Western Digital (WDC) Financials

$76.97 +2.31 (+3.09%)

Closing price 08/22/2025 04:00 PM Eastern

Extended Trading

$77.48 +0.51 (+0.66%)

As of 08/22/2025 07:51 PM Eastern

Annual Income Statements for Western Digital

This table shows Western Digital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/3/2015	7/1/2016	6/30/2017	6/29/2018	6/28/2019	7/3/2020	7/2/2021	7/1/2022	6/30/2023	6/28/2024	6/27/2025
Net Income / (Loss) Attributable to Common Shareholders	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798	1,889
Consolidated Net Income / (Loss)	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798	1,889
Net Income / (Loss) Continuing Operations	1,465	242	397	675	-754	-250	821	1,546	-902	-765	1,643
Total Pre-Tax Income	1,577	153	769	2,085	-287	-46	927	2,171	-849	-739	1,130
Total Operating Income	1,611	466	1,954	3,617	87	335	1,220	2,391	-548	-403	2,334
Total Gross Profit	4,221	3,435	6,072	7,705	3,752	3,781	4,521	5,874	1,391	1,773	3,692
Total Revenue	14,572	12,994	19,093	20,647	16,569	16,736	16,922	18,793	6,255	6,317	9,520
Operating Revenue	14,572	12,994	19,093	20,647	16,569	16,736	16,922	18,793	6,255	6,317	9,520
Total Cost of Revenue	10,351	9,559	13,021	12,942	12,817	12,955	12,401	12,919	4,864	4,544	5,828
Operating Cost of Revenue	10,351	9,559	13,021	12,942	12,817	12,955	12,401	12,919	4,864	4,544	5,828
Total Operating Expenses	2,610	2,969	4,118	4,088	3,665	3,446	3,301	3,483	1,939	2,176	1,358
Selling, General & Admin Expense	788	997	1,445	1,473	1,317	1,153	1,105	1,117	807	726	568
Research & Development Expense	1,646	1,627	2,441	2,400	2,182	2,261	2,243	2,323	986	950	994
Restructuring Charge	-	-	-	-	-	-	-	0.00	146	-	-6.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	291	-198
Total Other Income / (Expense), net	-34	-313	-1,185	-1,532	-374	-381	-293	-220	-301	-336	-1,204
Interest Expense	49	266	847	676	469	413	326	304	310	414	457
Interest & Investment Income	14	26	26	60	57	28	7.00	6.00	19	33	45
Other Income / (Expense), net	1.00	-73	-364	-916	38	4.00	26	78	-10	45	-792
Income Tax Expense	112	-89	372	1,410	467	204	106	625	53	26	-513
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-782	-33	246
Basic Earnings per Share	$6.31	$1.01	$1.38	$2.27	($2.58)	($0.84)	$2.69	$4.96	($5.37)	($2.61)	$5.31
Weighted Average Basic Shares Outstanding	232M	239M	288M	297M	292M	298M	305M	312M	321.90M	343.45M	346.92M
Diluted Earnings per Share	$6.18	$1.00	$1.34	$2.20	($2.58)	($0.84)	$2.66	$4.89	($5.37)	($2.61)	$5.12
Weighted Average Diluted Shares Outstanding	237M	242M	296M	307M	292M	298M	309M	316M	321.90M	343.45M	346.92M
Weighted Average Basic & Diluted Shares Outstanding	232.20M	239.60M	287.70M	297.40M	296.00M	302.53M	308.75M	314.49M	321.90M	343.45M	346.92M

This table shows Western Digital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/30/2022	3/31/2023	6/30/2023	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025
Net Income / (Loss) Attributable to Common Shareholders	-451	-580	-704	-700	-301	135	36	481	581	520	307
Consolidated Net Income / (Loss)	-451	-571	-689	-685	-287	135	39	493	594	520	282
Net Income / (Loss) Continuing Operations	-451	-571	-689	-685	-287	-8.00	39	493	594	772	-216
Total Pre-Tax Income	-381	-528	-725	-682	-259	-12	102	628	741	74	-313
Total Operating Income	-321	-472	-650	-596	-210	94	216	742	852	760	-20
Total Gross Profit	528	286	92	99	492	519	1,353	1,551	1,516	912	-287
Total Revenue	3,107	2,803	2,672	2,750	3,032	1,752	3,764	4,095	4,285	2,294	-1,154
Operating Revenue	3,107	2,803	2,672	2,750	3,032	1,752	3,764	4,095	4,285	2,294	-1,154
Total Cost of Revenue	2,579	2,517	2,580	2,651	2,540	1,233	2,411	2,544	2,769	1,382	-867
Operating Cost of Revenue	2,579	2,517	2,580	2,651	2,540	1,233	2,411	2,544	2,769	1,382	-867
Total Operating Expenses	849	758	742	695	702	425	1,137	809	664	152	-267
Selling, General & Admin Expense	250	242	231	207	198	176	220	242	238	108	-20
Research & Development Expense	523	476	458	431	444	243	538	519	502	245	-272
Other Special Charges / (Income)	-	-	-	0.00	0.00	0.00	-	3.00	-113	-201	113
Total Other Income / (Expense), net	-60	-56	-75	-86	-49	-106	-114	-114	-111	-686	-293
Interest Expense	73	80	89	98	108	108	103	99	95	91	172
Interest & Investment Income	3.00	10	9.00	8.00	12	8.00	9.00	9.00	11	10	15
Other Income / (Expense), net	10	14	5.00	4.00	47	-6.00	-20	-24	-27	-605	-136
Income Tax Expense	70	43	-36	3.00	28	-4.00	63	135	147	-698	-97
Basic Earnings per Share	($1.42)	($1.82)	($2.22)	($2.17)	($0.93)	$0.35	$0.14	$1.40	$1.68	$1.46	$0.77
Weighted Average Basic Shares Outstanding	318M	319M	318M	323M	325M	326.52M	326M	344M	346M	348.88M	346.92M
Diluted Earnings per Share	($1.42)	($1.82)	($2.21)	($2.17)	($0.93)	$0.34	$0.15	$1.35	$1.63	$1.42	$0.72
Weighted Average Diluted Shares Outstanding	318M	319M	318M	323M	325M	326.52M	326M	357M	357M	348.88M	346.92M
Weighted Average Basic & Diluted Shares Outstanding	319.32M	319.94M	321.90M	324.24M	325.86M	326.52M	343.45M	345.71M	347.82M	348.88M	346.92M

This table details how cash moves in and out of Western Digital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/3/2015	7/1/2016	6/30/2017	6/29/2018	6/28/2019	7/3/2020	7/2/2021	7/1/2022	6/30/2023	6/28/2024	6/27/2025
Net Change in Cash & Equivalents	220	3,127	-1,797	-1,349	-1,554	-407	322	-1,043	-304	-144	235
Net Cash From Operating Activities	2,242	1,983	3,437	4,205	1,547	824	1,898	1,880	-408	-294	1,691
Net Cash From Continuing Operating Activities	2,242	1,983	3,437	4,205	1,547	824	1,898	1,880	-408	-294	1,691
Net Income / (Loss) Continuing Operations	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798	1,889
Consolidated Net Income / (Loss)	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798	1,889
Depreciation Expense	1,114	1,154	2,128	2,056	1,812	1,566	1,212	929	828	568	451
Amortization Expense	0.00	39	285	221	38	40	40	44	13	19	23
Non-Cash Adjustments To Reconcile Net Income	-493	312	430	1,134	345	301	248	301	330	366	1,024
Changes in Operating Assets and Liabilities, net	156	236	197	119	106	-833	-423	-940	105	-449	-1,696
Net Cash From Investing Activities	-953	-9,608	-636	-1,655	-1,272	278	-765	-1,192	-762	-27	150
Net Cash From Continuing Investing Activities	-953	-9,608	-636	-1,655	-1,272	278	-765	-1,192	-762	-27	150
Purchase of Property, Plant & Equipment	-612	-584	-578	-835	-876	-647	-1,146	-1,122	-821	-487	-412
Sale of Property, Plant & Equipment	0.00	0.00	21	26	119	0.00	143	15	14	195	5.00
Divestitures	-	-	-	-	-	0.00	0.00	32	0.00	0.00	401
Other Investing Activities, net	5.00	-166	-289	-724	-618	947	238	-117	45	265	156
Net Cash From Financing Activities	-1,069	10,751	-4,595	-3,900	-1,829	-1,508	-817	-1,718	875	187	-1,612
Net Cash From Continuing Financing Activities	-1,069	10,751	-4,595	-3,900	-1,829	-1,508	-817	-1,718	875	187	-1,612
Repayment of Debt	-125	-5,703	-12,199	-17,133	-685	-982	-886	-3,644	-1,199	-2,645	-2,167
Repurchase of Common Equity	-970	-673	0.00	-591	-563	-	-	-	0.00	0.00	-149
Payment of Dividends	-396	-464	-574	-593	-584	-595	-	-	0.00	0.00	-44
Issuance of Debt	255	17,108	7,908	14,340	-	0.00	0.00	1,894	1,180	3,000	2,150
Issuance of Preferred Equity	0.00	409	61	-	-	-	0.00	0.00	881	-5.00	0.00
Issuance of Common Equity	212	117	235	220	118	141	134	122	93	80	77
Other Financing Activities, net	-45	-43	-26	-143	-115	-72	-65	-90	-80	-243	-1,479
Effect of Exchange Rate Changes	0.00	1.00	-	-	-	-	6.00	-13	-	-	6.00
Cash Interest Paid	45	113	777	708	431	372	283	245	294	396	367
Cash Income Taxes Paid	47	26	184	220	377	341	348	423	177	920	789

This table details how cash moves in and out of Western Digital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/30/2022	3/31/2023	6/30/2023	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025
Net Change in Cash & Equivalents	-178	349	-197	9.00	449	-587	-15	-174	586	1,186	-1,363
Net Cash From Operating Activities	35	-381	-68	-626	-92	58	366	34	403	508	746
Net Cash From Continuing Operating Activities	35	-381	-68	-626	-92	58	366	34	403	508	746
Net Income / (Loss) Continuing Operations	-431	-571	-709	-685	-287	135	39	493	594	520	282
Consolidated Net Income / (Loss)	-431	-571	-709	-685	-287	135	39	493	594	520	282
Depreciation Expense	214	213	185	147	143	140	138	135	120	110	86
Amortization Expense	2.00	4.00	4.00	4.00	5.00	5.00	5.00	5.00	5.00	11	2.00
Non-Cash Adjustments To Reconcile Net Income	101	69	73	85	68	81	132	83	-40	667	314
Changes in Operating Assets and Liabilities, net	149	-96	379	-177	-21	-303	52	-682	-276	-800	62
Net Cash From Investing Activities	-258	-138	-142	84	-60	7.00	-58	-45	123	142	-70
Net Cash From Continuing Investing Activities	-258	-138	-142	84	-60	7.00	-58	-116	194	142	-70
Purchase of Property, Plant & Equipment	-258	-124	-119	-124	-150	-97	-116	-96	-116	-129	-71
Other Investing Activities, net	-7.00	-21	-23	15	90	102	58	50	45	60	1.00
Net Cash From Financing Activities	38	868	19	554	597	-645	-319	-102	-1.00	533	-2,042
Net Cash From Continuing Financing Activities	38	868	19	554	597	-645	-319	-102	-1.00	533	-2,042
Repayment of Debt	-885	-1.00	-13	0.00	-879	-929	-837	-188	-37	-106	-1,836
Issuance of Common Equity	-	1.00	44	-	-	-	40	-	-	17	8.00
Other Financing Activities, net	-5.00	-14	-11	-43	-162	-16	-22	-64	-16	-1,378	-21
Effect of Exchange Rate Changes	7.00	-	-6.00	-3.00	4.00	-7.00	-4.00	10	-10	3.00	3.00
Cash Interest Paid	32	114	42	127	55	139	75	115	62	118	72
Cash Income Taxes Paid	58	-11	-4.00	545	246	83	46	479	194	89	27

This table presents Western Digital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/3/2015	7/1/2016	6/30/2017	6/29/2018	6/28/2019	7/3/2020	7/2/2021	7/1/2022	6/30/2023	6/28/2024	6/27/2025
Total Assets	15,170	32,862	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188	14,002
Total Current Assets	8,513	12,584	11,056	10,638	8,477	9,048	9,757	9,453	7,886	8,060	5,856
Cash & Equivalents	5,024	8,151	6,354	5,005	3,455	3,048	3,370	2,327	2,023	1,551	2,114
Short-Term Investments	262	227	-	-	-	-	-	-	-	0.00	354
Accounts Receivable	1,532	1,461	1,948	2,197	1,204	2,379	2,257	2,804	1,598	1,231	1,486
Inventories, net	1,368	2,129	2,341	2,944	3,283	3,070	3,616	3,638	3,698	1,387	1,291
Other Current Assets	327	616	413	492	535	551	514	684	567	360	611
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	3,531	0.00
Plant, Property, & Equipment, net	2,965	3,503	3,033	3,095	2,843	2,854	3,188	3,670	3,620	2,359	2,343
Total Noncurrent Assets	3,692	16,775	15,771	15,502	15,050	13,760	13,187	13,136	13,040	13,769	5,803
Goodwill	2,766	9,951	10,014	10,075	10,076	10,067	10,066	10,041	10,037	4,319	4,319
Other Noncurrent Operating Assets	594	619	594	642	472	877	1,093	1,486	1,513	837	1,484
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	8,613	0.00
Total Liabilities & Shareholders' Equity	15,170	32,862	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188	14,002
Total Liabilities	5,951	21,717	18,442	17,704	16,403	16,111	15,411	14,038	12,706	13,141	8,462
Total Current Liabilities	3,238	6,949	4,344	4,456	3,817	4,406	4,870	5,237	5,434	6,087	5,418
Short-Term Debt	152	339	233	179	276	286	251	0.00	1,213	1,750	2,226
Accounts Payable	1,881	2,056	2,350	2,524	1,898	2,352	2,332	2,222	1,585	1,054	1,266
Accrued Expenses	620	1,167	1,255	1,274	1,296	1,296	1,390	1,636	1,288	1,053	719
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	263	869	999	471	800
Current Employee Benefit Liabilities	330	392	506	479	347	472	634	510	349	435	407
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	1,324	0.00
Total Noncurrent Liabilities	2,713	14,768	14,098	13,248	12,586	11,705	10,541	8,801	7,272	7,054	3,044
Long-Term Debt	2,149	13,660	12,918	10,993	10,246	9,289	8,474	7,022	5,857	5,684	2,485
Other Noncurrent Operating Liabilities	564	1,108	1,180	2,255	2,340	2,416	2,067	1,779	1,415	1,002	559
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	368	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	0.00	876	229	229
Total Equity & Noncontrolling Interests	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818	5,311
Total Preferred & Common Equity	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818	5,311
Total Common Equity	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818	5,311
Common Stock	2,431	4,432	4,509	4,257	3,854	3,720	3,611	3,736	3,939	4,755	4,624
Retained Earnings	9,107	8,848	8,633	8,757	7,449	6,725	7,539	9,039	7,573	6,775	762
Treasury Stock	-2,299	-2,238	-1,666	-1,444	-1,268	-737	-232	-	-	0.00	-95
Accumulated Other Comprehensive Income / (Loss)	-20	103	-58	-39	-68	-157	-197	-554	-548	-712	20

This table presents Western Digital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/30/2022	3/31/2023	6/30/2023	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025
Total Assets	25,686	25,047	25,151	24,546	24,001	24,385	23,801	24,188	24,771	25,456	16,368
Total Current Assets	9,071	8,381	8,483	7,886	7,577	7,838	7,532	8,060	8,942	9,372	8,086
Cash & Equivalents	2,049	1,871	2,220	2,023	2,032	2,481	1,894	1,879	1,705	2,291	3,477
Short-Term Investments	-	-	-	-	-	-	-	-	-	-	1,412
Accounts Receivable	2,422	1,905	1,591	1,598	1,451	1,523	1,800	2,166	2,458	2,597	1,469
Inventories, net	3,862	3,773	3,979	3,698	3,497	3,216	3,215	3,342	3,384	3,420	1,311
Other Current Assets	738	832	693	567	597	618	623	673	798	1,064	417
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	597	-	0.00
Plant, Property, & Equipment, net	3,718	3,688	3,668	3,620	3,371	3,315	3,253	3,167	2,917	2,930	2,347
Total Noncurrent Assets	12,897	12,978	13,000	13,040	13,053	13,232	13,016	12,961	12,912	13,154	5,935
Goodwill	10,037	10,041	10,041	10,037	10,035	10,037	10,034	10,032	9,812	9,729	4,319
Intangible Assets	174	135	97	80	80	79	78	78	77	77	76
Other Noncurrent Operating Assets	1,467	1,445	1,483	1,513	1,693	1,772	1,805	1,860	1,972	2,487	1,540
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	25,686	25,047	25,151	24,546	24,001	24,385	23,801	24,188	24,771	25,456	16,368
Total Liabilities	13,579	12,932	12,664	12,706	13,012	13,441	12,804	13,141	12,899	13,110	10,962
Total Current Liabilities	4,966	4,382	5,261	5,434	5,792	4,693	4,053	6,087	6,091	4,706	5,182
Short-Term Debt	-	38	1,175	1,213	1,850	1,042	450	1,750	1,750	150	2,426
Accounts Payable	1,981	1,561	1,572	1,585	1,571	1,755	1,710	1,724	1,930	1,996	1,287
Accrued Expenses	1,592	1,410	1,158	1,288	1,347	1,037	972	1,480	1,311	1,576	774
Current Deferred & Payable Income Tax Liabilities	986	1,025	1,013	999	675	506	476	525	448	468	373
Current Employee Benefit Liabilities	407	348	343	349	349	353	445	608	542	516	322
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	110	-	0.00
Total Noncurrent Liabilities	8,613	8,550	7,403	7,272	7,220	8,748	8,751	7,054	6,808	8,404	5,780
Long-Term Debt	7,071	7,033	5,898	5,857	5,822	7,351	7,318	5,684	5,650	7,216	4,907
Other Noncurrent Operating Liabilities	1,542	1,517	1,505	1,415	1,398	1,397	1,433	1,370	1,158	1,188	873
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	876	876	876	876	876	229	229	229	229
Total Equity & Noncontrolling Interests	12,107	12,115	11,611	10,964	10,113	10,068	10,121	10,818	11,643	12,117	5,177
Total Preferred & Common Equity	12,107	12,115	11,611	10,964	10,113	10,068	10,121	10,818	11,643	12,117	5,177
Total Common Equity	12,107	12,115	11,611	10,964	10,113	10,068	10,121	10,818	11,643	12,117	5,177
Common Stock	3,644	3,773	3,834	3,939	3,973	3,960	4,021	4,755	4,775	4,888	4,645
Retained Earnings	9,157	8,711	8,139	7,573	6,739	6,601	6,736	6,775	7,268	7,862	521
Accumulated Other Comprehensive Income / (Loss)	-694	-369	-362	-548	-599	-493	-636	-712	-400	-633	11

This table displays calculated financial ratios and metrics derived from Western Digital's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/3/2015	7/1/2016	6/30/2017	6/29/2018	6/28/2019	7/3/2020	7/2/2021	7/1/2022	6/30/2023	6/28/2024	6/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.69%	-10.83%	46.94%	8.14%	-19.75%	1.01%	1.11%	11.06%	-34.45%	5.56%	50.70%
EBITDA Growth	-10.24%	-41.82%	152.40%	24.36%	-60.33%	-1.52%	28.43%	37.79%	-112.23%	172.21%	780.35%
EBIT Growth	-10.09%	-75.62%	304.58%	69.87%	-95.37%	171.20%	267.55%	98.15%	-151.11%	77.58%	530.73%
NOPAT Growth	-9.46%	-50.75%	36.86%	16.08%	-94.80%	285.06%	360.77%	57.58%	-152.83%	75.33%	1,302.98%
Net Income Growth	-9.40%	-83.48%	64.05%	70.03%	-211.70%	66.84%	428.40%	88.31%	-208.93%	52.61%	336.72%
EPS Growth	-7.49%	-83.82%	34.00%	64.18%	-217.27%	67.44%	416.67%	83.83%	-209.82%	51.40%	296.17%
Operating Cash Flow Growth	-20.38%	-11.55%	73.32%	22.35%	-63.21%	-46.74%	130.34%	-0.95%	-121.70%	27.94%	675.17%
Free Cash Flow Firm Growth	45.46%	-692.88%	96.85%	1,004.36%	-42.48%	-80.54%	189.07%	-15.23%	-227.33%	58.45%	-76.04%
Invested Capital Growth	0.68%	150.16%	8.21%	-7.60%	-8.66%	-0.28%	2.02%	7.11%	-0.28%	0.87%	20.15%
Revenue Q/Q Growth	-3.06%	2.40%	7.59%	1.35%	-8.22%	4.06%	3.89%	-2.04%	-13.09%	9.17%	-41.03%
EBITDA Q/Q Growth	-5.35%	-16.53%	32.24%	3.49%	-39.25%	44.83%	12.57%	-2.08%	-146.88%	161.91%	-22.79%
EBIT Q/Q Growth	-5.62%	-57.10%	122.69%	8.96%	-90.57%	212.25%	48.16%	-1.71%	-8,513.33%	74.82%	-25.94%
NOPAT Q/Q Growth	-5.93%	-13.99%	30.18%	204.18%	-78.62%	209.12%	99.35%	-17.55%	-1,660.27%	73.20%	4.94%
Net Income Q/Q Growth	-6.21%	-70.77%	259.44%	239.20%	-478.89%	57.98%	136.60%	-15.10%	-159.88%	47.71%	14.76%
EPS Q/Q Growth	-5.50%	-71.83%	207.20%	243.75%	-537.29%	57.14%	135.40%	-16.12%	-159.42%	47.48%	12.53%
Operating Cash Flow Q/Q Growth	-9.08%	-6.29%	20.47%	-1.78%	-30.97%	0.37%	76.39%	-27.10%	-806.67%	59.62%	28.99%
Free Cash Flow Firm Q/Q Growth	1.52%	-636.31%	97.44%	12.58%	52.07%	-62.25%	683.54%	-47.90%	-8.68%	44.31%	-81.28%
Invested Capital Q/Q Growth	-4.53%	169.86%	-1.61%	1.54%	-3.20%	3.13%	0.28%	1.94%	-3.03%	-1.02%	-0.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.97%	26.44%	31.80%	37.32%	22.64%	22.59%	26.72%	31.26%	15.32%	22.65%	38.78%
EBITDA Margin	18.71%	12.21%	20.97%	24.11%	11.92%	11.62%	14.76%	18.32%	-3.42%	2.34%	21.18%
Operating Margin	11.06%	3.59%	10.23%	17.52%	0.53%	2.00%	7.21%	12.72%	-10.43%	-2.44%	24.52%
EBIT Margin	11.06%	3.02%	8.33%	13.08%	0.75%	2.03%	7.36%	13.14%	-10.25%	-2.18%	16.20%
Profit (Net Income) Margin	10.05%	1.86%	2.08%	3.27%	-4.55%	-1.49%	4.85%	8.23%	-13.67%	-6.14%	19.84%
Tax Burden Percent	92.90%	158.17%	51.63%	32.37%	262.72%	543.48%	88.57%	71.21%	108.65%	120.73%	167.17%
Interest Burden Percent	97.83%	38.93%	48.36%	77.19%	-229.60%	-13.57%	74.40%	87.93%	122.82%	233.57%	73.28%
Effective Tax Rate	7.10%	-58.17%	48.37%	67.63%	0.00%	0.00%	11.43%	28.79%	0.00%	0.00%	-45.40%
Return on Invested Capital (ROIC)	24.09%	6.75%	6.21%	7.21%	0.41%	1.65%	7.53%	11.35%	-5.80%	-1.43%	47.59%
ROIC Less NNEP Spread (ROIC-NNEP)	25.21%	-60.83%	-6.14%	-3.21%	-19.14%	-9.20%	1.37%	6.91%	-28.42%	-15.48%	176.96%
Return on Net Nonoperating Assets (RNNOA)	-7.87%	-4.38%	-2.69%	-1.33%	-7.42%	-4.21%	0.57%	2.13%	-8.19%	-5.55%	-24.82%
Return on Equity (ROE)	16.22%	2.38%	3.52%	5.88%	-7.01%	-2.56%	8.10%	13.48%	-14.00%	-6.97%	22.78%
Cash Return on Invested Capital (CROIC)	23.41%	-79.01%	-1.67%	15.11%	9.46%	1.93%	5.53%	4.48%	-5.53%	-2.29%	29.29%
Operating Return on Assets (OROA)	10.51%	1.64%	5.07%	9.14%	0.45%	1.30%	4.81%	9.43%	-4.97%	-1.16%	8.08%
Return on Assets (ROA)	9.55%	1.01%	1.27%	2.28%	-2.71%	-0.96%	3.17%	5.90%	-6.63%	-3.27%	9.89%
Return on Common Equity (ROCE)	16.22%	2.38%	3.52%	5.88%	-7.01%	-2.56%	8.10%	13.48%	-13.49%	-6.64%	22.15%
Return on Equity Simple (ROE_SIMPLE)	15.89%	2.17%	3.48%	5.85%	-7.57%	-2.62%	7.66%	12.65%	-15.36%	-7.38%	0.00%
Net Operating Profit after Tax (NOPAT)	1,497	737	1,009	1,171	61	235	1,080	1,703	-900	-222	3,394
NOPAT Margin	10.27%	5.67%	5.28%	5.67%	0.37%	1.40%	6.39%	9.06%	-7.30%	-1.71%	35.65%
Net Nonoperating Expense Percent (NNEP)	-1.12%	67.59%	12.35%	10.42%	19.55%	10.85%	6.16%	4.43%	22.62%	14.05%	-129.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	33.86%
Cost of Revenue to Revenue	71.03%	73.56%	68.20%	62.68%	77.36%	77.41%	73.28%	68.74%	84.68%	77.35%	61.22%
SG&A Expenses to Revenue	5.41%	7.67%	7.57%	7.13%	7.95%	6.89%	6.53%	5.94%	7.87%	6.37%	5.97%
R&D to Revenue	11.30%	12.52%	12.78%	11.62%	13.17%	13.51%	13.25%	12.36%	16.31%	14.67%	10.44%
Operating Expenses to Revenue	17.91%	22.85%	21.57%	19.80%	22.12%	20.59%	19.51%	18.53%	25.75%	25.09%	14.26%
Earnings before Interest and Taxes (EBIT)	1,612	393	1,590	2,701	125	339	1,246	2,469	-1,262	-283	1,542
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,726	1,586	4,003	4,978	1,975	1,945	2,498	3,442	-421	304	2,016
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	0.86	2.05	1.86	1.36	1.33	2.01	1.11	1.11	2.29	4.16
Price to Tangible Book Value (P/TBV)	2.59	0.00	0.00	0.00	0.00	0.00	101.01	6.91	14.33	34.94	22.26
Price to Revenue (P/Rev)	1.09	0.74	1.23	1.04	0.82	0.76	1.27	0.72	0.99	1.90	2.32
Price to Earnings (P/E)	10.83	39.46	58.92	31.86	0.00	0.00	26.21	8.80	0.00	0.00	11.69
Dividend Yield	2.62%	4.88%	2.49%	2.78%	4.33%	4.71%	0.00%	0.00%	0.00%	0.00%	27.55%
Earnings Yield	9.23%	2.53%	1.70%	3.14%	0.00%	0.00%	3.82%	11.37%	0.00%	0.00%	8.56%
Enterprise Value to Invested Capital (EV/IC)	2.07	0.90	1.71	1.64	1.25	1.22	1.75	1.09	1.08	1.89	3.15
Enterprise Value to Revenue (EV/Rev)	0.88	1.08	1.51	1.24	1.07	1.04	1.49	0.90	1.35	2.27	2.58
Enterprise Value to EBITDA (EV/EBITDA)	4.73	8.83	7.21	5.14	9.01	8.93	10.12	4.91	0.00	97.15	12.18
Enterprise Value to EBIT (EV/EBIT)	7.99	35.62	18.14	9.47	142.40	51.24	20.29	6.84	0.00	0.00	15.92
Enterprise Value to NOPAT (EV/NOPAT)	8.61	18.99	28.60	21.83	292.27	74.08	23.40	9.92	0.00	0.00	7.24
Enterprise Value to Operating Cash Flow (EV/OCF)	5.75	7.06	8.39	6.08	11.51	21.08	13.32	8.99	0.00	0.00	14.52
Enterprise Value to Free Cash Flow (EV/FCFF)	8.86	0.00	0.00	10.42	12.62	63.28	31.87	25.12	0.00	0.00	11.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	1.26	1.15	0.97	1.06	1.00	0.81	0.57	0.60	0.67	0.85
Long-Term Debt to Equity	0.23	1.23	1.13	0.95	1.03	0.97	0.79	0.57	0.49	0.51	0.45
Financial Leverage	-0.31	0.07	0.44	0.41	0.39	0.46	0.42	0.31	0.29	0.36	-0.14
Leverage Ratio	1.70	2.36	2.78	2.58	2.59	2.67	2.56	2.28	2.11	2.13	2.30
Compound Leverage Factor	1.66	0.92	1.34	1.99	-5.94	-0.36	1.90	2.01	2.59	4.97	1.69
Debt to Total Capital	19.97%	55.68%	53.53%	49.21%	51.35%	50.06%	44.87%	36.49%	37.39%	40.23%	45.96%
Short-Term Debt to Total Capital	1.32%	1.35%	0.95%	0.79%	1.35%	1.50%	1.29%	0.00%	6.41%	9.47%	21.72%
Long-Term Debt to Total Capital	18.65%	54.33%	52.58%	48.42%	50.01%	48.57%	43.58%	36.49%	30.97%	30.76%	24.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.63%	1.24%	2.23%
Common Equity to Total Capital	80.03%	44.32%	46.47%	50.79%	48.65%	49.94%	55.13%	63.51%	57.98%	58.54%	51.81%
Debt to EBITDA	0.84	8.83	3.29	2.24	5.33	4.92	3.49	2.04	-16.79	24.45	2.34
Net Debt to EBITDA	-1.10	2.81	1.36	0.82	2.17	2.39	1.51	0.96	-8.64	15.01	1.11
Long-Term Debt to EBITDA	0.79	8.61	3.23	2.21	5.19	4.78	3.39	2.04	-13.91	18.70	1.23
Debt to NOPAT	1.54	18.99	13.04	9.54	172.78	40.83	8.08	4.12	-7.86	-33.50	1.39
Net Debt to NOPAT	-1.99	6.04	5.41	3.47	70.21	19.84	3.49	1.94	-4.04	-20.57	0.66
Long-Term Debt to NOPAT	1.44	18.53	12.81	9.39	168.24	39.61	7.84	4.12	-6.51	-25.62	0.73
Altman Z-Score	4.17	1.28	2.25	2.41	1.75	1.75	2.27	2.28	1.46	2.12	2.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.64%	4.83%	2.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.63	1.81	2.55	2.39	2.22	2.05	2.00	1.81	1.45	1.32	1.08
Quick Ratio	2.11	1.42	1.91	1.62	1.22	1.23	1.16	0.98	0.67	0.66	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,455	-8,624	-271	2,453	1,411	275	793	673	-857	-356	2,089
Operating Cash Flow to CapEx	366.34%	339.55%	617.06%	519.78%	204.36%	127.36%	189.23%	169.83%	-50.56%	-100.68%	415.48%
Free Cash Flow to Firm to Interest Expense	29.69	-32.42	-0.32	3.63	3.01	0.66	2.43	2.21	-2.75	-0.85	4.57
Operating Cash Flow to Interest Expense	45.76	7.45	4.06	6.22	3.30	2.00	5.82	6.18	-1.31	-0.71	3.70
Operating Cash Flow Less CapEx to Interest Expense	33.27	5.26	3.40	5.02	1.68	0.43	2.75	2.54	-3.89	-1.41	2.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.54	0.61	0.70	0.60	0.64	0.65	0.72	0.48	0.53	0.50
Accounts Receivable Turnover	8.28	8.68	11.20	9.96	9.74	9.34	7.30	7.43	5.60	6.91	7.01
Inventory Turnover	7.98	5.47	5.83	4.90	4.12	4.08	3.71	3.56	2.84	2.86	4.35
Fixed Asset Turnover	4.66	4.02	5.84	6.74	5.58	5.88	5.60	5.48	3.38	3.83	4.05
Accounts Payable Turnover	5.37	4.86	5.91	5.31	5.80	6.10	5.30	5.67	5.48	6.08	5.02
Days Sales Outstanding (DSO)	44.10	42.04	32.58	36.64	37.46	39.07	50.00	49.15	65.22	52.83	52.09
Days Inventory Outstanding (DIO)	45.74	66.76	62.65	74.53	88.67	89.50	98.39	102.47	128.35	127.74	83.86
Days Payable Outstanding (DPO)	67.92	75.17	61.75	68.73	62.96	59.87	68.93	64.33	66.61	60.04	72.65
Cash Conversion Cycle (CCC)	21.92	33.64	33.48	42.43	63.16	68.70	79.46	87.29	126.96	120.53	63.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,234	15,595	16,875	15,593	14,243	14,203	14,490	15,520	15,477	15,611	7,783
Invested Capital Turnover	2.35	1.19	1.18	1.27	1.11	1.18	1.18	1.25	0.79	0.84	1.34
Increase / (Decrease) in Invested Capital	42	9,361	1,280	-1,282	-1,350	-40	287	1,030	-43	134	1,305
Enterprise Value (EV)	12,882	14,000	28,848	25,566	17,800	17,371	25,285	16,897	16,648	29,534	24,553
Market Capitalization	15,867	9,550	23,391	21,504	13,524	12,719	21,516	13,598	12,135	24,741	22,081
Book Value per Share	$39.92	$47.83	$39.20	$38.53	$34.02	$31.87	$34.98	$39.02	$34.27	$33.13	$15.22
Tangible Book Value per Share	$26.51	($16.48)	($8.31)	($4.09)	($6.21)	($4.86)	$0.70	$6.28	$2.65	$2.17	$2.84
Total Capital	11,520	25,144	24,569	22,703	20,489	19,126	19,446	19,243	18,910	18,481	10,251
Total Debt	2,301	13,999	13,151	11,172	10,522	9,575	8,725	7,022	7,070	7,434	4,711
Total Long-Term Debt	2,149	13,660	12,918	10,993	10,246	9,289	8,474	7,022	5,857	5,684	2,485
Net Debt	-2,985	4,450	5,457	4,062	4,276	4,652	3,769	3,299	3,637	4,564	2,243
Capital Expenditures (CapEx)	612	584	557	809	757	647	1,003	1,107	807	292	407
Debt-free, Cash-free Net Working Capital (DFCFNWC)	141	-2,404	591	1,356	1,481	1,880	1,768	1,889	1,642	1,844	196
Debt-free Net Working Capital (DFNWC)	5,427	5,974	6,945	6,361	4,936	4,928	5,138	4,216	3,665	3,723	2,664
Net Working Capital (NWC)	5,275	5,635	6,712	6,182	4,660	4,642	4,887	4,216	2,452	1,973	438
Net Nonoperating Expense (NNE)	32	495	612	496	815	485	259	157	785	576	1,505
Net Nonoperating Obligations (NNO)	-2,985	4,450	5,457	4,062	4,276	4,652	3,769	3,299	3,637	4,564	2,243
Total Depreciation and Amortization (D&A)	1,114	1,193	2,413	2,277	1,850	1,606	1,252	973	841	587	474
Debt-free, Cash-free Net Working Capital to Revenue	0.97%	-18.50%	3.10%	6.57%	8.94%	11.23%	10.45%	10.05%	13.33%	14.18%	2.06%
Debt-free Net Working Capital to Revenue	37.24%	45.98%	36.37%	30.81%	29.79%	29.45%	30.36%	22.43%	29.75%	28.63%	27.98%
Net Working Capital to Revenue	36.20%	43.37%	35.15%	29.94%	28.12%	27.74%	28.88%	22.43%	19.91%	15.17%	4.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.01	$1.38	$2.27	($2.58)	($0.84)	$2.69	$4.81	($5.44)	($2.61)	$5.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	239M	288M	297M	292M	298M	305M	312M	318M	326M	346.92M
Adjusted Diluted Earnings per Share	$0.00	$1.00	$1.34	$2.20	($2.58)	($0.84)	$2.66	$4.75	($5.44)	($2.61)	$5.12
Adjusted Weighted Average Diluted Shares Outstanding	0.00	242M	296M	307M	292M	298M	309M	316M	318M	326M	346.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	284.26M	294.88M	291.36M	296.00M	302.53M	308.75M	314.49M	321.90M	343.45M	346.92M
Normalized Net Operating Profit after Tax (NOPAT)	1,660	568	1,129	2,682	177	257	1,039	1,733	-764	147	1,491
Normalized NOPAT Margin	11.39%	4.37%	5.91%	12.99%	1.07%	1.54%	6.14%	9.22%	-6.21%	1.13%	15.66%
Pre Tax Income Margin	10.82%	1.18%	4.03%	10.10%	-1.73%	-0.27%	5.48%	11.55%	-12.58%	-5.08%	11.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	32.90	1.48	1.88	4.00	0.27	0.82	3.82	8.12	-4.04	-0.68	3.37
NOPAT to Interest Expense	30.54	2.77	1.19	1.73	0.13	0.57	3.31	5.60	-2.88	-0.53	7.43
EBIT Less CapEx to Interest Expense	20.41	-0.72	1.22	2.80	-1.35	-0.75	0.75	4.48	-6.63	-1.38	2.48
NOPAT Less CapEx to Interest Expense	18.05	0.58	0.53	0.54	-1.48	-1.00	0.24	1.96	-5.47	-1.23	6.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.03%	191.74%	144.58%	87.85%	-77.45%	-238.00%	0.00%	0.00%	0.00%	0.00%	2.33%
Augmented Payout Ratio	93.24%	469.83%	144.58%	175.41%	-152.12%	-238.00%	0.00%	0.00%	0.00%	0.00%	10.22%

This table displays calculated financial ratios and metrics derived from Western Digital's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	12/30/2022	3/31/2023	6/30/2023	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-35.71%	-36.02%	-40.99%	-26.39%	-2.41%	23.33%	40.87%	48.91%	41.33%	30.94%	5.18%
EBITDA Growth	-109.75%	-142.65%	-152.84%	-218.87%	84.21%	274.69%	174.34%	294.56%	6,433.33%	18.45%	-115.04%
EBIT Growth	-143.13%	-236.31%	-202.06%	-489.47%	47.59%	160.26%	130.39%	221.28%	606.14%	76.14%	-150.49%
NOPAT Growth	-135.40%	-1,168.70%	-230.42%	-921.49%	34.58%	162.67%	118.15%	239.62%	564.61%	11,949.62%	-104.51%
Net Income Growth	-179.96%	-2,384.00%	-298.56%	-2,637.04%	36.36%	123.64%	105.66%	171.97%	306.97%	285.19%	623.08%
EPS Growth	-179.33%	-2,375.00%	-302.75%	-2,812.50%	34.51%	118.68%	106.79%	162.21%	275.27%	317.65%	380.00%
Operating Cash Flow Growth	-94.74%	-195.73%	-123.05%	-10,533.33%	-362.86%	115.22%	638.24%	105.43%	538.04%	775.86%	103.83%
Free Cash Flow Firm Growth	-104.82%	-43.64%	39.51%	111.91%	131.78%	137.10%	87.52%	-157.45%	-222.08%	6,120.82%	-114.17%
Invested Capital Growth	4.70%	4.84%	-0.28%	-3.31%	-2.79%	-1.18%	0.87%	4.19%	6.76%	-50.23%	20.15%
Revenue Q/Q Growth	-16.84%	-9.78%	-4.67%	2.92%	10.25%	14.02%	8.88%	8.79%	4.64%	-46.46%	-150.31%
EBITDA Q/Q Growth	-125.61%	-153.68%	-89.21%	3.29%	96.60%	2,906.67%	-19.48%	153.10%	10.72%	-70.95%	-124.64%
EBIT Q/Q Growth	-304.61%	-47.27%	-40.83%	8.22%	72.47%	269.33%	-28.99%	266.33%	14.90%	-81.21%	-200.65%
NOPAT Q/Q Growth	-542.45%	-47.04%	-37.71%	8.31%	64.77%	240.85%	-60.11%	605.30%	17.25%	1,060.89%	-100.18%
Net Income Q/Q Growth	-1,770.37%	-26.61%	-20.67%	0.58%	58.10%	147.04%	-71.11%	1,164.10%	20.49%	-12.46%	-45.77%
EPS Q/Q Growth	-1,875.00%	-28.17%	-21.43%	1.81%	57.14%	136.56%	-55.88%	800.00%	20.74%	-12.88%	-49.30%
Operating Cash Flow Q/Q Growth	483.33%	-1,188.57%	82.15%	-820.59%	85.30%	163.04%	531.03%	-90.71%	1,085.29%	26.05%	46.85%
Free Cash Flow Firm Q/Q Growth	-3.01%	-13.47%	61.40%	126.41%	174.82%	32.46%	-112.98%	-21.58%	-483.97%	4,442.40%	-108.32%
Invested Capital Q/Q Growth	0.30%	0.02%	-3.03%	-0.60%	0.83%	1.68%	-1.02%	2.68%	3.31%	-52.60%	-0.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.99%	10.20%	3.44%	3.60%	16.23%	28.96%	35.95%	37.88%	35.38%	39.76%	0.00%
EBITDA Margin	-3.06%	-8.60%	-17.07%	-16.04%	-0.49%	12.18%	9.01%	20.95%	22.17%	12.03%	0.00%
Operating Margin	-10.33%	-16.84%	-24.33%	-21.67%	-6.93%	7.90%	5.74%	18.12%	19.88%	33.13%	0.00%
EBIT Margin	-10.01%	-16.34%	-24.14%	-21.53%	-5.38%	7.98%	5.21%	17.53%	19.25%	6.76%	0.00%
Profit (Net Income) Margin	-14.52%	-20.37%	-25.79%	-24.91%	-9.47%	3.91%	1.04%	12.04%	13.86%	22.67%	0.00%
Tax Burden Percent	118.37%	108.14%	95.03%	100.44%	110.81%	75.84%	38.24%	78.50%	80.16%	702.70%	-90.10%
Interest Burden Percent	122.51%	115.28%	112.40%	115.20%	158.90%	64.49%	52.04%	87.47%	89.82%	47.74%	200.64%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	24.16%	61.76%	21.50%	19.84%	-943.24%	0.00%
Return on Invested Capital (ROIC)	-7.30%	-10.72%	-13.53%	-10.99%	-3.47%	4.50%	1.84%	12.99%	15.51%	472.39%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.71%	-17.88%	-20.28%	-17.52%	-6.80%	2.75%	0.77%	10.90%	13.48%	267.14%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-4.01%	-4.91%	-5.85%	-6.22%	-2.48%	0.97%	0.28%	4.08%	5.08%	117.57%	0.00%
Return on Equity (ROE)	-11.32%	-15.62%	-19.38%	-17.21%	-5.95%	5.46%	2.11%	17.07%	20.59%	589.96%	0.00%
Cash Return on Invested Capital (CROIC)	-5.05%	-5.05%	-5.53%	-5.76%	-5.74%	-4.03%	-2.29%	-0.30%	3.40%	94.45%	29.29%
Operating Return on Assets (OROA)	-6.17%	-9.11%	-11.71%	-9.82%	-2.45%	3.89%	2.78%	10.32%	12.05%	5.43%	0.00%
Return on Assets (ROA)	-8.95%	-11.36%	-12.50%	-11.36%	-4.31%	1.90%	0.55%	7.08%	8.68%	18.22%	0.00%
Return on Common Equity (ROCE)	-11.32%	-15.06%	-18.67%	-16.55%	-5.72%	5.05%	2.01%	16.25%	19.61%	550.22%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-0.43%	-5.58%	0.00%	-23.69%	-22.17%	-15.08%	0.00%	3.26%	10.41%	31.79%	0.00%
Net Operating Profit after Tax (NOPAT)	-225	-330	-455	-417	-147	207	83	582	683	7,929	-14
NOPAT Margin	-7.23%	-11.79%	-17.03%	-15.17%	-4.85%	5.99%	2.19%	14.22%	15.94%	345.63%	0.00%
Net Nonoperating Expense Percent (NNEP)	6.40%	7.17%	6.75%	6.53%	3.33%	1.75%	1.06%	2.09%	2.03%	205.25%	25.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-0.80%	-	-	-	3.51%	63.38%	-0.14%
Cost of Revenue to Revenue	83.01%	89.80%	96.56%	96.40%	83.77%	71.04%	64.05%	62.12%	64.62%	60.24%	0.00%
SG&A Expenses to Revenue	8.05%	8.63%	8.65%	7.53%	6.53%	5.87%	5.84%	5.91%	5.55%	4.71%	0.00%
R&D to Revenue	16.83%	16.98%	17.14%	15.67%	14.64%	14.29%	14.29%	12.67%	11.72%	10.68%	0.00%
Operating Expenses to Revenue	27.33%	27.04%	27.77%	25.27%	23.15%	21.06%	30.21%	19.76%	15.50%	6.63%	0.00%
Earnings before Interest and Taxes (EBIT)	-311	-458	-645	-592	-163	276	196	718	825	155	-156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-95	-241	-456	-441	-15	421	339	858	950	276	-68
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	1.04	1.11	1.45	1.69	2.20	2.29	2.05	1.73	2.73	4.16
Price to Tangible Book Value (P/TBV)	5.17	8.17	14.33	0.00	0.00	2,470.74	34.94	13.59	9.08	18.07	22.26
Price to Revenue (P/Rev)	0.64	0.85	0.99	1.30	1.51	1.87	1.90	1.66	1.35	0.88	2.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.47	17.33	8.85	11.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	42.67%	27.55%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.38%	5.77%	11.30%	8.56%
Enterprise Value to Invested Capital (EV/IC)	0.87	1.03	1.08	1.30	1.45	1.77	1.89	1.79	1.54	2.14	3.15
Enterprise Value to Revenue (EV/Rev)	0.88	1.16	1.35	1.76	1.99	2.34	2.27	2.00	1.63	1.04	2.58
Enterprise Value to EBITDA (EV/EBITDA)	8.14	18.24	0.00	0.00	0.00	0.00	97.15	17.91	9.90	6.43	12.18
Enterprise Value to EBIT (EV/EBIT)	17.14	1,091.92	0.00	0.00	0.00	0.00	0.00	27.96	12.62	8.07	15.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	48.03	15.96	5.20	7.24
Enterprise Value to Operating Cash Flow (EV/OCF)	18.89	0.00	0.00	0.00	0.00	0.00	0.00	78.46	29.53	12.82	14.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.67	1.51	11.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.57	0.60	0.70	0.77	0.71	0.67	0.62	0.60	1.36	0.85
Long-Term Debt to Equity	0.58	0.47	0.49	0.53	0.67	0.67	0.51	0.48	0.58	0.91	0.45
Financial Leverage	0.29	0.27	0.29	0.36	0.36	0.35	0.36	0.37	0.38	0.44	-0.14
Leverage Ratio	2.12	2.08	2.11	2.15	2.14	2.08	2.13	2.13	2.14	2.45	2.30
Compound Leverage Factor	2.59	2.40	2.37	2.48	3.41	1.34	1.11	1.87	1.92	1.17	4.62
Debt to Total Capital	36.86%	36.16%	37.39%	41.11%	43.40%	41.40%	40.23%	38.40%	37.37%	57.56%	45.96%
Short-Term Debt to Total Capital	0.20%	6.01%	6.41%	9.91%	5.39%	2.40%	9.47%	9.08%	0.76%	19.04%	21.72%
Long-Term Debt to Total Capital	36.66%	30.15%	30.97%	31.20%	38.02%	39.00%	30.76%	29.32%	36.61%	38.52%	24.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	4.48%	4.63%	4.69%	4.53%	4.67%	1.24%	1.19%	1.16%	1.80%	2.23%
Common Equity to Total Capital	63.15%	59.36%	57.98%	54.19%	52.07%	53.94%	58.54%	60.41%	61.47%	40.64%	51.81%
Debt to EBITDA	4.15	7.88	-16.79	-6.22	-7.28	-15.82	24.45	4.62	2.87	2.81	2.34
Net Debt to EBITDA	2.26	3.87	-8.64	-3.56	-3.96	-9.73	15.01	2.90	1.64	0.94	1.11
Long-Term Debt to EBITDA	4.13	6.57	-13.91	-4.72	-6.38	-14.90	18.70	3.52	2.81	1.88	1.23
Debt to NOPAT	-98.55	-138.41	-7.86	-5.38	-6.22	-9.38	-33.50	12.38	4.62	2.27	1.39
Net Debt to NOPAT	-53.56	-67.98	-4.04	-3.08	-3.38	-5.77	-20.57	7.77	2.65	0.76	0.66
Long-Term Debt to NOPAT	-98.02	-115.42	-6.51	-4.08	-5.45	-8.84	-25.62	9.45	4.53	1.52	0.73
Altman Z-Score	1.73	1.68	1.54	1.55	1.73	2.15	2.18	2.33	2.33	2.05	2.32
Noncontrolling Interest Sharing Ratio	0.00%	3.58%	3.64%	3.79%	3.80%	7.46%	4.83%	4.83%	4.74%	6.74%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	1.61	1.45	1.31	1.67	1.86	1.32	1.47	1.99	1.56	1.08
Quick Ratio	0.86	0.72	0.67	0.60	0.85	0.91	0.66	0.68	1.04	1.23	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-941	-1,067	-412	109	299	396	-51	-63	-365	15,851	-1,319
Operating Cash Flow to CapEx	13.57%	-346.36%	-57.14%	0.00%	-61.33%	61.05%	315.52%	35.79%	356.64%	396.88%	1,050.70%
Free Cash Flow to Firm to Interest Expense	-12.89	-13.34	-4.63	1.11	2.77	3.67	-0.50	-0.63	-3.84	174.18	-7.67
Operating Cash Flow to Interest Expense	0.48	-4.76	-0.76	-6.39	-0.85	0.54	3.55	0.34	4.24	5.58	4.34
Operating Cash Flow Less CapEx to Interest Expense	-3.05	-6.14	-2.10	-5.68	-2.24	-0.34	2.43	-0.62	3.05	4.18	3.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.56	0.48	0.46	0.46	0.49	0.53	0.59	0.63	0.80	0.50
Accounts Receivable Turnover	6.78	7.19	5.60	5.85	6.57	7.03	6.91	7.34	7.57	9.88	7.01
Inventory Turnover	3.13	2.86	2.84	2.81	2.94	2.84	2.86	2.89	3.07	4.56	4.35
Fixed Asset Turnover	4.47	3.96	3.38	3.20	3.21	3.44	3.83	4.56	5.00	5.77	4.05
Accounts Payable Turnover	5.85	5.75	5.48	5.81	6.21	6.23	6.08	5.68	5.43	6.89	5.02
Days Sales Outstanding (DSO)	53.85	50.78	65.22	62.37	55.58	51.96	52.83	49.72	48.20	36.96	52.09
Days Inventory Outstanding (DIO)	116.57	127.52	128.35	130.05	123.98	128.38	127.74	126.20	118.97	79.97	83.86
Days Payable Outstanding (DPO)	62.40	63.49	66.61	62.77	58.82	58.57	60.04	64.21	67.25	52.95	72.65
Cash Conversion Cycle (CCC)	108.02	114.81	126.96	129.65	120.73	121.77	120.53	111.71	99.92	63.97	63.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,958	15,961	15,477	15,384	15,512	15,772	15,611	16,029	16,560	7,850	7,783
Invested Capital Turnover	1.01	0.91	0.79	0.72	0.72	0.75	0.84	0.91	0.97	1.37	1.34
Increase / (Decrease) in Invested Capital	716	737	-43	-526	-446	-189	134	645	1,048	-7,922	1,305
Enterprise Value (EV)	13,865	16,379	16,648	19,959	22,425	27,888	29,534	28,715	25,428	16,802	24,553
Market Capitalization	10,022	12,029	12,135	14,688	16,981	22,237	24,741	23,842	20,985	14,129	22,081
Book Value per Share	$38.14	$36.36	$34.27	$31.42	$31.05	$31.06	$33.13	$33.90	$35.05	$14.88	$15.22
Tangible Book Value per Share	$6.10	$4.61	$2.65	($0.01)	($0.15)	$0.03	$2.17	$5.11	$6.68	$2.25	$2.84
Total Capital	19,186	19,560	18,910	18,661	19,337	18,765	18,481	19,272	19,712	12,739	10,251
Total Debt	7,071	7,073	7,070	7,672	8,393	7,768	7,434	7,400	7,366	7,333	4,711
Total Long-Term Debt	7,033	5,898	5,857	5,822	7,351	7,318	5,684	5,650	7,216	4,907	2,485
Net Debt	3,843	3,474	3,637	4,395	4,568	4,775	4,564	4,644	4,214	2,444	2,243
Capital Expenditures (CapEx)	258	110	119	-69	150	95	116	95	113	128	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,166	2,177	1,642	1,603	1,706	2,035	1,844	2,896	2,525	441	196
Debt-free Net Working Capital (DFNWC)	4,037	4,397	3,665	3,635	4,187	3,929	3,723	4,601	4,816	5,330	2,664
Net Working Capital (NWC)	3,999	3,222	2,452	1,785	3,145	3,479	1,973	2,851	4,666	2,904	438
Net Nonoperating Expense (NNE)	226	241	234	268	140	72	44	89	89	7,409	-296
Net Nonoperating Obligations (NNO)	3,843	3,474	3,637	4,395	4,568	4,775	4,564	4,157	4,214	2,444	2,243
Total Depreciation and Amortization (D&A)	216	217	189	151	148	145	143	140	125	121	88
Debt-free, Cash-free Net Working Capital to Revenue	13.75%	15.36%	13.33%	14.15%	15.16%	17.09%	14.18%	20.18%	16.18%	2.73%	2.06%
Debt-free Net Working Capital to Revenue	25.63%	31.02%	29.75%	32.08%	37.19%	32.99%	28.63%	32.07%	30.87%	33.02%	27.98%
Net Working Capital to Revenue	25.39%	22.73%	19.91%	15.75%	27.94%	29.21%	15.17%	19.87%	29.91%	17.99%	4.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.40)	($1.82)	($2.22)	($2.17)	($0.93)	$0.35	$0.14	$1.40	$1.68	$1.46	$0.77
Adjusted Weighted Average Basic Shares Outstanding	318M	319M	318M	323M	325M	326M	326M	344M	346M	348.88M	346.92M
Adjusted Diluted Earnings per Share	($1.40)	($1.82)	($2.21)	($2.17)	($0.93)	$0.34	$0.15	$1.35	$1.63	$1.42	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	318M	319M	318M	323M	325M	335M	326M	357M	357M	348.88M	346.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	319.32M	319.94M	321.90M	324.24M	325.86M	326.52M	343.45M	345.71M	347.82M	348.88M	346.92M
Normalized Net Operating Profit after Tax (NOPAT)	-172	-302	-418	-377	-130	213	186	586	587	391	65
Normalized NOPAT Margin	-5.52%	-10.79%	-15.64%	-13.72%	-4.29%	6.16%	4.95%	14.32%	13.69%	17.06%	0.00%
Pre Tax Income Margin	-12.26%	-18.84%	-27.13%	-24.80%	-8.54%	5.15%	2.71%	15.34%	17.29%	3.23%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.26	-5.73	-7.25	-6.04	-1.51	2.56	1.90	7.25	8.68	1.70	-0.91
NOPAT to Interest Expense	-3.08	-4.13	-5.11	-4.26	-1.36	1.92	0.80	5.88	7.19	87.13	-0.08
EBIT Less CapEx to Interest Expense	-7.79	-7.10	-8.58	-5.34	-2.90	1.68	0.78	6.29	7.49	0.30	-1.32
NOPAT Less CapEx to Interest Expense	-6.61	-5.51	-6.45	-3.55	-2.75	1.04	-0.32	4.92	6.00	85.72	-0.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.22%

Key Financial Trends

Western Digital (NASDAQ:WDC) has demonstrated a recovery and growth trend over the last four years, with fluctuations in quarterly financial performance reflecting market conditions and company actions.

Recent Quarterly Performance Highlights (Q4 2025 vs. Prior Quarters in 2025):

Despite a reported net loss from continuing operations of $216 million in Q4 2025, the net income attributable to common shareholders was positive at $307 million, indicating non-operating gains or one-time items boosting overall profitability.
Cash flow from operating activities improved significantly to $746 million in Q4 2025, up from $508 million in Q3 2025, signalling stronger operational cash generation.
High interest expense in Q4 2025 ($172 million) and significant other expenses negatively impacted pre-tax income, which was a $313 million loss.
Capital expenditures remained elevated with $71 million spent on property, plant, and equipment in Q4 2025.

Longer-Term Trends (2022 through 2025):

Revenue showed periodic growth peaks, especially in recent 2024 and 2025 quarters, with Q2 2025 revenue reaching $4.285 billion and gross margins improving on rising sales.
Net income turned positive in recent quarters after significant losses in 2022 and early 2023, demonstrating an operational turnaround.
Western Digital has maintained strong cash reserves, with cash and equivalents fluctuating around $2 billion to $3.5 billion in recent quarters, supporting liquidity and operational flexibility.
The company has a consistent investment in R&D, averaging around $250 million to $500 million per quarter, reflecting commitment to innovation.
Total liabilities have increased over time, driven by long-term debt which rose from approximately $7 billion in early 2023 to nearly $5 billion in Q3 2025, reflecting financing activities and possible debt restructuring.
There were quarters with large net losses and high impairment charges (e.g., $53 million to $76 million in various quarters), indicating restructuring or asset write-downs impacting earnings.
Free cash flows were occasionally negative, especially in early 2023, due to high capital expenditures and operational challenges impacting cash generation.

Balance Sheet and Capital Structure Insights:

Common equity has grown steadily, reaching above $5 billion by Q3 2025, indicating shareholder value growth after prior losses.
Western Digital’s total assets have been relatively stable around $16 billion to $25 billion over the last few years, with a healthy proportion allocated to property, plant, equipment, and goodwill, indicating a solid asset base.
Short-term debt levels vary widely, with spikes up to $2.4 billion in Q3 2025, potentially indicating refinancing or liquidity management considerations that investors should monitor.

Summary: Western Digital has navigated a challenging period marked by losses, restructuring charges, and fluctuating revenues but shows signs of financial improvement with positive net income in recent quarters and strong operational cash flow. Investors should be aware of the company’s substantial debt and occasional volatility in earnings due to special charges. Continued focus on innovation and operational execution will be key for sustained recovery and growth.

08/24/25 04:52 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Western Digital's Financials

When does Western Digital's financial year end?

According to the most recent income statement we have on file, Western Digital's fiscal year ends in June. Their fiscal year 2025 ended on June 27, 2025.

How has Western Digital's net income changed over the last 10 years?

Western Digital's net income appears to be on a downward trend, with a most recent value of $1.89 billion in 2025, rising from $1.47 billion in 2015. The previous period was -$798 million in 2024. Check out Western Digital's forecast to explore projected trends and price targets.

What is Western Digital's operating income?

Western Digital's total operating income in 2025 was $2.33 billion, based on the following breakdown:

Total Gross Profit: $3.69 billion
Total Operating Expenses: $1.36 billion

How has Western Digital's revenue changed over the last 10 years?

Over the last 10 years, Western Digital's total revenue changed from $14.57 billion in 2015 to $9.52 billion in 2025, a change of -34.7%.

How much debt does Western Digital have?

Western Digital's total liabilities were at $8.46 billion at the end of 2025, a 35.6% decrease from 2024, and a 42.2% increase since 2015.

How much cash does Western Digital have?

In the past 10 years, Western Digital's cash and equivalents has ranged from $1.55 billion in 2024 to $8.15 billion in 2016, and is currently $2.11 billion as of their latest financial filing in 2025.

How has Western Digital's book value per share changed over the last 10 years?

Over the last 10 years, Western Digital's book value per share changed from 39.92 in 2015 to 15.22 in 2025, a change of -61.9%.

Related Companies

This page (NASDAQ:WDC) was last updated on 8/24/2025 by MarketBeat.com Staff

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Western Digital (WDC) Financials

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Western Digital (WDC) Financials

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