Western Digital
What matters nowUpdated 6 h ago
- Western Digital will report fiscal first-quarter 2027 results after the U.S. market closes on Thursday, October 22, 2026, with a conference call at 1:30 p.m. Pacific, and the print will be measured against the company's $4.1 billion revenue and $4.00 non-GAAP EPS guidance from August 1.
- WDC was quoted at $378.17 on the pooled 24/7 venue price, down 1.3% from the previous close of $383.18, after single-day drops of 10.02% on October 2 and 6.39% on October 6.
- On trailing figures to July 3, 2026, revenue was $12.92 billion, up 36%, with a 48.9% gross margin, a 34.5% operating margin and cloud at 89% of sales, and the stock trades at 15.6 times trailing earnings and 28.2 times EBITDA with a 2.6% free-cash-flow yield.
- Insiders sold 78,359 shares in 24 transactions over the past 180 days for about $35.6 million and made no purchases, while the company will redeem all $109.5 million of its 3.00% convertible notes due 2028 on November 16, 2026, with holders able to convert until November 12 2.
- The 40TB ePMR nearline drive is in qualification with two hyperscale customers and was planned for volume production in the second half of 2026, the annual meeting is set for November 20, 2026, and Polymarket gives 81.5% odds that the Fed makes no rate change after its October 2026 meeting, with CPI due October 14.
Western Digital designs, makes and sells hard disk drives (HDDs) for cloud data centers, PC makers and consumers. It completed the spin-off of its flash business, now SanDisk, on February 21, 2025, and reports as a stand-alone HDD company. Fiscal 2026 (ended July 3, 2026) revenue was $12.92 billion, up 36%, and cloud made up 89% of it. Traders follow the company through exabytes shipped, pricing per exabyte, and the drive roadmap (UltraSMR, 40TB ePMR and HAMR).
How it makes money
Western Digital sells high-capacity drives to hyperscale and enterprise cloud customers under the Ultrastar brand, to OEM and channel customers for PC drives, and to consumers through its own brand. Revenue equals exabytes shipped times average selling price per exabyte, so both volume and pricing move results. Cloud is the profit engine, and the capacity roadmap decides how much cost per terabyte it can cut in later years.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-07-03 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Cloud nearline HDDs (Ultrastar)
Cloud revenue rose 38% in fiscal 2026 and reached 89% of total sales.
Client HDDs (PC and notebook)
Revenue of $726 million in fiscal 2026, 6% of the total.
Consumer storage
Revenue of $703 million in fiscal 2026, 5% of the total.
Latest newsAll news →
WD sets October 22 date for fiscal Q1 2027 results
Western Digital will report fiscal first-quarter 2027 results after the U.S.
WD releases IDC-sponsored AI data-growth study and previews storage demos
Western Digital issued a release citing an IDC white paper it sponsored, in which 61% of surveyed organizations reported data growth of 25% or more over the past year, attributed to AI.
WD calls all $109.5 million of 3.00% convertible notes due 2028 for redemption
Western Digital will redeem all remaining 3.00% convertible senior notes due 2028, with $109,505,000 of principal outstanding, on November 16, 2026.
WD agrees to exchange about $191 million of 2028 convertible notes for cash and stock
Western Digital agreed to privately exchange about $191.0 million of its 3.00% convertible senior notes due 2028 for cash and common stock, dated August 26, 2026.
WD to present at Citi's 2026 Global TMT Conference on September 9
Western Digital said management would take part in Citi's 2026 Global TMT Conference on September 9, 2026.
WDC shares fall about 12% after a beat-and-raise quarter
Western Digital shares fell about 11.7% by 10:30 a.m.
Products & businesses
Cloud nearline HDDs (Ultrastar)
Cloud revenue rose 38% in fiscal 2026 and reached 89% of total sales.
Client HDDs (PC and notebook)
Revenue of $726 million in fiscal 2026, 6% of the total.
Consumer storage
Revenue of $703 million in fiscal 2026, 5% of the total.
What it's building next
40TB ePMR nearline drive (UltraSMR)
In qualification with two hyperscale customers; volume production was planned for the second half of 2026.
Next: Volume production of the 40TB drive · 2026-01-01
HAMR nearline drives
Qualification under way with two hyperscale customers; production ramp planned for 2027.
Next: HAMR production ramp · 2027-01-01
High Bandwidth Drive
Up to 2x drive bandwidth with a path to 8x; units were with customers for validation in February 2026.
Dual Pivot actuator
Still in the lab; the company says it will become available in 2028.
Power-optimized HDDs
Targets 20% lower power use; expected in customer qualification in 2027.
Next: Customer qualification of power-optimized drives · 2027-01-01
Platforms software layer
Open-API intelligent software layer; the company expects it to launch in 2027.
Next: Launch of the platforms software layer · 2027-01-01
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Cloud High-capacity enterprise hard drives for public and private cloud data centers, sold under the Ultrastar brand. The largest end market by far. Revenue rose 38% in fiscal 2026 on a 27% increase in exabytes sold. | $11.49B | 89.0% | |
| Client Hard drives for desktop and notebook PCs, sold mainly to OEM and channel customers. | $726.0M | 6.0% | |
| Consumer Retail and other end-user storage products sold under the Western Digital brand. | $703.0M | 5.0% |
Fiscal FY2026 · from the annual report
Valuation & fundamentals
TTM through 2026-07-03 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q4 FY2026 2026-07-03 | Q3 FY2026 2026-04-03 | Q2 FY2026 2026-01-02 | Q1 FY2026 2025-10-03 | Q4 FY2025 2025-06-27 | Q3 FY2025 2025-03-28 | Q2 FY2025 2024-12-27 | Q1 FY2025 2024-09-27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.92B | $3.75Bd +44% | $3.34B +45% | $3.02B +25% | $2.82B +27% | $2.60B +30% | $2.29B +31% | $2.41B +76% | $2.21B +85% |
| Gross profit | $6.31B | $2.03Bd +90% | $1.68B +84% | $1.38B +52% | $1.23B +52% | $1.07B +53% | $912.0M +76% | $907.0M +190% | $806.0M +230% |
| Operating income | $4.45B | $1.56Bd +130% | $1.19B +57% | $908.0M +62% | $792.0M +137% | $680.0Md | $760.0M +709% | $560.0M | $334.0M |
| Net income | $9.42B | $3.19Bd +1033% | $3.21B +516% | $1.84B +210% | $1.18B +140% | $282.0M +623% | $520.0M +285% | $594.0M | $493.0M |
| EPS (diluted) | $24.23 | $8.23d +997% | $8.20 +477% | $4.73 +190% | $3.07 +127% | $0.75 +838% | $1.42 +306% | $1.63 | $1.35 |
| Operating cash flow | $3.93B | $1.39Bd +86% | $1.12Bd +121% | $745.0Md +85% | $672.0M +1876% | $746.0Md +104% | $508.0Md +776% | $403.0Md | $34.0M |
| Capital expenditure | $418.0M | $108.0Md +52% | $145.0Md +12% | $92.0Md -21% | $73.0M -24% | $71.0Md -39% | $129.0Md +33% | $116.0Md -23% | $96.0M -23% |
| Share buybacks | $2.59B | $672.0Md +351% | $752.0Md | $615.0Md | $553.0M | $149.0Md | $0d | $0d | $0 |
| Cash & equivalents | $1.58B | $1.58B | $2.05B | $1.98B | $2.05B | $2.11B | $3.48B | $2.29B | $1.71B |
| Total debt | $1.05B | $1.05B | $1.58B | $4.66B | $4.68B | $4.71B | $7.33B | $7.37B | $7.40B |
| Shares outstanding | 361.0M | 361.0M | 345.0M | 340.0M | 342.0M | 347.0M | 349.0M | 348.0M | 346.0M |
| Metric | FY2026 2026-07-03 | FY2025 2025-06-27 | FY2024 2024-06-28 | FY2023 2023-06-30 | FY2022 2022-07-01 |
|---|---|---|---|---|---|
| Revenue | $12.92B +36% | $9.52B +51% | $6.32B +1% | $6.25B -67% | $18.79B |
| Cost of revenue | $6.61B +13% | $5.83B +28% | $4.54B -7% | $4.86B -62% | $12.92B |
| Gross profit | $6.31B +71% | $3.69B +108% | $1.77B +27% | $1.39B -76% | $5.87B |
| Operating income | $4.45B +91% | $2.33B | −$403.0M | −$548.0M -123% | $2.39B |
| EBIT | $4.45B +91% | $2.33B | −$403.0M | −$548.0M -123% | $2.39B |
| Depreciation & amortization | $375.0M -17% | $451.0M -21% | $568.0M -31% | $828.0M -11% | $929.0M |
| Interest expense | $165.0M -54% | $357.0M -14% | $414.0M +33% | $312.0M +3% | $304.0M |
| Income tax | $481.0M | −$513.0M -2073% | $26.0M -51% | $53.0M -92% | $625.0M |
| Net income | $9.42B +399% | $1.89B | −$798.0M | −$1.68B -209% | $1.55B |
| EPS (diluted) | $24.28 +374% | $5.12 | $-2.61 | $-5.37 -210% | $4.89 |
| Dividends per share | $0.50 +400% | $0.10 | — | — | $0.00 |
| Diluted shares (weighted) | 383.0M | 359.0M | 326.0M | 318.0M | 316.0M |
| Operating cash flow | $3.93B +132% | $1.69B | −$294.0M | −$408.0M -122% | $1.88B |
| Capital expenditure | $418.0M +1% | $412.0M -15% | $487.0M -41% | $821.0M -27% | $1.12B |
| Share buybacks | $2.59B +1640% | $149.0M | $0 | $0 | — |
| Dividends paid | $174.0M +295% | $44.0M | $0 | $0 | $0 |
| Cash & equivalents | $1.58B | $2.11B | $1.55B | $2.02B | $2.33B |
| Long-term debt (incl. current portion) | $1.05B | $4.71B | $7.43B | $7.07B | $7.02B |
| Total debt | $1.05B | $4.71B | $7.43B | $7.07B | $7.02B |
| Total assets | $13.86B | $14.00B | $24.19B | $24.55B | $26.26B |
| Total liabilities | $5.00B | $8.46B | $13.14B | $12.71B | $14.04B |
| Shareholders' equity | $8.86B | $5.31B | $10.82B | $10.96B | $12.32B |
| Shares outstanding | 361.0M | 347.0M | 343.0M | 322.0M | 315.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
WD sets October 22 date for fiscal Q1 2027 results
Western Digital will report fiscal first-quarter 2027 results after the U.S.
WD releases IDC-sponsored AI data-growth study and previews storage demos
Western Digital issued a release citing an IDC white paper it sponsored, in which 61% of surveyed organizations reported data growth of 25% or more over the past year, attributed to AI.
WD calls all $109.5 million of 3.00% convertible notes due 2028 for redemption
Western Digital will redeem all remaining 3.00% convertible senior notes due 2028, with $109,505,000 of principal outstanding, on November 16, 2026.
WD agrees to exchange about $191 million of 2028 convertible notes for cash and stock
Western Digital agreed to privately exchange about $191.0 million of its 3.00% convertible senior notes due 2028 for cash and common stock, dated August 26, 2026.
WD to present at Citi's 2026 Global TMT Conference on September 9
Western Digital said management would take part in Citi's 2026 Global TMT Conference on September 9, 2026.
WDC shares fall about 12% after a beat-and-raise quarter
Western Digital shares fell about 11.7% by 10:30 a.m.
Western Digital reports fiscal Q4 2026 results: revenue $3.75B, up 44% from a year earlier
Western Digital filed a Form 8-K with the SEC on Aug 5, 2026, 4:04 PM ET, reporting an event dated Aug 5, 2026.
WD declares $0.15 quarterly dividend, payable September 17, 2026
Western Digital's board declared a quarterly cash dividend of $0.15 per share with its fiscal fourth-quarter results.
WD sets August 5 date for fiscal Q4 and full-year 2026 results
Western Digital said it would report fourth-quarter and fiscal 2026 results after the market closes on August 5, 2026, with a conference call that afternoon.
WD exchanges $858.4 million of 2028 convertible notes for cash and about 21.3 million shares
Western Digital agreed on June 2, 2026 to exchange about $858.4 million of its 3.00% convertible senior notes due 2028 with certain holders in privately negotiated deals.
WD appoints Manuvir Das to its board of directors, effective May 26, 2026
Western Digital announced on May 28, 2026 that its board had appointed Manuvir Das as a director, effective May 26.
Western Digital reports fiscal Q3 2026 results: revenue $3.34B, up 45% from a year earlier
Western Digital filed a Form 8-K with the SEC on Apr 30, 2026, 4:07 PM ET, reporting an event dated Apr 30, 2026.
WD raises quarterly dividend 20% to $0.15 per share
With its fiscal third-quarter results, Western Digital raised its quarterly cash dividend by 20% to $0.15 per share from $0.125.
Western Digital sells about 5.8 million Sandisk shares in $3.2 billion offering
Western Digital, Sandisk's former parent, priced a secondary offering of about 5.8 million Sandisk shares it still held, worth about $3.17 billion.
WD retires 2026, 2029 and 2032 notes and Term Loan A-3 with 5.8 million Sandisk shares
In February 2026 Western Digital used 5.8 million shares of Sandisk common stock it still held to fully redeem its 4.75% senior notes due 2026, 2.85% notes due 2029, 3.10% notes due 2032 and Term Loan A-3, through a tax-free exchange.
WD authorizes an additional $4.0 billion of share repurchases
On February 3, 2026, Western Digital's board approved an extra $4.0 billion for share repurchases, effective immediately.
WD unveils High Bandwidth Drive, Dual Pivot actuator and power-optimized HDD roadmap
The same February 3 event added three next-generation drive designs to the roadmap.
Western Digital reports fiscal Q2 2026 results: revenue $3.02B, up 25% from a year earlier
Western Digital filed a Form 8-K with the SEC on Jan 29, 2026, 4:11 PM ET, reporting an event dated Jan 29, 2026.
WD guides fiscal Q3 2026 revenue to about $3.2 billion, up roughly 40%, with non-GAAP EPS of $2.30
The January 29 release guided fiscal third-quarter 2026 revenue to $3.2 billion, plus or minus $100 million, which is about 40% growth from a year earlier.
Western Digital reports fiscal Q1 2026 results: revenue $2.82B, up 27% from a year earlier
Western Digital filed a Form 8-K with the SEC on Oct 30, 2025, 4:11 PM ET, reporting an event dated Oct 30, 2025.
SEC filings
| Oct 5, 26 | ARS | ARS: Annual report to shareholders | sec.gov ↗ |
| Oct 5, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Oct 5, 26 | DEF 14A | DEF 14A: Definitive proxy statement | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Tregillis Cynthia L (Chief Legal Officer & Corp Sec) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Tan Irving (Chief Executive Officer, Director) — option exercise 57 sh, tax withholding 1,091 sh | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: STREETER STEPHANIE A (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Shihab Ahmed Mohammed (Chief Product Officer) — option exercise 56 sh, tax withholding 5,150 sh | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Sennesael Kris (Chief Financial Officer) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Oulman Roxanne (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: MASSENGILL MATTHEW E (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: KIDDOO BRUCE E (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Gubbi Vidyadhara K (Chief of Global Operations) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Feller Brad (SVP, Global Accounting & Chief) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: DOLUCA TUNC (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Davis Brian Scott (Chief Sales & Mrktng Officer) — option exercise 8 sh, tax withholding 963 sh | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Das Manuvir (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Cole Martin I (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 21, 26 | 4 | Form 4: Alexy Kimberly (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 14, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Tregillis Cynthia L (Chief Legal Officer & Corp Sec) — option exercise 7 sh, tax withholding 700 sh, open-market sale 432 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Gubbi Vidyadhara K (Chief of Global Operations) — option exercise 14 sh, tax withholding 1,764 sh, open-market sale 1,795 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Davis Brian Scott (Chief Sales & Mrktng Officer) — option exercise 7 sh, tax withholding 882 sh | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Tan Irving (Chief Executive Officer, Director) — other 225,000 sh, gift 225,000 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-04 | Gubbi Vidyadhara K Chief of Global Operations | Sale | 1.8K | $459.87 | $825.5K |
| 2026-09-04 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 432 | $451.20 | $194.9K |
| 2026-09-01 | STREETER STEPHANIE A Director | Sale | 1.6K | $455.00 | $728.0K |
| 2026-08-31 | STREETER STEPHANIE A Director | Sale | 4.0K | $447.82 | $1.8M |
| 2026-08-27 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 1.0K | $478.36 | $481.7K |
| 2026-08-26 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 476 | $450.78 | $214.6K |
| 2026-08-24 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 684 | $446.17 | $305.2K |
| 2026-08-21 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 235 | $477.27 | $112.2K |
| 2026-08-11 | Tan Irving Chief Executive Officer, Director | Sale 10b5-1 plan | 20.0K | $444.97 | $8.9M |
| 2026-07-28 | Cole Martin I Director | Sale 10b5-1 plan | 3.8K | $448.66 | $1.7M |
| 2026-07-28 | Cole Martin I Director | Sale 10b5-1 plan | 192 | $462.77 | $88.9K |
| 2026-07-21 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 808 | $529.63 | $427.9K |
| 2026-06-09 | Cole Martin I Director | Sale 10b5-1 plan | 3.3K | $511.16 | $1.7M |
| 2026-06-09 | Cole Martin I Director | Sale 10b5-1 plan | 720 | $536.01 | $385.9K |
| 2026-06-05 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 432 | $545.60 | $235.7K |
| 2026-06-01 | Gubbi Vidyadhara K Chief of Global Operations | Sale | 2.5K | $556.24 | $1.4M |
| 2026-05-28 | KIDDOO BRUCE E Director | Sale | 750 | $528.52 | $396.4K |
| 2026-05-27 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 214 | $539.63 | $115.5K |
| 2026-05-22 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 308 | $488.61 | $150.5K |
| 2026-05-21 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 106 | $458.87 | $48.6K |
| 2026-05-11 | Davis Brian Scott Chief Sales & Mrktng Officer | Sale 10b5-1 plan | 10.0K | $500.69 | $5.0M |
| 2026-05-04 | Gubbi Vidyadhara K Chief of Global Operations | Sale | 4.7K | $443.19 | $2.1M |
| 2026-05-01 | Tan Irving Chief Executive Officer, Director | Sale 10b5-1 plan | 20.0K | $411.84 | $8.2M |
| 2026-04-21 | Tregillis Cynthia L Chief Legal Officer & Corp Sec | Sale 10b5-1 plan | 363 | $377.09 | $136.9K |
| 2026-03-06 | Gubbi Vidyadhara K Chief of Global Operations | Sale | 8.5K | $255.32 | $2.2M |