Western Digital
WDC · NasdaqComputer Storage Devices · Fiscal year ends Jul 3
Western Digital reported revenue of $12.9B in the fiscal year ended Jul 2026, up 35.7% from the year before. Operating income was $4.5B, an operating margin of 34.5%, and net income was $9.4B. Operating cash flow of $3.9B less capital expenditure of $418M left free cash flow of $3.5B. It held more cash than debt (net cash $527M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | $18.8B | $6.3B | $6.3B | $9.5B | $12.9B |
| Cost of revenue | $12.9B | $4.9B | $4.5B | $5.8B | $6.6B |
| Gross profit | $5.9B | $1.4B | $1.8B | $3.7B | $6.3B |
| Selling, general & admin | $1.1B | $807M | $726M | $568M | $551M |
| Operating income | $2.4B | −$548M | −$403M | $2.3B | $4.5B |
| Interest expense | $304M | $312M | $414M | $357M | $165M |
| Pre-tax income | $2.2B | −$849M | −$739M | $1.1B | $9.9B |
| Income tax | $625M | $53M | $26M | −$513M | $481M |
| Net income | $1.5B | −$1.7B | −$798M | $1.9B | $9.4B |
| Diluted EPS | 4.89 | −5.37 | −2.61 | 5.12 | 24.28 |
| Diluted shares | 316M | 318M | 326M | 359M | 383M |
Balance sheet
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $2B | $1.6B | $2.1B | $1.6B |
| Receivables | $2.8B | $1.6B | $1.2B | $1.5B | $2B |
| Inventory | $3.6B | $3.7B | $1.4B | $1.3B | $1.5B |
| Current assets | $9.5B | $7.9B | $8.1B | $5.9B | $5.6B |
| Net PP&E | $3.7B | $3.6B | $2.4B | $2.3B | $2.5B |
| Goodwill | $10B | $10B | $4.3B | $4.3B | $4.3B |
| Total assets | $26.3B | $24.5B | $24.2B | $14B | $13.9B |
| Payables | $1.9B | – | $1.1B | $1.3B | $1.8B |
| Current liabilities | $5.2B | $5.4B | $6.1B | $5.4B | $4.2B |
| Short-term debt | $0 | $1.2B | $1.8B | $2.2B | $1.1B |
| Long-term debt | $7B | $5.9B | $5.7B | $2.5B | $0 |
| Total liabilities | $14B | $12.7B | $13.1B | $8.5B | $5B |
| Shareholders' equity | $12.3B | $11B | $10.8B | $5.3B | $8.9B |
| Backlog (remaining obligations) | $45M | – | – | – | – |
Cash flow
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | −$408M | −$294M | $1.7B | $3.9B |
| Capital expenditure | $1.1B | $821M | $487M | $412M | $418M |
| Free cash flow | $758M | −$1.2B | −$781M | $1.3B | $3.5B |
| Depreciation & amortisation | $929M | $828M | $568M | $451M | $375M |
| Stock-based compensation | $326M | $318M | $295M | $265M | $204M |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | – | $0 | $0 | $149M | $2.6B |
| Dividends paid | $0 | $0 | $0 | $44M | $174M |
| Dividend per share | 0.00 | – | – | 0.10 | 0.50 |
Key ratios
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −66.7% | 1.0% | 50.7% | 35.7% |
| Operating income growth (YoY) | – | −122.9% | – | – | 90.8% |
| EPS growth (YoY) | – | −209.8% | – | – | 374.2% |
| Gross margin | 31.3% | 22.2% | 28.1% | 38.8% | 48.9% |
| Operating margin | 12.7% | −8.8% | −6.4% | 24.5% | 34.5% |
| Net margin | 8.2% | −26.9% | −12.6% | 19.8% | 72.9% |
| Return on equityBlank when equity is negative | 12.5% | −15.4% | −7.4% | 35.6% | 106.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.4% | −2.9% | −2.2% | 27.2% | 46.3% |
| Free cash flow margin | 4.0% | −19.6% | −12.4% | 13.4% | 27.2% |
| Cash conversion (CFO ÷ net income) | 1.22x | 0.24x | 0.37x | 0.90x | 0.42x |
| Receivable days | 54 | 93 | 71 | 57 | 57 |
| Inventory days | 103 | 278 | 111 | 81 | 83 |
| Payable days | 54 | – | 85 | 79 | 98 |
| Interest cover | 7.87x | −1.76x | −0.97x | 6.54x | 27.0x |
| Debt ÷ equity | 0.57x | 0.64x | 0.69x | 0.89x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.7B | $5B | $5.9B | $2.6B | −$527M |
| Current ratio | 1.81x | 1.45x | 1.32x | 1.08x | 1.33x |
Recent filings
More in Computer Storage Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.