SanDisk reported a blowout fiscal fourth quarter for 2026, with revenue of $8.96 billion rising 51% sequentially and 372% from $1.90 billion a year earlier, beating consensus estimates around $8.48 billion. Non-GAAP diluted earnings per share reached $39.25, ahead of analyst expectations near $34.96 to $35 and up from $0.29 a year earlier, while GAAP net income was $6.90 billion, or $43.97 per diluted share. The company also said its board approved an additional $14 billion share repurchase program, lifting remaining authorization to $15.5 billion after $4.5 billion of buybacks in the quarter. Full-year fiscal 2026 revenue totaled $20.25 billion, up 175%, with non-GAAP diluted EPS of $70.88. Management said about one-third of the sequential revenue increase came from higher bit volumes and roughly two-thirds from stronger pricing. Non-GAAP gross margin expanded to 84.6% from 78.4% in the previous quarter and 26.4% a year earlier, operating margin reached 79.2%, and adjusted free cash flow was about $5.0 billion, a 56% margin. Datacenter was the main growth engine. Quarterly revenue in that segment more than doubled sequentially to $2.98 billion, up 103% from the prior quarter and roughly 1,300% year over year, while full-year datacenter sales rose 437% to $5.15 billion. SanDisk said demand was driven by compute-focused TLC enterprise solid-state drives and revenue shipments for the QLC Stargate platform for high-capacity AI data lakes. Edge revenue climbed 48% sequentially to $5.43 billion and 392% year over year, with full-year Edge sales up 195% to $12.16 billion. Consumer revenue fell 32% sequentially to $556 million. The company said it has signed multiple multi-year New Business Model agreements with datacenter and Edge customers, with weighted-average durations of more than four years and some extending to five years. Minimum contracted revenue totals $93.9 billion at floor pricing, while remaining performance obligations stood at $59.8 billion at quarter-end and would have been $91.1 billion including two deals signed after the period closed. Customer financial guarantees totaled $16.5 billion. Management expects those arrangements to account for more than half of bits shipped in fiscal 2027 and about two-thirds in fiscal 2028, reducing exposure to spot-market pricing. For fiscal first-quarter 2027, SanDisk guided revenue of $10.30 billion to $10.80 billion and non-GAAP diluted EPS of $44.00 to $46.00. The company said some product categories remain supply constrained as it builds inventory to support long-term commitments. It also said the broader NAND market could exceed $300 billion in calendar 2026 and approach $500 billion in calendar 2027, with datacenter share rising toward 50%. SanDisk said BiCS8 now represents the majority of bit production and cited the announcement of BiCS10. Cash and cash equivalents were about $4.76 billion at quarter-end, with no long-term debt.