Western Digital (WDC) financial statements
Western Digital reported revenue of $12.9B in fiscal 2026, down 4.2% a year over 9 years.
Net income was $9.4B and the operating margin 34.5%, against 10.2% in 2017.
Free cash flow was $3.5B, and the company returned $174M in dividends and $2.6B in net buybacks.
The diluted share count rose 29% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Western Digital's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.1B | $20.6B | $16.6B | $16.7B | $16.9B | $18.8B | $6.3B | $6.3B | $9.5B | $12.9B |
| Cost of revenue | $13.0B | $12.9B | $12.8B | $13.0B | $12.4B | $12.9B | $4.9B | $4.5B | $5.8B | $6.6B |
| Gross profit | $6.1B | $7.7B | $3.8B | $3.8B | $4.5B | $5.9B | $1.4B | $1.8B | $3.7B | $6.3B |
| Research and development | $2.4B | $2.4B | $2.2B | $2.3B | $2.2B | $2.3B | $986M | $950M | $994M | $1.2B |
| Selling, general and admin | $1.4B | $1.5B | $1.3B | $1.2B | $1.1B | $1.1B | $807M | $726M | $568M | $551M |
| Operating income | $2.0B | $3.6B | $87M | $335M | $1.2B | $2.4B | -$548M | -$403M | $2.3B | $4.5B |
| Interest expense | $847M | $676M | $469M | $413M | $326M | $304M | $312M | $414M | $357M | $165M |
| Pre-tax income | $769M | $2.1B | -$287M | -$46M | $927M | $2.2B | -$849M | -$739M | $1.1B | $9.9B |
| Income tax | $372M | $1.4B | $467M | $204M | $106M | $625M | $53M | $26M | -$513M | $481M |
| Net income | $397M | $675M | -$754M | -$250M | $821M | $1.5B | -$1.7B | -$798M | $1.9B | $9.4B |
| EPS (diluted) | $1.34 | $2.20 | -$2.58 | -$0.84 | $2.66 | $4.89 | -$5.37 | -$2.61 | $5.12 | $24.28 |
| Diluted shares | 296M | 307M | 292M | 298M | 309M | 316M | 318M | 326M | 359M | 383M |
| Gross margin | 31.8% | 37.3% | 22.6% | 22.6% | 26.7% | 31.3% | 22.2% | 28.1% | 38.8% | 48.9% |
| Operating margin | 10.2% | 17.5% | 0.5% | 2.0% | 7.2% | 12.7% | -8.8% | -6.4% | 24.5% | 34.5% |
| Net margin | 2.1% | 3.3% | -4.6% | -1.5% | 4.9% | 8.2% | -26.9% | -12.6% | 19.8% | 72.9% |
Balance sheet
Fiscal years, from Western Digital's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.4B | $5.0B | $3.5B | $3.0B | $3.4B | $2.3B | $2.0B | $1.6B | $2.1B | $1.6B |
| Receivables | $1.9B | $2.2B | $1.2B | $2.4B | $2.3B | $2.8B | $1.6B | $1.2B | $1.5B | $2.0B |
| Inventory | $2.3B | $2.9B | $3.3B | $3.1B | $3.6B | $3.6B | $3.7B | $1.4B | $1.3B | $1.5B |
| Total current assets | $11.1B | $10.6B | $8.5B | $9.0B | $9.8B | $9.5B | $7.9B | $8.1B | $5.9B | $5.6B |
| Property, plant and equipment | $3.0B | $3.1B | $2.8B | $2.9B | $3.2B | $3.7B | $3.6B | $2.4B | $2.3B | $2.5B |
| Goodwill | $10.0B | $10.1B | $10.1B | $10.1B | $10.1B | $10.0B | $10.0B | $4.3B | $4.3B | $4.3B |
| Total assets | $29.9B | $29.2B | $26.4B | $25.7B | $26.1B | $26.3B | $24.5B | $24.2B | $14.0B | $13.9B |
| Total current liabilities | $4.3B | $4.5B | $3.8B | $4.4B | $4.9B | $5.2B | $5.4B | $6.1B | $5.4B | $4.2B |
| Long-term debt | $12.9B | $11.0B | $10.2B | $9.3B | $8.5B | $7.0B | $5.9B | $5.7B | $2.5B | $0 |
| Total liabilities | $18.4B | $17.7B | $16.4B | $16.1B | $15.4B | $14.0B | $12.7B | $13.1B | $8.5B | $5.0B |
| Shareholders' equity | $11.4B | $11.5B | $10.0B | $9.6B | $10.8B | $12.3B | $11.0B | $10.8B | $5.3B | $8.9B |
| Net debt | $6.8B | $6.2B | $7.1B | $6.5B | $5.4B | $4.7B | $5.0B | $5.9B | $2.6B | -$527M |
Cash flow
Fiscal years, from Western Digital's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $4.2B | $1.5B | $824M | $1.9B | $1.9B | -$408M | -$294M | $1.7B | $3.9B |
| Capital spending | $578M | $835M | $876M | $647M | $1.1B | $1.1B | $821M | $487M | $412M | $418M |
| Free cash flow | $2.9B | $3.4B | $671M | $177M | $752M | $758M | -$1.2B | -$781M | $1.3B | $3.5B |
| Stock-based compensation | $394M | $377M | $306M | $308M | $318M | $326M | $318M | $295M | $265M | $204M |
| Dividends paid | $574M | $593M | $584M | $595M | $0 | $0 | $0 | $0 | $44M | $174M |
| Share buybacks (net) | $0 | -$591M | -$563M | $0 | $0 | — | $0 | $0 | -$149M | -$2.6B |
| Net borrowing | -$11.7B | -$3.2B | -$181M | -$982M | -$886M | -$1.7B | $0 | $896M | $56M | $282M |
| Free cash flow margin | 15.0% | 16.3% | 4.0% | 1.1% | 4.4% | 4.0% | -19.6% | -12.4% | 13.4% | 27.2% |
| Dividends per share | $1.94 | $1.93 | $2.00 | $2.00 | — | — | — | — | $0.12 | $0.45 |
Questions
What was Western Digital's revenue in 2026?
$12.9B in fiscal 2026, from its 10-K filing.
How much free cash flow does Western Digital generate?
$3.5B in fiscal 2026 (operating cash flow minus capital spending).
From Western Digital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.