SanDisk (SNDK) Stock Is Up 578% This Year — Can Earnings Keep It Going?

TLDR

• SanDisk reports Q4 FY26 earnings after market close on August 5
• Options traders are pricing in a 25% move in either direction after results
• Wall Street expects Q4 revenue of $8.42 billion, up 343% year-over-year
• EPS is forecast at $34.67, compared to just $0.29 in the same quarter last year
• SNDK stock is up 578% year-to-date, driven by NAND price gains and AI storage demand

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SanDisk (SNDK) is gearing up for its fiscal Q4 2026 earnings report, due after market close on August 5. The stock is currently trading around $1,636 based on the average price target implying 27.46% upside to $2,052.50.

Sandisk Corporation, SNDK

SNDK has been one of the market’s standout performers this year, gaining 578% year-to-date. That rally has been fueled by rising NAND flash prices and growing demand for storage in AI data centers.

The options market is expecting fireworks. Traders are pricing in a 25.08% swing in either direction following the earnings print. That’s well above the stock’s average post-earnings move of 8.75% over the last four quarters.

Wall Street’s consensus estimate for Q4 revenue sits at $8.42 billion — a 343% jump year-over-year. EPS is expected to come in at $34.67, versus just $0.29 in the same period last year.

For all of fiscal 2026, analysts project EPS of $64.52, up sharply from $1.78 in fiscal 2025. That’s the kind of earnings growth that tends to get attention.

SanDisk’s last earnings report gave investors plenty to work with. When Q3 results dropped on April 30, the stock jumped 8.3%. Revenue surged 251% year-over-year to $5.95 billion, and adjusted EPS came in at $23.41 with a gross margin of 78.4%.

Data Center Demand in Focus

The key area to watch this quarter is data center revenue. Enterprise SSD revenue rose roughly sevenfold year-over-year last quarter, jumping 233% sequentially to $1.467 billion. Investors want to see if that momentum held in Q4.

Cloud spending will also be closely watched. Any signals on demand from major cloud providers could move the stock.

NAND pricing and margins will be another focal point. If NAND prices continued their upward trend during the quarter, that should support further margin expansion.

Analyst Targets and Ratings

Susquehanna’s Mehdi Hosseini, a five-star analyst, trimmed his price target to $3,050 from $3,250 after correcting errors in his firm’s financial model. The revision was technical rather than a change in view — he kept his Buy rating and remains bullish on SanDisk’s long-term growth tied to AI-driven flash storage demand.

On TipRanks, SNDK carries a Strong Buy consensus based on 14 Buy ratings and three Holds. The average price target of $2,052.50 implies roughly 27% upside from current levels.

The company also has its Investor Day scheduled for August 13, which could provide further guidance on FY27 expectations and longer-term strategy. Management commentary on the fiscal year outlook will be a key item investors listen for on the earnings call.