WESTERN DIGITAL CORP

Listed Company

WDCCIK 0000106040NasdaqLarge AcceleratedComputer Storage DevicesDelawareFY ends Jul 3

Period

FY 2025

Revenue

$9.52B

Net Income

$1.89B

Total Assets

$14.00B

Equity

$5.31B

Shares Out

339.04M

Op. Cash Flow

$1.69B

Business

WESTERN DIGITAL CORP is a leading developer, manufacturer, and provider of data storage devices and solutions focused on hard disk drive (HDD) technology. The company offers high-capacity enterprise and cloud HDDs, client and notebook drives, external consumer HDD products, and related platforms, controllers, firmware and services. Its business is organized around Cloud, Client and Consumer end markets, and following a separation of its Flash business, Western Digital concentrates on HDD product innovation and manufacturing. It sells globally to cloud service providers, OEMs, resellers, distributors and retailers through direct and channel distribution.

Summary from filing dated 2025-08-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue, net	9,520	6,317	6,255	18,793	16,922
Cost of revenue	5,828	4,544	4,864	12,919	12,401
Gross profit	3,692	1,773	1,391	5,874	4,521
Research and development	994	950	986	2,323	2,243
Selling, general and administrative	568	726	807	1,117	1,105
Litigation matter	−198	291	0	—	—
Business realignment charges	−6	209	146	—	—
Total operating expenses	1,358	2,176	1,939	3,483	3,301
Operating income (loss)	2,334	−403	−548	2,391	1,220
Interest income	45	33	19	6	7
Interest expense	−357	−414	−310	−304	—
Loss on retained interest in Sandisk	−772	0	0	—	—
Loss on extinguishment of debt	−100	0	0	—	—
Other income (expense), net	−20	45	−10	78	26
Total interest and other expense, net	−1,204	−336	−301	−220	−293
Income (loss) before taxes	1,130	−739	−849	2,171	927
Income tax expense (benefit)	−513	26	53	625	106
Net income (loss) from continuing operations	1,643	−765	−902	—	—
Net income (loss) from discontinued operations, net of taxes	246	−33	−782	—	—
Net income (loss) from continuing operations	1,889	−798	−1,684	1,546	821
Continuing operations - basic (in dollars per share)	4.61	−2.51	−2.91	—	—
Discontinued operations - basic (in dollars per share)	0.7	−0.1	−2.46	—	—
Net income (loss) per share - basic (in dollars per share)	5.31	−2.61	−5.37	4.96	2.69
Continuing operations - diluted (in dollars per share)	4.45	−2.51	−2.91	—	—
Discontinued operations - diluted (in dollars per share)	0.67	−0.1	−2.46	—	—
Net income (loss) per share - diluted (in dollars per share)	5.12	−2.61	−5.37	4.89	2.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	2,114	1,551	2,023	2,327	3,370
Accounts receivable, net	1,490	1,230	1,600	2,800	2,300
Inventories	1,291	1,387	3,698	3,638	3,616
Retained interest in Sandisk	354	0	—	—	—
Other current assets	611	360	567	684	514
Current assets of discontinued operations	0	3,531	—	—	—
Total current assets	5,856	8,060	7,886	9,453	9,757
Property, plant and equipment, net	2,343	2,359	3,620	3,670	3,188
Goodwill	4,320	4,320	10,037	10,041	10,066
Other non-current assets	1,484	837	1,513	1,486	1,093
Non-current assets of discontinued operations	0	8,613	—	—	—
Total assets	14,002	24,188	24,546	26,259	26,132
Accounts payable	1,266	1,054	—	1,902	1,934
Accrued expenses	719	1,053	1,288	1,636	1,390
Income taxes payable	800	471	999	869	263
Accrued compensation	407	435	349	510	634
Current portion of long-term debt	2,226	1,750	1,213	0	251
Current liabilities of discontinued operations	0	1,324	—	—	—
Total current liabilities	5,418	6,087	5,434	5,237	4,870
Long-term debt	2,485	5,684	5,857	7,022	8,474
Other liabilities	559	1,002	1,415	1,779	2,067
Non-current liabilities of discontinued operations	0	368	—	—	—
Total liabilities	8,462	13,141	12,706	14,038	15,411
Commitments and contingencies (Notes 10, 13 and 17)	—	—	—	—	—
Convertible preferred stock, $0.01 par value; authorized 5 shares; issued and outstanding 0.2 shares as of both June 27, 2025 and June 28, 2024; aggregate liquidation preference of $265 and $257 as of June 27, 2025 and June 28, 2024, respectively	229	229	876	0	—
Common stock, $0.01 par value; authorized 750 shares; issued and outstanding 347 shares as of June 27, 2025 and 343 shares as of June 28, 2024	3	3	3	—	—
Additional paid-in capital	4,621	4,752	3,936	3,733	3,608
Accumulated other comprehensive income (loss)	20	−712	−548	−554	−197
Retained earnings	762	6,775	7,573	9,039	7,539
Treasury stock common shares at cost; 95 shares in 2025 and 0 shares in 2024	−95	0	—	—	—
Total shareholders equity	5,311	10,818	10,964	12,323	10,800
Total liabilities, convertible preferred stock and shareholders equity	14,002	24,188	24,546	26,259	26,132

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization	451	568	828	929	1,212
Stock-based compensation	265	295	318	326	318
Deferred income taxes	−745	−161	−48	—	—
Gain on disposal of assets	−2	−87	−7	−16	−70
Non-cash asset impairment	2	158	19	0	0
Gain on business divestiture	−113	0	0	−9	0
Amortization of debt issuance costs and discounts	23	19	13	44	40
Other non-cash operating activities, net	80	19	61	19	−6
Accounts receivable, net	79	−568	1,206	−546	121
Inventories	−409	356	−60	−22	−546
Accounts payable	307	244	−459	−129	11
Accounts payable to related parties	−39	21	−28	−78	−9
Accrued expenses	−366	197	−352	246	257
Income taxes payable	348	−474	130	−74	95
Accrued compensation	−46	259	−162	−123	162
Other assets and liabilities, net	−905	−342	−183	−349	−266
Net cash provided by (used in) operating activities	1,691	−294	−408	1,880	1,898
Purchases of property, plant and equipment	−412	−487	−821	−1,122	−1,146
Proceeds from the sale of property, plant and equipment	5	195	14	15	143
Proceeds from business divestiture	401	0	0	32	0
Notes receivable issuances to Flash Ventures	−266	−243	−627	−809	−541
Notes receivable proceeds from Flash Ventures	239	482	641	718	772
Distribution from Flash Ventures	175	0	0	—	—
Strategic investments and other, net	8	26	31	−26	7
Net cash provided by (used in) investing activities	150	−27	−762	−1,192	−765
Issuance of stock under employee stock plans	77	80	93	122	134
Taxes paid on vested stock awards under employee stock plans	−113	−88	−80	−90	−56
Purchase of capped calls	0	−155	0	0	—
Proceeds from convertible preferred stock, net of issuance costs	0	−5	881	0	0
Repurchases of common stock	−149	0	0	—	0
Dividends paid to shareholders	−44	0	0	0	0
Repurchases of debt	0	−505	0	0	—
Repayment of debt	−2,094	−2,104	−1,180	−3,621	—
Proceeds from debt issuance	2,150	3,000	1,180	—	—
Debt issuance costs	−73	−36	−19	−23	0
Cash transferred to Sandisk related to Separation	−1,366	0	0	—	—
Net cash provided by (used in) financing activities	−1,612	187	875	−1,718	−817
Effect of exchange rate changes on cash	6	−10	−9	−13	6
Net increase (decrease) in cash and cash equivalents	235	−144	−304	−1,043	322
Cash paid for income taxes	789	920	177	423	348
Cash paid for interest	367	396	294	245	283

Filings

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