Summary of Key Points from the SanDisk Fiscal Year 2026 Analyst Conference Call

I. Record-breaking financial performance and guidance. 1. Fourth-quarter performance: Revenue reached $8.965 billion, exceeding the upper limit of guidance. Quarter-over-quarter growth, with about one-third coming from increased shipments and two-thirds from price increases. 2. Gross margin and earnings per share: Non-GAAP gross margin rose to 84.6%; Non-GAAP EPS reached $39.25. 3. Cash flow and capital returns: Operating cash flow was $7.126 billion; the company returned $4.5 billion to shareholders through stock repurchases during the quarter. 4. Full fiscal year 2026 performance: Total revenue for the year reached $20.248 billion, with shipment growth in the mid-teens, in line with expectations. 5. Fiscal year 2027 first-quarter guidance: Expected revenue of $10.3 billion to $10.8 billion, with growth driven by increased shipments and moderate price increases. Non-GAAP gross margin is expected to be between 83% and 85%, with Non-GAAP EPS of $44 to $46.