Overview
WESTERN DIGITAL CORP
Latest 10-K: FY2026, filed Aug 14, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $12.92B
- 35.7%YoYup from FY2025
- TotalRevenue
- Gross profit
- $6.31B
- 70.9%YoYup from FY2025
- GrossProfit
- Operating income
- $4.45B
- 90.8%YoYup from FY2025
- OperatingIncome
- Net income
- $9.42B
- 398.9%YoYup from FY2025
- NetIncome
- Diluted EPS
- $24.28
- 374.2%YoYup from FY2025
- EPSDiluted
- Diluted shares
- 383.0M
- 6.7%YoYup from FY2025
- WeightedAvgSharesDiluted
At a glance
Growth
- WESTERN DIGITAL CORP reported revenue of $12.92B for fiscal 2026, up 35.7% from fiscal 2025.
- Revenue grew faster than the median S&P 500 member in 2 of the last 4 fiscal years.
Profitability
- Operating margin was 34.5% and net margin was 72.9%.
Per share
- Diluted EPS was $24.28, up 374.2% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $12.92B35.7%up | $9.52B50.7%up Benchmark median 6.4% | $6.32B1.0%up Benchmark median 4.5% | $6.25B66.7%down Benchmark median 4.8% | $18.79B11.1%up Benchmark median 10.3% | -8.9% |
| Gross Profit Median of 315 / 498 | $6.31B70.9%up | $3.69B108.2%up Benchmark median 6.8% | $1.77B27.5%up Benchmark median 5.5% | $1.39B76.3%down Benchmark median 5.2% | $5.87B29.9%up Benchmark median 8.3% | 1.8% |
| Operating Income Median of 373 / 498 | $4.45B90.8%up | $2.33Bn/m Benchmark median 7.3% | negative: -$0.40Bn/m Benchmark median 7.4% | negative: -$0.55B122.9%down Benchmark median 4.9% | $2.39B96.0%up Benchmark median 7.5% | 16.8% |
| Net Income | $9.42B398.9%up | $1.89Bn/m Benchmark median 4.8% | negative: -$0.80Bn/m Benchmark median 5.7% | negative: -$1.68B208.9%down Benchmark median 1.9% | $1.55B88.3%up Benchmark median 1.3% | 57.1% |
| EPS (Diluted) | $24.28374.2%up | $5.12n/m Benchmark median 6.2% | negative: -$2.61n/m Benchmark median 7.9% | negative: -$5.37209.8%down Benchmark median 1.9% | $4.8983.8%up Benchmark median 1.5% | 49.3% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $13.86B1.0%down | $14.00B42.1%down Benchmark median 5.6% | $24.19B1.5%down Benchmark median 3.4% | $24.55B6.5%down Benchmark median 4.1% | $26.26B0.5%up Benchmark median 2.2% | -14.8% |
| Total Liabilities Median of 357 / 498 | $5.00B40.9%down | $8.46B35.6%down Benchmark median 6.4% | $13.14B3.4%up Benchmark median 1.9% | $12.71B9.5%down Benchmark median 2.9% | $14.04B8.9%down Benchmark median 2.0% | -22.8% |
| Stockholders' Equity | $8.86B66.9%up | $5.31B50.9%down Benchmark median 6.8% | $10.82B1.3%down Benchmark median 5.4% | $10.96B11.0%down Benchmark median 7.3% | $12.32B14.1%up Benchmark median 2.5% | -7.9% |
| Cash & Equivalents | $1.58B25.3%down | $2.11B36.3%up Benchmark median 5.2% | $1.55B23.3%down Benchmark median 1.9% | $2.02B13.1%down Benchmark median 6.7% | $2.33B30.9%down Benchmark median -8.6% | -9.2% |
| Total Debt | $1.05B77.7%down | $4.71B36.6%down Benchmark median 2.1% | $7.43B5.1%up Benchmark median 0.2% | $7.07B0.7%up Benchmark median 0.3% | $7.02B19.5%down Benchmark median 0.1% | -37.8% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.93B132.3%up | $1.69Bn/m Benchmark median 6.3% | negative: -$0.29Bn/m Benchmark median 4.8% | negative: -$0.41B121.7%down Benchmark median 9.9% | $1.88B0.9%down Benchmark median -0.7% | 20.2% |
| Capital Expenditures | $0.42B1.5%up | $0.41B15.4%down Benchmark median 5.4% | $0.49B40.7%down Benchmark median 2.8% | $0.82B26.8%down Benchmark median 11.3% | $1.12B2.1%down Benchmark median 14.0% | -21.9% |
| Free Cash Flow Median of 378 / 498 | $3.51B174.5%up | $1.28Bn/m Benchmark median 7.3% | negative: -$0.78Bn/m Benchmark median 6.1% | negative: -$1.23B262.1%down Benchmark median 8.8% | $0.76B0.8%up Benchmark median -11.3% | 46.7% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2026Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.5%
Wall Street
on net earnings
FY2025 8.1%
1.7%
Value investor
on free cash flow
FY2025 5.6%
Gap −2.8 pts: Value-investor figure 2.8 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 22.2×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
2.3%
Wall Street
on EBITDA
FY2025 11.0%
2.2%
Value investor
on EBIT
FY2025 9.2%
Gap −0.1 pts: Value-investor figure 0.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 42.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
4.3%
Wall Street
on book equity
FY2025 23.4%
2.2%
Value investor
on tangible book
FY2025 4.4%
Gap −2.1 pts: Value-investor figure 2.1 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 23.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
133.0%
Wall Street
ROE: net income ÷ equity
FY2025 23.4%
46.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2025 26.8%
Gap −86.5 pts: Value-investor figure 86.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
37.4%
Wall Street
EBITDA margin
FY2025 29.3%
27.2%
Value investor
Free-cash-flow margin
FY2025 13.4%
Gap −10.2 pts: Value-investor figure 10.2 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.33×
Wall Street
Current ratio
FY2025 1.08×
0.97×
Value investor
Quick ratio, inventory excluded
FY2025 0.84×
Gap −0.36×: Value-investor figure 0.36 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
4.59×
Wall Street
EBITDA ÷ total debt
FY2025 0.59×
3.34×
Value investor
FCF ÷ total debt
FY2025 0.27×
Gap −1.25×: Value-investor figure 1.25 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
29.3×
Wall Street
EBITDA ÷ interest
FY2025 7.8×
27.0×
Value investor
EBIT ÷ interest
FY2025 6.5×
Gap −2.3×: Value-investor figure 2.3 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on WDC yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on WDC and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/WDC
Valuein. (2026, October 30). WESTERN DIGITAL CORP (WDC) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/WDC
@misc{valuein_wdc_2026,
author = {{Valuein}},
title = {WESTERN DIGITAL CORP (WDC) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/WDC}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Aug 14, 2026 · accession 0001628280-26-057139
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point-in-time · survivorship-free · every number traceable to its SEC filing
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