Western Digital Corporation (WDC) SEC Filings & Earnings Calls
EquiReason read 20 Western Digital Corporation SEC filings in the last 12 months. Latest: 10-Q on 2026-10-23 — Western Digital reported strong Q1 FY2027 results with revenue up 55% YoY, gross margin expanding to 57.8%, and net income up 51%..
Source: SEC EDGAR filings · figures as of 2026-10-02 · read by EquiReason
- Market cap
- 128.6B
- P/E TTM
- 13.3
- Dividend yield
- 0.2%
- 52-week
- —
- Next earnings
- 27 Jan, in 95 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Oct 202610-QWestern Digital reported strong Q1 FY2027 results with revenue up 55% YoY, gross margin expanding to 57.8%, and net income up 51%.earningsopen
Figures in the filing · each found in the filing text
| Revenue, net · Q1-2027 | $4.38B | +55% y/y |
| Gross profit · Q1-2027 | $2.53B | +107% y/y |
| Gross margin · Q1-2027 | 57.8% | |
| Operating income · Q1-2027 | $2.05B | +158% y/y |
| Net income · Q1-2027 | $1.78B | +51% y/y |
| Diluted net income per common share · Q1-2027 | $4.63 | +51% y/y |
| Operating cash flow · Q1-2027 | $1.60B | +139% y/y |
| Free cash flow · Q1-2027 | $1.38B | +124% y/y |
| Capital expenditures · Q1-2027 | $227M | +211% y/y |
| Cloud revenue · Cloud · Q1-2027 | $3.87B | +54% y/y |
Risks flagged
Customer concentration
“Two customers accounted for 14% and 13% of net revenue for the three months ended October 2, 2026.”
Supply chain disruption
“The Company faces risks from difficulties or delays in manufacturing or other supply chain disruptions.”
Macroeconomic and tariff risk
“The current U.S. administration has imposed significant tariffs on imports from numerous trading partners; such tariffs and retaliatory measures have adversely impacted trade relations.”
22 Oct 20268-K · 2.02Western Digital reports Q1FY27 revenue $4.38B (+55% YoY), non-GAAP gross margin 58.1%, EPS $4.64 (+161% YoY), raises dividend 17%, guides Q2FY27 revenue ~$5.1B, non-GAAP gross margin 60-61%, EPS ~$5.80.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2027 | $4.38B | +55% y/y |
| Non-GAAP gross margin · Q1-2027 | 58.1% | |
| Non-GAAP diluted EPS · Q1-2027 | $4.64 | +161% y/y |
| Cash flow from operations · Q1-2027 | $1.60B | |
| Free cash flow · Q1-2027 | $1.38B | |
| GAAP gross margin · Q1-2027 | 57.8% | |
| GAAP diluted EPS · Q1-2027 | $4.63 | +51% y/y |
| Non-GAAP operating margin · Q1-2027 | 49.1% |
Guidance
Q2FY27 revenue ~$5.1B +/- $100M; non-GAAP gross margin 60-61%; non-GAAP EPS ~$5.80 +/- $0.20; non-GAAP operating expenses $400M-$410M; interest and other expense ~$15M; tax rate ~17%; diluted shares ~380M
Strong guidance with revenue expected up 66-72% YoY, gross margin expanding to 60-61%, and EPS ~$5.80.
Risks flagged
Concentration of revenue in Cloud end market and top customers.
“Key risks include concentration of revenue in the company’s Cloud end market and among the company’s top customers.”
Supply chain disruptions and dependence on limited suppliers.
“Risks include dependence on a limited number of qualified suppliers and difficulties or delays in manufacturing.”
5 Oct 2026DEF 14AAnnual proxy statement filed for shareholder vote, disclosing executive compensation, governance, and performance highlights.open
Figures in the filing · each found in the filing text
| Revenue · FY2026 | $12.92B | +36% y/y |
| GAAP Gross Margin · FY2026 | 48.9% | |
| Non-GAAP Gross Margin · FY2026 | 49.1% | |
| GAAP Operating Income · FY2026 | $4.45B | +91% y/y |
| Non-GAAP Operating Income · FY2026 | $4.82B | +107% y/y |
| GAAP Net Income · FY2026 | $9.42B | +474% y/y |
| Non-GAAP Diluted EPS · FY2026 | $10.22 | |
| Free Cash Flow · FY2026 | $3.51B | |
| Adjusted Free Cash Flow · FY2026 | $3.67B | |
| Capital Returned to Stockholders · FY2026 | $3.10B |
Risks flagged
Customer Concentration
“concentration of revenue in our Cloud end market and among our top customers” · word for word
Supply Chain Disruption
“our dependence on a limited number of qualified suppliers; difficulties or delays in manufacturing or other supply chain disruptions” · word for word
Competitive Pressure
“the competitive environment, including actions by our competitors and the impact of competitive products and pricing” · word for word
Cybersecurity Risk
“compromise, damage or interruption from cybersecurity incidents or other data or system security risks” · word for word
Macroeconomic Risk
“adverse global or regional conditions, including new or additional tariffs or trade restrictions, inflation, increases in interest rates and an economic recession” · word for word
14 Sep 20268-K · 7.01, 8.01Western Digital announced redemption of all outstanding $109.5M 3.00% Convertible Senior Notes due 2028, with conversion settlement in cash and stock; no new debt issuance, but a liability management event.open
Risks flagged
Potential dilution from conversion of notes into common stock; capped call transactions may not fully offset dilution.
“Conversion rate of 26.5231 shares per $1,000 principal; cash percentage 0% for conversions above principal.”
26 Aug 20268-K · 3.02, 8.01Western Digital Corp. disclosed unregistered sales of equity securities in exchange transactions, diluting existing shareholders.share dilutionopen
Risks flagged
Potential dilution from unregistered equity issuance; limited disclosure on terms or size.
“Unregistered Sales of Equity Securities... The issuance of the Exchange Shares will be undertaken in reliance upon the exemption from the registration requirements.”
14 Aug 202610-KAnnual report filed; no earnings beat/miss disclosed.earningsopen
Figures in the filing · each found in the filing text
| Cloud end market revenue share · Cloud · FY2026 | 89.0% | |
| Top 10 customer revenue share · FY2026 | 73.0% | |
| Active patents · FY2026 | 4,700 | |
| Debt due within 1 year · FY2026 | $1.07B |
Risks flagged
Customer concentration
“For the year ended July 3, 2026, the Cloud end market accounted for 89% of our net revenue and our top 10 customers accounted for 73% of our net revenue, with three customers each accounting for 10% or more of our net revenue.” · word for word
Technology transition failure
“If we fail to adapt to or implement new technologies (including the transition to areal density recording technologies that use HAMR technology to increase HDD capacities)... our business may be harmed.” · word for word
Tariff cost pressure
“Any imposition of new tariffs or increase in existing tariff rates may increase the cost of importing our products or the costs for materials or components used in our products, which would increase our overall costs unless we are able to implement actions to offset these costs.” · word for word
Supply chain disruption
“We are dependent on a limited number of qualified suppliers who provide critical services, materials or components, and a disruption in our supply chain could negatively affect our business.” · word for word
Debt maturity risk
“Total │ 1 Year (2027) │ $1,075”
5 Aug 20268-K · 2.02Revenue $3.75B (+44% y/y); Non-GAAP Gross Margin 54.4; Non-GAAP Diluted EPS $3.56 (+109% y/y); Guidance: Q1FY27 revenue $4.1B (+42-49% YoY), non-GAAP gross margin 55-56%, non-GAAP EPS $4.00earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2026 | $3.75B | +44% y/y |
| Non-GAAP Gross Margin · Q4-2026 | 54.4% | |
| Non-GAAP Diluted EPS · Q4-2026 | $3.56 | +109% y/y |
| Free Cash Flow · Q4-2026 | $1.28B | |
| Revenue Guidance Midpoint · Q1-2027 | $4.10B | +46% y/y |
| Non-GAAP Gross Margin Guidance Midpoint · Q1-2027 | 55.5% | |
| Non-GAAP Diluted EPS Guidance Midpoint · Q1-2027 | $4.00 | |
| GAAP Diluted EPS · Q4-2026 | $8.21 | +1125% y/y |
| Operating Cash Flow · Q4-2026 | $1.39B |
Guidance
Q1FY27 revenue $4.1B (+42-49% YoY), non-GAAP gross margin 55-56%, non-GAAP EPS $4.00
Strong Q4 beat and raised Q1 guidance reflecting robust demand and margin expansion.
Risks flagged
Dependence on cloud and data center demand; any slowdown could impact growth.
“Demand driven by cloud and data-intensive workloads.”
3 Jun 20268-K · 3.02, 8.01Issued unregistered shares, diluting existing shareholders; disclosed a material event under other events (litigation, recall, contract loss, or major announcement)share dilutionopen
Risks flagged
Share dilution from convertible note exchange may pressure stock price.
“Issuance of Exchange Shares corresponding to remaining value of Notes.”
1 May 202610-QWestern Digital reported strong Q3 FY2026 results with revenue up 45% YoY and net income from continuing operations up 315% YoY, driven by Cloud demand and margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Revenue, net · Q3-2026 | $3.34B | +45% y/y |
| Gross profit · Q3-2026 | $1.68B | +84% y/y |
| Net income from continuing operations · Q3-2026 | $3.21B | +315% y/y |
| Operating cash flow · 9M-2026 | $2.54B | +169% y/y |
| Cloud revenue · Cloud · Q3-2026 | $2.97B | +48% y/y |
| Client revenue · Client · Q3-2026 | $179M | +31% y/y |
| Consumer revenue · Consumer · Q3-2026 | $186M | +24% y/y |
| Diluted EPS from continuing operations · Q3-2026 | $8.20 | +289% y/y |
Risks flagged
Customer concentration
“Top 10 customers accounted for 71% of net revenue for Q3 FY2026.”
Debt refinancing risk
“Convertible notes due 2028 classified as current; conversion feature triggered.”
30 Apr 20268-K · 2.02Revenue $3.34B (+45% y/y); GAAP Gross Margin 50.2; Non-GAAP Gross Margin 50.5; Guidance: Q4 revenue guidance $3.65B (+36-44% YoY), non-GAAP gross margin 51-52%, non-GAAP EPS $3.25.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $3.34B | +45% y/y |
| GAAP Gross Margin · Q3-2026 | 50.2% | |
| Non-GAAP Gross Margin · Q3-2026 | 50.5% | |
| GAAP Diluted EPS · Q3-2026 | $8.20 | +289% y/y |
| Non-GAAP Diluted EPS · Q3-2026 | $2.72 | +97% y/y |
| Cash Flow from Operations · Q3-2026 | $1.12B | |
| Free Cash Flow · Q3-2026 | $978M | |
| Non-GAAP Gross Margin Guidance · Q4-2026 | 51.5% | |
| Non-GAAP EPS Guidance · Q4-2026 | $3.25 |
Guidance
Q4 revenue guidance $3.65B (+36-44% YoY), non-GAAP gross margin 51-52%, non-GAAP EPS $3.25.
Strong Q3 beat and raised Q4 guidance with margin expansion and dividend increase.
Risks flagged
Tariff and trade restriction risk: new or additional tariffs could impact operations.
“adverse global or regional conditions, including new or additional tariffs or trade restrictions” · word for word
Supplier concentration risk: dependence on limited number of qualified suppliers.
“the company’s dependence on a limited number of qualified suppliers” · word for word
Demand volatility risk: potential for demand fluctuations.
“volatility in demand for the company’s products” · word for word
30 Jan 202610-QWestern Digital reported strong Q2 FY2026 results with revenue up 25% YoY and gross margin expansion, driven by cloud HDD demand.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $3.02B | +25% y/y |
| Net income from continuing operations · Q2-2026 | $1.84B | +295% y/y |
| Operating cash flow · H1-2026 | $1.42B | +224% y/y |
| Free cash flow · H1-2026 | $1.25B | |
| Cloud revenue · Cloud · Q2-2026 | $2.67B | +28% y/y |
| Client revenue · Client · Q2-2026 | $176M | +26% y/y |
| Consumer revenue · Consumer · Q2-2026 | $168M | -3% y/y |
| Gross margin · Q2-2026 | 45.7% | |
| Gain on retained interest in Sandisk · H1-2026 | $1.71B | |
| Cash and cash equivalents · 2026-01-02 | $1.98B |
Risks flagged
Customer concentration
“Top 10 customers accounted for 76% of net revenue for Q2 FY2026.”
Debt maturity risk
“Current portion of long-term debt $2,226 million as of January 2, 2026, including $500 million 4.75% notes due 2026 and $1.6 billion convertible notes due 2028.”
Convertible note dilution risk
“2028 Convertible Notes are convertible at $37.74 per share; conversion feature triggered, potentially diluting equity.”
29 Jan 20268-K · 2.02Revenue $3.02B (+25% y/y); GAAP gross margin 45.7; Non-GAAP gross margin 46.1; Guidance: Q3FY26 revenue guidance $3.2B (+40% YoY), non-GAAP EPS $2.30earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $3.02B | +25% y/y |
| GAAP gross margin · Q2-2026 | 45.7% | |
| Non-GAAP gross margin · Q2-2026 | 46.1% | |
| GAAP diluted EPS · Q2-2026 | $4.73 | +272% y/y |
| Non-GAAP diluted EPS · Q2-2026 | $2.13 | +78% y/y |
| Free cash flow · Q2-2026 | $653M | |
| Revenue guidance (Q3FY26) · Q3-2026 | $3.20B | +40% y/y |
| Non-GAAP gross margin guidance (Q3FY26) · Q3-2026 | 47.5% | |
| Non-GAAP diluted EPS guidance (Q3FY26) · Q3-2026 | $2.30 |
Guidance
Q3FY26 revenue guidance $3.2B (+40% YoY), non-GAAP EPS $2.30
Strong Q2 beat with Q3 guidance implying 40% YoY revenue growth and further margin expansion.
Risks flagged
Tariff and trade restriction risks; dependence on limited suppliers.
“adverse global or regional conditions, including new or additional tariffs or trade restrictions; the company’s dependence on a limited number of qualified suppliers” · word for word
3 Nov 20258-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Transition in accounting leadership may introduce short-term operational risk
“New CAO appointment with prior experience but recent role at non-profit”
31 Oct 202510-QWestern Digital reported strong Q1 FY2026 results with revenue up 27% YoY, driven by Cloud HDD demand, and a $611M gain on retained Sandisk interest.earningsopen
Figures in the filing · each found in the filing text
| Revenue, net · Q1-2026 | $2.82B | +27% y/y |
| Gross profit · Q1-2026 | $1.23B | +52% y/y |
| Net income from continuing operations · Q1-2026 | $1.18B | +673% y/y |
| Operating cash flow · Q1-2026 | $672M | +1877% y/y |
| Cloud revenue · Cloud · Q1-2026 | $2.51B | +32% y/y |
| Client revenue · Client · Q1-2026 | $146M | +5% y/y |
| Consumer revenue · Consumer · Q1-2026 | $162M | -1% y/y |
| Gain on retained interest in Sandisk · Q1-2026 | $611M |
Risks flagged
Customer concentration
“The Company's top 10 customers accounted for 77% of its net revenue for the three months ended October 3, 2025, compared to 65% for the three months ended September 27, 2024.” · word for word
Debt maturity and refinancing risk
“Current portion of long-term debt $2,226 million as of October 3, 2025, including $1,600 million of convertible notes due 2028.”
30 Oct 20258-K · 2.02Revenue $2.82B (+27% y/y); GAAP gross margin 43.5; GAAP diluted EPS $3.07 (+631% y/y); Guidance: Q2FY26 revenue guidance $2.9B (+20% YoY); non-GAAP gross margin 44.5%; non-GAAP EPS $1.88earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $2.82B | +27% y/y |
| GAAP gross margin · Q1-2026 | 43.5% | |
| GAAP diluted EPS · Q1-2026 | $3.07 | +631% y/y |
| Non-GAAP diluted EPS · Q1-2026 | $1.78 | +137% y/y |
| Free cash flow · Q1-2026 | $599M | |
| Revenue guidance · Q2-2026 | $2.90B | +20% y/y |
| Non-GAAP gross margin guidance · Q2-2026 | 44.5% | |
| Non-GAAP diluted EPS guidance · Q2-2026 | $1.88 |
Guidance
Q2FY26 revenue guidance $2.9B (+20% YoY); non-GAAP gross margin 44.5%; non-GAAP EPS $1.88
Strong beat and raise; revenue and margin above guidance; dividend increase; AI-driven demand tailwind.
Risks flagged
Dependence on a limited number of qualified suppliers
“Company's dependence on a limited number of qualified suppliers” · word for word
Exposure to tariffs and trade restrictions
“New or additional tariffs or trade restrictions” · word for word
Government contract awards
federal awards · contract value, often multi-year| Date | Agency | Value | What for |
|---|---|---|---|
| 2026-03-26 | Department of the Air Force | $9M | SPACE TECHNOLOGY ADVANCED RESEARCH - FAST-TRACKING INNOVATIVE SOFTWARE AND HARDWARE (STAR-FISH), ANNOUNCEMENT, PROCUREMENT FOR EXPERIMENTATION OF SPACE-FLIGHT AND SPACE-RELATED SIG |
Western Digital Corporation — questions
- What did Western Digital Corporation file recently?
- 20 SEC filings in the last 12 months. Latest: 10-Q on 2026-10-23 — Western Digital reported strong Q1 FY2027 results with revenue up 55% YoY, gross margin expanding to 57.8%, and net income up 51%.
Every figure on this page comes from Western Digital Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.