Sandisk Corp

Company facts

Industry

Computer Storage Devices

Headquarters

Milpitas, California

Most recent report

10-K, filed Aug 17, 2026

Incorporated

Delaware

Filings on record

210 filings

On EDGAR

CIK 2023554

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 5 of 27 sections worth reading, with 3 positive, 15 notable, and 4 negative flags.

• Business (Item 1) Spin-off, listing, $1.2B Kioxia deal, patent count, sales mix all material.
  Positive

  • No single customer accounted for >10% of revenue in 2024-2026, reducing client risk.
  Notable

  • Holds ~8,000 granted patents and ~3,000 pending patent applications worldwide.
  • Extended Flash Partners and Flash Alliance joint ventures to Dec 31, 2034.
  • Sandisk will pay Kioxia $1.2 billion over 2026-2029 for manufacturing services and supply.
  • Global headcount ~11,100 as of July 2026, up slightly from ~11,000 a year earlier.
• Risk Factors (Item 1A) Company-specific risks: spin-off, Kioxia JV, customer concentration, new buyback and Nanya investment.
  Notable

  • Senior leader equity awards vest Feb 2028 or Sep 2028; substantial appreciation could drive attrition.
  • Incurred $75M underutilization and $24M inventory write-down charges in 2025 due to supply/demand imbalance.
  • Board authorized $14.0B buyback in August 2026 (plus $6.0B in April 2026); no obligation to repurchase.
  Negative

  • Must buy 50% of Flash Ventures' fixed costs even if no orders placed; JV partnerships expire Dec 31, 2034.
  • Customer concentration: top 10 customers were 44% of revenue in 2026, up from 40% in 2025.
• Market for the Stock (Item 5) Massive stock return and $20B buyback authorization are material.
  Notable

  • Withheld 1.0M shares ($0.6B) in FY2026 for tax withholding on RSUs.
• Management's Discussion (Item 7) Massive revenue and profit swing, AI-driven growth, debt payoff, buybacks, tariffs.
  Positive

  • Revenue $20.2B in FY2026, up 175% from $7.4B in FY2025, led by 437% growth in Datacenter.
  • Gross margin 71.5% in FY2026 vs 30.1% in FY2025, a 4,100 basis point jump.
  Notable

  • Term Loan B of $2.0B fully settled early in March 2026 using cash on hand, $46M loss on extinguishment.
  • Gain of $808M on equity securities in FY2026 from Nanya Technology investment.
  • New multi-year customer agreements (NBMs) created $1.2B contract liabilities and $1.5B refund liabilities.
  • Repurchased $4.5B of stock in FY2026 under a new $20.0B total authorization.
  Negative

  • Tariff risk: pending Section 232/301 investigations; loss of exemptions would hurt margins.
  • Unrecognized tax benefits $323M total, of which $259M could require cash payment.
• Financial Statements (Item 8) Core financials with dramatic growth, new NBMs, large buyback, tax risks.
  Notable

  • Remaining performance obligations under NBMs total $59.8B, with $5.0B in customer collateral.
  • $970M strategic equity investment in Nanya Technology, shares locked up for 3 years.
  • Post-period, board approved an additional $14.0B share repurchase program on Aug 5, 2026.

What changed: FY2026 vs. FY2025

About 20% of SNDK's FY2026 10-K is new information. 174 paragraphs were added, 373 changed, and 236 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 209
• Risk Factors (Item 1A) 95
• Management's Discussion (Item 7) 69
• Business (Item 1) 54
• Exhibits (Item 15) 36
• Form 10-K Summary (Item 16) 10
• Market for the Stock (Item 5) 8
• Cybersecurity (Item 1C) 6
• Other Information (Item 9B) 5
• Market Risk (Item 7A) 4
• Controls and Procedures (Item 9A) 4
• Properties (Item 2) 2