The separation was executed through WDC’s pro rata distribution of 80.1% of the outstanding shares of common stock of the Company to holders of WDC’s common stock as of February 21, 2025. On the separation date, the Company issued 145 million shares of common stock, par value $0.01 per share. This share amount is utilized for the calculation of basic and diluted net income (loss) per share for all periods presented prior to the separation, and these shares are treated as issued and outstanding for purposes of calculating historical diluted net income (loss) per share. For periods prior to the separation, it is assumed that there were no dilutive equity instruments as there were no equity awards of Sandisk outstanding prior to the separation.


	2026		2025		2024
	(in millions, except per share amounts)
Net income (loss)	$	11,433	$	(1,641)	$	(672)

Weighted average shares outstanding:
Basic	147		145		145
Diluted (1)	155		145		145

Net income (loss) per common share:
Basic	$	77.78	$	(11.32)	$	(4.63)
Diluted (2)	$	73.76	$	(11.32)	$	(4.63)

(1) For the year ended July 3, 2026, an insignificant number of weighted average outstanding awards were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive. For the year ended June 27, 2025, 2 million weighted average outstanding awards were excluded from the calculation of the diluted net income per share because their effect would have been anti-dilutive.

(2) For the years ended June 27, 2025 and June 28, 2024, the Company recorded a net loss. Accordingly, the potential dilution from all equity awards would be anti-dilutive. As a result, basic net loss per share is equal to diluted net loss per share for such periods. For the year ended June 28, 2024, it was also assumed that there are no dilutive equity instruments as there were no equity awards of Sandisk outstanding prior to the separation.

Basic net income (loss) per share is computed using (i) net income (loss) divided by (ii) weighted average basic shares outstanding. Diluted net income (loss) per share is computed as (i) net income (loss) divided by (ii) weighted average diluted shares outstanding. The treasury stock method is used to determine the dilutive impact of unvested equity awards.