WESTERN DIGITAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WESTERN DIGITAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	19,093	20,647	16,569	16,736	16,922	18,793	6,255	6,317	9,520	12,919
Cost of revenue	13,021	12,942	12,817	12,955	12,401	12,919	4,864	4,544	5,828	6,608
Gross profit	6,072	7,705	3,752	3,781	4,521	5,874	1,391	1,773	3,692	6,311
Research and development	2,441	2,400	2,182	2,261	2,243	2,323	986	950	994	1,161
Selling, general and administrative	1,445	1,473	1,317	1,153	1,105	1,117	807	726	568	551
Operating expenses	4,118	4,088	3,665	3,446	3,301	3,483	1,939	2,176	1,358	1,858
Operating income	1,954	3,617	87	335	1,220	2,391	-548	-403	2,334	4,453
Interest expense	847	676	469	413	326	304	312	414	357	165
Interest income	26	60	57	28	7	6	19	33	45	51
Other non-operating income	-1,185	-1,532	-374	-381	-293	-220	-301	-336	-1,204	5,452
Pre-tax income	769	2,085	-287	-46	927	2,171	-849	-739	1,130	9,905
Income tax	372	1,410	467	204	106	625	53	26	-513	481
Income from continuing operations							-902	-765	1,643	9,424
Net income	397	675	-754	-250	821	1,546	-1,684	-798	1,889	9,424
EBITDA	4,082	5,673	1,899	1,901	2,432	3,320	280	165	2,785	4,828
EPS, basic	1.38	2.27	-2.58	-0.84	2.69	4.96	-5.37	-2.61	5.31	26.92
EPS, diluted	1.34	2.20	-2.58	-0.84	2.66	4.89	-5.37	-2.61	5.12	24.28
Shares, basic (weighted)	288	297	292	298	305	312	318	326	347	345
Shares, diluted (weighted)	296	307	292	298	309	316	318	326	359	383
Dividend per share	2.00	2.00	2.00	1.50	0.00	0.00			0.10	0.50

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	6,354	5,005	3,455	3,048	3,370	2,327	2,023	1,551	2,114	1,579
Short-term investments	24	23	0
Receivables	1,948	2,197	1,204	2,379	2,257	2,804	1,598	1,231	1,486	2,026
Inventory	2,341	2,944	3,283	3,070	3,616	3,638	3,698	1,387	1,291	1,511
Other current assets	413	492	535	551	514	684	567	360	611	518
Total current assets	11,056	10,638	8,477	9,048	9,757	9,453	7,886	8,060	5,856	5,634
Property, plant and equipment	3,033	3,095	2,843	2,854	3,188	3,670	3,620	2,359	2,343	2,476
Lease right-of-use assets				230	222	300	260	143	123	122
Goodwill	10,014	10,075	10,076	10,067	10,066	10,041	10,037	4,319	4,319	4,321
Intangible assets	3,823	2,680	1,711	941	442	213	80	78
Long-term investments	94	93	0
Other non-current assets	594	642	472	877	1,093	1,486	1,513	837	1,484	1,430
Total assets	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188	14,002	13,861
Accounts payable	2,144	2,265	1,567	1,945	1,934	1,902		1,054	1,266	1,774
Accrued liabilities	1,255	1,274	1,296	1,296	1,390	1,636	1,288	1,053	719	690
Short-term debt	233	179	276	286	251	0	1,213	1,750	2,226	1,052
Total current liabilities	4,344	4,456	3,817	4,406	4,870	5,237	5,434	6,087	5,418	4,240
Long-term debt	12,918	10,993	10,246	9,289	8,474	7,022	5,857	5,684	2,485	0
Lease liabilities				209	204	277	244	133	110	107
Other non-current liabilities	1,180	2,255	2,340	2,416	2,067	1,779	1,415	1,002	559	757
Total liabilities	18,442	17,704	16,403	16,111	15,411	14,038	12,706	13,141	8,462	4,997
Total debt	13,151	11,172	10,522	9,575	8,725	7,022	7,070	7,434	4,711	1,052
Paid-in capital	4,506	4,254	3,851	3,717	3,608	3,733	3,936	4,752	4,621	961
Retained earnings	8,633	8,757	7,449	6,725	7,539	9,039	7,573	6,775	762	9,998
Treasury stock	-1,666	-1,444	-1,268	-737	-232	0		0	-95	-2,122
Other comprehensive income	-58	-39	-68	-157	-197	-554	-548	-712	20	23
Shareholders' equity	11,418	11,531	9,967	9,551	10,800	12,323	10,964	10,818	5,311	8,864
Total equity	11,418	11,531	9,967	9,551	10,800	12,323	10,964	10,818	5,311	8,864
Total liabilities and equity	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188	14,002	13,861
Shares outstanding	294	296	295	302	308	315	322	343	347	361

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	397	675	-754	-250	821	1,546	-1,684	-798	1,889	9,424
Depreciation and amortization	2,128	2,056	1,812	1,566	1,212	929	828	568	451	375
Stock-based compensation	394	377	306	308	318	326	318	295	265	204
Deferred income tax	12	-348	374	-82	-242	116	6	-91	-815	129
Change in receivables	-487	-244	993	-1,175	121	-546	1,206	-568	79	-541
Change in inventory	-204	-598	-339	200	-546	-22	-60	356	-409	-218
Cash from operations	3,437	4,205	1,547	824	1,898	1,880	-408	-294	1,691	3,929
Capital expenditures	-578	-835	-876	-647	-1,146	-1,122	-821	-487	-412	-418
Acquisitions	0	-100	0	-22	0	0
Purchases of investments	-281	-89	-79	0	0
Sales and maturities of investments	94	48	175	0	0
Cash from investing	-636	-1,655	-1,272	278	-765	-1,192	-762	-27	150	-429
Debt issued		13,840	0	0	0	1,894	1,180	3,000	2,150	1,946
Debt repaid	-11,697	-17,074	-181	-982	-886	-3,621	-1,180	-2,104	-2,094	-1,664
Share buybacks	0	-591	-563	0	0		0	0	-149	-2,592
Dividends paid	-432	-593	-147	-595	0	0	0	0	-44	-174
Cash from financing	-4,595	-3,900	-1,829	-1,508	-817	-1,718	875	187	-1,612	-4,032
Exchange rate effect	-3	1	4	-1	6	-13	-9	-10	6	-3
Net change in cash	-1,797	-1,349	-1,550	-407	322	-1,043	-304	-144	235	-535
Free cash flow	2,859	3,370	671	177	752	758	-1,229	-781	1,279	3,511
Interest paid	777	708	431	372	283	245	294	396	367	169
Income taxes paid	184	220	377	341	348	423	177	920	789	734

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $456.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.9%	Gross profit / revenue.
Operating margin	34.5%	Operating income / revenue.
EBITDA margin	37.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	76.7%	Pre-tax income / revenue.
Net margin	72.9%	Net income / revenue.
FCF margin	27.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.4%	Cash from operations / revenue.
Effective tax rate	4.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	133.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	67.6%	Net income / average total assets.
Return on invested capital (ROIC)	52.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.0%	Research and development expense / revenue.
SG&A / revenue	4.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	35.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	70.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	65.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	90.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	29.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	73.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	158.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	398.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	62.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	374.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	55.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	132.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	15.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	174.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	36.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	400.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	66.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-11.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.6%	Total debt / total assets.
Liabilities / assets	36.1%	Total liabilities / total assets.
Net debt	-$527.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	27.0x	Operating income / interest expense.
Working capital	$1.39B	Current assets - current liabilities.
Goodwill and intangibles / assets	31.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	5.36x	Revenue / average property, plant and equipment.
Inventory turnover	4.72x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	7.36x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	84 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	43 days	Days inventory + days sales outstanding - days payables.
FCF conversion	37.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$24.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$26.92	Net income per basic share, as reported (split-adjusted).
Revenue per share	$33.73	Revenue / diluted weighted shares.
FCF per share	$9.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.26	Cash from operations / diluted weighted shares.
Book value per share	$24.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.58	Tangible book value / shares outstanding.
Cash per share	$4.37	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.50	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	1.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	73.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$164.70B	Share price x shares outstanding.
Enterprise value	$164.17B	Market cap + total debt - cash - short-term investments.
P/E	17.5x	Market cap / net income. Only when net income is positive.
P/S	12.7x	Market cap / revenue.
P/B	18.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	36.3x	Market cap / tangible book value, when positive.
P/FCF	46.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	41.9x	Market cap / cash from operations, when positive.
EV/Sales	12.7x	Enterprise value / revenue.
EV/EBIT	36.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was WESTERN DIGITAL CORP's revenue in fiscal 2026?

WESTERN DIGITAL CORP reported revenue of $12.92B for fiscal 2026, 35.7% higher than the year before.

Was WESTERN DIGITAL CORP profitable in fiscal 2026?

Yes. Net income was $9.42B, a net margin of 72.9%.

How much free cash flow did WESTERN DIGITAL CORP generate in fiscal 2026?

Cash from operations of $3.93B minus capital expenditures of $418.0M left free cash flow of $3.51B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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