Sandisk Corp. Q2 FY2024 results: revenue $1.7 billion
Sandisk Corp. (SNDK) reported revenue of $1.7 billion for Q2 FY2024, the quarter ended 29 December 2023. Net income was -$301 million. The figures are the company's own, from the 10-Q it filed with the SEC on 7 March 2025.
The quarter, against the one before and a year earlier
| Line | Q2 FY2024 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Revenue | 1,665 | n/a | n/a | n/a |
| Cost of revenue | 1,504 | n/a | n/a | n/a |
| Gross profit | 161 | n/a | n/a | n/a |
| Gross margin | 9.7% | n/a | n/a | |
| Research and development | 246 | n/a | n/a | n/a |
| Selling, general and administrative | 113 | n/a | n/a | n/a |
| Operating income | -245 | n/a | n/a | n/a |
| Operating margin | -14.7% | n/a | n/a | |
| Interest expense | 11.0 | n/a | n/a | n/a |
| Pre-tax income | -260 | n/a | n/a | n/a |
| Income tax | 41.0 | n/a | n/a | n/a |
| Net income | -301 | n/a | n/a | n/a |
| Net margin | -18.1% | n/a | n/a |
$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow and capital returned
| Line | Q2 FY2024 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Share-based compensation | 37.0 | n/a | n/a | n/a |
| Shares outstanding at period end | 115m | n/a | n/a | n/a |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q2 FY2024 | Quarter before | A year earlier | Change on the year |
|---|---|---|---|---|
| Cash and equivalents | 425 | n/a | n/a | n/a |
| Shareholders' equity | 10,896 | n/a | n/a | n/a |
Quarterly results, the last 10 quarters
| Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 * | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,665 | 1,705 | 1,883 | 1,876 | 1,695 | 1,901 | 2,308 | 3,025 | 5,950 | 8,965 |
| Cost of revenue | 1,504 | 1,242 | 1,157 | 1,270 | 1,313 | 1,403 | 1,621 | 1,484 | 1,288 | 1,383 |
| Gross profit | 161 | 463 | 726 | 606 | 382 | 498 | 687 | 1,541 | 4,662 | 7,582 |
| Gross margin | 10% | 27% | 39% | 32% | 23% | 26% | 30% | 51% | 78% | 85% |
| R&D | 246 | 277 | 283 | 279 | 285 | 285 | 316 | 327 | 337 | 348 |
| SG&A | 113 | 107 | 130 | 142 | 139 | 162 | 179 | 139 | 161 | 197 |
| Operating income | -245 | 65.0 | 291 | 195 | -1,881 | 18.0 | 176 | 1,065 | 4,111 | 7,037 |
| Operating margin | -15% | 4% | 15% | 10% | -111% | 1% | 8% | 35% | 69% | 78% |
| Interest expense | 11.0 | 9.0 | 2.0 | 4.0 | 16.0 | 41.0 | 40.0 | 25.0 | 6.0 | 2.0 |
| Pre-tax income | -260 | 54.0 | 267 | 173 | -1,901 | -18.0 | 124 | 937 | 4,107 | 7,849 |
| Tax rate | n/a | 50% | 21% | 40% | n/a | n/a | 10% | 14% | 12% | 12% |
| Net income | -301 | 27.0 | 211 | 104 | -1,933 | -23.0 | 112 | 803 | 3,615 | 6,903 |
| Net margin | -18% | 2% | 11% | 6% | -114% | -1% | 5% | 27% | 61% | 77% |
| Diluted EPS | n/a | $0.19 | $1.46 | $0.72 | -$13.33 | -$0.17 | $0.75 | $5.15 | $23.03 | $44.83 |
| Operating cash flow | n/a | -12.0 | -131 | 95.0 | 26.0 | 94.0 | 488 | 1,019 | 3,038 | 7,126 |
| Capital expenditure | n/a | 29.0 | 67.0 | 48.0 | 44.0 | 45.0 | 50.0 | 39.0 | 45.0 | 43.0 |
| Free cash flow | n/a | -41.0 | -198 | 47.0 | -18.0 | 49.0 | 438 | 980 | 2,993 | 7,083 |
| Shares outstanding | 115m | 145m | 147m | 115m | 145m | 146m | 147m | 148m | 148m | 146m |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K |
* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
Source
10-Q for the period ended 29 December 2023, filed 7 March 2025, accession 0002023554-25-000004: the filing on EDGAR. All of Sandisk Corp.'s filings: EDGAR company page.
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