Sandisk Corporation stock research
FY2025 Q4
Sandisk (SNDK) Gross Margin — Quarter Ended Jun 27, 2025
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue also rose. Gross margin improved from the prior quarter but weakened relative to the same quarter one year earlier.
Gross margin takeaway
Quarter ended Jun 27, 2025 · FY2025 Q4
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue also rose. Gross margin improved from the prior quarter but weakened relative to the same quarter one year earlier.
- The strongest observable margin driver is the relationship between revenue growth and cost of revenue growth; revenue increased more than cost of revenue compared to the prior quarter, leading to margin improvement.
- Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.2%
Gross profit
$498.0M
Revenue
$1.9B
Cost of revenue
$1.4B
Quarter-over-quarter change
+3.7 pts
Year-over-year change
-9.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 27, 2024 | $1.9B | $726.0M | $1.2B | 38.6% |
| Dec 27, 2024 | $1.9B | $606.0M | $1.3B | 32.3% |
| Mar 28, 2025 | $1.7B | $382.0M | $1.3B | 22.5% |
| Jun 27, 2025 | $1.9B | $498.0M | $1.4B | 26.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 28, 2025
+3.7 pts
Year-over-year change
Jun 28, 2024
-9.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue growth and cost of revenue growth; revenue increased more than cost of revenue compared to the prior quarter, leading to margin improvement.
Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was lower.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters, as the year-over-year margin decline suggests cost growth outpaced revenue growth.