ConsumerThin moat

Sandisk (SNDK) — moat facet

The brand business, shipping less and getting squeezed out in a shortage.

Consumer is the business Sandisk is named for and the smallest of its three end markets. It brought in $2,935 million in fiscal 2026, up 29%, about 14.5% of revenue.12

Consumer revenue ($m)$2,269mFY2024$2,268mFY2025$2,935mFY2026Sandisk Form 10-K FY2026
Flat for two years, then up 29% in fiscal 2026 on price while bits fell.

It sells memory cards, USB flash drives and portable SSDs through retail and channel partners, and the 10-K describes it as built on the brand's recognition and worldwide presence.3 It is the only end market where the buyer is a person rather than a company.

It has been flat for three years. Revenue was $2,269 million in fiscal 2024 and $2,268 million in fiscal 2025.4 The fiscal 2026 increase came entirely from price: bits shipped fell by a mid-teens percentage while revenue per gigabyte rose by the low fifties percent.5

The latest quarter shows what happens to it in a shortage. Consumer revenue fell 32% on the prior quarter to $556 million, and was 5% below a year earlier, while Datacenter doubled.6 It was 6.2% of revenue in the June quarter.78 The channel also costs money to serve: Sandisk offers its customers price protection and marketing programmes.9

Sandisk reports no profit by end market.

The verdict is that the consumer business is where Sandisk sends flash it does not need elsewhere; in a shortage it gets less. The figure to watch is its bit volume: a mid-teens fall in fiscal 2026, and a second year of decline would mean the brand is being run for cash rather than share.

Moat trajectory: Narrowing

Revenue down 32% on the prior quarter and bits down by a mid-teens percentage in fiscal 2026.

The number that tests this moat
Reported
Consumer revenue, latest quarter
$556M in Q4 fiscal 2026, down 32% on the prior quarter

The brand business is where Sandisk sends spare flash; a second year of falling bits would mean it is being run for cash.

Source: Sandisk fiscal Q4 2026 results release ↗
References
  1. ReportedIt brought in $2,935 million in fiscal 2026, up 29%, about 14.5% of revenue.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  2. Moat Explorer calcIt brought in $2,935 million in fiscal 2026, up 29%, about 14.5% of revenue.
    Moat Explorer calculation from Sandisk's FY2026 10-K and Q4 FY2026 release: end-market shares of revenue — FY2024 to Q4 FY2026 · publ. 2026-09-23 · source ↗
  3. ReportedIt sells memory cards, USB flash drives and portable SSDs through retail and channel partners, and the 10-K describes it as built on the brand's recognition and worldwide presence.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  4. ReportedRevenue was $2,269 million in fiscal 2024 and $2,268 million in fiscal 2025.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  5. ReportedThe fiscal 2026 increase came entirely from price: bits shipped fell by a mid-teens percentage while revenue per gigabyte rose by the low fifties percent.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
  6. ReportedConsumer revenue fell 32% on the prior quarter to $556 million, and was 5% below a year earlier, while Datacenter doubled.
    Sandisk fiscal Q4 2026 results release (Exhibit 99.1, 5 August 2026) - end-market revenue for Q4 FY2026, Q3 FY2026 and Q4 FY2025 (Datacenter $2,977M/$1,467M/$213M, Edge $5,432M/$3,663M/$1,103M, Consumer $556M/$820M/$585M); gross margin 84.6% — Q4 FY2026 · publ. 5 August 2026 · source ↗
  7. ReportedIt was 6.2% of revenue in the June quarter.
    Sandisk fiscal Q4 2026 results release (Exhibit 99.1, 5 August 2026) - end-market revenue for Q4 FY2026, Q3 FY2026 and Q4 FY2025 (Datacenter $2,977M/$1,467M/$213M, Edge $5,432M/$3,663M/$1,103M, Consumer $556M/$820M/$585M); gross margin 84.6% — Q4 FY2026 · publ. 5 August 2026 · source ↗
  8. Moat Explorer calcIt was 6.2% of revenue in the June quarter.
    Moat Explorer calculation from Sandisk's FY2026 10-K and Q4 FY2026 release: end-market shares of revenue — FY2024 to Q4 FY2026 · publ. 2026-09-23 · source ↗
  9. ReportedThe channel also costs money to serve: Sandisk offers its customers price protection and marketing programmes.
    Sandisk Form 10-K FY2026 - revenue by end market FY2024-FY2026 (Datacenter $325M/$960M/$5,153M, Edge $4,069M/$4,127M/$12,160M, Consumer $2,269M/$2,268M/$2,935M); end-market descriptions; fiscal 2026 changes in bits shipped (exabytes) and revenue per gigabyte by end market; long-term agreements with Datacenter and Edge customers; refund liabilities $1,500M against $126M; sales incentives and price protection — FY2024-FY2026 · publ. August 2026 · source ↗
Sources
Generated September 23, 2026