Wall Street Sees Upside for SanDisk Stock After Q4 Earnings

SanDisk stock has been a standout performer recently. Year to date, it is up around 400%¹. Can it keep rising? Let’s take a look at where Wall Street sees it heading after the company’s recent Q4 fiscal 2026 earnings.

372% Revenue Growth in Q4

SanDisk posted its earnings for the fourth quarter² of its fiscal 2026 year on August 5. And the numbers were impressive.

For the quarter, revenue amounted to $8.97 billion, up 372% year-over-year and 51% sequentially, and above the consensus forecast of $8.42 billion³. Meanwhile, non-GAAP net income was $6,162 versus $42 million a year earlier.

Earnings per share came in at $39.25, up from $0.29 in Q4 2025. This was $4.66 above the average analyst estimate of $34.59³.

Gross margin was 84.6% versus 78.4% in the previous quarter. This was boosted by higher pricing across its memory portfolio.

New Long-Term Contracts and a Larger Buyback

In the earnings report, the company stated that it had signed five additional New Business Model (NBM) agreements since its last earnings. Of these, three were with new customers and two expanded on previously signed NBMs.

It also said that it expanded its share repurchase authorization, with the Board of Directors approving an additional $14 billion buyback. That brings the total remaining authorization to $15.5 billion.

Earnings Call Insights

On the earnings call⁴, management explained that the company now has NBMs with eight diverse data center and edge customers. The length of the NBMs varies – they extend up to five years, with a weighted average duration of over four years.

It added that it expects the NBMs to represent more than 50% of its bits in fiscal year 2027 and approximately two thirds of its bits in fiscal year 2028. Gross margins for these NBMs isexpected to be around 80%.

CEO David Goeckeler went on to say that he believes the long-term earnings power, cash generation, and resilience of the business will become increasingly evident as it executes against its new NBM strategy. He noted that these new partnerships are giving SanDisk clearer visibility into demand and more durable cash flow generation.

He also noted that AI inference is changing the game for NAND memory. “NAND is the most scalable semiconductor technology in the world, and it has become a critical component of the AI architecture,” he said.

SanDisk Stock Price Forecasts

While SanDisk stock pulled back after the Q4 earnings due to the fact that guidance was a little below expectations, Wall Street analysts remain bullish on the memory stock. Currently, the average price target is $2,218⁵, according to investing.com, which is more than 50% above the current stock price.

It’s worth noting that some firms, such as Evercore ISI and Susquehanna, have price targets that are significantly higher than this. Their current targets are $2,800 and $3,050 respectively⁵.

Given this bullish sentiment, SanDisk stock is worth keeping an eye on as the AI revolution unfolds.

Footnotes:

¹Google Finance, as of August 6, 2026

²SanDisk, SanDisk Reports Fiscal Fourth Quarter 2026 Financial Results, as of August 5, 2026

³SanDisk earnings beat by $4.66, revenue topped estimates, as of August 5, 2026

⁴Yahoo Finance, SanDisk Corporation (SNDK) Q4 FY2026 earnings call transcript, as of August 5, 2026

⁵Investing.com, as of August 6, 2026