Sandisk earnings are in focus after the stock slipped slightly on Wednesday ahead of the company’s fiscal fourth-quarter report. Investors in Sandisk are watching for evidence that AI-driven demand for storage and memory products can still support a share price that is up nearly 490% year to date.
Brian Mulberry sees 12 times demand
Brian Mulberry, chief market strategist at Zacks Investment Management, said earlier this week: “You have a 12 times demand curve increase in memory to keep up with the speed of compute at this point in time. I think that this is a durable trade that lasts for the next 12 to 18 months”. That view helps explain why Wall Street is treating the report as more than a routine quarterly update.
consensus estimates call for adjusted earnings per share of $34.37 on revenue of $8.64 billion, with adjusted gross margin at 81.5%. For investors, those figures are the line between a stock that can keep defending its move and one that has to slow down and prove the surge was justified by operating results.
Sandisk in February 2025
Sandisk spun off from Western Digital in February 2025, and Yahoo Finance AlphaSpace data showed fiscal third-quarter revenue nearly doubled from the previous three-month period. That jump put the company squarely inside the AI infrastructure trade, where storage and memory supply have become a bottleneck rather than a footnote.
Analysts are also looking for fiscal first-quarter revenue of $11.16 billion, adjusted earnings per share of $45.58 and gross margin of 83.6%. If those numbers come in close to plan, the market has a basis for treating the almost 490% year-to-date move as an earnings-backed rerating instead of a one-quarter burst.
25 Buy ratings on Wall Street
Wall Street has 25 Buy ratings on Sandisk, 5 Holds and no Sells, with an average price target just north of $2,400. That setup leaves little skepticism in the ratings table, so the real test is whether the quarterly print and guidance can keep pace with expectations already built into the stock.
In 2026, Sandisk had been the best performer in the S&P 500 since the start of the year, which makes Wednesday’s numbers a direct check on how much AI demand is still flowing through memory pricing and margins. The open question now is simple: do the results and first-quarter outlook clear the consensus that has already been priced into SNDK?
