Western Digital Corporation (WDC) financials
NASDAQ · Technology · Computer Hardware · 40,000 employees · CEO Tiang Yew Tan
- Price
- $366.11 -7.41%
- Market cap
- $137B
- Enterprise value
- $137B
- Last report
- Q1 '27 filed 2026-10-23
Revenue (TTM)$14.5B+43.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)39.4%+11.8 pp vs a year agoOperating income $5.71B
Net income (TTM)$10B+288.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.29B+121.1% vs a year agoCapex $572M
Diluted EPS (TTM)$26.38+283.4% vs a year agoSum of the last 4 quarters
Net cash$525M+125.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $137B EV $137B
- Revenue
- $14.5B Trailing 12 months
- Revenue growth
- +64% FY2027 consensus
- Profit margin
- 69.2% Net income / revenue, TTM
- P/E
- 12.8× Forward 14.8× (FY2027)
- P/S
- 9.5× Price / sales, TTM
- EV / EBITDA
- 21.8× TTM
- Free cash flow
- $4.29B Trailing 12 months
- Net income
- $10B Trailing 12 months
- Revenue estimate
- $21.2B FY2027 consensus
- Earnings
- –
- Dividend
- $0.50 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue beat by 5.7%, EPS beat by 12.9%Revenue $4.38B vs $4.14B expected (+5.7%); EPS $4.64 vs $4.11 (+12.9%).
- Revenue growth accelerating: 55.5% year on yearQ1 '27 revenue $4.38B, against an average of 35.5% over the four quarters before.
- Operating margin 39.4% (TTM), +11.8 pp on a year agoOperating income grew 104.4% while revenue grew 43.0%.
- 46.2% of pre-tax profit is non-operatingPre-tax income $10.6B vs operating income $5.71B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 3.9% of revenue (a year ago 3.8%)$572M invested in the last 4 quarters (+47.0% on a year earlier). Free cash flow $4.29B = 42.8% of net income.
- Returned $3.24B to shareholders = 75.4% of free cash flowBuybacks $3.04B (a year earlier $702M), dividends $196M, stock-based pay $230M (TTM).
- Diluted share count up 2.1% in a year384M diluted shares in Q1 '27, 376M a year earlier.
- Net cash $525MCash + short-term investments $1.31B, debt incl. leases $789M; a year ago net debt $2.03B.
Last quarter: Q1 '27
Quarter ended 2026-10-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q1 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.38B | $2.82B | +55.5% |
| Gross margin | 57.8% | 43.5% | +14.3 pp |
| Operating income | $2.05B | $792M | +158.3% |
| Operating margin | 46.7% | 28.1% | +18.6 pp |
| Net income | $1.78B | $1.18B | +50.5% |
| Diluted EPS | $4.63 | $3.07 | +50.8% |
| Operating cash flow | $1.6B | $672M | +138.7% |
| Capex | $227M | $73M | +211.0% |
| Free cash flow | $1.38B | $599M | +129.9% |
| R&D | $283M | $294M | -3.7% |
| Stock-based compensation | $79M | $53M | +49.1% |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.38B | $4.14B | +5.7% |
| EPS (as estimated) | $4.64 | $4.11 | +12.9% |
From the report of 2026-10-22 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cloud | $3.87B | – | 88.3% | – | – | |
| Client Devices | $320M | – | 7.3% | – | – | |
| Retail Products | $193M | – | 4.4% | – | – |
Revenue by region
share of total| Segment | Q1 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $2.08B | – | 47.5% | – | – | |
| Asia | $1.71B | – | 39.0% | – | – | |
| Europe Middle East And Africa | $592M | – | 13.5% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.86B
- Capex
- -$572M
- Buybacks
- -$3.04B
- Dividends
- -$196M
- Acquisitions
- $0
- Net debt issued
- -$607M
- Stock-based compensation
- $230M
- Free cash flow
- $4.29B
- Returned to shareholders / FCF
- 75.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.8× | 12.9× 3 of 5 years | 6.8× – 20.0× |
| EV / EBITDA | 21.8× | 332.4× | 4.3× – 1,556.5× |
| EV / Sales | 9.4× | 4.8× | 0.8× – 14.4× |
| Price / FCF | 32.0× | 27.8× 3 of 5 years | 13.2× – 53.0× |
| Price / Book | 14.3× | 5.7× | 0.8× – 21.0× |
| FCF yield | 3.1% | -0.4% | -13.3% – 7.6% |
| Return on invested capital | 49.3% | 12.9% | -2.7% – 39.7% |
| Return on equity | 113.8% | 26.4% | -15.4% – 106.3% |
Analysts
Consensus target $617.15 (+68.6%)
range $405.00 – $1,050.00 · rating Buy
Strong buy0
Buy44
Hold16
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $21.2B | +64.4% | $24.73 | +1.9% | 14.8× | 13 |
| FY2028 | $30.2B | +42.3% | $40.43 | +63.5% | 9.1× | 12 |
| FY2029 | $36.6B | +21.1% | $54.03 | +33.6% | 6.8× | 5 |
| FY2030 | $43.2B | +18.1% | $69.22 | +28.1% | 5.3× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 318 figures Western Digital Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | -$20M | – | – | |
| – | – | – | 0.0% | – | – | |
| – | – | – | $112M | – | – | |
| – | – | – | $506M | – | – | |
| – | – | – | $49M | – | – | |
| Accounts Payable, Current | $1.86B | $1.53B | +21.0% | $1.77B | $1.27B | +40.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.23B | $1.36B | +64.7% | $2.03B | $1.49B | +36.3% |
| Accounts Receivable, Held-for-sale | – | – | – | $02025-06-27 | $0 | – |
| Accrued Income Taxes, Current | $304M | $298M | +2.0% | $173M | $800M | -78.4% |
| Accrued Income Taxes, Noncurrent | – | – | – | $02025-06-27 | $200M | -100.0% |
| Accrued Liabilities, Current | $675M | $703M | -4.0% | $690M | $719M | -4.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.04B | $6.79B | +3.7% | $6.98B | $6.74B | +3.5% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | -$53M2026-07-03 | -$27M | -96.3% | -$53M | -$27M | -96.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $24M | $14M | +71.4% | $23M | $20M | +15.0% |
| Additional Paid in Capital | $66M | $4.55B | -98.5% | $961M | $4.62B | -79.2% |
| Advertising Expense | – | – | – | $25M | $32M | -21.9% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $23M2025-06-27 | $19M | +21.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 0 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $79M | – | – | $204M | $265M | -23.0% |
| Assets | $14.2B | $14.4B | -0.8% | $13.9B | $14B | -1.0% |
| Assets, Current | $5.87B | $6.28B | -6.5% | $5.63B | $5.86B | -3.8% |
| Assets, Fair Value Disclosure | $25M | – | – | $69M | $649M | -89.4% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $216M | $99M | +118.2% |
| Cash and Cash Equivalents, at Carrying Value | $1.31B | $2.05B | -35.8% | $1.58B | $2.11B | -25.3% |
| Cash and Cash Equivalents, Fair Value Disclosure | $23M | – | – | $67M | $285M | -76.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.31B | $2.05B | -35.8% | $1.58B | $2.11B | -25.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$265M | – | – | -$535M | $235M | -327.7% |
| Common Stock, Dividends, Per Share, Declared | $0.15 | – | – | $0.50 | $0.10 | +400.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 750M | 750M | 0.0% | 750M | 750M | 0.0% |
| Common Stock, Shares, Issued | 374M | 349M | +7.2% | 364M | 349M | +4.3% |
| Common Stock, Shares, Outstanding | 374M | 342M | +9.4% | 361M | 347M | +4.0% |
| Common Stock, Value, Issued | – | – | – | $3M2025-06-27 | $3M | 0.0% |
| Common Stock, Value, Outstanding | $4M | $3M | +33.3% | $4M | $3M | +33.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.78B | – | – | $9.43B | $2.08B | +354.3% |
| Cost of Goods and Services Sold | $1.85B | – | – | $6.61B | $5.83B | +13.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $125M | $90M | +38.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $189M | $213M | -11.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $352M | $302M | +16.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $38M | -$1M | +3,900.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $2M | $34M | -94.1% | $8M | $38M | -78.9% |
| Debt Instrument, Unamortized Discount (Premium), Net | – | – | – | $38M2025-06-27 | $54M | -29.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $193M | -$773M | +125.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$64M | -$1M | -6,300.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $129M | -$815M | +115.8% |
| Deferred Income Taxes and Other Assets, Noncurrent | $905M | $953M | -5.0% | $872M | $1.01B | -13.4% |
| Deferred Income Taxes and Tax Credits | -$30M | – | – | $129M | -$745M | +117.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | -$41M | +100.0% |
| Deferred Tax Assets, Derivative Instruments | $22M2026-07-03 | $166M | -86.7% | $22M | $166M | -86.7% |
| Deferred Tax Assets, Gross | $1.66B2026-07-03 | $1.8B | -7.6% | $1.66B | $1.8B | -7.6% |
| Deferred Tax Assets, Net | $867M2026-07-03 | $1B | -13.3% | $867M | $1B | -13.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $37M2026-07-03 | $37M | 0.0% | $37M | $37M | 0.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $114M2026-07-03 | $133M | -14.3% | $114M | $133M | -14.3% |
| Deferred Tax Assets, Other | $44M2026-07-03 | $29M | +51.7% | $44M | $29M | +51.7% |
| Deferred Tax Assets, Property, Plant and Equipment | $748M2026-07-03 | $796M | -6.0% | $748M | $796M | -6.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $101M2026-07-03 | $75M | +34.7% | $101M | $75M | +34.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $71M2026-07-03 | $38M | +86.8% | $71M | $38M | +86.8% |
| Deferred Tax Assets, Valuation Allowance | $611M2026-07-03 | $598M | +2.2% | $611M | $598M | +2.2% |
| Deferred Tax Liabilities, Gross | $184M2026-07-03 | $201M | -8.5% | $184M | $201M | -8.5% |
| Deferred Tax Liabilities, Other | $1M2026-07-03 | $12M | -91.7% | $1M | $12M | -91.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-10-02, 10-K 2026-07-03, 10-Q 2026-04-03, 10-Q 2026-01-02, 10-Q 2025-10-03, 10-K 2025-06-27, 10-Q 2025-03-28, 10-Q 2024-12-27, 10-Q 2024-09-27
Data as of 2026-11-01