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WESTERN DIGITAL CORPWDC

Sector
Technology
Industry
Computer Storage Devices
Exchange
Nasdaq

Stock Price $WDC

Latest filings

You are here#32 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K197

WDC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 197 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. FY2019 annual report10-K · Aug ’19Aug ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $9.52B
YoY changeLargest recent move−66.7%in FY23Latest +50.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WDC Financial Metrics60 metrics

Income Statement15

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

WESTERN DIGITAL CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Western Digital’s 65%a surge in Cloud segment revenue during FY2025 proves that shedding its legacy Flash memory unit was a highly lucrative pivot. By spinning off Sandisk and operating as a pure-play hard disk drive (HDD) manufacturer, the company has successfully transformed from a cyclical hardware conglomerate into a focused infrastructure engine directly levered to data center expansions.

The corporate separation completely reshaped the company's financial profile, with overall net revenue shifting from a combined $16.9 billion in FY2021 to $9.52 billionb in FY2025 as a standalone HDD operation. This leaner footprint allowed Western Digital to capture significant pricing power from higher-capacity drives, driving total FY2025 revenue up 51% year-over-year. Management aggressively repaired the balance sheet alongside this operational recovery, eliminating $2.78 billion in debt throughout FY2025 while initiating a new quarterly cash dividend and authorizing a $2.0 billion share repurchase program.

Despite the fundamental turnaround and sudden influx of capital returns, the market assigned a relatively conservative premium to the restructured business. At the close of FY2025, the newly streamlined stock traded at $63.29c, reflecting a 12.4x price-to-earnings multiple on $5.12 in per-share earnings.

Recent Developments (Q2 and Q3 2026)

Western Digital accelerated its growth through Q3 2026, overhauling its capital structure and liquidating its retained Sandisk interest. Revenue jumped 45% year-over-year in Q3 2026, building on a 25% expansion to $3.017 billiond in Q2 2026. Gross margins expanded by 10 percentage points year-over-year in the third quarter, driven by cloud demand that now constitutes 89% of sales.

Management utilized a $2.73 billione gain on Sandisk holdings in Q3 2026 to retire senior notes due in 2026, 2029, and 2032. The company also converted all Series A preferred stock, exchanged $858.4 million in convertible notes for equity, and added Manuvir Das to the Board in May 2026. Bulls see this margin expansion and debt retirement cementing a highly profitable pure-play infrastructure business. Conversely, the stock appears richly valued at 84.3x earnings as of the Q3 2026 report, leaving little room for error.

What to watch: the impact of recent equity exchanges on share dilution; sustainability of cloud demand for high-capacity enterprise drives.

03—Filings

Recent SEC Filings

  1. 8-KWESTERN DIGITAL CORP 8-K Report, Regulation FD Disclosure (Sep 14, 2026)Western Digital (WDC) filed an 8-K on September 14, 2026 announcing that it will redeem all outstanding $109.505 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2028 on November 16, 2026, at 100% of principal plus accrued and unpaid interest to, but excluding, the Redemption Date. Interest payable on the November 15, 2026 interest payment date will be paid separately to holders of record, and interest stops accruing after the Redemption Date. The filing is largely administrative: the Company's remaining convertible debt is small relative to its business, and the Company says it expects substantially all holders to convert before redemption. The conversion mechanics are the key economic detail for investors. The conversion rate is 26.5231 shares per $1,000 principal (about $37.70 per share implied conversion price), with no make-whole increase tied to the redemption. The Company elected a 0% cash percentage, meaning it will pay cash only up to the principal amount of converted notes (a 40-day observation-period settlement using a $25 cash threshold) and will settle any excess conversion value in common stock. Holders may convert through 5:00 p.m. New York time on November 12, 2026. Conversions into shares would therefore create some dilution, though the amount is likely modest given the small note balance, and the excess value would be delivered in shares rather than cash. The capped call transactions entered into at issuance are not expected to be settled or modified in connection with the redemption, so the economic hedge against dilution remains in place according to management. Overall, the redemption reduces leverage slightly and eliminates a convertible instrument, with limited near-term financial impact. Investors should watch the volume of conversions and any resulting share issuance in future filings.
  2. 8-KWESTERN DIGITAL CORP 8-K/A Report, Unregistered Securities Sale (Aug 27, 2026)Western Digital Corporation (WDC) has filed an amendment to its prior 8-K, providing an update on the previously announced exchange transactions involving its 3.00% Convertible Senior Notes due 2028. The company has confirmed that approximately $191.0 million aggregate principal amount of these notes will be exchanged for a combination of cash and shares of WDC common stock. This filing specifically discloses the exact number of common shares to be issued, which was not finalized at the time of the initial report.
  3. 8-KWESTERN DIGITAL CORP 8-K Report, Unregistered Securities Sale (Aug 26, 2026)Western Digital Corporation (WDC) announced on August 26, 2026, that it has entered into private exchange agreements with certain holders of its 3.00% Convertible Senior Notes due 2028. These agreements involve the exchange of approximately $191.0 million in aggregate principal amount of these notes for a combination of cash and WDC common stock. This move is designed to reduce the company's outstanding convertible debt. The exchange will involve approximately $192.7 million in cash, covering the principal and accrued interest on the exchanged notes. Additionally, a certain number of WDC common stock shares, referred to as "Exchange Shares," will be issued. The number of these shares will be determined based on the remaining conversion value of the notes, calculated using the volume-weighted average price of WDC's stock on the transaction date. The transactions are expected to conclude on or after September 2, 2026, pending the fulfillment of standard closing conditions.
  4. 8-KWESTERN DIGITAL CORP 8-K Report, Financial Results (Aug 5, 2026)Western Digital (WDC) reported fiscal fourth quarter and full-year 2026 results for the period ended July 3, 2026, showing sharp top-line and margin expansion. Q4FY26 revenue was $3.75 billion, up 44% year over year and 12% sequentially, with GAAP gross margin of 54.1% (up 1,310 bps YoY) and non-GAAP gross margin of 54.4%. Non-GAAP operating margin reached 44.2%, versus 28.1% a year earlier. GAAP diluted EPS was $8.21, but this figure is inflated by a $2.05 billion gain on the company's retained interest in Sandisk; non-GAAP diluted EPS of $3.56 is the better gauge of operating performance. Free cash flow was $1.28 billion in the quarter and $3.51 billion for the full year. For fiscal 2026, revenue rose 36% to $12.9 billion, and non-GAAP diluted EPS was $10.22, up 104%. GAAP results were heavily affected by mark-to-market gains on the Sandisk stake and by debt and equity transaction costs of $907 million. The balance sheet improved markedly: total debt fell from roughly $4.7 billion to about $1.05 billion (all current), shareholders' equity rose to $8.9 billion from $5.3 billion, and the company repurchased $2.6 billion of stock during the year. Cash was $1.58 billion at year-end. Management guided fiscal Q1 2027 revenue to $4.1 billion (±$100 million), up roughly 42% to 49% year over year, with non-GAAP gross margin of 55% to 56% and non-GAAP EPS of $4.00 (±$0.15) on about 388 million diluted shares. The board declared a $0.15 quarterly dividend payable September 17, 2026. The 10-K is expected on or about August 14, 2026.
  5. 8-KWESTERN DIGITAL CORP 8-K Report, Corporate Update (Jun 11, 2026)Western Digital Corporation (WDC) announced on June 11, 2026, that it has entered into private exchange agreements with institutional investors to divest a significant portion of its Sandisk Corporation (Sandisk Stock) holdings. The company plans to exchange approximately 1,038,681 shares of Sandisk Stock for shares of its own common stock. This strategic move suggests a potential shift in Western Digital's focus, possibly towards simplifying its capital structure or divesting non-core assets. Investors should monitor the final exchange ratio, which will be determined by the volume-weighted average prices of both Sandisk Stock and WDC common stock over a three-day period ending June 18, 2026, as this will impact the dilution to existing WDC shareholders.
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04—See also

Related Companies

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