Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Sandisk Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
FY2026
Revenue
6,086
6,663
7,355
20,248
Cost of revenue
5,656
5,591
5,143
5,776
Gross profit
430
1,072
2,212
14,472
Research and development
1,167
1,061
1,132
1,328
Selling, general and administrative
558
455
573
676
Operating expenses
2,465
1,540
3,589
2,083
Operating income
-2,035
-468
-1,377
12,389
Interest expense
31
40
63
73
Interest income
21
12
22
70
Other non-operating income
33
-35
-102
628
Pre-tax income
-2,002
-503
-1,479
13,017
Income tax
141
169
162
1,584
Net income
-2,143
-672
-1,641
11,433
EBITDA
-1,587
-244
-1,214
12,538
EPS, basic
-14.78
-4.63
-11.32
77.78
EPS, diluted
-14.78
-4.63
-11.32
73.76
Shares, basic (weighted)
145
145
145
147
Shares, diluted (weighted)
145
145
145
155
Balance sheet
FY2023
FY2025
FY2025
FY2026
Cash and equivalents
292
328
1,481
4,762
Receivables
935
1,068
4,708
Inventory
1,955
2,079
2,698
Other current assets
221
392
590
Total current assets
3,548
5,086
12,780
Property, plant and equipment
791
619
674
Lease right-of-use assets
179
214
193
Goodwill
7,207
4,999
4,994
Other non-current assets
852
1,489
1,369
Total assets
13,506
12,985
22,507
Accrued liabilities
424
274
313
Deferred revenue
25
849
Short-term debt
0
20
0
Total current liabilities
2,123
1,427
5,581
Long-term debt
0
1,829
0
Lease liabilities
171
193
177
Other non-current liabilities
286
365
378
Total liabilities
2,424
3,769
6,771
Total debt
0
1,849
0
Paid-in capital
0
11,248
10,879
Retained earnings
0
-1,784
9,649
Treasury stock
0
-4,537
Other comprehensive income
-452
-249
-256
Shareholders' equity
11,439
11,082
9,216
15,736
Total equity
11,439
11,082
9,216
15,736
Total liabilities and equity
13,506
12,985
22,507
Shares outstanding
146
146
Cash flow statement
FY2023
FY2025
FY2025
FY2026
Net income
-2,143
-672
-1,641
11,433
Depreciation and amortization
448
224
163
149
Stock-based compensation
165
149
182
232
Deferred income tax
-81
-16
-12
120
Change in receivables
750
-395
-100
-3,640
Change in inventory
-277
314
-160
-619
Cash from operations
-713
-309
84
11,671
Capital expenditures
-219
-166
-204
-177
Cash from investing
-189
210
556
-1,386
Debt issued
0
0
1,970
0
Debt repaid
0
0
-100
-1,900
Share buybacks
0
0
-4,524
Cash from financing
860
136
518
-7,001
Exchange rate effect
-1
-1
-5
-3
Net change in cash
-43
36
1,153
3,281
Free cash flow
-932
-475
-120
11,494
Interest paid
7
12
139
116
Income taxes paid
0
0
50
146
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to October 2, 2026; growth uses fiscal years. Valuation uses the share price of $859.99 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
80.0%
Gross profit / revenue.
Operating margin
72.5%
Operating income / revenue.
EBITDA margin
73.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
76.7%
Pre-tax income / revenue.
Net margin
67.0%
Net income / revenue.
FCF margin
59.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
60.6%
Cash from operations / revenue.
Effective tax rate
12.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
107.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
75.3%
Net income / average total assets.
Return on invested capital (ROIC)
141.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
4.8%
Research and development expense / revenue.
SG&A / revenue
2.5%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
0.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
0.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
175.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
49.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
554.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
222.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
13,794.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
70.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
11.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
73.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
6.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
2.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.58x
Current assets / current liabilities.
Quick ratio
1.97x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.86x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
1.0%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$126.12
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$188.12
Revenue / diluted weighted shares.
FCF per share
$112.76
Free cash flow / diluted weighted shares.
Operating cash flow per share
$113.94
Cash from operations / diluted weighted shares.
Book value per share
$125.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
6.56x
Market cap / net income. Only when net income is positive.
P/S
4.40x
Market cap / revenue.
P/B
7.02x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
9.69x
Market cap / tangible book value, when positive.
P/FCF
7.33x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
7.26x
Market cap / cash from operations, when positive.
EV/Sales
4.22x
Enterprise value / revenue.
EV/EBIT
5.82x
Enterprise value / operating income, when both are positive.
EV/EBITDA
5.78x
Enterprise value / EBITDA, when both are positive.
EV/FCF
7.04x
Enterprise value / free cash flow, when both are positive.
FCF yield
13.6%
Free cash flow / market cap.
Earnings yield
15.3%
Net income / market cap (the inverse of P/E).
What was Sandisk Corp's revenue in fiscal 2026?
Sandisk Corp reported revenue of $20.25B for fiscal 2026, 175.3% higher than the year before.
Was Sandisk Corp profitable in fiscal 2026?
Yes. Net income was $11.43B, a net margin of 56.5%.
How much free cash flow did Sandisk Corp generate in fiscal 2026?
Cash from operations of $11.67B minus capital expenditures of $177.0M left free cash flow of $11.49B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.