SanDisk reported $20.25 billion in revenue for its fiscal year 2026, up 175% from the year before, with profit of $11.43 billion, or $73.76 per share, according to results published August 5 on the company's investor relations site (SanDisk IR). The stock fell about 5.3% in after-hours trading and was down 8.2% before the market opened the next morning, after the company's forecast for the coming quarter fell short of what investors had been hoping for (MarketWatch; Investing.com).

The full-year results cap a period of extraordinary growth. In the fiscal third quarter, reported April 30, SanDisk posted revenue of $5.95 billion, up 97% from the prior quarter and above the company's own forecast range, with profit of $3,615 million (SanDisk IR). The company also filed results for the fiscal second quarter ended January 2, 2026 on January 29 (SanDisk IR).

For the fiscal first quarter of 2026, SanDisk said it expects revenue between $10.3 billion and $10.8 billion (Yahoo Finance). CNBC called the outlook mixed, noting that the company beat expectations on both earnings and revenue for the fourth quarter but left investors wanting more on the forward picture (CNBC).

Here is why that matters. Think of a stock price like a runner who has to clear a high jump bar. When a company is growing as fast as SanDisk — 175% in a single year — investors start setting that bar higher and higher. SanDisk's forecast for next quarter, while still representing a lot of revenue, didn't clear the height investors had already built into the price. So even though the company had a great year, the stock fell because the forecast didn't beat the already-high expectations.

The guidance midpoint of about $10.55 billion for the first quarter, compared with $5.95 billion in the prior quarter, still implies strong growth from one period to the next. The market's negative reaction is about the gap between what investors had privately modeled and what the company itself is forecasting — not about the business shrinking.

For the full year, profit of $11.43 billion on $20.25 billion in revenue works out to a profit margin of roughly 56.4%. The per-share earnings figure of $73.76 gives a reference point for valuing the company, though the stock's drop suggests that past performance is not what the market is focused on right now. What matters to investors today is the forecast and whether the growth can keep up.

The core tension is this: record revenue, a near-tripling in sales, and over $11 billion in profit are strong results by any measure. Yet the stock's 8.2% pre-market decline tells you that investors were expecting even more. Whether that expectation was reasonable, or whether SanDisk's forecast was simply cautious, is something the next quarter's results will help answer.