FirmAtlas
Company handbook · WDC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WDC · CIK 106040 · LATEST FILING: 10-K FY26 · FILED AUG 14, 2026
WESTERN DIGITAL CORPORATION
$332.00
−24.45 (−6.86%)
Close, Oct 16, 2026 · 52-week $117–800
Last fiscal year
WESTERN DIGITAL CORPORATION reported revenue of $12.9B for the year ended Jul 3, 2026 (FY26), up 35.7% from FY25. Net income was $9.4B, operating cash flow $3.9B and free cash flow $3.5B. Source: 10-K filed Aug 14, 2026.
Market cap
$119.9B
P/E
12.7
EV/EBITDA
24.9x
P/B
13.5
Div yield
0.17%
ROIC
43.4%
Revenue 1Y
35.7%/yr
EPS 1Y
374.2%/yr
Shares 1Y
+4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOIrving Tan
HQSan Jose, CA
AuditorKPMG LLP
Employees40,000
Year endsJuly
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.7%
43.1%
93.6%
163.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY25–FY26
$3.8B deployed
Capex
$830M
21.9%
Dividends
$218M
5.8%
Buybacks
$2.7B
72.3%
Operating cash flow over the period: $5.6B. Total debt changed by −$4.8B. R&D of $2.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY26 = year ended Jul 3, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
9,520
12,919+35.7%
YoY
+35.7%
Gross profit
3,692
6,311+70.9%
Gross margin
38.8%
48.9%+10.1 pp
Operating income
2,334
4,453+90.8%
Operating margin
24.5%
34.5%+10.0 pp
EBITDA
2,785
4,828+73.4%
EBITDA margin
29.3%
37.4%+8.1 pp
Interest expense
357
165−53.8%
Interest coverage
7.80x
29.26x+21.46x
Net income
1,889
9,424+398.9%
YoY
+398.9%
Net margin
19.8%
72.9%+53.1 pp
EPS (diluted, $)
5.12
24.28+374.2%
YoY
+374.2%
Balance sheet
Total assets
14,002
13,861−1.0%
Cash & short-term investments
2,114
1,579−25.3%
Accounts receivable
1,486
2,026+36.3%
Inventory
1,291
1,511+17.0%
Net PP&E
2,343
2,476+5.7%
Other assets
6,768
6,269−7.4%
Total liabilities
8,691
4,997−42.5%
Accounts payable
1,266
1,774+40.1%
Total debt
6,937
2,104−69.7%
Other liabilities
488
1,119+129.3%
Shareholders’ equity
5,311
8,864+66.9%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,691
3,929+132.3%
Net income
1,889
9,424+398.9%
Depreciation & amortization
451
375−16.9%
Stock-based compensation
265
204−23.0%
Working capital & other
(914)
(6,074)n/m
Cash from investing
150
(429)−386.0%
Capex
(412)
(418)n/m
Other investing
562
(11)−102.0%
Cash from financing
(1,612)
(4,032)n/m
Debt raised
2,150
1,946−9.5%
Debt repaid
(2,094)
(1,664)n/m
Dividends
(44)
(174)n/m
Buybacks
(149)
(2,592)n/m
Other financing
(1,475)
(1,548)n/m
Net change in cash
235
(535)−327.7%
Free cash flow (OCF − capex)
1,279
3,511+174.5%
Where the cash went
Operating cash flow
1,691
3,929+132.3%
Reinvested in the business
412
418+1.5%
% of operating cash flow
24.4%
10.6%
Capex
412
418+1.5%
R&D (memo, already in costs)
994
1,161+16.8%
Free cash flow
1,279
3,511+174.5%
YoY
+174.5%
Returned to shareholders
193
2,766+1333.2%
% of free cash flow
15.1%
78.8%
Dividends
44
174+295.5%
Buybacks
149
2,592+1639.6%
Change in total debt
—
(4,833)
Cash left over
—
(4,088)
FCF conversion (FCF ÷ net income)
67.7%
37.3%−30.5 pp
Owner earnings
—
9,129
Owner earnings margin
—
70.7%
Buyback yield
0.7%
1.3%+0.7 pp
Returns & ratios
ROIC (all capital)
23.0%
43.4%+20.4 pp
ROIC (operating)
60.6%
104.7%+44.1 pp
Net debt / EBITDA
1.73x
0.11x−1.62x
Debt / equity
1.31x
0.24x−1.07x
Cash conversion cycle (days)
59
43−16 d
ROE
35.6%
106.3%+70.7 pp
ROA
13.5%
68.0%+54.5 pp
ROCE
27.2%
46.3%+19.1 pp
NOPAT
2,334
4,237+81.5%
Invested capital (operating)
3,854
4,239+10.0%
Invested capital (all)
10,134
9,389−7.4%
Reinvestment rate
—
9.1%
Debtor days
57
57+0 d
Inventory days
81
83+3 d
Days payable
79
98+19 d
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
2,818
3,017
3,337
3,747
vs year-ago quarter
Gross profit
1,227
1,380
1,676
2,028
Gross margin
43.5%
45.7%
50.2%
54.1%
Operating income
792
908
1,190
1,563
Net income
1,182
1,842
3,205
3,195
vs year-ago quarter
Net margin
41.9%
61.1%
96.0%
85.3%
EPS (diluted, $)
3.07
4.73
8.20
8.85
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
14,359
15,611
15,045
13,861
Cash & equivalents
2,048
1,975
2,050
1,579
Total debt
6,909
6,881
3,162
2,104
Shareholders’ equity
5,888
7,111
9,680
8,864
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
672
745
1,123
1,389
Capex
73
92
145
108
Free cash flow
599
653
978
1,281
vs year-ago quarter