WDCWestern Digital

Technology · Computer Storage · Nasdaq

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

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All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	25.84	Sales (ttm)	14.5B	Net income (ttm)	10.0B	Sales growth	+35.7%	EPS growth	+374%	Sales Q/Q	+55.5%
Free cash flow	4.3B	Gross margin	52.6%	Oper. margin	39.4%	Net margin	69.2%	FCF margin	29.6%	ROE	107.2%
ROA	70.4%	R&D / sales	9.0%	Dividend	0.50	Debt/Eq	0.11	Curr. ratio	1.43	Cash	1.3B
Op. cash flow (ttm)	4.9B	EBITDA	4.8B	EBITDA margin	37.4%	Net debt	-262.0M	Quick ratio	1.06	Interest cover	26.99
ROIC	40.7%	Payout ratio	2.1%	Tax rate	4.9%	Stock pay / sales	1.6%	Shares out.	374.3M	Shares Y/Y	+6.7%
Book / share	24.97	Cash / share	3.51	Sales / share	38.69	Asset turnover	1.02	Inventory turns	4.37	Days sales out.	57
Sales 3Y CAGR	+27.3%	Sales 5Y CAGR	-5.3%	EPS 5Y CAGR	+55.6%	Employees	40,000	Sales / employee	362K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025

Debt fell 78%$4.7B → $1.1B · Short-term + long-term debt at year end
Free cash flow rose 175%$1.3B → $3.5B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth slowed to +35.7%+50.7% → +35.7% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 34.5%24.5% → 34.5% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

WDC against Technology peers

Ten years, side by side → · All 75 →

WDCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+35.7%9th of 75 · median +14.1%

Net margin

69.2%1st of 75 · median 19.1%

Return on equity

107.2%3rd of 69 · median 23.9%

Free cash flow margin

29.6%24th of 71 · median 22.3%

Debt / equity (less is better)

0.1110th of 61 · median 0.46

WDC and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
WDC Western Digital	$14.5B	+35.7%	52.6%	69.2%	107.2%	29.6%	0.11
NOW ServiceNow	$15.4B	+20.9%	73.1%	9.4%	11.0%	30.8%	0.58
KLAC KLA Corporation	$14.5B	+11.7%	61.5%	36.2%	80.6%	27.8%	0.88
ADI Analog Devices	$13.9B	+16.9%	65.8%	29.8%	12.3%	35.6%	0.27
STX Seagate Technology	$13.8B	+34.1%	50.4%	31.9%	127.3%	30.1%	0.68
NXPI NXP Semiconductors	$13.8B	-2.7%	56.4%	23.4%	26.7%	25.4%	1.07

FY2022FY2025

From $18.8B of sales to $1.5B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $9.5B of sales to $1.9B of profit

FY2025, from the 10-K income statement and revenue by product

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022

$69$12$8

FY2025

$61$10$20

Cost of revenue
R&D
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4

✓
Net margin above the peer median69.2% vs 19.1%
✓
Gross margin up over 5 years26.7% → 48.9%
✓
Return on equity above 15%107.2%
!
A profit in 6 of 10 years

Net margin, FY2017 to FY2026: 2.1% → 72.9%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 27.0× interest expense
✓
Debt smaller than equityDebt / equity 0.11 on the latest balance sheet (peer median 0.46)
✓
Current assets cover current liabilitiesCurrent ratio 1.43
✓
More cash than debtNet cash $262.0M

Debt / equity at each year end, FY2017 to FY2026: 1.15 → 0.12

What the debt is made of ↓

Cash and shareholders

1 of 4

!
Free cash flow positive in 8 of 10 years$3.5B last year
!
Share count up over 5 years+23.9%
✓
Dividend per share up over 5 years$0.00 → $0.50
!
Cash from operations below net income$3.9B vs $9.4B

Free cash flow, FY2017 to FY2026: 2.9B → 3.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Oct 2, 2026 · schedule of Jun 27, 2025

The debt note's own lines, 2026-07-03

Fixed rate $0Floating $350.0M Not stated $1.8B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
3.00% convertible notes due 2028	Convertible	3.00%	not stated	$710.0M
2028 Convertible Notes, 3.00% (Convertible Debt)	Convertible	–	not stated	$710.0M
Revolving Credit Facility maturing January 2027	Bank loans	–	floating	$350.0M
2028 Convertible Notes, 3.00%	Convertible	–	not stated	$343.0M

From the debt note in the 10-K's XBRL (0001628280-26-057139), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 12.9B Net income 9.4B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

WDC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue12.9B

Net income9.4B

Free cash flow3.5B

EPS (diluted)24.28

Dividend per share0.50

Diluted shares383.0M

Revenue by product or service

year to Jul 3, 2026

	Revenue	Share	vs year before
Cloud	11.5B	88.9%	+37.8%
Client	726.0M	5.6%	+30.6%
Consumer	703.0M	5.4%	+12.8%

10-K 0001628280-26-057139, segment and revenue notes (XBRL).

Revenue by region

year to Jul 3, 2026

	Revenue	Share	vs year before
United States	5.2B	40.0%	+19.4%
China	2.5B	19.7%	+64.0%
Europe, Middle East and Africa	2.1B	16.4%	+37.6%
Hong Kong	1.5B	11.5%	+41.5%
Rest of Asia	1.1B	8.5%	+38.3%
Other	513.0M	4.0%	+94.3%

10-K 0001628280-26-057139, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	19.1B	20.6B	16.6B	16.7B	16.9B	18.8B	6.3B	6.3B	9.5B	12.9B
Cost of revenue	13.0B	12.9B	12.8B	13.0B	12.4B	12.9B	4.9B	4.5B	5.8B	6.6B
Gross profit	6.1B	7.7B	3.8B	3.8B	4.5B	5.9B	1.4B	1.8B	3.7B	6.3B
R&D	2.4B	2.4B	2.2B	2.3B	2.2B	2.3B	986.0M	950.0M	994.0M	1.2B
SG&A	1.4B	1.5B	1.3B	1.2B	1.1B	1.1B	807.0M	726.0M	568.0M	551.0M
Operating income	2.0B	3.6B	87.0M	335.0M	1.2B	2.4B	-548.0M	-403.0M	2.3B	4.5B
Interest expense	847.0M	676.0M	469.0M	413.0M	326.0M	304.0M	312.0M	414.0M	357.0M	165.0M
Pretax income	769.0M	2.1B	-287.0M	-46.0M	927.0M	2.2B	-849.0M	-739.0M	1.1B	9.9B
Income tax	372.0M	1.4B	467.0M	204.0M	106.0M	625.0M	53.0M	26.0M	-513.0M	481.0M
Net income	397.0M	675.0M	-754.0M	-250.0M	821.0M	1.5B	-1.7B	-798.0M	1.9B	9.4B
EPS (diluted)	1.34	2.20	-2.58	-0.84	2.66	4.89	-5.37	-2.61	5.12	24.28
Diluted shares	296.0M	307.0M	292.0M	298.0M	309.0M	316.0M	318.0M	326.0M	359.0M	383.0M
Depreciation & amortization	2.1B	2.1B	1.8B	1.6B	1.2B	929.0M	828.0M	568.0M	451.0M	375.0M
EBITDA	4.1B	5.7B	1.9B	1.9B	2.4B	3.3B	280.0M	165.0M	2.8B	4.8B
Gross margin	31.8%	37.3%	22.6%	22.6%	26.7%	31.3%	22.2%	28.1%	38.8%	48.9%
Operating margin	10.2%	17.5%	0.5%	2.0%	7.2%	12.7%	-8.8%	-6.4%	24.5%	34.5%
Net margin	2.1%	3.3%	-4.6%	-1.5%	4.9%	8.2%	-26.9%	-12.6%	19.8%	72.9%
Revenue growth	-	+8.1%	-19.8%	+1.0%	+1.1%	+11.1%	-66.7%	+1.0%	+50.7%	+35.7%
EPS growth	-	+64.2%	-217%	-	-	+83.8%	-210%	-	-	+374%

Balance sheet

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash	6.4B	5.0B	3.5B	3.0B	3.4B	2.3B	2.0B	1.6B	2.1B	1.6B
Short-term investments	24.0M	23.0M	0	-	-	-	-	-	-	-
Receivables	1.9B	2.2B	1.2B	2.4B	2.3B	2.8B	1.6B	1.2B	1.5B	2.0B
Inventory	2.3B	2.9B	3.3B	3.1B	3.6B	3.6B	3.7B	1.4B	1.3B	1.5B
Current assets	11.1B	10.6B	8.5B	9.0B	9.8B	9.5B	7.9B	8.1B	5.9B	5.6B
Property & equipment	3.0B	3.1B	2.8B	2.9B	3.2B	3.7B	3.6B	2.4B	2.3B	2.5B
Goodwill	10.0B	10.1B	10.1B	10.1B	10.1B	10.0B	10.0B	4.3B	4.3B	4.3B
Total assets	29.9B	29.2B	26.4B	25.7B	26.1B	26.3B	24.5B	24.2B	14.0B	13.9B
Accounts payable	2.1B	2.3B	1.6B	1.9B	1.9B	1.9B	-	1.1B	1.3B	1.8B
Current liabilities	4.3B	4.5B	3.8B	4.4B	4.9B	5.2B	5.4B	6.1B	5.4B	4.2B
Total debt	13.2B	11.2B	10.5B	9.6B	8.7B	7.0B	7.1B	7.4B	4.7B	1.1B
Total liabilities	18.4B	17.7B	16.4B	16.1B	15.4B	14.0B	12.7B	13.1B	8.5B	5.0B
Shareholders' equity	11.4B	11.5B	10.0B	9.6B	10.8B	12.3B	11.0B	10.8B	5.3B	8.9B
Retained earnings	8.6B	8.8B	7.4B	6.7B	7.5B	9.0B	7.6B	6.8B	762.0M	10.0B

Cash flow

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Operating cash flow	3.4B	4.2B	1.5B	824.0M	1.9B	1.9B	-408.0M	-294.0M	1.7B	3.9B
Capital spending	578.0M	835.0M	876.0M	647.0M	1.1B	1.1B	821.0M	487.0M	412.0M	418.0M
Free cash flow	2.9B	3.4B	671.0M	177.0M	752.0M	758.0M	-1.2B	-781.0M	1.3B	3.5B
Stock-based pay (added back)	394.0M	377.0M	306.0M	308.0M	318.0M	326.0M	318.0M	295.0M	265.0M	204.0M
Dividends paid	574.0M	593.0M	584.0M	595.0M	0	0	0	0	44.0M	174.0M
Buybacks	0	591.0M	563.0M	0	0	-	0	0	149.0M	2.6B
Acquisitions	0	100.0M	0	22.0M	0	0	-	-	-	-
Debt raised	-	13.8B	0	0	0	1.9B	1.2B	3.0B	2.1B	1.9B
Debt repaid	11.7B	17.1B	181.0M	982.0M	886.0M	3.6B	1.2B	2.1B	2.1B	1.7B
Investing cash flow	-636.0M	-1.7B	-1.3B	278.0M	-765.0M	-1.2B	-762.0M	-27.0M	150.0M	-429.0M
Financing cash flow	-4.6B	-3.9B	-1.8B	-1.5B	-817.0M	-1.7B	875.0M	187.0M	-1.6B	-4.0B
Dividend per share	2.00	2.00	2.00	1.50	0.00	0.00	-	-	0.10	0.50

Stock-based pay and leases

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Stock-based pay (expense)	394.0M	377.0M	306.0M	308.0M	318.0M	326.0M	318.0M	295.0M	265.0M	204.0M
Stock-based pay / revenue	2.1%	1.8%	1.8%	1.8%	1.9%	1.7%	5.1%	4.7%	2.8%	1.6%
Operating lease cost	-	49.0M	47.0M	55.0M	50.0M	58.0M	49.0M	41.0M	33.0M	37.0M
Operating lease cash paid	-	-	-	53.0M	51.0M	51.0M	43.0M	44.0M	36.0M	36.0M
Right-of-use assets	-	-	-	230.0M	222.0M	300.0M	260.0M	143.0M	123.0M	122.0M
Operating lease liabilities	-	-	-	245.0M	237.0M	317.0M	284.0M	161.0M	141.0M	139.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on WDC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WDC/export.csv") into a cell.