SanDisk Corporation (SNDK)

Outperform Recap: Q4 FY26

Record Quarter, In-Line Guide, Peak Margin: The $59.8B Contract Book Now Carries the Thesis

Outperform Recap: Q3 FY26

$42B RPO, $11B Financial Guarantees, $6B Buyback, Q4 EPS Guide $30-33: The Structural Transformation Is Complete — Maintaining Outperform (High Conviction)

Outperform Recap: Q2 FY26

The Largest Above-Consensus EPS Guide in NAND History: Q3 FY26 $12-14 vs Street $5.50, GM 65-67%, Yokaiichi Extended Through 2034, LTAs Emerging — Maintaining Outperform (High Conviction)

Outperform Recap: Q1 FY26

Triple-Beat + Q2 Guide Blowout Establishes Structural NAND Tightness: This Is Not a Cyclical Pop, This Is a Multi-Year Re-Rate — Initiating at Outperform