TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0000106040 /10-K filed Aug 14, 2026, compared with Aug 14, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
KLACWDCADINXPINOWSTX
Nasdaq Technology · Computer Storage

Western Digital WDC

WDC quote by TradingView

Western Digital was founded in 1970 and is a Standard & Poor’s 500 (“S&P 500”) company headquartered in San Jose, California. 10-K, Item 1

Employees
40,000
Headquarters
San Jose, CA
CEO
Irving Tan
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $9.5B through the costs to a net profit of $1.9B · income statement of the 10-K

25% operating margin
Revenue to Gross profit: $3.7BRevenue to Cost of revenue: $5.8BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $1.9BOperating profit to Interest, tax, other: $445.0MOperating expenses to R&D: $994.0MOperating expenses to Sales, admin & other: $364.0M Revenue: $9.5B REVENUE $9.5B +51% Y/Y Gross profit: $3.7B · 39% margin GROSS PROFIT $3.7B 39% margin · +108% Y/Y Cost of revenue: $5.8B · 61% of revenue COST OF REVENUE $5.8B 61% of revenue Operating profit: $2.3B · 25% margin OPERATING PROFIT $2.3B 25% margin Operating expenses: $1.4B · 14% of revenue OPERATING EXPENSES $1.4B 14% of revenue Net profit: $1.9B · 20% margin NET PROFIT $1.9B 20% margin Interest, tax, other: $445.0M · 5% of revenue INTEREST, TAX, OTHER $445.0M 5% of revenue R&D: $994.0M · 10% of revenue R&D $994.0M 10% of revenue Sales, admin & other: $364.0M · 4% of revenue SALES, ADMIN & OTHER $364.0M 4% of revenue
Gross profit $3.7B 39% margin · +108% Y/Y
Operating profit $2.3B 25% margin
Net profit $1.9B 20% margin
The full income statement, year by year

WDC among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 35.7%, above 89% of 74 peers (their median 14.0%) REVENUE GROWTH 35.7% · above 89% Gross margin: 52.6%, above 42% of 67 peers (their median 58.0%) GROSS MARGIN 52.6% · above 42% Operating margin: 39.4%, above 83% of 70 peers (their median 22.2%) OPERATING MARGIN 39.4% · above 83% Net margin: 69.2%, above 100% of 74 peers (their median 18.9%) NET MARGIN 69.2% · above 100% FCF margin: 29.6%, above 67% of 70 peers (their median 22.3%) FCF MARGIN 29.6% · above 67% Return on capital: 40.7%, above 89% of 61 peers (their median 12.6%) RETURN ON CAPITAL 40.7% · above 89%
WDC Peer median Below the median

What changed

19 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Aug 14, 2026 against Aug 14, 2025.

Risk factors
19 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Cash from operations lower than net income
Cash from operations $3.9B vs net income $9.4B (FY ending Jul 3, 2026)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Cash from operations lower than net income
    Cash from operations $3.9B vs net income $9.4B (FY ending Jul 3, 2026)
  • Receivables +36.3% vs revenue +35.7% (+0.6 pts)
9 more checks with nothing to note
  • Inventory +17.0% vs revenue +35.7% (-18.7 pts)
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Evaluation of sufficiency of audit evidence over certain variable consideration reductions to revenue; Tax-free determination of the Flash business separation and debt-for-equity and equity-for-equity exchanges
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

19 paragraphs in Risk Factors that were not in the 10-K filed Aug 14, 2025. Quoted as filed.

All 19 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Aug 14, 2025 10-K, ITEM 1A
    Additionally, new technologies could impact demand for our products in unforeseen or unexpected ways. For example, if a shift away from Cloud and toward on-premises hardware diminishes the need for large-scale data center infrastructure, demand
  2. Item 1A · new paragraph · not in the 10-K filed Aug 14, 2025 10-K, ITEM 1A
    Long-term agreements expose us to certain execution, financial, and market risks, which could be significant. We have entered into long-term agreements with certain customers that commit us to deliver and our customers to purchase substantial volumes of products over multi-quarter or multi-year periods. These agreements also generally…
  3. Item 1A · new paragraph · not in the 10-K filed Aug 14, 2025 10-K, ITEM 1A
    In addition, armed conflicts and heightened geopolitical tensions can result in sanctions, export controls, tariffs and other trade restrictions, limit or restrict our ability to access certain markets and disrupt critical logistics networks, including air and ocean freight routes. For example, the escalation of the conflict involving…
  4. Item 1A · new paragraph · not in the 10-K filed Aug 14, 2025 10-K, ITEM 1A
    We may be adversely affected by the risks, challenges, and evolving regulatory landscape associated with the use of AI in our operations, product development, and business practices. We are increasingly leveraging AI technologies, including generative AI applications and tools, to support and enhance our various operational processes.…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2023FY2024FY2025FY2026
Revenue$6.3B$6.3B$9.5B$12.9B
Net income−$1.7B−$798.0M$1.9B$9.4B
Operating cash flow−$408.0M−$294.0M$1.7B$3.9B
Free cash flow−$1.2B−$781.0M$1.3B$3.5B

Revenue, FY2017 to FY2026

Ten fiscal years, each from its own 10-K · XBRL · USD

$12.9B ▲ 35.7% in FY2026

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Western Digital, San Jose, CA · from the 10-K filed Aug 14, 2026

Western Digital was founded in 1970 and is a Standard & Poor’s 500 (“S&P 500”) company headquartered in San Jose, California. We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (“HDD”) technology. HDDs are critical components in the worldwide data infrastructure market, powering the AI-driven digital economy. HDDs provide reliable, cost-effective, high-capacity storage needs for a wide range of applications, ranging from cloud data centers, enterprise storage systems, edge computing, and smart video to client and consumer devices.

Headquarters
San Jose, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
July 3
Last results
Oct 22, 2026
Incorporated in
DE

Employees, at the top of the page: "At the end of 2026, we employed approximately 40,000 people worldwide" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Aug 14, 2026 (open at SEC), compared with the 10-K filed Aug 14, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/WDC/export.csv") into a cell.