Western Digital Corp. (WDC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$3.3	$3.56	+7.9%	—	$3.7B	—
Q3 26	$2.39	$2.72	+13.8%	—	$3.3B	—
Q2 26	$1.93	$2.13	+10.4%	—	$3B	—
Q1 26	$1.58	$1.78	+12.7%	—	$2.8B	—
Q4 25	$1.48	$1.66	+12.2%	—	$2.6B	—
Q3 25	$1.11	$1.36	+22.5%	—	$2.3B	—
Q2 25	$1.82	$1.77	-2.7%	—	$4.3B	—
Q1 25	$1.71	$1.78	+4.1%	—	$4.1B	—
Q4 24	$1.17	$1.44	+23.1%	—	$3.8B	—
Q3 24	$0.15	$0.63	+320.0%	—	$3.5B	—
Q2 24	-$1.1	-$0.69	+37.3%	—	$3B	—
Q1 24	-$1.9	-$1.76	+7.4%	—	$2.8B	—
Q4 23	-$2.01	-$1.98	+1.5%	—	$2.7B	—
Q3 23	-$1.57	-$1.37	+12.7%	—	$2.8B	—
Q2 23	-$0.12	-$0.42	-250.0%	—	$3.1B	—
Q1 23	$0.39	$0.2	-48.7%	—	$3.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$26.9	—	—	$12.9B	—
FY25	—	$9.06	—	—	$9.5B	—
FY24	—	-$1.72	—	—	$13B	—
FY23	—	-$5.44	—	—	$12.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$19.1B	$20.6B	$16.6B	$16.7B	$16.9B	$18.8B	$12.3B	$13B	$9.5B	$12.9B
YoY change	+46.9%	+8.14%	-19.8%	+1.01%	+1.11%	+11.1%	-34.5%	+5.56%	-26.8%	+35.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	19.1B	20.6B	16.6B	16.7B	16.9B	18.8B	12.3B	13B	9.5B	12.9B
Cost of revenue	13B	12.9B	12.8B	13B	12.4B	12.9B	10.4B	10.1B	5.8B	6.6B
Gross profit	6.1B	7.7B	3.8B	3.8B	4.5B	5.9B	1.9B	2.9B	3.7B	6.3B
Gross margin	31.8%	37.3%	22.6%	22.6%	26.7%	31.3%	15.3%	22.6%	38.8%	48.9%
Research & development	2.4B	2.4B	2.2B	2.3B	2.2B	2.3B	2B	1.9B	994M	1.2B
Selling, general & administrative	1.4B	1.5B	1.3B	1.2B	1.1B	1.1B	970M	828M	568M	551M
Operating expenses	3.9B	3.9B	3.5B	3.4B	3.3B	3.4B	3B	2.7B	1.6B	1.7B
Operating income	2.2B	3.8B	253M	367M	1.2B	2.4B	-1.1B	210M	2.1B	4.6B
Operating margin	11.4%	18.6%	1.53%	2.19%	6.93%	13%	-8.87%	1.62%	22.4%	35.6%
Non-operating income, net	-596M	-1.1B	-128M	-28M	73M	35M	-170M	-493M	-688M	5.4B
Pretax income	769M	2.1B	-287M	-46M	927M	2.2B	-1.6B	-661M	1.1B	9.9B
Income tax	372M	1.4B	467M	204M	106M	625M	134M	137M	-513M	481M
Net income	397M	675M	-754M	-250M	821M	1.5B	-1.7B	-798M	1.9B	9.4B
Net margin	2.08%	3.27%	-4.55%	-1.49%	4.85%	8.23%	-13.7%	-6.14%	19.8%	72.9%
EBITDA	4B	5B	2.2B	2B	2.4B	3.4B	-217M	851M	2.6B	4.6B
EPS	1.38	2.27	-2.58	-0.84	2.69	4.81	-5.44	-1.72	9.06	26.9
Diluted EPS	1.34	2.2	-2.58	-0.84	2.66	4.75	-5.44	-1.72	5.14	26.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	2.8B	3B	3.5B	3.8B	4.1B	4.3B	2.3B	2.6B	2.8B	3B	3.3B	3.7B
Cost of revenue	2.7B	2.5B	2.5B	2.4B	2.5B	2.8B	1.4B	1.5B	1.6B	1.6B	1.7B	1.7B
Gross profit	99M	492M	1B	1.4B	1.6B	1.5B	912M	1.1B	1.2B	1.4B	1.7B	2B
Gross margin	3.6%	16.2%	29%	35.9%	37.9%	35.4%	39.8%	41%	43.5%	45.7%	50.2%	54.1%
Research & development	431M	444M	494M	538M	519M	502M	245M	262M	294M	289M	294M	284M
Selling, general & administrative	207M	198M	203M	220M	242M	238M	108M	124M	138M	128M	147M	138M
Operating expenses	638M	642M	697M	758M	761M	740M	353M	386M	432M	417M	441M	422M
Operating income	-539M	-150M	304M	595M	790M	776M	559M	681M	795M	963M	1.2B	1.6B
Operating margin	-19.6%	-4.95%	8.79%	15.8%	19.3%	18.1%	24.4%	26.1%	28.2%	31.9%	37%	42.9%
Non-operating income, net	-53M	-13M	-28M	-399M	-72M	49M	-404M	-280M	584M	1B	2.1B	1.6B
Pretax income	-682M	-259M	178M	102M	628M	741M	74M	347M	1.3B	2B	3.4B	3.2B
Income tax	3M	28M	43M	63M	135M	147M	-698M	95M	155M	120M	154M	52M
Net income	-685M	-287M	135M	39M	493M	594M	524M	285M	1.2B	1.8B	3.2B	3.2B
Net margin	-24.9%	-9.47%	3.91%	1.04%	12%	13.9%	22.8%	10.9%	41.9%	61.1%	96%	85.3%
EBITDA	-380M	52M	457M	722M	910M	880M	680M	774M	876M	2.2B	4.1B	-3.1B
EPS	-2.17	-0.87	0.35	0.92	1.4	1.68	1.46	1.37	3.34	5.27	9.26	17.3
Diluted EPS	-2.17	-0.87	0.34	0.88	1.35	1.63	1.42	0.75	3.07	4.73	8.2	8.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	17.4B	10.5B	9.9B	16.4B	10.6B	9.1B	18.7B	22.2B	220.4B	163.4B
Enterprise value	—	23.5B	17.6B	16.5B	21.8B	15.3B	14.2B	24.2B	24.8B	219.8B	164.3B
Shares outstanding	288M	297M	292M	298M	305M	312M	318M	326M	347M	345M	345M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	25.7	—	—	20	6.84	—	—	11.8	23.4	16.5
P/S	—	0.84	0.63	0.59	0.97	0.56	0.74	1.44	2.33	17.1	12.4
P/B	—	1.51	1.05	1.04	1.53	0.87	0.77	1.69	4.01	24.9	21.2
EV/EBITDA	—	4.68	8.13	8.38	9	4.43	-65.3	28.5	9.52	47.4	32.8
EV/Sales	—	1.14	1.06	0.98	1.29	0.81	1.15	1.86	2.61	17	12.7
Earnings yield	—	3.88%	—	—	5%	14.6%	—	—	8.51%	4.28%	6.07%
FCF yield	—	19.4%	6.39%	1.78%	4.58%	7.17%	-13.5%	-4.18%	5.76%	1.59%	1.39%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	31.8%	37.3%	22.6%	22.6%	26.7%	31.3%	15.3%	22.6%	38.8%	48.9%	54.1%
Operating margin	11.4%	18.6%	1.53%	2.19%	6.93%	13%	-8.87%	1.62%	22.4%	35.6%	43.6%
Net margin	2.08%	3.27%	-4.55%	-1.49%	4.85%	8.23%	-13.7%	-6.14%	19.8%	72.9%	72.9%
ROE	3.48%	5.85%	-7.56%	-2.62%	7.66%	12.7%	-14.2%	-7.22%	34.1%	106.3%	130.9%
ROA	1.33%	2.31%	-2.86%	-0.97%	3.14%	5.89%	-6.86%	-3.3%	13.5%	68%	20.8%
ROIC	6.2%	7.01%	1.49%	2.28%	6.46%	10.2%	-6.47%	1.26%	26.2%	52.5%	52.5%
Return on tangible assets	18.2%	18.1%	-27%	-6.86%	16%	26.9%	-39.1%	-20.1%	35.2%	180.6%	180.6%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.55	2.39	2.22	2.05	2	1.81	1.45	1.32	1.08	1.33	1.33
Quick ratio	2.01	1.73	1.36	1.36	1.26	1.11	0.77	0.78	0.84	0.97	0.97
Debt / equity	1.15	0.97	1.06	1	0.81	0.57	0.6	0.67	0.85	0.12	0.13
Debt / assets	0.44	0.38	0.4	0.37	0.33	0.27	0.29	0.31	0.34	0.08	0.08
Net debt / EBITDA	1.7	1.23	3.27	3.32	2.21	1.36	-23.3	6.53	1	-0.11	-0.13
Interest coverage	1.91	4.08	0.39	0.89	3.84	8.14	-3.97	-0.59	4.17	61	61
Effective tax rate	48.4%	67.6%	0%	0%	11.4%	28.8%	0%	0%	0%	4.86%	4.86%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	66.3	69.5	56.7	56.2	55.5	60.2	38.7	39.9	27.4	37.4	37.4
EPS (basic)	1.38	2.27	-2.58	-0.84	2.69	4.81	-5.44	-1.72	9.06	26.9	26.9
EPS (diluted)	1.34	2.2	-2.58	-0.84	2.66	4.75	-5.44	-1.72	5.14	26.9	26.9
Book value per share	39.6	38.8	34.1	32.1	35.2	39.2	37.2	33.9	16	25.7	20.9
FCF per share	9.93	11.3	2.3	0.59	2.47	2.43	-3.86	-2.4	3.69	10.2	9.03
Cash per share	22.1	16.9	11.8	10.2	11	7.46	6.36	5.76	6.09	4.58	4.38
Capex per share	1.93	2.72	2.59	2.17	3.29	3.55	2.54	0.9	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.92%	3.92%	4.57%	3.87%	5.93%	5.89%	6.55%	2.25%	—	—	—
Capex / operating cash flow	18.2%	23.1%	44.9%	123.7%	69%	59.6%	-2.2K%	-84.1%	—	—	—
Payout ratio	144.6%	87.9%	-77.5%	-238%	0%	0%	—	—	2.33%	1.95%	1.86%
Dividend yield	—	3.41%	5.56%	5.98%	0%	0%	—	—	0.2%	0.08%	0.13%

Yield

0.13%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Sep 8, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2026	$0.15
Jun 5, 2026	$0.15
Mar 5, 2026	$0.125
Dec 4, 2025	$0.125
Sep 4, 2025	$0.10
Jun 4, 2025	$0.10
Apr 2, 2020	$0.3779
Jan 2, 2020	$0.3779

Split history

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$2.8B	$3B	$3.5B	$3.8B	$4.1B	$4.3B	$2.3B	$2.6B	$2.8B	$3B	$3.3B	$3.7B
YoY change	-26.4%	-2.41%	+23.3%	+40.9%	+48.9%	+41.3%	-33.6%	-30.8%	-31.2%	-29.6%	+45.5%	+43.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	6.4B	5B	3.5B	3B	3.4B	2.3B	2B	1.9B	2.1B	1.6B
Receivables	1.9B	2.2B	1.2B	2.4B	2.3B	2.8B	1.6B	2.2B	1.5B	2B
Inventory	2.3B	2.9B	3.3B	3.1B	3.6B	3.6B	3.7B	3.3B	1.3B	1.5B
Total current assets	11.1B	10.6B	8.5B	9B	9.8B	9.5B	7.9B	8.1B	5.9B	5.6B
Property, plant & equipment	3B	1.4B	1.1B	1B	1.3B	1.8B	1.7B	1.3B	793M	865M
Goodwill & intangibles	27.7B	25.5B	23.6B	22B	21B	20.5B	20.2B	20.2B	8.6B	8.6B
Total assets	29.9B	29.2B	26.4B	25.7B	26.1B	26.3B	24.5B	24.2B	14B	13.9B
Accounts payable	2.4B	2.5B	1.9B	2.4B	2.3B	2.2B	1.6B	1.7B	1.3B	1.8B
Short-term debt	233M	179M	276M	286M	251M	—	1.2B	1.8B	2.2B	1.1B
Total current liabilities	4.3B	4.5B	3.8B	4.4B	4.9B	5.2B	5.4B	6.1B	5.4B	4.2B
Long-term debt	12.9B	11B	10.2B	9.3B	8.5B	7B	5.9B	5.7B	2.5B	—
Total liabilities	18.4B	17.7B	16.4B	16.1B	15.4B	14B	12.7B	13.1B	8.5B	5B
Shareholders' equity	11.4B	11.5B	10B	9.6B	10.7B	12.2B	11.8B	11B	5.5B	8.9B
Total debt	13.2B	11.2B	10.5B	9.6B	8.7B	7B	7.1B	7.4B	4.7B	1.1B
Net debt	6.8B	6.2B	7.1B	6.5B	5.4B	4.7B	5B	5.6B	2.6B	-527M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	2B	2.5B	1.9B	1.9B	1.7B	2.3B	3.5B	2.1B	3B	4B	3.2B	1.6B
Receivables	1.5B	1.5B	1.8B	2.2B	2.5B	2.6B	1.5B	1.5B	1.4B	1.7B	1.9B	2B
Inventory	3.5B	3.2B	3.2B	3.3B	3.4B	3.4B	1.3B	1.3B	1.4B	1.3B	1.4B	1.5B
Total current assets	7.6B	7.8B	7.5B	8.1B	8.9B	9.4B	8.1B	5.9B	6.3B	7.5B	6.9B	5.6B
Property, plant & equipment	1.5B	1.5B	1.4B	1.3B	1.2B	1.1B	804M	793M	769M	766M	833M	865M
Goodwill & intangibles	20.2B	20.2B	20.2B	20.2B	19.8B	19.6B	8.8B	8.6B	8.6B	8.6B	8.6B	8.6B
Total assets	24B	24.4B	23.8B	24.2B	24.8B	25.5B	16.4B	14B	14.4B	15.6B	15B	13.9B
Accounts payable	1.6B	1.8B	1.7B	1.7B	1.9B	2B	1.3B	1.3B	1.5B	1.5B	1.6B	1.8B
Short-term debt	1.9B	1B	450M	1.8B	1.8B	150M	2.4B	2.2B	2.2B	2.2B	1.6B	1.1B
Total current liabilities	5.8B	4.7B	4.1B	6.1B	6.1B	4.7B	5.2B	5.4B	5.2B	5.2B	4.6B	4.2B
Long-term debt	5.8B	7.4B	7.3B	5.7B	5.7B	7.2B	4.9B	2.5B	2.5B	2.4B	—	—
Total liabilities	13B	13.4B	12.8B	13.1B	12.9B	13.1B	11B	8.5B	8.2B	8.3B	5.4B	5B
Shareholders' equity	11B	10.9B	11B	11B	11.9B	12.3B	5.4B	5.5B	6.1B	7.3B	9.7B	8.9B
Total debt	7.7B	8.4B	7.8B	7.4B	7.4B	7.4B	7.3B	4.7B	4.7B	4.7B	1.6B	1.1B
Net debt	5.6B	5.9B	5.9B	5.6B	5.7B	5.1B	3.9B	2.6B	2.6B	2.7B	-469M	-527M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	397M	675M	-754M	-250M	821M	1.5B	-1.7B	-798M	1.9B	9.4B
Depreciation & amortization	2.1B	2.1B	1.8B	1.6B	1.2B	929M	828M	568M	451M	375M
Stock-based compensation	394M	377M	306M	308M	318M	326M	318M	295M	265M	204M
Change in working capital	-255M	529M	-83M	-1.1B	-689M	-1.1B	476M	-289M	-967M	-144M
Operating cash flow	3.1B	3.5B	1.7B	523M	1.5B	1.9B	-36M	-347M	1.7B	3.9B
Capital expenditure	-557M	-809M	-757M	-647M	-1B	-1.1B	-807M	-292M	—	—
Investing cash flow	-636M	-1.7B	-1.3B	278M	-765M	-1.2B	-762M	-53M	374M	0
Dividends paid	-574M	-593M	-584M	-595M	0	0	—	—	-44M	-184M
Share repurchases	0	-591M	-563M	0	0	—	—	-5M	-149M	-2.6B
Financing cash flow	-4.8B	-3.6B	-2.4B	-1.6B	-951M	-1.8B	782M	107M	-1.7B	-4.1B
Net change in cash	-2.4B	-1.8B	-2B	-848M	-262M	-1.2B	-16M	-293M	376M	-167M
Free cash flow	2.9B	3.4B	671M	177M	752M	758M	-1.2B	-781M	1.3B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	-685M	-287M	135M	39M	493M	594M	520M	282M	1.2B	1.8B	3.2B	3.2B
Depreciation & amortization	147M	143M	140M	138M	135M	120M	110M	86M	88M	92M	96M	99M
Stock-based compensation	77M	72M	77M	69M	84M	77M	59M	45M	53M	53M	53M	45M
Change in working capital	129M	505M	-302M	-621M	-473M	-544M	393M	-343M	419M	-210M	-102M	-251M
Operating cash flow	-373M	383M	55M	-412M	315M	265M	408M	746M	672M	745M	1.1B	1.4B
Capital expenditure	69M	-150M	-95M	-116M	-95M	-113M	-128M	—	—	—	—	—
Investing cash flow	82M	-84M	33M	-84M	-48M	-244M	139M	0	—	—	0	0
Dividends paid	—	—	—	—	—	—	—	—	-39M	-48M	-43M	-54M
Share repurchases	-3M	-2M	0	0	0	—	—	—	-553M	-615M	-752M	-672M
Financing cash flow	554M	557M	-640M	-359M	-102M	-53M	516M	-1.9B	-678M	-735M	-902M	-1.8B
Net change in cash	263M	856M	-552M	-855M	165M	-32M	1.1B	-1.1B	-6M	10M	221M	-392M
Free cash flow	-750M	-242M	-39M	250M	-62M	287M	379M	675M	599M	653M	978M	1.3B

Date	Ratio
Feb 24, 2025	1323:1000
Jun 4, 1997	2:1

Western Digital Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement