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Sandisk Details Growth Strategy and Long-Term Financial Model at 2026 Investor Day

SNDK
  • Sandisk presented its long-term growth strategy & sustainable financial model for FY2028 through FY2030 at its 2026 "Sandisk In Focus" Investor Day.
  • The company unveiled a two-dimensional scaling strategy for NAND flash innovation built on CMOS directly Bonded to Array (CBA) technology, enabling capital-efficient production of custom derivatives.
  • Sandisk introduced BiCS9 QLC technology as the first product of this strategy, combining BiCS8 arrays with BiCS10-based CMOS wafers to support AI-driven workloads.
  • The new BiCS10 QLC node achieves a 60% increase in bit density compared to BiCS8, setting an industry benchmark for density, performance, & power efficiency.
  • Sandisk projects the total available market for enterprise data center flash to grow to 1.2 zettabytes by 2030 as AI inference reshapes memory hierarchies.
  • The company signed eight New Business Model (NBM) agreements that represent approximately 50% of bits in FY2027 & two-thirds of bits in FY2028 to reduce volatility & improve revenue predictability.
  • Sandisk's High Bandwidth Flash (HBF) memory technology is gaining momentum as a key solution for AI inference opportunities.
  • The optimized financial model targets mid-to-high teens revenue growth, ~80% non-GAAP gross margins, ~75% non-GAAP operating margins, & ~50% adjusted free cash flow margin.
  • Sandisk expects to return 100% of excess cash to shareholders after investing in the business, with operating expenses projected at around 5% of revenue.
  • The company's vertically integrated model leverages decades of NAND innovation & systems-level expertise to serve enterprise, consumer, & edge markets.