The board approved an additional $14 billion share repurchase program, bringing Sandisk's total remaining buyback authorization to $15.5 billion. Continue »Whether the program delivers that much value comes down to the cash flow funding it -- cash flow that mostly didn't exist a year ago. Full-year revenue rose 175% to $20.2 billion in fiscal 2026 (ended July 3, 2026), and the company swung from a $1.6 billion net loss the year before to $11.4 billion of net income. Operating cash flow reached $11.7 billion in fiscal 2026, compared to $84 million the year before, and it is still accelerating -- the quarterly figure more than doubled from $3.0 billion in fiscal Q3 to $7.1 billion in fiscal Q4. And even the company's more conservative measure of cash generation is enormous: Adjusted free cash flow, which excludes about $2.5 billion of customer prepayments and deposits, was $8.7 billion.