WDC

MKT CAP:$137B

Western Digital Corporation

Market Cap

$137B

Technology·Computer Hardware·🇺🇸 United States·NASDAQ

Technology·Computer Hardware·🇺🇸·NASDAQ

Stock Price

$404.17+$216.47 (+115.33%)

Apr 24, 2026

Company Details

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including...

CEO

Tiang Yew Tan

IPO Date

Oct 31, 1978

Website

www.westerndigital.com

Key Metrics TTM

Revenue

$12.3B

+17.9% YoY

Net Income

$4.1B

EPS (Diluted)

$10.78

Free Cash Flow

$1.5B

Revenue / Share

$32.80

Gross Margin

40.0%

Operating Margin

23.9%

Net Margin

33.3%

FCF Margin

12.0%

P/S

11.1x

P/E

33.4x

Earnings Reports

Q3 2026

Apr 29, 2026

PENDING

Q2 2026

Jan 29, 2026

$3.0B-29.6%EPS $4.73

Q1 2026

Oct 30, 2025

$2.8B+27.4%EPS $3.07

Q2 2025

Jan 30, 2025

$4.3B+41.3%EPS $1.63

Q1 2025

Oct 30, 2024

$2.2B-19.6%EPS $1.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$4.1B	$1.1B	$317M
Q4 21	$4.9B	$1.6B	$675M
Q1 22	$5.1B	$1.7B	$778M
Q2 22	$4.8B	$1.6B	$727M
Q3 22	$4.4B	$1.2B	$324M
Q4 22	$4.5B	$1.4B	$562M
Q1 23	$3.7B	$981M	$158M
Q3 23	$2.8B	$286M	-$472M
Q4 23	$2.7B	$92M	-$650M
Q1 24	$2.8B	$99M	-$596M
Q2 24	$3.0B	$492M	-$210M
Q4 24	$2.0B	$941M	$490M
Q1 25	$2.2B	$806M	$340M
Q2 25	$4.3B	$1.5B	$852M
Q1 26	$2.8B	$1.2B	$792M
Q2 26	$3.0B	$1.4B	$963M

Valuation

Quarter	P/S	P/E
Q3 21	1.0x	48.2x
Q4 21	1.0x	19.8x
Q1 22	0.7x	9.0x
Q2 22	0.8x	7.8x
Q3 22	0.6x	6.4x
Q4 22	0.6x	7.5x
Q1 23	0.5x	8.9x
Q3 23	0.6x	—
Q4 23	0.7x	—
Q1 24	0.9x	—
Q2 24	1.1x	—
Q4 24	1.9x	—
Q1 25	1.8x	—
Q2 25	1.4x	18.7x
Q1 26	3.8x	18.7x
Q2 26	5.3x	15.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$116M	-$46M
Q4 21	$994M	$690M
Q1 22	$521M	$276M
Q2 22	$666M	$372M
Q3 22	$398M	$108M
Q4 22	$295M	$17M
Q1 23	$6M	-$314M
Q3 23	-$381M	-$491M
Q4 23	-$68M	-$187M
Q1 24	-$626M	-$750M
Q2 24	-$92M	-$242M
Q4 24	$366M	$250M
Q1 25	$34M	-$62M
Q2 25	$403M	$287M
Q1 26	$672M	$599M
Q2 26	$745M	$653M

Capital Expenditures

Quarter	CapEx
Q3 21	$162M
Q4 21	$304M
Q1 22	$245M
Q2 22	$294M
Q3 22	$290M
Q4 22	$278M
Q1 23	$320M
Q3 23	$110M
Q4 23	$119M
Q1 24	$124M
Q2 24	$150M
Q4 24	$116M
Q1 25	$96M
Q2 25	$116M
Q1 26	$73M
Q2 26	$92M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-0.9%	-5.0%
Q4 21	+14.8%	+5.4%
Q1 22	+28.8%	+10.9%
Q2 22	+22.6%	+8.5%
Q3 22	+5.9%	+6.2%
Q4 22	-8.0%	-6.6%
Q1 23	-26.0%	-16.3%
Q3 23	-42.0%	-20.2%
Q4 23	-39.0%	-18.1%
Q1 24	-39.3%	-15.6%
Q2 24	-18.8%	-9.4%
Q4 24	-28.5%	-53.8%
Q1 25	-17.2%	-43.6%
Q2 25	+55.8%	+2.6%
Q1 26	-7.1%	-37.5%
Q2 26	+50.5%	+35.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$83M	2.0%
Q4 21	$79M	1.6%
Q1 22	$76M	1.5%
Q2 22	$87M	1.8%
Q3 22	$86M	2.0%
Q4 22	$77M	1.7%
Q1 23	$86M	2.3%
Q3 23	$74M	2.6%
Q4 23	$72M	2.7%
Q1 24	$77M	2.8%
Q2 24	$72M	2.4%
Q4 24	$69M	3.4%
Q1 25	$84M	3.8%
Q2 25	$77M	1.8%
Q1 26	$53M	1.9%
Q2 26	$53M	1.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$555M	$287M
Q4 21	$598M	$297M
Q1 22	$578M	$291M
Q2 22	$575M	$279M
Q3 22	$572M	$281M
Q4 22	$598M	$266M
Q1 23	$552M	$247M
Q3 23	$476M	$242M
Q4 23	$458M	$231M
Q1 24	$431M	$207M
Q2 24	$444M	$198M
Q4 24	$267M	$184M
Q1 25	$262M	$204M
Q2 25	$502M	$238M
Q1 26	$294M	$138M
Q2 26	$289M	$128M

Revenue Segments

Quarter	Client Devices	Data Center Devices & Solutions	Cloud	Retail Products
Q3 21	$2.9B	$1.2B	—	—
Q1 22	$1.9B	—	$2.2B	$973M
Q2 22	$1.9B	—	$1.9B	$1.1B
Q3 22	$1.7B	—	$1.8B	$875M
Q1 23	$1.2B	—	$1.8B	$678M
Q3 23	$975M	—	$1.2B	$623M
Q4 23	$1.0B	—	$994M	$643M
Q1 24	$1.1B	—	$872M	$731M
Q2 24	$1.1B	—	$1.1B	$839M
Q2 25	$1.2B	—	$2.3B	$771M

Revenue by Geography

Quarter	Americas	Asia	Europe Middle East And Africa
Q3 21	$1.0B	$2.2B	$913M
Q1 22	$1.6B	$2.7B	$762M
Q2 22	$1.4B	$2.6B	$816M
Q3 22	$1.4B	$2.4B	$604M
Q1 23	$1.4B	$1.7B	$627M
Q3 23	$935M	$1.4B	$515M
Q1 24	$662M	$1.6B	$537M
Q2 24	$804M	$1.7B	$529M
Q2 25	$1.4B	$2.0B	$862M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$2.5B	$0	$2.5B
Q4 22	$2.3B	$0	$2.3B
Q1 23	$2.0B	$0	$2.0B
Q2 23	$1.9B	$0	$1.9B
Q3 23	$2.2B	$0	$2.2B
Q4 23	$2.0B	$0	$2.0B
Q1 24	$2.0B	$0	$2.0B
Q2 24	$2.5B	$0	$2.5B
Q3 24	$1.9B	$0	$1.9B
Q4 24	$1.6B	$0	$1.6B
Q1 25	$1.7B	$0	$1.7B
Q2 25	$2.3B	$0	$2.3B
Q3 25	$3.5B	$1.4B	$4.9B
Q4 25	$2.1B	$354M	$2.5B
Q1 26	$2.0B	$965M	$3.0B
Q2 26	$2.0B	$0	$2.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	313M	+2.0%	+3.3%
Q4 21	315M	+0.6%	+4.7%
Q1 22	316M	+0.3%	+4.3%
Q2 22	315M	-0.3%	+2.6%
Q3 22	316M	+0.3%	+1.0%
Q4 22	318M	+0.6%	+1.0%
Q1 23	319M	+0.3%	+0.9%
Q3 23	319M	0.0%	+1.3%
Q4 23	321M	+0.6%	+1.6%
Q1 24	323M	+0.6%	+1.6%
Q2 24	325M	+0.6%	+1.9%
Q4 24	349M	+7.4%	+9.4%
Q1 25	357M	+2.3%	+11.2%
Q2 25	357M	0.0%	+10.5%
Q1 26	376M	+5.3%	+15.7%
Q2 26	376M	0.0%	+7.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$64.8K	64K
Q4 21	$77.1K	64K
Q1 22	$77.0K	66K
Q2 22	$73.7K	66K
Q3 22	$66.8K	66K
Q4 22	$69.0K	66K
Q1 23	$57.5K	65K
Q3 23	$43.1K	65K
Q4 23	$50.4K	53K
Q1 24	$51.9K	53K
Q2 24	$57.2K	53K
Q4 24	$39.3K	51K
Q1 25	$43.4K	51K
Q2 25	$84.0K	51K
Q1 26	$70.5K	40K
Q2 26	$75.4K	40K

Revenue / Employee