Atlas Research Note

Sandisk FQ1 2027: Customers Are Locking Up NAND Through 2028

Ben Bajarin · October 30, 2026

Creative Strategies earnings read | October 29, 2026 | Sandisk first-quarter fiscal 2027 results and conference call, October 29, 2026 Sandisk grew revenue 23% from the prior quarter to $11.0 billion at an 85% gross margin, grew data center revenue 61% sequentially, and said about half of its fiscal 2027 bits and two-thirds of its fiscal 2028 bits are committed under multi-year customer agreements, with demand in its pipeline above its supply through the end of the decade. Operating view: The bear case on NAND is that this is a price cycle at its peak, and Sandisk's own numbers give it something to point to: the share of sequential growth that came from price fell to about 40% this quarter from roughly two-thirds the quarter before, and management guided only modest price increases from here. That is fair, and it is well understood.

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Notes

Sandisk FQ1 2027: Customers Are Locking Up NAND Through 2028

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