0001628280-26-068243
SEC filingSandisk Q1 FY2027营收$11.0B、同比增378%，数据中心业务与85%毛利率驱动盈利爆发，并宣布8拆1拆股。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $11,031M | $2,308M | up 378% |
| Gross Margin (GAAP) | 85.0% | 29.8% | up 55.2 ppt |
| Gross Margin (Non-GAAP) | 85.1% | 29.9% | up 55.2 ppt |
| Operating Income (GAAP) | $8,780M | $176M | * |
| Operating Income (Non-GAAP) | $8,871M | $245M | * |
| Net Income (GAAP) | $8,101M | $112M | * |
| Net Income (Non-GAAP) | $7,624M | $181M | * |
| Diluted EPS (GAAP) | $52.60 | $0.75 | * |
| Diluted EPS (Non-GAAP) | $49.51 | $1.22 | * |
| Operating Cash Flow | $6,363M | $488M | — |
| Adjusted Free Cash Flow | $5,696M | $448M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q2 FY2027 | Revenue | $12,200 - $12,600M | N/A |
| Q2 FY2027 | Gross Margin | 84.4% - 85.4% | GAAP |
| Q2 FY2027 | Gross Margin | 84.5% - 85.5% | Non-GAAP |
| Q2 FY2027 | Operating Expenses | $677 - $745M | GAAP |
| Q2 FY2027 | Operating Expenses | $540 - $560M | Non-GAAP |
| Q2 FY2027 | Diluted EPS | $55.00 - $57.00 | Non-GAAP |
本季营收$11,031M、环比增23%，GAAP毛利率85.0%（环比升0.4 ppt），成本端仅$1,653M，营业利润率79.6%。增长核心来自Datacenter：营收$4,802M、环比增61%，Edge $5,832M环比增7%、同比增320%，Consumer $397M环比降29%、同比降39%，结构上向高价值的数据中心与边缘倾斜。GAAP净利含$513M股权证券收益（Non-GAAP剔除），故GAAP EPS $52.60高于Non-GAAP $49.51；Non-GAAP净利$7,624M、环比增24%。
现金流与资本返还同样突出：经营现金流$6,363M、自由现金流$6,309M、调整后自由现金流$5,696M（利润率51.6%，已扣除NBM预付款与Flash Ventures相关活动）。本季回购约3.2百万股、返还$5.0B，近两财季累计回购6.0百万股（约占流通股4%）；同时宣布8拆1拆股（登记日2026-11-09，11-19盘后发行，11-20拆股调整后交易），所有每股数据均为拆股前口径。Q2指引营收$12.2B–$12.6B、Non-GAAP EPS $55.00–$57.00，隐含环比继续增长；Non-GAAP毛利率指引84.5%–85.5%略低于本季，需关注价格与产品结构。CEO David Goeckeler强调数据中心需求强劲及投资者日战略下的持续自由现金流；风险包括价格与需求波动、对Kioxia的依赖及贸易政策变化。