tapebrief

SNDK · Q4 2025 Earnings

Cautious

Sandisk

Reported August 14, 2025

30-second summary

Sandisk closed FY25 with Q4 revenue of $1.90B, up 8% YoY and 12% QoQ, with Cloud the standout at +25% YoY on BiCS8 ramp. Non-GAAP EPS of $0.29 came alongside a GAAP loss of $0.16 and a full-year GAAP operating margin of -18.7%, a reminder that the post-separation P&L is still bleeding. Q1 FY26 guide of $2.10–2.20B revenue and $0.70–0.90 non-GAAP EPS implies further sequential acceleration and a ~250bps gross margin step-up — the bull case rests on that margin expansion being real.

Headline numbers

EPS

Q4 FY2025

$0.29

Revenue

Q4 FY2025

$1.90B

+8.0% YoY

Gross margin

Q4 FY2025

26.2%

Free cash flow

Q4 FY2025

$0.05B

Operating margin

Q4 FY2025

0.9%

Key financials

Q4 FY2025
MetricQ4 FY2025YoY
Revenue$1.90B+8.0%
EPS$0.29—
Gross margin26.2%—
Operating margin0.9%—
Free cash flow$0.05B—

Guidance

Prior quarter data unavailable — comparison not possible.

Product revenue

Q4 FY2025
SegmentQ4 FY2025YoY
Cloud$0.213B+25.0%
Client$1.103B+3.0%
Consumer$0.585B+12.0%
Cloud Revenue Growth YoY25%—
Client Revenue Growth YoY3%—
Consumer Revenue Growth YoY12%—

Management tone

Transcript not available for this quarter; tone analysis deferred to next coverage cycle. Press-release commentary frames the quarter as "strong results... exceeding our guidance" with forward emphasis on BiCS8 ramp and HBF as a "new paradigm for AI inference."

What to watch into next quarter

Gross margin delivery against the 28.5–29.5% Q1 guide. A ~280bps sequential step-up is the single most important number on the next print; if Q1 GM lands at the low end or below, the margin-recovery thesis cracks.

Cloud segment dollars, not just growth rate. Cloud at $213M is still under-scaled for a company positioning around AI inference; watch whether it crosses $250M in Q1 and whether HBF is mentioned with a quantified pipeline.

Client segment YoY re-acceleration. Client at +3% YoY is the largest and slowest piece; without it moving toward double-digits, the consolidated revenue path beyond Q1 looks thin.

GAAP-to-non-GAAP gap. Q4 GAAP EPS of -$0.16 vs non-GAAP $0.29 and FY25 GAAP operating margin of -18.7% require continued explanation — track separation-related charges rolling off and whether GAAP operating income turns positive in any quarter of FY26.

FY26 full-year guide. Management did not provide one on this print despite the stated forward-quarter-and-FY cadence; watch whether a full-year frame appears next quarter and what revenue/margin envelope it sets.

Sources

  1. Sandisk Q4 FY2025 press release (Exhibit 99.1), filed via SEC EDGAR: https://www.sec.gov/Archives/edgar/data/2023554/000119312525180782/d926236dex991.htm

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