SanDisk reported fiscal year 2026 revenue of $20.25 billion, up 175% year-over-year, with GAAP net income of $11.43 billion, or $73.76 per diluted share, according to results published August 5 on the company's investor relations site (SanDisk IR). The stock fell roughly 5.3% in after-hours trading and was down 8.2% in pre-open the following morning after the company's fiscal first-quarter guidance disappointed relative to elevated expectations (MarketWatch; Investing.com).

The full-year numbers cap a period of extraordinary top-line acceleration. In the fiscal third quarter, reported April 30, SanDisk posted revenue of $5.95 billion, up 97% sequentially and above the guidance range, with GAAP net income of $3,615 million (SanDisk IR). The company also filed a Form 8-K on January 29, 2026 containing results for the fiscal second quarter ended January 2, 2026 (SanDisk IR). The fourth-quarter release confirmed the full-year trajectory but arrived alongside mixed forward guidance, prompting the sharp after-hours and pre-market selloff.

For the fiscal first quarter of 2026, SanDisk guided revenue to a range of $10.3 billion to $10.8 billion (Yahoo Finance). CNBC characterized the outlook as mixed, noting that the company beat on both earnings and revenue for the fourth quarter but left the Street wanting more on the forward picture (CNBC).

The earnings beat paired with a guidance-driven selloff is a familiar pattern for momentum names where quarterly outperformance has already been absorbed into the stock price. A 175% revenue growth rate sets a compounding bar that becomes progressively harder to clear at scale. When a company growing at that pace issues guidance that, while still representing substantial absolute revenue, fails to exceed the buy-side whisper, the market's reaction is less about the headline number and more about the gap between embedded expectations and management's own forecast range.

The $10.3–$10.8 billion Q1 guidance midpoint of approximately $10.55 billion, when read against the $5.95 billion third-quarter figure, still implies robust sequential growth. The market's negative read therefore hinges on the gap between what that growth implies and what positioned holders had modeled, rather than on any contraction in the underlying business. That distinction matters for investors sorting whether the selloff reflects a fundamental deterioration or a multiples re-rating driven by expectations that outran even a 175% growth profile.

For the full year, GAAP net income of $11.43 billion on $20.25 billion in revenue translates to a GAAP net margin of roughly 56.4%. The diluted EPS figure of $73.76 provides a per-share anchor for valuation work, though the after-hours reaction indicates that trailing earnings power alone is not the variable the market is currently pricing. Forward guidance and the sustainability of the growth trajectory are doing the heavy lifting on sentiment.

The divergence between the reported results and the market's reaction is the central tension here. Record revenue, a near-tripling year-over-year, and net income exceeding $11 billion are unambiguously strong operating outcomes. Yet the stock's 8.2% pre-open decline signals that the marginal investor was positioned for more. Whether that positioning was reasonable given the growth rate, or whether management's guidance is conservatively framed, is the question the next quarter's print will answer.