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IT Home reported on October 30 that, after the U.S. stock market closed on October 29, Sandisk released its first-quarter fiscal 2027 earnings report. Revenue for the fiscal first quarter ended October 2 reached $11.031 billion (IT Home note: approximately 73.652 billion yuan at the current exchange rate), up 23% quarter over quarter and 378% year over year. Non-GAAP gross margin reached 85.1%, and non-GAAP diluted EPS was $49.51, both above the company’s previous guidance. The company generated $5.7 billion in adjusted free cash flow during the same period.
Sandisk management said on Thursday Eastern Time during its fiscal 2027 first-quarter earnings call that, of this quarter’s revenue growth, “about 60% was attributable to volume growth and 40% to price increases.” Based on strong order visibility, Sandisk expects second-quarter revenue of $12.2 billion to $12.6 billion. The company also pledged to return 100% of excess cash to shareholders and spent $5 billion on share buybacks this fiscal quarter.
Sandisk Chairman and CEO David Goeckeler said the data center business has grown from about 20% of the industry total a decade ago to nearly half today. Looking ahead, data centers are expected to account for more than 55% of the market in 2027, with bid demand growing about 40% year over year. Goeckeler went so far as to predict: “By the end of this decade, key-value caches (KV Cache) will account for about one-third of the AI data center flash memory market, while the AI data center market will be nearly as large as today’s NAND flash memory market.”
Goeckeler said, “Overall, what we hear from customers is that they underestimated the NAND flash capacity needed to run their infrastructure. Many existing customers are placing additional orders, and new customers continue to arrive. We now have a strong supply pipeline extending through 2030 and even beyond.”
At present, about 50% of Sandisk’s fiscal 2027 capacity has been committed under new business module (NBM) projects, and that proportion will rise to about two-thirds in 2028. Management expects the backlog of NBM projects to exceed the company’s supply by the end of this decade.