Sandisk CorpSNDK

Sandisk Corporation is the last great cash machine in the memory-card business, and its latest SEC filing proves the machine is still running at full throttle. For the quarter ended 3 April 2026, the company booked $5.95 billion in revenue, $3.62 billion in net income, and $23.03 in diluted earnings per share on 157 million shares. Operating income clocked in at $4.11 billion, while operating cash flow hit $4.54 billion, giving the business a fortress-like balance sheet: $17.07 billion in assets against just $3.30 billion in liabilities. The lesson? Even in the age of cloud storage, some customers still prefer a hunk of plastic they can lose in a backpack.

The hunk of plastic in question now comes in Lady Liberty editions and 4 TB behemoths that promise 3,700 MB/s reads. Sandisk’s own product pages push “next-gen performance for 12K RAW video,” but the practical reality is simpler: photographers, film crews, and drone racers keep buying cards faster than the company can shrink its die sizes. The latest inventory build, a $159 million jump, suggests demand is still lumpy and promotional cycles are alive and well. (source: SEC EDGAR 10-Q, period ending 2026-04-03, https://www.sec.gov/Archives/edgar/data/2023554/000136324926000056/xslF345X06/edgardoc.xml)

The cash flow story is the cleanest page in the ledger. Sandisk generated $4.54 billion from operations, parked $3.73 billion in cash, and spent only $134 million on capex-numbers that would make a software CEO blush. Research and development ate $337 million, which is either a bet on future killer formats or the cost of keeping every trade-show booth stocked with the latest Extreme Pro. Warranty accruals ticked up $54 million, a reminder that even stainless steel cards can fail when dropped into a Colorado river at 2 a.m. (source: SEC EDGAR 10-Q, period ending 2026-04-03, https://www.sec.gov/Archives/edgar/data/2023554/000136324926000056/xslF345X06/edgardoc.xml)

Sandisk’s public site showcases the Lady Liberty edition and 4 TB monster cards, but the filings do not reveal unit volumes, ASPs, or segment splits-so investors are left guessing how much of that $5.95 billion came from gamers, film crews, or government drone programs. The gap between the glossy product gallery and the disclosed financials is wide enough to slide a 4 TB card through. (source: Sandisk product pages, https://www.sandisk.com/products/memory-cards/cfast-cfexpress-compactflash/sandisk-extreme-pro-cfexpress-type-b-lady-liberty-edition and https://www.sandisk.com/products/memory-cards/cfast-cfexpress-compactflash/sandisk-extreme-pro-cfexpress-4-0-type-b?sku=SDCFEB-4T00-GN4NN)

If you need a chart, the renderer will show the daily equity line; we will not invent support, resistance, or Fibonacci retracements. The raw data trail lives in SEC EDGAR, not in any TradingView candle we did not source. (source: SEC EDGAR filing index for Sandisk Corp., https://www.sec.gov/edgar/browse/?CIK=2023554)