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Western Digital Corporation develops, manufactures, and sells data storage devices and solutions based on hard disk drive (HDD) technology in the United States, Asia, Europe, the Middle East, and Africa. The company offers internal HDDs, data center drives, data center platforms, external drives, portable drives, NAS for home and office, and accessories. It sells its data storage devices and solutions through its computer manufacturers, sales personnel, dealers, distributors, and retailers. The company has a collaboration with Open Quantum Design for the development of quantum error correction technology and related systems to advance reliable quantum computing. Western Digital Corporation was founded in 1970 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.5B | $1.9B | $1.9B | $1.3B | 35.0% | 50.7% | -333.2% |
| 2024 | $6.3B | $243M | $-798M | $-781M | -7.4% | 1.0% | -52.6% |
| 2023 | $6.3B | $289M | $-1.7B | $-1.2B | -15.4% | -66.7% | -208.9% |
| 2022 | $18.8B | $3.4B | $1.5B | $758M | 12.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 18,793 | 6,255 | 6,317 | 9,520 |
| Operating Revenue | - | 18,793 | 6,255 | 6,317 | 9,520 |
| Cost Of Revenue | - | 12,919 | 4,864 | 4,544 | 5,828 |
| Gross Profit | - | 5,874 | 1,391 | 1,773 | 3,692 |
| Operating Expense | - | 3,440 | 1,793 | 1,676 | 1,562 |
| Research And Development | - | 2,323 | 986 | 950 | 994 |
| Selling General And Administration | - | 1,117 | 807 | 726 | 568 |
| Total Expenses | - | 16,359 | 6,657 | 6,220 | 7,390 |
| Operating Income | - | 2,434 | -402 | 97 | 2,130 |
| Total Operating Income As Reported | - | 2,391 | -548 | -403 | 2,334 |
| EBITDA | - | 3,404 | 289 | 243 | 1,938 |
| Normalized EBITDA | - | 3,447 | 435 | 743 | 2,606 |
| EBIT | - | 2,475 | -539 | -325 | 1,487 |
| Interest Income | - | 6 | 19 | 33 | 45 |
| Interest Expense | - | 304 | 310 | 414 | 357 |
| Net Interest Income | - | -298 | -291 | -381 | -312 |
| Other Non Operating Income Expenses | - | 78 | -10 | 45 | -20 |
| Other Income Expense | - | 35 | -156 | -455 | -688 |
| Interest Income Non Operating | - | 6 | 19 | 33 | 45 |
| Interest Expense Non Operating | - | 304 | 310 | 414 | 357 |
| Net Non Operating Interest Income Expense | - | -298 | -291 | -381 | -312 |
| Pretax Income | - | 2,171 | -849 | -739 | 1,130 |
| Tax Provision | - | 625 | 53 | 26 | -513 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -12.47 | -30.66 | -105 | -140.28 |
| Net Income Continuous Operations | - | 1,546 | -902 | -765 | 1,643 |
| Net Income From Continuing And Discontinued Operation | - | 1,546 | -1,684 | -798 | 1,861 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,546 | -902 | -765 | 1,615 |
| Net Income | - | 1,546 | -1,684 | -798 | 1,861 |
| Net Income Common Stockholders | - | 1,546 | -1,708 | -852 | 1,840 |
| Net Income Including Noncontrolling Interests | - | 1,546 | -1,684 | -798 | 1,889 |
| Normalized Income | - | 1,576.53 | -786.66 | -370 | 2,142.72 |
| Diluted NI Availto Com Stockholders | - | 1,546 | -1,708 | -852 | 1,841 |
| Basic Average Shares | - | 312 | 318 | 326 | 347 |
| Diluted Average Shares | - | 316 | 318 | 326 | 359 |
| Reconciled Depreciation | - | 929 | 828 | 568 | 451 |
| Reconciled Cost Of Revenue | - | 12,919 | 4,864 | 4,544 | 5,828 |
| Total Unusual Items | - | -43 | -146 | -500 | -668 |
| Total Unusual Items Excluding Goodwill | - | -43 | -146 | -500 | -668 |
| Preferred Stock Dividends | - | - | 24 | 54 | 17 |
| Minority Interests | - | - | - | - | -28 |
| Net Income Discontinuous Operations | - | - | -782 | -33 | 246 |
| Special Income Charges | - | -43 | -146 | -500 | -668 |
| Gain On Sale Of Business | - | - | - | - | -772 |
| Other Special Charges | - | - | 5 | 320 | -106 |
| Write Off | - | 0 | 19 | 146 | 0 |
| Restructuring And Mergern Acquisition | - | 50 | 130 | 34 | 2 |
| Gain On Sale Of Ppe | - | 7 | 8 | 0 | 0 |
| Otherunder Preferred Stock Dividend | - | - | - | - | 4 |
| Average Dilution Earnings | - | - | - | - | 1 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Western Digital Corporationthis co. | WDC | $198.4B | 107.81↑ premium | 35.81 | 33.2% | 103.70 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Seagate Technology Holdings plc | STX | $209.5B | 142.62 | -462.49 | -324.3% | 102.45 |
| Arista Networks, Inc. | ANET | $209.0B | 59.53 | 16.90 | 28.4% | 50.48 |
| Analog Devices, Inc. | ADI |
| - |
| - |
| - |
| - |
| - |
| - |
| $208.8B |
| 92.11 |
| 6.18 |
| 6.7% |
| 42.76 |
| CrowdStrike Holdings, Inc. | CRWD | $183.1B | -1126.48 | 41.34 | -3.7% | 978.97 |
| Amphenol Corporation | APH | $180.6B | 42.28 | 13.46 | 31.8% | 26.84 |
| Corning Incorporated | GLW | $170.1B | 106.61 | 14.41 | 13.5% | 47.66 |
| Salesforce, Inc. | CRM | $154.6B | 20.73 | 2.61 | 12.6% | 13.10 |
| Peer Median | - | 75.82 | 13.94 | 13.1% | 49.07 | |