Sandisk sees revenue nearly quintuple - and a stock split is on the way

By Emily Bary and Hannah Pedone

Sandisk's stock has climbed more than 2,600% since the company separated from Western Digital 20 months ago - and it has one of the highest prices in the S&P 500

Sandisk's stock is up more than 450% this year.

Less than two years after it became an independent company again, Sandisk plans to conduct a stock split.

Shares are up more than 2,600% since the company separated from Western Digital (WDC) in February 2025, according to Dow Jones Market Data. They've become one of the highest-priced components in the S&P 500 SPX, finishing Thursday at $1,330. Just five companies in the index had higher stock prices than that as of the close.

A high stock price in isolation doesn't mean much, especially in an era when investors can easily trade fractional shares. That said, stock splits lower the price by creating more shares that are each worth commensurately less, and companies tend to say that the move makes the shares more accessible to investors.

Sandisk (SNDK) was no exception as it announced an eight-for-one stock split to be effective on Nov. 19. The company noted that the lower stock price could help make shares more accessible to employees purchasing them through plans.

A stock split doesn't change the overall value of a company or what each investor owns. Research is mixed on whether stock splits deliver the intended benefits of making shares more appealing to retail investors, though some experts have said there's a psychological advantage to having a somewhat lower price that doesn't seem so daunting.

The announcement came in conjunction with Sandisk's earnings report, in which it gave a revenue forecast that calls for $12.2 billion to $12.6 billion during the December quarter. Analysts tracked by FactSet had been looking for $12.3 billion.

Revenue for the September quarter came in at $11 billion, up 378% from a year prior, while analysts were modeling $10.7 billion.

CEO David Goeckeler called out "robust and growing demand for our products," which fueled "outpaced growth in our data-center business."

Shares were down 2% in choppy trading in Thursday's extended session.

Sandisk has been a major beneficiary of the AI boom, which has fueled unprecedented demand for products that store and move data. The company has been able to grow quite profitably, as tight supply of its storage offerings has allowed it to raise prices dramatically.

To that end, the company logged an 85.1% adjusted gross margin for the September quarter, with that measure showing the portion of money Sandisk was able to retain after covering the costs of making its products. This marked an expansion from the 84.6% adjusted operating margin recorded in the June quarter.

Sandisk's forecast calls for an adjusted gross margin of 84.5% to 85.5% in the December quarter.

Adjusted earnings per share in the September quarter ballooned 6,913% to $52.60 and exceeded expectations for $46.67, although the company flagged that the percentage is "not a meaningful figure."

Sandisk shares have been among the best performers in the S&P 500 this year, rising more than 450% so far in 2026, a gain second only to that of Moderna (MRNA).

-Emily Bary -Hannah Pedone

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10-29-26 1735ET