Sandisk Q1 Revenue Jumps 378% to $11 Billion on AI Data-Center Demand; Board Approves 8-for-1 Split

SNDK reported fiscal first-quarter 2027 results after the close on October 29 for the quarter ended October 2. Revenue was $11,031 million, up 378% from $2,308 million a year earlier and up 23% from the prior quarter, driven by AI data-center demand for NAND flash. GAAP gross margin was 85.0% and non-GAAP 85.1%. GAAP diluted EPS was $52.60 and non-GAAP EPS was $49.51, both on a pre-split basis.

The company returned $5.0 billion to shareholders by repurchasing about 3.2 million shares during the quarter, and ended it with $5.1 billion in cash and no debt. The board approved an eight-for-one forward stock split: shareholders of record on November 9 receive seven additional shares for each share held, distributed after the close on November 19, with split-adjusted trading expected to begin November 20.

Sandisk guided fiscal second-quarter revenue to $12.2 billion to $12.6 billion, with non-GAAP gross margin of 84.5% to 85.5% and non-GAAP EPS of $55.00 to $57.00 before the split. On the call, management said its pipeline of longer-term customer arrangements exceeds its supply through the end of the decade and that it has committed to a financial model through 2030. These are visibility statements and new partnerships rather than signed contracts running to 2030.

The stock did not reward the print. Shares closed down 5.32% on October 29 ahead of the report and fell 13.5% on October 30, the first full session after the report, per SentiSense market data. Investors will watch whether NAND pricing holds as capacity expands, how the second-quarter guide is met, and how trading behaves once the split takes effect on November 20.