SNDK Sandisk Corp

Overview and Growth

In fiscal 2026, Sandisk Corp recorded $20.25B of revenue, net income of $11.43B, and an operating cash inflow of $11.67B. At $20.25B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $7.36B in fiscal 2025, revenue recorded a 175.3% year-over-year increase. The company reported diluted EPS of $73.76, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.9x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $14.47B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 71.5% of revenue, showing how much of the top line remained after direct costs. Operations produced $12.39B of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 61.2%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $11.43B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 56.5% margin after operating costs and the remaining recognized items. The earnings statement records $13.02B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 64.3%, adding a pre-tax profitability layer between revenue and net income. The company recognized $1.58B of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 12.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 72.7% of period-end equity, showing the earnings generated on shareholders’ book capital.

Liquidity and Capital Structure

At period end, the $22.51B asset base was financed through $6.77B of liabilities and $15.74B of equity. The near-term balance sheet paired $12.78B of current assets with $5.58B of current liabilities at the reporting date. The current ratio was 2.29x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $4.76B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 85.3% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $0.00 of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.0x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 0.0%, comparing borrowing with the total asset balance. Liabilities represented 30.1% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 21.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 73.3% higher than fiscal 2025 assets of $12.98B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

The company reported $11.67B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 1.02x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $177.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 1.5% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $11.49B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 56.8% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 51.1% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Jul 3, 2026. Analysis generated Oct 21, 2026.