Abstract

SanDisk Corp. will report fiscal results on January 29, 2026 Post Market. This preview consolidates the latest quarter’s results and the current quarter’s forecasts, highlights revenue and margin dynamics, and summarizes prevailing sell-side expectations, with emphasis on revenue trajectory, profitability recovery, and segment momentum through January 22, 2026.

Market Forecast

Consensus for the current quarter points to revenue of USD 2.62 billion, EBIT of USD 629.96 million, and EPS of USD 3.24, alongside anticipated margin improvement; year-over-year growth rates were not disclosed. Based on recent disclosures, management guidance and market estimates imply stabilizing gross profit margin, positive net profit momentum versus last year, and adjusted EPS recovery on improved mix and pricing. The company’s main businesses indicate ongoing strength in edge, consumer, and data center, with demand stabilization and pricing discipline underpinning the topline outlook. The most promising segment is data center, supported by enterprise SSD deployments and hyperscaler orders; the segment’s revenue was USD 269.00 million last quarter with accelerating order flow expected ahead.

Last Quarter Review

SanDisk Corp. delivered last quarter revenue of USD 2.31 billion, gross profit margin of 29.77%, GAAP net profit attributable to the parent company of USD 0.11 billion, net profit margin of 4.85%, and adjusted EPS of USD 1.22; year-over-year growth metrics were not provided. Net profit rebounded sharply quarter-on-quarter, rising by 586.96% on better pricing and cost discipline. Main business performance was led by edge at USD 1.39 billion, consumer at USD 0.65 billion, and data center at USD 0.27 billion; segment-level year-over-year data was not disclosed.

Current Quarter Outlook

Main Business: Edge and Consumer NAND

The core revenue base remains tied to the edge and consumer segments, which together comprised USD 2.04 billion last quarter. Pricing stability across NAND categories and selective product-mix upgrades have supported margin improvement, with gross profit margin at 29.77% last quarter indicating healthier fundamentals versus prior periods. Inventory normalization across retail channels reduces promotional intensity, aiding net profit margin recovery toward mid-single digits or higher. The current quarter’s revenue estimate of USD 2.62 billion suggests sequential expansion that, combined with EBIT of USD 629.96 million and EPS of USD 3.24, points to continued operating leverage as costs roll off and higher-value SKUs gain traction. Risks that could temper results include potential price fatigue in lower-capacity retail drives, foreign exchange impacts on international sell-through, and competitive responses from diversified memory peers focusing on HBM and DRAM that indirectly influence NAND pricing dynamics.

Most Promising Segment: Data Center SSD

Data center SSD is positioned for outsized growth driven by hyperscaler demand and enterprise modernization cycles. The last quarter’s USD 269.00 million revenue base provides a foundation for expansion as qualification pipelines mature and large-capacity SSDs move through production ramps. Pricing discipline in enterprise SSDs has been firmer than in consumer lines, supporting better contribution margins and helping overall profitability. Ongoing supply diversification and product roadmap alignment with PCIe Gen4/Gen5 transitions are potential tailwinds for volume and ASPs. Constraints to watch include capacity allocation between consumer and enterprise, controller availability, and any pushout of cloud procurement schedules that could affect quarter-to-quarter shipment timing.

Stock Price Drivers This Quarter

Share performance is likely to pivot on confirmation of margin recovery and visibility into data center acceleration. Delivery against the EPS estimate of USD 3.24 and EBIT of USD 629.96 million will serve as key validation of operating leverage claims. Management commentary on supply discipline, pricing trends in NAND, and channel inventory positioning will be scrutinized for sustainability of the rebound. Any updated color on hyperscaler deals and enterprise SSD qualification breadth could catalyze sentiment, while evidence of mix shifts toward higher-capacity NVMe drives would support the revenue trajectory. Conversely, signals of pricing softness or delayed orders could weigh on the near-term view.

Analyst Opinions

Sell-side viewpoints collected through January 22, 2026 skew bullish. Mizuho Securities reiterates Buy with price targets progressing from USD 112.00 to USD 180.00 and USD 250.00 through the period, citing strengthening demand trends and improving profitability. J.P. Morgan initiated with Neutral and a USD 235.00 target, acknowledging capacity and demand risks but highlighting the benefits of pricing discipline and cash flow leverage. With a majority of tracked institutions leaning positive, the bullish camp emphasizes enterprise SSD momentum, improving NAND pricing, and operating efficiency as near-term supports to meet or exceed guidance. The market will look for confirmation of data center revenue scaling and sustainable gross margin expansion to justify upward revisions in estimates and targets.