Western Digital (WDC) Financials

$76.68 +0.13 (+0.17%)

As of 10:56 AM 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
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
Net Income / (Loss) Attributable to Common Shareholders	1,465	242	397	675	-754	-250	821	1,546	-1,708	-852
Consolidated Net Income / (Loss)	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798
Net Income / (Loss) Continuing Operations	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798
Total Pre-Tax Income	1,577	153	769	2,085	-287	-46	927	2,171	-1,550	-661
Total Operating Income	1,611	466	1,954	3,617	87	335	1,220	2,391	-1,285	-317
Total Gross Profit	4,221	3,435	6,072	7,705	3,752	3,781	4,521	5,874	1,887	2,945
Total Revenue	14,572	12,994	19,093	20,647	16,569	16,736	16,922	18,793	12,318	13,003
Operating Revenue	14,572	12,994	19,093	20,647	16,569	16,736	16,922	18,793	12,318	13,003
Total Cost of Revenue	10,351	9,559	13,021	12,942	12,817	12,955	12,401	12,919	10,431	10,058
Operating Cost of Revenue	10,351	9,559	13,021	12,942	12,817	12,955	12,401	12,919	10,431	10,058
Total Operating Expenses	2,610	2,969	4,118	4,088	3,665	3,446	3,301	3,483	3,172	3,262
Selling, General & Admin Expense	788	997	1,445	1,473	1,317	1,153	1,105	1,117	970	828
Research & Development Expense	1,646	1,627	2,441	2,400	2,182	2,261	2,243	2,323	2,009	1,907
Impairment Charge	176	345	232	215	166	32	-47	43	193	139
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	97
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	-	291
Total Other Income / (Expense), net	-34	-313	-1,185	-1,532	-374	-381	-293	-220	-265	-344
Interest Expense	49	266	847	676	469	413	326	304	312	417
Interest & Investment Income	14	26	26	60	57	28	7.00	6.00	24	39
Other Income / (Expense), net	1.00	-73	-364	-916	38	4.00	26	78	23	34
Income Tax Expense	112	-89	372	1,410	467	204	106	625	134	137
Preferred Stock Dividends Declared	-	-	-	-	-	-	0.00	0.00	24	54
Basic Earnings per Share	$6.31	$1.01	$1.38	$2.27	($2.58)	($0.84)	$2.69	$4.96	($5.37)	($2.61)
Weighted Average Basic Shares Outstanding	232M	239M	288M	297M	292M	298M	305M	312M	318M	326M
Diluted Earnings per Share	$6.18	$1.00	$1.34	$2.20	($2.58)	($0.84)	$2.66	$4.89	($5.37)	($2.61)
Weighted Average Diluted Shares Outstanding	237M	242M	296M	307M	292M	298M	309M	316M	318M	326M
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

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	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
Net Income / (Loss) Attributable to Common Shareholders	27	-451	-580	-704	-700	-301	113	36	481	581	520
Consolidated Net Income / (Loss)	27	-451	-571	-689	-685	-287	135	39	493	594	520
Net Income / (Loss) Continuing Operations	27	-451	-571	-689	-685	-287	135	39	493	594	772
Total Pre-Tax Income	84	-381	-528	-725	-682	-259	178	102	628	741	74
Total Operating Income	158	-321	-472	-650	-596	-210	273	216	742	852	760
Total Gross Profit	981	528	286	92	99	492	1,001	1,353	1,551	1,516	912
Total Revenue	3,736	3,107	2,803	2,672	2,750	3,032	3,457	3,764	4,095	4,285	2,294
Operating Revenue	3,736	3,107	2,803	2,672	2,750	3,032	3,457	3,764	4,095	4,285	2,294
Total Cost of Revenue	2,755	2,579	2,517	2,580	2,651	2,540	2,456	2,411	2,544	2,769	1,382
Operating Cost of Revenue	2,755	2,579	2,517	2,580	2,651	2,540	2,456	2,411	2,544	2,769	1,382
Total Operating Expenses	823	849	758	742	695	702	728	1,137	809	664	152
Selling, General & Admin Expense	247	250	242	231	207	198	203	220	242	238	108
Research & Development Expense	552	523	476	458	431	444	494	538	519	502	245
Impairment Charge	24	76	40	53	57	24	8.00	50	2.00	-7.00	0.00
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	-	-	3.00	-113	-201
Total Other Income / (Expense), net	-74	-60	-56	-75	-86	-49	-95	-114	-114	-111	-686
Interest Expense	70	73	80	89	98	108	108	103	99	95	91
Interest & Investment Income	2.00	3.00	10	9.00	8.00	12	10	9.00	9.00	11	10
Other Income / (Expense), net	-6.00	10	14	5.00	4.00	47	3.00	-20	-24	-27	-605
Income Tax Expense	57	70	43	-36	3.00	28	43	63	135	147	-698
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-252
Basic Earnings per Share	$0.09	($1.42)	($1.82)	($2.22)	($2.17)	($0.93)	$0.35	$0.14	$1.40	$1.68	$1.46
Weighted Average Basic Shares Outstanding	316M	318M	319M	318M	323M	325M	326M	326M	344M	346M	348.88M
Diluted Earnings per Share	$0.08	($1.42)	($1.82)	($2.21)	($2.17)	($0.93)	$0.34	$0.15	$1.35	$1.63	$1.42
Weighted Average Diluted Shares Outstanding	319M	318M	319M	318M	323M	325M	335M	326M	357M	357M	348.88M
Weighted Average Basic & Diluted Shares Outstanding	317.65M	319.32M	319.94M	321.90M	324.24M	325.86M	326.52M	343.45M	345.71M	347.82M	348.88M

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
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
Net Change in Cash & Equivalents	220	3,127	-1,797	-1,349	-1,554	-407	322	-1,043	-304	-144
Net Cash From Operating Activities	2,242	1,983	3,437	4,205	1,547	824	1,898	1,880	-408	-294
Net Cash From Continuing Operating Activities	2,242	1,983	3,437	4,205	1,547	824	1,898	1,880	-408	-294
Net Income / (Loss) Continuing Operations	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798
Consolidated Net Income / (Loss)	1,465	242	397	675	-754	-250	821	1,546	-1,684	-798
Depreciation Expense	1,114	1,154	2,128	2,056	1,812	1,566	1,212	929	828	568
Amortization Expense	0.00	39	285	221	38	40	40	44	13	19
Non-Cash Adjustments To Reconcile Net Income	-493	312	430	1,134	345	301	248	301	330	366
Changes in Operating Assets and Liabilities, net	156	236	197	119	106	-833	-423	-940	105	-449
Net Cash From Investing Activities	-953	-9,608	-636	-1,655	-1,272	278	-765	-1,192	-762	-27
Net Cash From Continuing Investing Activities	-953	-9,608	-636	-1,655	-1,272	278	-765	-1,192	-762	-27
Purchase of Property, Plant & Equipment	-612	-584	-578	-835	-876	-647	-1,146	-1,122	-821	-487
Sale of Property, Plant & Equipment	0.00	0.00	21	26	119	0.00	143	15	14	195
Divestitures	-	-	-	-	-	0.00	0.00	32	0.00	0.00
Other Investing Activities, net	5.00	-166	-289	-724	-618	947	238	-117	45	265
Net Cash From Financing Activities	-1,069	10,751	-4,595	-3,900	-1,829	-1,508	-817	-1,718	875	187
Net Cash From Continuing Financing Activities	-1,069	10,751	-4,595	-3,900	-1,829	-1,508	-817	-1,718	875	187
Repayment of Debt	-125	-5,703	-12,199	-17,133	-685	-982	-886	-3,644	-1,199	-2,645
Issuance of Debt	255	17,108	7,908	14,340	-	0.00	0.00	1,894	1,180	3,000
Issuance of Preferred Equity	0.00	409	61	-	-	-	0.00	0.00	881	-5.00
Issuance of Common Equity	212	117	235	220	118	141	134	122	93	80
Other Financing Activities, net	-45	-43	-26	-143	-115	-72	-65	-90	-80	-243
Effect of Exchange Rate Changes	0.00	1.00	-	-	-	-	6.00	-13	-9.00	-10
Cash Interest Paid	45	113	777	708	431	372	283	245	294	396
Cash Income Taxes Paid	47	26	184	220	377	341	348	423	177	920

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	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
Net Change in Cash & Equivalents	-278	-178	349	-197	9.00	449	-587	-15	-174	586	1,186
Net Cash From Operating Activities	6.00	35	-381	-68	-626	-92	58	366	34	403	508
Net Cash From Continuing Operating Activities	6.00	35	-381	-68	-626	-92	58	366	34	403	508
Net Income / (Loss) Continuing Operations	27	-431	-571	-709	-685	-287	135	39	493	594	520
Consolidated Net Income / (Loss)	27	-431	-571	-709	-685	-287	135	39	493	594	520
Depreciation Expense	216	214	213	185	147	143	140	138	135	120	110
Amortization Expense	3.00	2.00	4.00	4.00	4.00	5.00	5.00	5.00	5.00	5.00	11
Non-Cash Adjustments To Reconcile Net Income	87	101	69	73	85	68	81	132	83	-40	667
Changes in Operating Assets and Liabilities, net	-327	149	-96	379	-177	-21	-303	52	-682	-276	-800
Net Cash From Investing Activities	-224	-258	-138	-142	84	-60	7.00	-58	-45	123	142
Net Cash From Continuing Investing Activities	-224	-258	-138	-142	84	-60	7.00	-58	-116	194	142
Purchase of Property, Plant & Equipment	-320	-258	-124	-119	-124	-150	-97	-116	-96	-116	-129
Sale of Property, Plant & Equipment	0.00	-	14	-	193	-	2.00	-	1.00	3.00	1.00
Divestitures	-	-	-	-	-	-	-	-	-	-	210
Other Investing Activities, net	96	-7.00	-21	-23	15	90	102	58	50	45	60
Net Cash From Financing Activities	-50	38	868	19	554	597	-645	-319	-102	-1.00	533
Net Cash From Continuing Financing Activities	-50	38	868	19	554	597	-645	-319	-102	-1.00	533
Repayment of Debt	-300	-885	-1.00	-13	0.00	-879	-929	-837	-188	-37	-106
Issuance of Debt	300	880	-	-	600	1,600	300	500	150	-	2,000
Issuance of Common Equity	-	-	1.00	44	-	-	-	40	-	-	17
Other Financing Activities, net	-50	-5.00	-14	-11	-43	-162	-16	-22	-64	-16	-1,378
Effect of Exchange Rate Changes	-10	7.00	-	-6.00	-3.00	4.00	-7.00	-4.00	10	-10	3.00
Cash Interest Paid	106	32	114	42	127	55	139	75	115	62	118
Cash Income Taxes Paid	134	58	-11	-4.00	545	246	83	46	479	194	89

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
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
Total Assets	15,170	32,862	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188
Total Current Assets	8,513	12,584	11,056	10,638	8,477	9,048	9,757	9,453	7,886	8,060
Cash & Equivalents	5,024	8,151	6,354	5,005	3,455	3,048	3,370	2,327	2,023	1,879
Accounts Receivable	1,532	1,461	1,948	2,197	1,204	2,379	2,257	2,804	1,598	2,166
Inventories, net	1,368	2,129	2,341	2,944	3,283	3,070	3,616	3,638	3,698	3,342
Other Current Assets	327	616	413	492	535	551	514	684	567	673
Plant, Property, & Equipment, net	2,965	3,503	3,033	3,095	2,843	2,854	3,188	3,670	3,620	3,167
Total Noncurrent Assets	3,692	16,775	15,771	15,502	15,050	13,760	13,187	13,136	13,040	12,961
Long-Term Investments	0.00	1,171	1,340	2,105	2,791	1,875	1,586	1,396	1,410	991
Goodwill	2,766	9,951	10,014	10,075	10,076	10,067	10,066	10,041	10,037	10,032
Intangible Assets	332	5,034	3,823	2,680	1,711	941	442	213	80	78
Other Noncurrent Operating Assets	594	619	594	642	472	877	1,093	1,486	1,513	1,860
Total Liabilities & Shareholders' Equity	15,170	32,862	29,860	29,235	26,370	25,662	26,132	26,259	24,546	24,188
Total Liabilities	5,951	21,717	18,442	17,704	16,403	16,111	15,411	14,038	12,706	13,141
Total Current Liabilities	3,238	6,949	4,344	4,456	3,817	4,406	4,870	5,237	5,434	6,087
Short-Term Debt	152	339	233	179	276	286	251	0.00	1,213	1,750
Accounts Payable	1,881	2,056	2,350	2,524	1,898	2,352	2,332	2,222	1,585	1,724
Accrued Expenses	620	1,167	1,255	1,274	1,296	1,296	1,390	1,636	1,288	1,480
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	263	869	999	525
Current Employee Benefit Liabilities	330	392	506	479	347	472	634	510	349	608
Total Noncurrent Liabilities	2,713	14,768	14,098	13,248	12,586	11,705	10,541	8,801	7,272	7,054
Long-Term Debt	2,149	13,660	12,918	10,993	10,246	9,289	8,474	7,022	5,857	5,684
Other Noncurrent Operating Liabilities	564	1,108	1,180	2,255	2,340	2,416	2,067	1,779	1,415	1,370
Commitments & Contingencies	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
Total Equity & Noncontrolling Interests	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818
Total Preferred & Common Equity	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818
Total Common Equity	9,219	11,145	11,418	11,531	9,967	9,551	10,721	12,221	10,964	10,818
Common Stock	2,431	4,432	4,509	4,257	3,854	3,720	3,611	3,736	3,939	4,755
Retained Earnings	9,107	8,848	8,633	8,757	7,449	6,725	7,539	9,039	7,573	6,775
Accumulated Other Comprehensive Income / (Loss)	-20	103	-58	-39	-68	-157	-197	-554	-548	-712

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
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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.69%	-10.83%	46.94%	8.14%	-19.75%	1.01%	1.11%	11.06%	-34.45%	5.56%
EBITDA Growth	-10.24%	-41.82%	152.40%	24.36%	-60.33%	-1.52%	28.43%	37.79%	-112.23%	172.21%
EBIT Growth	-10.09%	-75.62%	304.58%	69.87%	-95.37%	171.20%	267.55%	98.15%	-151.11%	77.58%
NOPAT Growth	-9.46%	-50.75%	36.86%	16.08%	-94.80%	285.06%	360.77%	57.58%	-152.83%	75.33%
Net Income Growth	-9.40%	-83.48%	64.05%	70.03%	-211.70%	66.84%	428.40%	88.31%	-208.93%	52.61%
EPS Growth	-7.49%	-83.82%	34.00%	64.18%	-217.27%	67.44%	416.67%	83.83%	-209.82%	51.40%
Operating Cash Flow Growth	-20.38%	-11.55%	73.32%	22.35%	-63.21%	-46.74%	130.34%	-0.95%	-121.70%	27.94%
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%
Invested Capital Growth	0.68%	150.16%	8.21%	-7.60%	-8.66%	-0.28%	2.02%	7.11%	-0.28%	0.87%
Revenue Q/Q Growth	-3.06%	2.40%	7.59%	1.35%	-8.22%	4.06%	3.89%	-2.04%	-13.09%	9.17%
EBITDA Q/Q Growth	-5.35%	-16.53%	32.24%	3.49%	-39.25%	44.83%	12.57%	-2.08%	-146.88%	161.91%
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%
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%
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%
EPS Q/Q Growth	-5.50%	-71.83%	207.20%	243.75%	-537.29%	57.14%	135.40%	-16.12%	-159.42%	47.48%
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%
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%
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%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.97%	26.44%	31.80%	37.32%	22.64%	22.59%	26.72%	31.26%	15.32%	22.65%
EBITDA Margin	18.71%	12.21%	20.97%	24.11%	11.92%	11.62%	14.76%	18.32%	-3.42%	2.34%
Operating Margin	11.06%	3.59%	10.23%	17.52%	0.53%	2.00%	7.21%	12.72%	-10.43%	-2.44%
EBIT Margin	11.06%	3.02%	8.33%	13.08%	0.75%	2.03%	7.36%	13.14%	-10.25%	-2.18%
Profit (Net Income) Margin	10.05%	1.86%	2.08%	3.27%	-4.55%	-1.49%	4.85%	8.23%	-13.67%	-6.14%
Tax Burden Percent	92.90%	158.17%	51.63%	32.37%	262.72%	543.48%	88.57%	71.21%	108.65%	120.73%
Interest Burden Percent	97.83%	38.93%	48.36%	77.19%	-229.60%	-13.57%	74.40%	87.93%	122.82%	233.57%
Effective Tax Rate	7.10%	-58.17%	48.37%	67.63%	0.00%	0.00%	11.43%	28.79%	0.00%	0.00%
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%
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%
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%
Return on Equity (ROE)	16.22%	2.38%	3.52%	5.88%	-7.01%	-2.56%	8.10%	13.48%	-14.00%	-6.97%
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%
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%
Return on Assets (ROA)	9.55%	1.01%	1.27%	2.28%	-2.71%	-0.96%	3.17%	5.90%	-6.63%	-3.27%
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%
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%
Net Operating Profit after Tax (NOPAT)	1,497	737	1,009	1,171	61	235	1,080	1,703	-900	-222
NOPAT Margin	10.27%	5.67%	5.28%	5.67%	0.37%	1.40%	6.39%	9.06%	-7.30%	-1.71%
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%
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%
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%
R&D to Revenue	11.30%	12.52%	12.78%	11.62%	13.17%	13.51%	13.25%	12.36%	16.31%	14.67%
Operating Expenses to Revenue	17.91%	22.85%	21.57%	19.80%	22.12%	20.59%	19.51%	18.53%	25.75%	25.09%
Earnings before Interest and Taxes (EBIT)	1,612	393	1,590	2,701	125	339	1,246	2,469	-1,262	-283
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
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
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
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
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
Dividend Yield	2.62%	4.88%	2.49%	2.78%	4.33%	4.71%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.23%	2.53%	1.70%	3.14%	0.00%	0.00%	3.82%	11.37%	0.00%	0.00%
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
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
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
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
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
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
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
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
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
Financial Leverage	-0.31	0.07	0.44	0.41	0.39	0.46	0.42	0.31	0.29	0.36
Leverage Ratio	1.70	2.36	2.78	2.58	2.59	2.67	2.56	2.28	2.11	2.13
Compound Leverage Factor	1.66	0.92	1.34	1.99	-5.94	-0.36	1.90	2.01	2.59	4.97
Debt to Total Capital	19.97%	55.68%	53.53%	49.21%	51.35%	50.06%	44.87%	36.49%	37.39%	40.23%
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%
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%
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%
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%
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%
Debt to EBITDA	0.84	8.83	3.29	2.24	5.33	4.92	3.49	2.04	-16.79	24.45
Net Debt to EBITDA	-1.10	2.81	1.36	0.82	2.17	2.39	1.51	0.96	-8.64	15.01
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
Debt to NOPAT	1.54	18.99	13.04	9.54	172.78	40.83	8.08	4.12	-7.86	-33.50
Net Debt to NOPAT	-1.99	6.04	5.41	3.47	70.21	19.84	3.49	1.94	-4.04	-20.57
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
Altman Z-Score	4.17	1.28	2.25	2.41	1.75	1.75	2.27	2.28	1.46	2.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.64%	4.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.63	1.81	2.55	2.39	2.22	2.05	2.00	1.81	1.45	1.32
Quick Ratio	2.11	1.42	1.91	1.62	1.22	1.23	1.16	0.98	0.67	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,455	-8,624	-271	2,453	1,411	275	793	673	-857	-356
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%
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
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
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
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.54	0.61	0.70	0.60	0.64	0.65	0.72	0.48	0.53
Accounts Receivable Turnover	8.28	8.68	11.20	9.96	9.74	9.34	7.30	7.43	5.60	6.91
Inventory Turnover	7.98	5.47	5.83	4.90	4.12	4.08	3.71	3.56	2.84	2.86
Fixed Asset Turnover	4.66	4.02	5.84	6.74	5.58	5.88	5.60	5.48	3.38	3.83
Accounts Payable Turnover	5.37	4.86	5.91	5.31	5.80	6.10	5.30	5.67	5.48	6.08
Days Sales Outstanding (DSO)	44.10	42.04	32.58	36.64	37.46	39.07	50.00	49.15	65.22	52.83
Days Inventory Outstanding (DIO)	45.74	66.76	62.65	74.53	88.67	89.50	98.39	102.47	128.35	127.74
Days Payable Outstanding (DPO)	67.92	75.17	61.75	68.73	62.96	59.87	68.93	64.33	66.61	60.04
Cash Conversion Cycle (CCC)	21.92	33.64	33.48	42.43	63.16	68.70	79.46	87.29	126.96	120.53
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
Invested Capital Turnover	2.35	1.19	1.18	1.27	1.11	1.18	1.18	1.25	0.79	0.84
Increase / (Decrease) in Invested Capital	42	9,361	1,280	-1,282	-1,350	-40	287	1,030	-43	134
Enterprise Value (EV)	12,882	14,000	28,848	25,566	17,800	17,371	25,285	16,897	16,648	29,534
Market Capitalization	15,867	9,550	23,391	21,504	13,524	12,719	21,516	13,598	12,135	24,741
Book Value per Share	$39.92	$47.83	$39.20	$38.53	$34.02	$31.87	$34.98	$39.02	$34.27	$33.13
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
Total Capital	11,520	25,144	24,569	22,703	20,489	19,126	19,446	19,243	18,910	18,481
Total Debt	2,301	13,999	13,151	11,172	10,522	9,575	8,725	7,022	7,070	7,434
Total Long-Term Debt	2,149	13,660	12,918	10,993	10,246	9,289	8,474	7,022	5,857	5,684
Net Debt	-2,985	4,450	5,457	4,062	4,276	4,652	3,769	3,299	3,637	4,564
Capital Expenditures (CapEx)	612	584	557	809	757	647	1,003	1,107	807	292
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
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
Net Working Capital (NWC)	5,275	5,635	6,712	6,182	4,660	4,642	4,887	4,216	2,452	1,973
Net Nonoperating Expense (NNE)	32	495	612	496	815	485	259	157	785	576
Net Nonoperating Obligations (NNO)	-2,985	4,450	5,457	4,062	4,276	4,652	3,769	3,299	3,637	4,564
Total Depreciation and Amortization (D&A)	1,114	1,193	2,413	2,277	1,850	1,606	1,252	973	841	587
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%
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%
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%
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)
Adjusted Weighted Average Basic Shares Outstanding	0.00	239M	288M	297M	292M	298M	305M	312M	318M	326M
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)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	242M	296M	307M	292M	298M	309M	316M	318M	326M
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
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
Normalized Net Operating Profit after Tax (NOPAT)	1,660	568	1,129	2,682	177	257	1,039	1,733	-764	147
Normalized NOPAT Margin	11.39%	4.37%	5.91%	12.99%	1.07%	1.54%	6.14%	9.22%	-6.21%	1.13%
Pre Tax Income Margin	10.82%	1.18%	4.03%	10.10%	-1.73%	-0.27%	5.48%	11.55%	-12.58%	-5.08%
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
NOPAT to Interest Expense	30.54	2.77	1.19	1.73	0.13	0.57	3.31	5.60	-2.88	-0.53
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
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
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%
Augmented Payout Ratio	93.24%	469.83%	144.58%	175.41%	-152.12%	-238.00%	0.00%	0.00%	0.00%	0.00%

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

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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.03%	-35.71%	-36.02%	-40.99%	-26.39%	-2.41%	23.33%	40.87%	48.91%	41.33%	30.94%
EBITDA Growth	-64.33%	-109.75%	-142.65%	-152.84%	-218.87%	84.21%	274.69%	174.34%	294.56%	6,433.33%	18.45%
EBIT Growth	-80.51%	-143.13%	-236.31%	-202.06%	-489.47%	47.59%	160.26%	130.39%	221.28%	606.14%	76.14%
NOPAT Growth	-92.47%	-135.40%	-1,168.70%	-230.42%	-921.49%	34.58%	162.67%	118.15%	239.62%	564.61%	11,949.62%
Net Income Growth	-95.57%	-179.96%	-2,384.00%	-298.56%	-2,637.04%	36.36%	123.64%	105.66%	171.97%	306.97%	285.19%
EPS Growth	-95.85%	-179.33%	-2,375.00%	-302.75%	-2,812.50%	34.51%	118.68%	106.79%	162.21%	275.27%	317.65%
Operating Cash Flow Growth	-98.85%	-94.74%	-195.73%	-123.05%	-10,533.33%	-362.86%	115.22%	638.24%	105.43%	538.04%	775.86%
Free Cash Flow Firm Growth	-1,307.53%	-104.82%	-43.64%	39.51%	111.91%	131.78%	137.10%	87.52%	-157.45%	-222.08%	6,120.82%
Invested Capital Growth	6.45%	4.70%	4.84%	-0.28%	-3.31%	-2.79%	-1.18%	0.87%	4.19%	6.76%	-50.23%
Revenue Q/Q Growth	-17.49%	-16.84%	-9.78%	-4.67%	2.92%	10.25%	14.02%	8.88%	8.79%	4.64%	-46.46%
EBITDA Q/Q Growth	-57.01%	-125.61%	-153.68%	-89.21%	3.29%	96.60%	2,906.67%	-19.48%	153.10%	10.72%	-70.95%
EBIT Q/Q Growth	-75.95%	-304.61%	-47.27%	-40.83%	8.22%	72.47%	269.33%	-28.99%	266.33%	14.90%	-81.21%
NOPAT Q/Q Growth	-85.44%	-542.45%	-47.04%	-37.71%	8.31%	64.77%	240.85%	-60.11%	605.30%	17.25%	1,060.89%
Net Income Q/Q Growth	-92.22%	-1,770.37%	-26.61%	-20.67%	0.58%	58.10%	147.04%	-71.11%	1,164.10%	20.49%	-12.46%
EPS Q/Q Growth	-92.66%	-1,875.00%	-28.17%	-21.43%	1.81%	57.14%	136.56%	-55.88%	800.00%	20.74%	-12.88%
Operating Cash Flow Q/Q Growth	-97.97%	483.33%	-1,188.57%	82.15%	-820.59%	85.30%	163.04%	531.03%	-90.71%	1,085.29%	26.05%
Free Cash Flow Firm Q/Q Growth	-34.07%	-3.01%	-13.47%	61.40%	126.41%	174.82%	32.46%	-112.98%	-21.58%	-483.97%	4,442.40%
Invested Capital Q/Q Growth	2.51%	0.30%	0.02%	-3.03%	-0.60%	0.83%	1.68%	-1.02%	2.68%	3.31%	-52.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.26%	16.99%	10.20%	3.44%	3.60%	16.23%	28.96%	35.95%	37.88%	35.38%	39.76%
EBITDA Margin	9.93%	-3.06%	-8.60%	-17.07%	-16.04%	-0.49%	12.18%	9.01%	20.95%	22.17%	12.03%
Operating Margin	4.23%	-10.33%	-16.84%	-24.33%	-21.67%	-6.93%	7.90%	5.74%	18.12%	19.88%	33.13%
EBIT Margin	4.07%	-10.01%	-16.34%	-24.14%	-21.53%	-5.38%	7.98%	5.21%	17.53%	19.25%	6.76%
Profit (Net Income) Margin	0.72%	-14.52%	-20.37%	-25.79%	-24.91%	-9.47%	3.91%	1.04%	12.04%	13.86%	22.67%
Tax Burden Percent	32.14%	118.37%	108.14%	95.03%	100.44%	110.81%	75.84%	38.24%	78.50%	80.16%	702.70%
Interest Burden Percent	55.26%	122.51%	115.28%	112.40%	115.20%	158.90%	64.49%	52.04%	87.47%	89.82%	47.74%
Effective Tax Rate	67.86%	0.00%	0.00%	0.00%	0.00%	0.00%	24.16%	61.76%	21.50%	19.84%	-943.24%
Return on Invested Capital (ROIC)	1.54%	-7.30%	-10.72%	-13.53%	-10.99%	-3.47%	4.50%	1.84%	12.99%	15.51%	472.39%
ROIC Less NNEP Spread (ROIC-NNEP)	0.90%	-13.71%	-17.88%	-20.28%	-17.52%	-6.80%	2.75%	0.77%	10.90%	13.48%	267.14%
Return on Net Nonoperating Assets (RNNOA)	0.28%	-4.01%	-4.91%	-5.85%	-6.22%	-2.48%	0.97%	0.28%	4.08%	5.08%	117.57%
Return on Equity (ROE)	1.82%	-11.32%	-15.62%	-19.38%	-17.21%	-5.95%	5.46%	2.11%	17.07%	20.59%	589.96%
Cash Return on Invested Capital (CROIC)	0.88%	-5.05%	-5.05%	-5.53%	-5.76%	-5.74%	-4.03%	-2.29%	-0.30%	3.40%	94.45%
Operating Return on Assets (OROA)	2.73%	-6.17%	-9.11%	-11.71%	-9.82%	-2.45%	3.89%	2.78%	10.32%	12.05%	5.43%
Return on Assets (ROA)	0.49%	-8.95%	-11.36%	-12.50%	-11.36%	-4.31%	1.90%	0.55%	7.08%	8.68%	18.22%
Return on Common Equity (ROCE)	1.82%	-11.32%	-15.06%	-18.67%	-16.55%	-5.72%	5.05%	2.01%	16.25%	19.61%	550.22%
Return on Equity Simple (ROE_SIMPLE)	7.95%	-0.43%	-5.58%	0.00%	-23.69%	-22.17%	-15.08%	0.00%	3.26%	10.41%	31.79%
Net Operating Profit after Tax (NOPAT)	51	-225	-330	-455	-417	-147	207	83	582	683	7,929
NOPAT Margin	1.36%	-7.23%	-11.79%	-17.03%	-15.17%	-4.85%	5.99%	2.19%	14.22%	15.94%	345.63%
Net Nonoperating Expense Percent (NNEP)	0.64%	6.40%	7.17%	6.75%	6.53%	3.33%	1.75%	1.06%	2.09%	2.03%	205.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-0.80%	-	-	-	3.51%	63.38%
Cost of Revenue to Revenue	73.74%	83.01%	89.80%	96.56%	96.40%	83.77%	71.04%	64.05%	62.12%	64.62%	60.24%
SG&A Expenses to Revenue	6.61%	8.05%	8.63%	8.65%	7.53%	6.53%	5.87%	5.84%	5.91%	5.55%	4.71%
R&D to Revenue	14.78%	16.83%	16.98%	17.14%	15.67%	14.64%	14.29%	14.29%	12.67%	11.72%	10.68%
Operating Expenses to Revenue	22.03%	27.33%	27.04%	27.77%	25.27%	23.15%	21.06%	30.21%	19.76%	15.50%	6.63%
Earnings before Interest and Taxes (EBIT)	152	-311	-458	-645	-592	-163	276	196	718	825	155
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	371	-95	-241	-456	-441	-15	421	339	858	950	276
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.85	0.83	1.04	1.11	1.45	1.69	2.20	2.29	2.05	1.73	2.73
Price to Tangible Book Value (P/TBV)	5.40	5.17	8.17	14.33	0.00	0.00	2,470.74	34.94	13.59	9.08	18.07
Price to Revenue (P/Rev)	0.59	0.64	0.85	0.99	1.30	1.51	1.87	1.90	1.66	1.35	0.88
Price to Earnings (P/E)	10.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.47	17.33	8.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	42.67%
Earnings Yield	9.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.38%	5.77%	11.30%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.87	1.03	1.08	1.30	1.45	1.77	1.89	1.79	1.54	2.14
Enterprise Value to Revenue (EV/Rev)	0.80	0.88	1.16	1.35	1.76	1.99	2.34	2.27	2.00	1.63	1.04
Enterprise Value to EBITDA (EV/EBITDA)	5.06	8.14	18.24	0.00	0.00	0.00	0.00	97.15	17.91	9.90	6.43
Enterprise Value to EBIT (EV/EBIT)	7.63	17.14	1,091.92	0.00	0.00	0.00	0.00	0.00	27.96	12.62	8.07
Enterprise Value to NOPAT (EV/NOPAT)	12.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00	48.03	15.96	5.20
Enterprise Value to Operating Cash Flow (EV/OCF)	10.29	18.89	0.00	0.00	0.00	0.00	0.00	0.00	78.46	29.53	12.82
Enterprise Value to Free Cash Flow (EV/FCFF)	103.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.67	1.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.58	0.57	0.60	0.70	0.77	0.71	0.67	0.62	0.60	1.36
Long-Term Debt to Equity	0.58	0.58	0.47	0.49	0.53	0.67	0.67	0.51	0.48	0.58	0.91
Financial Leverage	0.31	0.29	0.27	0.29	0.36	0.36	0.35	0.36	0.37	0.38	0.44
Leverage Ratio	2.22	2.12	2.08	2.11	2.15	2.14	2.08	2.13	2.13	2.14	2.45
Compound Leverage Factor	1.23	2.59	2.40	2.37	2.48	3.41	1.34	1.11	1.87	1.92	1.17
Debt to Total Capital	36.87%	36.86%	36.16%	37.39%	41.11%	43.40%	41.40%	40.23%	38.40%	37.37%	57.56%
Short-Term Debt to Total Capital	0.00%	0.20%	6.01%	6.41%	9.91%	5.39%	2.40%	9.47%	9.08%	0.76%	19.04%
Long-Term Debt to Total Capital	36.87%	36.66%	30.15%	30.97%	31.20%	38.02%	39.00%	30.76%	29.32%	36.61%	38.52%
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%	4.48%	4.63%	4.69%	4.53%	4.67%	1.24%	1.19%	1.16%	1.80%
Common Equity to Total Capital	63.13%	63.15%	59.36%	57.98%	54.19%	52.07%	53.94%	58.54%	60.41%	61.47%	40.64%
Debt to EBITDA	2.55	4.15	7.88	-16.79	-6.22	-7.28	-15.82	24.45	4.62	2.87	2.81
Net Debt to EBITDA	1.37	2.26	3.87	-8.64	-3.56	-3.96	-9.73	15.01	2.90	1.64	0.94
Long-Term Debt to EBITDA	2.55	4.13	6.57	-13.91	-4.72	-6.38	-14.90	18.70	3.52	2.81	1.88
Debt to NOPAT	6.43	-98.55	-138.41	-7.86	-5.38	-6.22	-9.38	-33.50	12.38	4.62	2.27
Net Debt to NOPAT	3.46	-53.56	-67.98	-4.04	-3.08	-3.38	-5.77	-20.57	7.77	2.65	0.76
Long-Term Debt to NOPAT	6.43	-98.02	-115.42	-6.51	-4.08	-5.45	-8.84	-25.62	9.45	4.53	1.52
Altman Z-Score	1.84	1.73	1.68	1.54	1.55	1.73	2.15	2.18	2.33	2.33	2.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	3.58%	3.64%	3.79%	3.80%	7.46%	4.83%	4.83%	4.74%	6.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.91	1.61	1.45	1.31	1.67	1.86	1.32	1.47	1.99	1.56
Quick Ratio	0.90	0.86	0.72	0.67	0.60	0.85	0.91	0.66	0.68	1.04	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-913	-941	-1,067	-412	109	299	396	-51	-63	-365	15,851
Operating Cash Flow to CapEx	1.88%	13.57%	-346.36%	-57.14%	0.00%	-61.33%	61.05%	315.52%	35.79%	356.64%	396.88%
Free Cash Flow to Firm to Interest Expense	-13.05	-12.89	-13.34	-4.63	1.11	2.77	3.67	-0.50	-0.63	-3.84	174.18
Operating Cash Flow to Interest Expense	0.09	0.48	-4.76	-0.76	-6.39	-0.85	0.54	3.55	0.34	4.24	5.58
Operating Cash Flow Less CapEx to Interest Expense	-4.49	-3.05	-6.14	-2.10	-5.68	-2.24	-0.34	2.43	-0.62	3.05	4.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.62	0.56	0.48	0.46	0.46	0.49	0.53	0.59	0.63	0.80
Accounts Receivable Turnover	7.18	6.78	7.19	5.60	5.85	6.57	7.03	6.91	7.34	7.57	9.88
Inventory Turnover	3.32	3.13	2.86	2.84	2.81	2.94	2.84	2.86	2.89	3.07	4.56
Fixed Asset Turnover	5.01	4.47	3.96	3.38	3.20	3.21	3.44	3.83	4.56	5.00	5.77
Accounts Payable Turnover	5.78	5.85	5.75	5.48	5.81	6.21	6.23	6.08	5.68	5.43	6.89
Days Sales Outstanding (DSO)	50.83	53.85	50.78	65.22	62.37	55.58	51.96	52.83	49.72	48.20	36.96
Days Inventory Outstanding (DIO)	109.99	116.57	127.52	128.35	130.05	123.98	128.38	127.74	126.20	118.97	79.97
Days Payable Outstanding (DPO)	63.19	62.40	63.49	66.61	62.77	58.82	58.57	60.04	64.21	67.25	52.95
Cash Conversion Cycle (CCC)	97.63	108.02	114.81	126.96	129.65	120.73	121.77	120.53	111.71	99.92	63.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,910	15,958	15,961	15,477	15,384	15,512	15,772	15,611	16,029	16,560	7,850
Invested Capital Turnover	1.13	1.01	0.91	0.79	0.72	0.72	0.75	0.84	0.91	0.97	1.37
Increase / (Decrease) in Invested Capital	964	716	737	-43	-526	-446	-189	134	645	1,048	-7,922
Enterprise Value (EV)	14,040	13,865	16,379	16,648	19,959	22,425	27,888	29,534	28,715	25,428	16,802
Market Capitalization	10,237	10,022	12,029	12,135	14,688	16,981	22,237	24,741	23,842	20,985	14,129
Book Value per Share	$38.50	$38.14	$36.36	$34.27	$31.42	$31.05	$31.06	$33.13	$33.90	$35.05	$14.88
Tangible Book Value per Share	$6.03	$6.10	$4.61	$2.65	($0.01)	($0.15)	$0.03	$2.17	$5.11	$6.68	$2.25
Total Capital	19,178	19,186	19,560	18,910	18,661	19,337	18,765	18,481	19,272	19,712	12,739
Total Debt	7,071	7,071	7,073	7,070	7,672	8,393	7,768	7,434	7,400	7,366	7,333
Total 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
Net Debt	3,803	3,843	3,474	3,637	4,395	4,568	4,775	4,564	4,644	4,214	2,444
Capital Expenditures (CapEx)	320	258	110	119	-69	150	95	116	95	113	128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,056	2,166	2,177	1,642	1,603	1,706	2,035	1,844	2,896	2,525	441
Debt-free Net Working Capital (DFNWC)	4,105	4,037	4,397	3,665	3,635	4,187	3,929	3,723	4,601	4,816	5,330
Net Working Capital (NWC)	4,105	3,999	3,222	2,452	1,785	3,145	3,479	1,973	2,851	4,666	2,904
Net Nonoperating Expense (NNE)	24	226	241	234	268	140	72	44	89	89	7,409
Net Nonoperating Obligations (NNO)	3,803	3,843	3,474	3,637	4,395	4,568	4,775	4,564	4,157	4,214	2,444
Total Depreciation and Amortization (D&A)	219	216	217	189	151	148	145	143	140	125	121
Debt-free, Cash-free Net Working Capital to Revenue	11.76%	13.75%	15.36%	13.33%	14.15%	15.16%	17.09%	14.18%	20.18%	16.18%	2.73%
Debt-free Net Working Capital to Revenue	23.49%	25.63%	31.02%	29.75%	32.08%	37.19%	32.99%	28.63%	32.07%	30.87%	33.02%
Net Working Capital to Revenue	23.49%	25.39%	22.73%	19.91%	15.75%	27.94%	29.21%	15.17%	19.87%	29.91%	17.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	($1.40)	($1.82)	($2.22)	($2.17)	($0.93)	$0.35	$0.14	$1.40	$1.68	$1.46
Adjusted Weighted Average Basic Shares Outstanding	316M	318M	319M	318M	323M	325M	326M	326M	344M	346M	348.88M
Adjusted Diluted Earnings per Share	$0.08	($1.40)	($1.82)	($2.21)	($2.17)	($0.93)	$0.34	$0.15	$1.35	$1.63	$1.42
Adjusted Weighted Average Diluted Shares Outstanding	319M	318M	319M	318M	323M	325M	335M	326M	357M	357M	348.88M
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	317.65M	319.32M	319.94M	321.90M	324.24M	325.86M	326.52M	343.45M	345.71M	347.82M	348.88M
Normalized Net Operating Profit after Tax (NOPAT)	127	-172	-302	-418	-377	-130	213	186	586	587	391
Normalized NOPAT Margin	3.41%	-5.52%	-10.79%	-15.64%	-13.72%	-4.29%	6.16%	4.95%	14.32%	13.69%	17.06%
Pre Tax Income Margin	2.25%	-12.26%	-18.84%	-27.13%	-24.80%	-8.54%	5.15%	2.71%	15.34%	17.29%	3.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.17	-4.26	-5.73	-7.25	-6.04	-1.51	2.56	1.90	7.25	8.68	1.70
NOPAT to Interest Expense	0.73	-3.08	-4.13	-5.11	-4.26	-1.36	1.92	0.80	5.88	7.19	87.13
EBIT Less CapEx to Interest Expense	-2.40	-7.79	-7.10	-8.58	-5.34	-2.90	1.68	0.78	6.29	7.49	0.30
NOPAT Less CapEx to Interest Expense	-3.85	-6.61	-5.51	-6.45	-3.55	-2.75	1.04	-0.32	4.92	6.00	85.72
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%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Western Digital's recent quarterly financial performance shows several notable trends over the past year and compared to prior periods. Here are key observations based on the latest available data through Q3 2025:

In Q3 2025, Western Digital reported total revenue of $2.29 billion, indicating continued sales generation despite macro challenges.
Gross profit for Q3 2025 was $912 million, showing the company maintains strong control over cost of revenue with a margin healthy enough to cover operating expenses.
Net income attributable to common shareholders reached $520 million in Q3 2025, yielding diluted EPS of $1.42, an encouraging profit level compared to past quarters.
Operating expenses decreased considerably in Q3 2025 ($152 million) versus prior quarters, benefiting profitability.
Cash and equivalents rose to $3.48 billion by Q3 2025, improving liquidity compared to prior quarters.
The company reported significant "Other Income / (Expense), net" losses of $605 million in Q3 2025 affecting overall pre-tax income negatively.
Western Digital's debt levels (short-term and long-term) remain elevated, with total liabilities around $10.96 billion as of Q3 2025, suggesting leverage is a factor to monitor.
Capital expenditures reflect ongoing investment, with around $129 million spent on property, plant, and equipment in Q3 2025.
Q3 2025 showed a large negative impact from discontinued operations ($252 million loss), detracting from net earnings.
Quarter-over-quarter comparison from Q2 2025 to Q3 2025 reveals a drop in revenue from $4.29 billion to $2.29 billion, indicating volatility and potential weakening sales trends.

Additional highlights from quarterly trends over recent fiscal years:

Western Digital faced profitability challenges in the 2023-2024 period, with several quarters showing net losses and negative earnings per share, especially throughout 2023 and early 2024.
The company's gross profit margins have fluctuated, reflecting varying revenue and cost dynamics likely tied to industry cycles and pricing pressures.
Cash flow from operations has been variable, at times very positive but also negative, highlighting operational cash generation volatility.
Total liabilities have consistently remained high across the past several years, driven by substantial debt balances exceeding $7 billion at times, which may constrain financial flexibility.
Despite challenges, equity levels have grown from approximately $10 billion in early 2023 to over $5 billion as of Q3 2025, supporting shareholder value persistence.
Strong investment in R&D expenses, consistently near or above $500 million in many quarters, underscores the company's focus on innovation and product development.

Summary: Western Digital has demonstrated resilience by maintaining positive quarterly profitability and improving cash liquidity in recent quarters, notably Q3 2025. However, significant quarterly revenue fluctuations and high debt levels pose financial risks. Investors should watch for stabilization in revenue and operating performance, debt management progress, and ongoing effective control of special charges and discontinued operations impact.

08/04/25 09:56 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Western Digital's Financials

When does Western Digital's fiscal year end?

According to the most recent income statement we have on file, Western Digital's financial year ends in June. Their financial year 2024 ended on June 28, 2024.

How has Western Digital's net income changed over the last 9 years?

Western Digital's net income appears to be on a downward trend, with a most recent value of -$798 million in 2024, falling from $1.47 billion in 2015. The previous period was -$1.68 billion in 2023. View Western Digital's forecast to see where analysts expect Western Digital to go next.

What is Western Digital's operating income?

Western Digital's total operating income in 2024 was -$317 million, based on the following breakdown:

Total Gross Profit: $2.95 billion
Total Operating Expenses: $3.26 billion

How has Western Digital's revenue changed over the last 9 years?

Over the last 9 years, Western Digital's total revenue changed from $14.57 billion in 2015 to $13.00 billion in 2024, a change of -10.8%.

How much debt does Western Digital have?

Western Digital's total liabilities were at $13.14 billion at the end of 2024, a 3.4% increase from 2023, and a 120.8% increase since 2015.

How much cash does Western Digital have?

In the past 9 years, Western Digital's cash and equivalents has ranged from $1.88 billion in 2024 to $8.15 billion in 2016, and is currently $1.88 billion as of their latest financial filing in 2024.

How has Western Digital's book value per share changed over the last 9 years?

Over the last 9 years, Western Digital's book value per share changed from 39.92 in 2015 to 33.13 in 2024, a change of -17.0%.

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This page (NASDAQ:WDC) was last updated on 8/4/2025 by MarketBeat.com Staff

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Western Digital (WDC) Financials

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