Sandisk targets mid-to-high teens revenue growth through FY2030

Sandisk (Nasdaq: SNDK) outlined a multi-year financial framework and growth strategy at its 2026 Investor Day event, projecting revenue growth in the mid-to-high teens range from fiscal year 2028 through fiscal year 2030.

The company said it expects non-GAAP gross margins to sustain at approximately 80% and non-GAAP operating margins at approximately 75% over that period, with operating expenses as a percentage of revenue at around 5%. Sandisk also targets adjusted free cash flow margin of approximately 50% after taxes, capital expenses, and working capital. The company said it plans to return 100% of excess cash to shareholders after reinvesting in the business.

Sandisk disclosed it has signed New Business Model agreements with eight customers, representing approximately 50% of bits in FY2027 and approximately two-thirds of bits in FY2028. The agreements include committed volumes, minimum financial guarantees, and structured pricing mechanisms.

On the technology side, Sandisk unveiled a two-dimensional scaling strategy built on its CMOS directly Bonded to Array technology. The company introduced its BiCS9 QLC product, which combines a BiCS8 array with a BiCS10-based CMOS wafer. It also announced a BiCS10 QLC node that it claims achieves a 60% increase in bit density compared to BiCS8.

Sandisk also referenced its High Bandwidth Flash memory technology as a developing product area, noting that an industry ecosystem is forming around it.

"We are optimizing for growth, sustainability and returns," said Luis Visoso, Chief Financial Officer at Sandisk. "Our confidence in the sustainability of the model comes from our multi-year NBMs that are based on intimate relationships with our customers and grounded in innovation and collaboration."

The financial targets are forward-looking and based on estimates and assumptions subject to risks and uncertainties, according to the company's press release. Full reconciliations to GAAP financial measures were not provided.

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