Sandisk (SNDK) FY2025 results: revenue $7.4 billion, up 10.4% on the year
Sandisk Corp. (SNDK) reported revenue of $7.4 billion for fiscal 2025, the year ended 27 June 2025, up 10.4% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-11.32. The figures are the company's own, from the 10-K it filed with the SEC on 21 August 2025.
this yearthe year beforeHover a bar for its figure.
The year in brief
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 7,355 | 6,663 | 6,086 | +10.4% | |
| Cost of revenue | 5,143 | 5,591 | 5,656 | -8.0% | |
| Gross profit | 2,212 | 1,072 | 430 | +106.3% | |
| Gross margin | 30.1% | 16.1% | 7.1% | ||
| Research and development | 1,132 | 1,061 | 1,167 | +6.7% | |
| Selling, general and administrative | 573 | 455 | 558 | +25.9% | |
| Operating income | -1,377 | -468 | -2,035 | ||
| Operating margin | -18.7% | -7.0% | -33.4% | ||
| Interest expense | 63.0 | 40.0 | 31.0 | +57.5% | |
| Pre-tax income | -1,479 | -503 | -2,002 | ||
| Income tax | 162 | 169 | 141 | -4.1% | |
| Net income | -1,641 | -672 | -2,143 | ||
| Net margin | -22.3% | -10.1% | -35.2% | ||
| Diluted EPS | -$11.32 | -$4.63 | -$14.78 |
$ million except per share.
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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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 84.0 | -309 | -713 | ||
| Capital expenditure | 204 | 166 | 219 | +22.9% | |
| Free cash flow | -120 | -475 | -932 | ||
| Free cash flow margin | -1.6% | -7.1% | -15.3% | ||
| Cash from investing | 556 | 210 | -189 | +164.8% | |
| Cash from financing | 518 | 136 | 860 | +280.9% | |
| Depreciation and amortisation | 163 | 224 | 448 | -27.2% | |
| Share-based compensation | 182 | 149 | 165 | +22.1% | |
| Buybacks | 0.0 | 0.0 | n/a | ||
| Diluted shares, weighted | 145m | 145m | 145m | 0.0% | |
| Shares outstanding at period end | 146m | n/a | n/a |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 9,216 | 11,082 | 11,439 | -16.8% | |
| Debt | 1,849 | 814 | n/a | +127.1% | |
| Operating lease liabilities | 193 | 171 | n/a | +12.9% | |
| Other liabilities | 1,727 | 1,439 | n/a | +20.0% | |
| Total liabilities and equity | 12,985 | 13,506 | n/a | -3.9% | |
| Fixed assets | 619 | 791 | n/a | -21.7% | |
| Goodwill | 4,999 | 7,207 | n/a | -30.6% | |
| Cash and equivalents | 1,481 | 328 | 292 | +351.5% | |
| Receivables | 1,068 | 935 | n/a | +14.2% | |
| Inventory | 2,079 | 1,955 | n/a | +6.3% | |
| Other assets | 2,739 | 2,290 | n/a | +19.6% | |
| Total assets | 12,985 | 13,506 | n/a | -3.9% |
10-K for the year ended 27 June 2025, filed 21 August 2025: the filing.