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Sandisk
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 5 Aug 2026 and 30 Apr 2026
Net income up 91.0% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
1 · Numbers
+91.0%
Net income vs Q1 2026
Outlook given
Net income 6.90B vs 3.62B
Revenue +50.7%
2 · How management spoke
Cautious
Less upbeat than 96% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance
For the first quarter of fiscal year 2027, Sandisk expects revenue between $10.3 billion and $10.8 billion with sequential growth driven by both bit…
Read between the lines
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Key theme
New business models
Source quote
“Established Datacenter as a major pillar of growth, deepened customer relationships through multiyear partnerships enabled by our New Business Models... Over the past year, we strengthened our portfolio with BiCS leadership across both TLC and QLC and the continued advancement of high-bandwidth flash. We reinforced our supply chain and transformed our business model with a net cash balance sheet and the capital allocation framework designed to generate growing and durable free cash flow to reinvest in the...”
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Guidance
Sandisk expects attractive margins even at floor pricing.
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Guidance
Sandisk delivered record revenue, gross margin and earnings per share, each above the high end of its guidance and repurchased $4.5...
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Fading
As you will see in Sandisk's 10-Q, the three contracts signed during the quarter provide minimum contractual revenue of approximately $42 billion.
Source quote
“As you will see in our 10-Q, the three contracts signed during the quarter provide minimum contractual revenue of approximately $42 billion. These agreements with variable pricing allow us to capture upside if prices rise, while allowing our customers some upside if prices decline over time. We will update you as we make more progress.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And when the business is transacted on a quarterly basis, it's very difficult to do, and it's very difficult to get wrong.”
“AI is fundamentally a memory-centric storage-intensive problem.”
“And then bigger picture, the challenge for semi investors is moving less of a focus on margin and EPS revisions, but rather buying into the durability of this cycle.”
Numbers
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-03)
| Metric | Q2 2026period end 2026-07-03 | Q1 2026period end 2026-04-03 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 8.96B | 5.95B | +50.7% | 1.90B | +371.6% |
| Gross profit | 7.58B | 4.66B | +62.6% | 498.0M | +1422.5% |
| Operating income | 7.04B | 4.11B | +71.2% | 18.0M | +38994.4% |
| Net income | 6.90B | 3.62B | +91.0% | -23.0M | Turned profit |
| EPS | 44.34 | 23.03 | +92.5% | -0.16 | Turned profit |
Topics
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