What Happened to SanDisk: From Performance Reversal to Regulatory Disclosure
According to a filing with U.S. securities regulators, SanDisk Corp. (SNDK) filed Form 8-K with the U.S. Securities and Exchange Commission on April 30, 2026 (local time), disclosing its third-quarter fiscal 2026 results and outlook. The company reported revenue of $5.95 billion, up 97% sequentially and 251% year-over-year. GAAP net income turned positive at $3.615 billion, and diluted earnings per share (EPS) reached $23.03. Gross margin also surged to 78.4%. For the fourth quarter, SanDisk provided revenue guidance of $7.75 billion to $8.25 billion and non-GAAP diluted EPS of $30 to $33, while also disclosing risk factors related to its new multi-year contract structure and including the required forward-looking statements disclaimer.
SanDisk is a U.S. semiconductor company specializing in NAND flash–based storage solutions, supplying products to data centers, edge computing, PCs, and mobile devices. With a rapidly growing share of cloud data center customers, high-value data center revenue jumped 233% sequentially and 645% year-over-year this quarter. The company said it has leveraged this momentum to sign multiple new multi-year contracts, shifting to a contract-based revenue model with pre-agreed pricing and volumes. On the balance sheet, SanDisk reported that it has paid off all long-term debt to achieve a debt-free position and increased its cash and cash equivalents to $3.735 billion.
Meanwhile, a separate Form 4 filed on May 14 shows that Michael Poconi, SanDisk’s vice president and chief accounting officer, sold 2,446 shares of the company’s common stock on the open market on May 12 at an average price of $1,426.18 per share. The total proceeds were approximately $3.487 million. After the sale, he still holds 22,375 shares of SanDisk common stock. Under U.S. securities laws, insider transactions are publicly disclosed to ensure market transparency, and amid the company’s sharp financial turnaround and strong share performance, this executive sale is expected to draw further investor scrutiny.