Western Digital Financials

WDC

Source SEC Filings (10-K/10-Q) Updated Jan 2, 2026 Currency USD FYE June

This page shows Western Digital (WDC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$9.5B

YoY-49.3%

5Y CAGR-14.3%

10Y CAGR-0.0%

Western Digital generated $9.5B in revenue in fiscal year 2025. This represents a decrease of 49.3% from the prior year.

EBITDA

$2.8B

YoY-16.1%

5Y CAGR-13.3%

10Y CAGR+7.3%

Western Digital's EBITDA was $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.1% from the prior year.

Free Cash Flow

$1.3B

YoY+68.7%

5Y CAGR-17.6%

10Y CAGR+3.8%

Western Digital generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 68.7% from the prior year.

Net Income

$1.9B

YoY+22.2%

5Y CAGR+22.9%

10Y CAGR+10.0%

Western Digital reported $1.9B in net income in fiscal year 2025. This represents an increase of 22.2% from the prior year.

EPS (Diluted)

$5.12

YoY+4.7%

5Y CAGR+18.4%

10Y CAGR+5.2%

Western Digital earned $5.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Cash & Debt

$2.1B

YoY+3.2%

5Y CAGR-15.8%

10Y CAGR-5.4%

Western Digital held $2.1B in cash against $2.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.10

5Y CAGR-45.1%

Western Digital paid $0.10 per share in dividends in fiscal year 2025.

Shares Outstanding

347M

YoY+9.2%

5Y CAGR+3.2%

10Y CAGR+4.0%

Western Digital had 347M shares outstanding in fiscal year 2025. This represents an increase of 9.2% from the prior year.

Gross Margin

38.8%

YoY+7.5pp

5Y CAGR+1.5pp

10Y CAGR+20.0pp

Western Digital's gross margin was 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.5 percentage points from the prior year.

Operating Margin

24.5%

YoY+11.8pp

5Y CAGR+7.0pp

10Y CAGR+16.3pp

Western Digital's operating margin was 24.5% in fiscal year 2025, reflecting core business profitability. This is up 11.8 percentage points from the prior year.

Net Margin

19.8%

YoY+11.6pp

5Y CAGR+16.6pp

10Y CAGR+12.2pp

Western Digital's net profit margin was 19.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.6 percentage points from the prior year.

Return on Equity

35.6%

YoY+22.9pp

5Y CAGR+29.7pp

10Y CAGR+22.9pp

Western Digital's ROE was 35.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 22.9 percentage points from the prior year.

R&D Spending

$994.0M

YoY-57.2%

5Y CAGR-16.2%

10Y CAGR+3.5%

Western Digital invested $994.0M in research and development in fiscal year 2025. This represents a decrease of 57.2% from the prior year.

Share Buybacks

$149.0M

5Y CAGR-24.1%

10Y CAGR+11.5%

Western Digital spent $149.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$412.0M

YoY-63.3%

5Y CAGR-13.2%

10Y CAGR-6.2%

Western Digital invested $412.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 63.3% from the prior year.

WDC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.5B-49.3%	$18.8B+11.1%	$16.9B+1.1%	$16.7B+1.0%	$16.6B-19.8%	$20.6B
Cost of Revenue	$5.8B-54.9%	$12.9B+4.2%	$12.4B-4.3%	$13.0B+1.1%	$12.8B-1.0%	$12.9B
Gross Profit	$3.7B-37.1%	$5.9B+29.9%	$4.5B+19.6%	$3.8B+0.8%	$3.8B-51.3%	$7.7B
R&D Expenses	$994.0M-57.2%	$2.3B+3.6%	$2.2B-0.8%	$2.3B+3.6%	$2.2B-9.1%	$2.4B
SG&A Expenses	$568.0M-49.1%	$1.1B+1.1%	$1.1B-4.2%	$1.2B-12.5%	$1.3B-10.6%	$1.5B
Operating Income	$2.3B-2.4%	$2.4B+96.0%	$1.2B+264.2%	$335.0M+285.1%	$87.0M-97.6%	$3.6B
Interest Expense	$357.0M+17.4%	$304.0M-6.7%	$326.0M-21.1%	$413.0M-11.9%	$469.0M-30.6%	$676.0M
Income Tax	-$513.0M-182.1%	$625.0M+489.6%	$106.0M-48.0%	$204.0M-56.3%	$467.0M-66.9%	$1.4B
Net Income	$1.9B+22.2%	$1.5B+88.3%	$821.0M+428.4%	-$250.0M+66.8%	-$754.0M-211.7%	$675.0M
EPS (Diluted)	$5.12+4.7%	$4.89+83.8%	$2.66+416.7%	$-0.84+67.4%	$-2.58-217.3%	$2.20

Metric	Q2'26	Q1'26	Q2'25	Q1'25	Q4'25	Q3'25	Q2'24	Q3'24
Revenue	$3.0B+7.1%	$2.8B+8.2%	$2.6B+13.6%	$2.3B+67.8%	$1.4B+14.5%	$1.2B-61.6%	$3.1B+10.8%	$2.8B
Cost of Revenue	$1.6B+2.9%	$1.6B	N/A	$1.4B-45.6%	$2.5B-4.2%	$2.7B+2.8%	$2.6B+2.5%	$2.5B
Gross Profit	$1.4B+12.5%	$1.2B+15.0%	$1.1B+17.0%	$912.0M+191.4%	$313.0M+28.3%	$244.0M-53.8%	$528.0M+84.6%	$286.0M
R&D Expenses	$289.0M-1.7%	$294.0M	N/A	$245.0M-44.8%	$444.0M+3.0%	$431.0M-17.6%	$523.0M+9.9%	$476.0M
SG&A Expenses	$128.0M-7.2%	$138.0M	N/A	$108.0M-45.5%	$198.0M-4.3%	$207.0M-17.2%	$250.0M+3.3%	$242.0M
Operating Income	$908.0M+14.6%	$792.0M	N/A	$760.0M+461.9%	-$210.0M+64.8%	-$596.0M-85.7%	-$321.0M+32.0%	-$472.0M
Interest Expense	$54.0M-8.5%	$59.0M	N/A	$91.0M-15.7%	$108.0M+10.2%	$98.0M+34.2%	$73.0M-8.8%	$80.0M
Income Tax	$120.0M-22.6%	$155.0M	N/A	-$698.0M-2592.9%	$28.0M+833.3%	$3.0M-95.7%	$70.0M+62.8%	$43.0M
Net Income	$1.8B+55.8%	$1.2B+319.1%	$282.0M-45.8%	$520.0M+281.2%	-$287.0M+58.1%	-$685.0M-51.9%	-$451.0M+21.0%	-$571.0M
EPS (Diluted)	$4.73+54.1%	$3.07+309.3%	$0.75-47.2%	$1.42+254.3%	$-0.92+57.6%	$-2.17-52.8%	$-1.42+22.0%	$-1.82

WDC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.0B-45.5%	$25.7B-2.7%	$26.4B+3.9%	$25.4B-3.7%	$26.4B-9.8%	$29.2B
Current Assets	$5.9B-35.4%	$9.1B-8.0%	$9.9B+9.5%	$9.0B+6.2%	$8.5B-20.3%	$10.6B
Cash & Equivalents	$2.1B+3.2%	$2.0B-37.7%	$3.3B+9.8%	$3.0B-13.3%	$3.5B-31.0%	$5.0B
Inventory	$1.3B-66.6%	$3.9B+9.0%	$3.5B+5.6%	$3.4B+2.2%	$3.3B+11.5%	$2.9B
Accounts Receivable	$1.5B-38.6%	$2.4B-1.0%	$2.4B+16.6%	$2.1B+74.2%	$1.2B-45.2%	$2.2B
Goodwill	$4.3B-57.0%	$10.0B-0.3%	$10.1B0.0%	$10.1B-0.1%	$10.1B0.0%	$10.1B
Total Liabilities	$8.5B-37.7%	$13.6B-9.7%	$15.0B-5.0%	$15.8B-3.5%	$16.4B-7.3%	$17.7B
Current Liabilities	$5.4B+9.1%	$5.0B+5.5%	$4.7B+6.3%	$4.4B+16.0%	$3.8B-14.3%	$4.5B
Long-Term Debt	$2.5B-64.9%	$7.1B-14.5%	$8.3B-9.0%	$9.1B-11.3%	$10.2B-6.8%	$11.0B
Total Equity	$5.3B-56.5%	$12.2B+7.6%	$11.4B+18.6%	$9.6B-3.9%	$10.0B-13.6%	$11.5B
Retained Earnings	$762.0M-91.7%	$9.2B+12.4%	$8.1B+22.4%	$6.7B-10.6%	$7.4B-14.9%	$8.8B

Metric	Q2'26	Q1'26	Q2'25	Q1'25	Q4'25	Q3'25	Q2'24	Q3'24
Total Assets	$15.6B+8.7%	$14.4B+2.5%	$14.0B-14.5%	$16.4B-32.9%	$24.4B+1.6%	$24.0B-2.2%	$24.5B-2.4%	$25.2B
Current Assets	$7.5B+20.0%	$6.3B+7.2%	$5.9B-27.6%	$8.1B+3.2%	$7.8B+3.4%	$7.6B-3.9%	$7.9B-7.0%	$8.5B
Cash & Equivalents	$2.0B-3.6%	$2.0B-3.1%	$2.1B-39.2%	$3.5B+40.1%	$2.5B+22.1%	$2.0B+0.4%	$2.0B-8.9%	$2.2B
Inventory	$1.3B-3.2%	$1.4B+7.9%	$1.3B-1.5%	$1.3B-59.2%	$3.2B-8.0%	$3.5B-5.4%	$3.7B-7.1%	$4.0B
Accounts Receivable	$1.7B+24.4%	$1.4B-8.8%	$1.5B+1.2%	$1.5B-3.5%	$1.5B+5.0%	$1.5B-9.2%	$1.6B+0.4%	$1.6B
Goodwill	$4.3B0.0%	$4.3B0.0%	$4.3B0.0%	$4.3B-57.0%	$10.0B0.0%	$10.0B0.0%	$10.0B0.0%	$10.0B
Total Liabilities	$8.3B+0.4%	$8.2B-2.6%	$8.5B-22.8%	$11.0B-18.4%	$13.4B+3.3%	$13.0B+2.4%	$12.7B+0.3%	$12.7B
Current Liabilities	$5.2B+0.1%	$5.2B-4.5%	$5.4B+4.6%	$5.2B+10.4%	$4.7B-19.0%	$5.8B+6.6%	$5.4B+3.3%	$5.3B
Long-Term Debt	$2.4B-1.1%	$2.5B-1.1%	$2.5B-49.4%	$4.9B-33.2%	$7.4B+26.3%	$5.8B-0.6%	$5.9B-0.7%	$5.9B
Total Equity	$7.1B+20.8%	$5.9B+10.9%	$5.3B+2.6%	$5.2B-48.6%	$10.1B-1.6%	$10.2B-6.7%	$11.0B-6.6%	$11.7B
Retained Earnings	$3.7B+94.2%	$1.9B+149.9%	$762.0M+46.3%	$521.0M-92.1%	$6.6B-2.0%	$6.7B-11.0%	$7.6B-7.0%	$8.1B

WDC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.7B-10.1%	$1.9B-0.9%	$1.9B+130.3%	$824.0M-46.7%	$1.5B-63.2%	$4.2B
Capital Expenditures	$412.0M-63.3%	$1.1B-2.1%	$1.1B+77.1%	$647.0M-26.1%	$876.0M+4.9%	$835.0M
Free Cash Flow	$1.3B+68.7%	$758.0M+0.8%	$752.0M+324.9%	$177.0M-73.6%	$671.0M-80.1%	$3.4B
Investing Cash Flow	$150.0M+112.6%	-$1.2B-55.8%	-$765.0M-375.2%	$278.0M+121.9%	-$1.3B+23.1%	-$1.7B
Financing Cash Flow	-$1.6B+6.2%	-$1.7B-110.3%	-$817.0M+45.8%	-$1.5B+17.6%	-$1.8B+53.1%	-$3.9B
Dividends Paid	$44.0M	$0	$0-100.0%	$595.0M+1.9%	$584.0M-1.5%	$593.0M
Share Buybacks	$149.0M	N/A	$0	$0-100.0%	$563.0M-4.7%	$591.0M

Metric	Q2'26	Q1'26	Q2'25	Q1'25	Q4'25	Q3'25	Q2'24	Q3'24
Operating Cash Flow	N/A	$672.0M	N/A	N/A	N/A	-$626.0M	N/A	N/A
Capital Expenditures	N/A	$73.0M	N/A	N/A	N/A	$124.0M	N/A	N/A
Free Cash Flow	N/A	$599.0M	N/A	N/A	N/A	-$750.0M	N/A	N/A
Investing Cash Flow	N/A	-$57.0M	N/A	N/A	N/A	$84.0M	N/A	N/A
Financing Cash Flow	N/A	-$678.0M	N/A	N/A	N/A	$554.0M	N/A	N/A
Dividends Paid	N/A	$34.0M	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$553.0M	N/A	N/A	N/A	N/A	N/A	N/A

WDC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	38.8%+7.5pp	31.3%+4.5pp	26.7%+4.1pp	22.6%-0.1pp	22.6%-14.7pp	37.3%
Operating Margin	24.5%+11.8pp	12.7%+5.5pp	7.2%+5.2pp	2.0%+1.5pp	0.5%-17.0pp	17.5%
Net Margin	19.8%+11.6pp	8.2%+3.4pp	4.9%+6.3pp	-1.5%+3.1pp	-4.5%-7.8pp	3.3%
Return on Equity	35.6%+22.9pp	12.7%+5.4pp	7.2%	N/A	N/A	5.9%
Return on Assets	13.5%+7.5pp	6.0%+2.9pp	3.1%+4.1pp	-1.0%+1.9pp	-2.9%-5.2pp	2.3%
Current Ratio	1.08-0.7	1.83-0.3	2.09+0.1	2.03-0.2	2.22-0.2	2.39
Debt-to-Equity	0.47-0.1	0.58-0.1	0.73-0.2	0.95-0.1	1.03+0.1	0.95
FCF Margin	13.4%+9.4pp	4.0%-0.4pp	4.4%+3.4pp	1.1%-3.0pp	4.0%-12.3pp	16.3%

Metric	Q2'26	Q1'26	Q2'25	Q1'25	Q4'25	Q3'25	Q2'24	Q3'24
Gross Margin	45.7%+2.2pp	43.5%+2.6pp	41.0%+1.2pp	39.8%+16.9pp	22.9%+2.5pp	20.4%+3.5pp	17.0%+6.8pp	10.2%
Operating Margin	30.1%+2.0pp	28.1%	N/A	33.1%+48.5pp	-15.4%+34.6pp	-49.9%-39.6pp	-10.3%+6.5pp	-16.8%
Net Margin	61.1%+19.1pp	41.9%+31.1pp	10.8%-11.8pp	22.7%+43.7pp	-21.0%+36.4pp	-57.4%-42.9pp	-14.5%+5.8pp	-20.4%
Return on Equity	25.9%+5.8pp	20.1%+14.8pp	5.3%-4.7pp	10.0%	N/A	N/A	N/A	N/A
Return on Assets	11.8%+3.6pp	8.2%+6.2pp	2.0%-1.2pp	3.2%+4.4pp	-1.2%+1.7pp	-2.9%-1.1pp	-1.8%+0.5pp	-2.3%
Current Ratio	1.46+0.2	1.21+0.1	1.08-0.5	1.56-0.1	1.67+0.4	1.31-0.1	1.45-0.2	1.61
Debt-to-Equity	0.34-0.1	0.42-0.1	0.47-0.5	0.95+0.2	0.73+0.2	0.57+0.0	0.53+0.0	0.50
FCF Margin	N/A	21.3%	N/A	N/A	N/A	-62.8%	N/A	N/A

Financial Health Signals

Financial Profile 64/100

Profitability

100

Growth

Leverage

Liquidity

Cash Flow

Returns

100

Based on FY2025 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

8.17

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Neutral

5/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

0.90x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

6.5x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Western Digital's annual revenue?

Western Digital (WDC) reported $9.5B in total revenue for fiscal year 2025. This represents a -49.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Western Digital's revenue growing?

Western Digital (WDC) revenue declined by 49.3% year-over-year, from $18.8B to $9.5B in fiscal year 2025.

Is Western Digital profitable?

Yes, Western Digital (WDC) reported a net income of $1.9B in fiscal year 2025, with a net profit margin of 19.8%.

What is Western Digital's earnings per share (EPS)?

Western Digital (WDC) reported diluted earnings per share of $5.12 for fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Western Digital's EBITDA?

Western Digital (WDC) had EBITDA of $2.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Western Digital have?

As of fiscal year 2025, Western Digital (WDC) had $2.1B in cash and equivalents against $2.5B in long-term debt.

What is Western Digital's gross margin?

Western Digital (WDC) had a gross margin of 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Western Digital's operating margin?

Western Digital (WDC) had an operating margin of 24.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Western Digital's net profit margin?

Western Digital (WDC) had a net profit margin of 19.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Western Digital pay dividends?

Yes, Western Digital (WDC) paid $0.10 per share in dividends during fiscal year 2025.

What is Western Digital's return on equity (ROE)?

Western Digital (WDC) has a return on equity of 35.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Western Digital's free cash flow?

Western Digital (WDC) generated $1.3B in free cash flow during fiscal year 2025. This represents a 68.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Western Digital's operating cash flow?

Western Digital (WDC) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Western Digital's total assets?

Western Digital (WDC) had $14.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Western Digital's capital expenditures?

Western Digital (WDC) invested $412.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Western Digital spend on research and development?

Western Digital (WDC) invested $994.0M in research and development during fiscal year 2025.

Does Western Digital buy back shares?

Yes, Western Digital (WDC) spent $149.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Western Digital have outstanding?

Western Digital (WDC) had 347M shares outstanding as of fiscal year 2025.

What is Western Digital's current ratio?

Western Digital (WDC) had a current ratio of 1.08 as of fiscal year 2025, which is considered adequate.

What is Western Digital's debt-to-equity ratio?

Western Digital (WDC) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Western Digital's return on assets (ROA)?

Western Digital (WDC) had a return on assets of 13.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Western Digital's Altman Z-Score?

Western Digital (WDC) has an Altman Z-Score of 8.17, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Western Digital's Piotroski F-Score?

Western Digital (WDC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Western Digital's earnings high quality?

Western Digital (WDC) has an earnings quality ratio of 0.90x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Western Digital cover its interest payments?

Western Digital (WDC) has an interest coverage ratio of 6.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Western Digital?

Western Digital (WDC) scores 64 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.