SanDisk (SNDK) expects to return 100% of excess cash to shareholders and expects adj. FCF margin at 50% FY28-30; targets mid-to-high teens revenue growth and 80% non-GAAP gross margin FY28-30

Long-dated guidance of this kind, a full excess-cash return pledge paired with multi-year margin and growth targets, is the standard vocabulary of an investor day or capital markets event rather than a quarterly print, and the market tends to treat the two differently: quarterly numbers reprice the near term, while frameworks like this reset the multiple investors are willing to pay for the cash flow stream. The 100% excess-cash commitment is the more binding element, since buyback-and-dividend pledges invite scrutiny of the definition of excess, the cadence, and whether leverage targets gate the payout; companies that miss their own return frameworks have historically been punished more than those that never set one. The gross margin ambition is the operational tell, and in memory and storage names the pattern has been that margin targets live and die with the supply-demand cycle in NAND, so the credibility of the framework rests on assumptions about pricing discipline and capacity additions across the peer set rather than on company execution alone. Worth watching is how management bridges current margins to the target, what the framework assumes about the cycle, and whether the capital return starts immediately or is back-loaded. Guidance of this length is a statement of intent, not a forecast, and desks have generally treated the first revisions to it as the real signal.