Sandisk (SNDK) FY2026 results: revenue $20.2 billion, up 175.3% on the year

Sandisk is a semiconductor memory company built on NAND flash technology, with more than 30 years of work in the field. It was wholly owned by Western Digital until 21 February 2025, when it separated and became a standalone public company. It is vertically integrated, owning chip-level design and intellectual property, front and back-end manufacturing, and systems engineering and design. The products are solid-state drives, embedded products, removable cards, universal serial bus drives, and wafers and components. The patent portfolios hold approximately 8,000 granted patents and approximately 3,000 pending applications worldwide. As of July 2026 the company had approximately 11,100 employees across 33 countries, 74 percent in Asia Pacific, 19 percent in the Americas and 7 percent in Europe, the Middle East and Africa.

Three end markets

Datacenter, formerly called Cloud, covers public and private cloud environments and enterprise customers, served with high-performance enterprise solid-state drives and software optimised for enterprise servers, high-volume online transactions, AI-related workloads and data analysis. Edge, formerly called Client, covers original equipment manufacturers and channel customers across personal computers, mobile, gaming, automotive, physical AI, at-home entertainment and industrial uses, with drives for desktops, notebooks, gaming consoles and set top boxes, and embedded storage for phones, tablets, wearables, Internet of Things and connected home applications. Consumer covers retail and end-user products through retail and channel routes: portable solid-state drives, removable cards designed mainly for phones, tablets, imaging systems, gaming devices, cameras and smart video systems, and universal serial bus flash drives. Products carry the Sandisk brand, with certain items also sold for a limited transitional period under the Western Digital and WD brands under licence from Western Digital.

Flash Ventures, where the memory comes from

All of the company's flash memory wafers come from its joint ventures with Kioxia. Sandisk and Kioxia run three ventures together, Flash Partners, Flash Alliance and Flash Forward, collectively Flash Ventures, across eight flash manufacturing facilities in Japan, six in Yokkaichi and two in Kitakami. Sandisk holds a 49.9 percent position in each entity and jointly controls their operations with Kioxia, and the two co-develop and jointly own the process technology and memory design used there, licensing each other whatever they have developed independently and need. Kioxia owns the facilities and provides wafer manufacturing services at cost using equipment owned or leased by Flash Ventures, which accounts for approximately 80 percent of the total manufacturing capacity in those facilities. Each party is entitled to buy a share of the output, generally 50 percent each, at cost plus a small markup, and each is obliged to pay half of Flash Ventures' fixed costs regardless of how much output it takes. While the ventures operate, neither party may have flash memory made by third parties or fabricate it beyond the capacity set out in their agreements. Extension agreements signed on 29 January 2026 moved Flash Alliance and Flash Partners from 31 December 2029 to 31 December 2034, so all three ventures are now scheduled to end on the same date.

Assembly, test and the rest of the supply chain

Controllers are primarily designed in-house and made by third-party foundries or bought in. Assembly and test run through in-house facilities in Penang, Malaysia, through contract manufacturers, and through a facility owned and operated by SDSS, a venture 20 percent owned by Sandisk and 80 percent by JCET Management. Since the separation the company has maintained its supply relationships independently under its own procurement structure. It generally keeps multiple suppliers for components, though some come from a single or sole source for business or technology reasons.

Selling it, and who it competes with

Products are sold to computer manufacturers and other original equipment manufacturers, cloud service providers, resellers, distributors and retailers worldwide, from sales offices across the Americas, Asia Pacific, Europe and the Middle East. International sales were 82 percent of net revenue in fiscal 2026, against 80 percent in 2025 and 86 percent in 2024. The filing names the competition as vertically integrated suppliers including Kioxia, Micron Technology, Samsung Electronics, SK Hynix and Yangtze Memory Technologies, plus numerous smaller companies that assemble flash into products.

From Sandisk's annual report on Form 10-K for the year ended 3 July 2026. The filing

Written from the 10-K filed 17 August 2026: read the full 10-K.