$SNDK

Sandisk Corp

CIK:0002023554|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Jul. 03, 2026	Jun. 27, 2025	Jun. 28, 2024
Income Statement [Abstract]
Revenue, net	$ 20,248,000,000	$ 7,355,000,000	$ 6,663,000,000
Cost of revenue	5,776,000,000	5,143,000,000	5,591,000,000
Gross profit	14,472,000,000	2,212,000,000	1,072,000,000
Operating expenses:
Research and development	1,328,000,000	1,132,000,000	1,061,000,000
Selling, general and administrative	676,000,000	573,000,000	455,000,000
Goodwill impairment	0	1,830,000,000	0
Loss on debt extinguishment	46,000,000	0	0
Business separation costs	25,000,000	67,000,000	64,000,000
Employee termination and other	(2,000,000)	21,000,000	(40,000,000)
(Gain) loss on business divestiture	10,000,000	(34,000,000)	0
Total operating expenses	2,083,000,000	3,589,000,000	1,540,000,000
Operating income (loss)	12,389,000,000	(1,377,000,000)	(468,000,000)
Interest and other income (expense), net:
Gain (loss) on equity securities, net	808,000,000	(2,000,000)	1,000,000
Interest income	70,000,000	22,000,000	12,000,000
Interest expense	(73,000,000)	(63,000,000)	(40,000,000)
Other income (expense), net	(177,000,000)	(59,000,000)	(8,000,000)
Total interest and other income (expense), net	628,000,000	(102,000,000)	(35,000,000)
Income (loss) before taxes	13,017,000,000	(1,479,000,000)	(503,000,000)
Income tax expense	1,584,000,000	162,000,000	169,000,000
Net income (loss)	$ 11,433,000,000	$ (1,641,000,000)	$ (672,000,000)
Net income (loss) per common share:
Basic (in dollars per share)	$ 77.78	$ (11.32)	$ (4.63)
Diluted (in dollars per share)	$ 73.76	$ (11.32)	$ (4.63)
Weighted average shares outstanding:
Basic (in shares)	147,000	145,000	145,000
Diluted (in shares)	155,000	145,000	145,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 03, 2026	Jun. 27, 2025	Jun. 28, 2024
Cash flows from operating activities
Net income (loss)	$ 11,433,000,000	$ (1,641,000,000)	$ (672,000,000)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization	149,000,000	163,000,000	224,000,000
Stock-based compensation	232,000,000	182,000,000	149,000,000
Goodwill impairment	0	1,830,000,000	0
Deferred income taxes	120,000,000	(12,000,000)	(16,000,000)
(Gain) loss on disposal of assets	5,000,000	(1,000,000)	(60,000,000)
Gain (loss) on equity securities, net	(808,000,000)	2,000,000	(1,000,000)
Unrealized foreign exchange (gain) loss	86,000,000	(25,000,000)	13,000,000
(Gain) loss on business divestiture	10,000,000	(34,000,000)	0
Loss on debt extinguishment	46,000,000	0	0
Amortization of debt issuance costs and discounts	7,000,000	3,000,000	0
Equity loss in investees, net of dividends received	160,000,000	73,000,000	49,000,000
Settlement of accrued interest on Notes due to Western Digital Corporation	0	(99,000,000)	0
Other non-cash operating activities, net	19,000,000	23,000,000	91,000,000
Changes in:
Accounts receivable, net	(3,640,000,000)	(100,000,000)	(395,000,000)
Inventories	(619,000,000)	(160,000,000)	314,000,000
Accounts payable	109,000,000	93,000,000	32,000,000
Accounts payable to related parties	60,000,000	(23,000,000)	21,000,000
Accrued expenses	10,000,000	(1,000,000)	(30,000,000)
Accrued compensation	460,000,000	21,000,000	99,000,000
Refund liability	1,374,000,000	25,000,000	(38,000,000)
Contract liabilities	1,217,000,000	(11,000,000)	17,000,000
Income taxes payable	1,370,000,000	0	0
Other assets and liabilities, net	(129,000,000)	(224,000,000)	(106,000,000)
Net cash provided by (used in) operating activities	11,671,000,000	84,000,000	(309,000,000)
Cash flows from investing activities
Purchase of marketable equity securities	(970,000,000)	0	0
Purchases of property, plant and equipment	(177,000,000)	(204,000,000)	(166,000,000)
Proceeds from the sale of property, plant and equipment	0	0	137,000,000
Proceeds from dispositions of business	25,000,000	401,000,000	0
Notes receivable issuances to Flash Ventures	(462,000,000)	(333,000,000)	(243,000,000)
Notes receivable proceeds from Flash Ventures	187,000,000	515,000,000	482,000,000
Distributions from Flash Ventures	0	176,000,000	0
Strategic investments and other, net	11,000,000	1,000,000	0
Net cash provided by (used in) investing activities	(1,386,000,000)	556,000,000	210,000,000
Cash flows from financing activities
Issuance of stock under employee stock plans	53,000,000	5,000,000	0
Taxes paid on vested stock awards under employee stock plans	(630,000,000)	(13,000,000)	0
Repurchases of common stock	(4,524,000,000)	0	0
Proceeds from debt	0	1,970,000,000	0
Repayment of debt	(1,900,000,000)	(100,000,000)	0
Debt issuance costs	0	(32,000,000)	0
Proceeds from borrowings on Notes due to Western Digital Corporation	0	550,000,000	0
Proceeds from principal repayments on Notes due from Western Digital Corporation	0	101,000,000	14,000,000
Repayments of principal on Notes due to Western Digital Corporation	0	(76,000,000)	(102,000,000)
Transfers from (to) Western Digital Corporation	0	(1,887,000,000)	394,000,000
Origination of Notes due from Western Digital Corporation	0	0	(170,000,000)
Net cash provided by (used in) financing activities	(7,001,000,000)	518,000,000	136,000,000
Effect of exchange rate changes on cash	(3,000,000)	(5,000,000)	(1,000,000)
Net increase in cash and cash equivalents	3,281,000,000	1,153,000,000	36,000,000
Cash and cash equivalents, beginning of year	1,481,000,000	328,000,000	292,000,000
Cash and cash equivalents, end of year	4,762,000,000	1,481,000,000	328,000,000
Supplemental disclosure of cash flow information:
Cash paid for interest	116,000,000	139,000,000	12,000,000
Cash received for interest	70,000,000	2,000,000	10,000,000
Cash paid for income taxes	146,000,000	50,000,000	0
Accrued purchases of long-lived assets	56,000,000	10,000,000	11,000,000
Unpaid taxes relating to vested stock awards and repurchases of common stock	37,000,000	0	0
Notes due to Western Digital Corporation	0	1,223,000,000	(113,000,000)
Other assets and liabilities, net, from Western Digital Corporation	0	105,000,000	0
Contribution of equity interest in Unis Venture from Western Digital Corporation	0	61,000,000	0
Property, plant and equipment from Western Digital Corporation	0	27,000,000	11,000,000
Tax balances from (to) Western Digital Corporation	0	8,000,000	(17,000,000)
Tax indemnification liability to Western Digital Corporation	$ 0	$ (112,000,000)	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 03, 2026	Jun. 27, 2025
Current assets:
Cash and cash equivalents	$ 4,762	$ 1,481
Accounts receivable, net	4,708	1,068
Inventories	2,698	2,079
Income tax receivable	22	66
Other current assets	590	392
Total current assets	12,780	5,086
Non-current assets:
Marketable equity securities	1,777	0
Property, plant and equipment, net	674	619
Notes receivable and investments in Flash Ventures	678	654
Goodwill	4,994	4,999
Income tax receivable, non-current	169	80
Deferred tax assets	66	58
Other non-current assets	1,369	1,489
Total assets	22,507	12,985
Current liabilities:
Accrued expenses	313	274
Accrued compensation	657	173
Refund liabilities	1,500	126
Contract liabilities	849	25
Income tax payable, current	1,286	43
Current portion of long-term debt	0	20
Total current liabilities	5,581	1,427
Non-current liabilities:
Non-current contract liabilities	393	0
Deferred tax liabilities	161	17
Income tax payable, non-current	258	131
Long-term debt	0	1,829
Other liabilities	378	365
Total liabilities	6,771	3,769
Commitments and contingencies (Notes 10, 11, 14 and 15)
Shareholders’ equity:
Common stock, $0.01 par value; authorized — 450 shares; issued — 149 shares and outstanding — 146000000 shares (issued and outstanding as of June 27, 2025 — 146000000 shares)	1	1
Treasury stock	(4,537)	0
Additional paid-in capital	10,879	11,248
Accumulated other comprehensive loss	(256)	(249)
Retained earnings (Accumulated deficit)	9,649	(1,784)
Total shareholders’ equity	15,736	9,216
Total liabilities and shareholders’ equity	22,507	12,985
Nonrelated Party
Current liabilities:
Accounts payable	516	366
Related Party
Current liabilities:
Accounts payable	$ 460	$ 400