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $380 | $387.81 | -67.0% | Jan 15, 2026 |
| RBC Capital | Analyst unavailable | $400 | $387.81 | -65.2% | Jan 14, 2026 |
| UBS | Analyst unavailable | $580 | $387.58 | -49.6% | Jan 14, 2026 |
| Bernstein | Analyst unavailable | $580 | $389.81 | -49.6% | Jan 14, 2026 |
| Goldman Sachs | James Schneider | $320 | $352.75 | -72.2% | Jan 9, 2026 |
| Mizuho Securities | Analyst unavailable | $410 | $334.54 | -64.4% | Jan 9, 2026 |
| Morgan Stanley | Analyst unavailable | $273 | $200.27 | -76.3% | Nov 24, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $225 | -73.9% | Nov 7, 2025 |
| UBS | Joseph Moore | $230 | $199.33 | -80.0% | Nov 3, 2025 |
| Morgan Stanley | Joseph Moore | $230 | $199.33 | -80.0% | Nov 3, 2025 |
| Wedbush | Analyst unavailable | $220 | $204.36 | -80.9% | Oct 29, 2025 |
| Mizuho Securities | Vijay Rakesh | $215 | $169.17 | -81.3% | Oct 28, 2025 |
| Mizuho Securities | Analyst unavailable | $180 | $144.27 | -84.4% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $115 | $116.91 | -90.0% | Oct 13, 2025 |
| Goldman Sachs | James Schneider | $55 | $46.95 | -95.2% | Jul 10, 2025 |
| Arete Research | Nam Hyung Kim | $63 | $41.82 | -94.5% | Jun 9, 2025 |
| Susquehanna | Analyst unavailable | $70 | $47.67 | -93.9% | Apr 2, 2025 |
| Wedbush | Analyst unavailable | $80 | $52.99 | -93.0% | Mar 24, 2025 |
| Mizuho Securities | Vijay Rakesh | $60 | $51 | -94.8% | Mar 10, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $51 | -94.8% | Mar 7, 2025 |
Track every rating change on SNDK the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSanDisk Corporation specializes in designing, manufacturing, and supplying storage solutions and devices leveraging advanced NAND flash technology. Its diverse product line features solid-state drives (SSDs), embedded memory solutions, removable memory cards, universal serial bus (USB) devices, and underlying wafers and components. Founded on June 1, 1988, the company maintains its principal executive offices in Milpitas, California.
Historical context
All SNDK earningsTechnology peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- WYFY2026 Q3 · October 29, 2026+128.3% EPS+3.0% move
- LNTFY2026 Q3 · October 29, 2026+16.0% EPS+1.4% move
- MTZFY2026 Q3 · October 29, 2026+0.3% EPS+0.8% move
- ERIEFY2026 Q3 · October 29, 2026+2.1% EPS+5.3% move
- IRFY2026 Q3 · October 29, 2026+18.5% EPS+0.2% move
- VLTOFY2026 Q3 · October 29, 2026+8.3% EPS+9.8% move
Missed on EPS
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
- SYKFY2026 Q3 · October 29, 2026-0.8% EPS-5.0% move
- DLR-PJFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLRFY2026 Q3 · October 29, 2026-8.4% EPS-3.0% move
Get the SNDK recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-30T14:17:23.211861+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T21:40:43.403680+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T21:40:43.401031+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-30. For educational purposes only; not investment advice.