Western Digital
Builds high-capacity hard drives for cloud infrastructure, enterprise systems, PCs, and consumer storage.
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Profile
Designs and manufactures hard disk drives for cloud data centers, enterprise systems, PCs, smart video, and consumer storage, selling through Ultrastar and WD brands. Following the Sandisk separation, revenue is concentrated in high-capacity drives for large cloud customers.
Designs and manufactures hard disk drives for Cloud, Client, and Consumer markets after separating the flash business as Sandisk. High-capacity Ultrastar drives serve hyperscale and enterprise data centers; WD Gold, Red, Purple, Blue, and WD_BLACK cover enterprise, NAS, smart-video, PC, and gaming uses. My Passport, My Book, and G-DRIVE extend the portfolio into external storage for consumers and creative professionals.
Builds recording heads and magnetic media in-house, with assembly and testing concentrated across Asia and additional operations in California. Vertical integration supports high-volume precision manufacturing, capacity scaling, and reliability, while other components come from external suppliers, including some sole- or single-source providers. Cloud customers generate most revenue, and three customers each account for a material share of sales.
Company facts
Key statistics
Year to date +145% · Average volume (30d) 7.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Overweight | $650 | $676 | |
| Aug 6, 2026 | Robert W. Baird | Target | $450 | $630 | ||
| Aug 6, 2026 | Mizuho Securities | Target | $685 | $590 | ||
| Aug 6, 2026 | UBS | Reiterate | Neutral | $560 | $525 | |
| Aug 6, 2026 | Summit Insights Group | Downgrade | Positive | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q4 FY26 | $3.31 | $3.56 | +7.6% | $3.70B | $3.75B | +1.3% | −13.03% |
| Aug 4, 2026Q4 FY26 | $3.31 | $3.56 | +7.6% | $3.70B | $3.75B | +1.3% | −5.36% |
| Apr 30, 2026Q3 FY26 | $2.39 | $2.72 | +13.8% | $3.25B | $3.34B | +2.8% | −0.69% |
| Jan 29, 2026Q2 FY26 | $1.93 | $2.13 | +10.4% | $2.93B | $3.02B | +3.0% | −10.12% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.29B | $2.61B | $2.82B | $3.02B | $3.34B | $3.75B | |
| Gross profit | $912.0M | $1.07B | $1.23B | $1.38B | $1.68B | $2.03B | |
| Operating income | $760.0M | $680.0M | $792.0M | $963.0M | $1.19B | $1.56B | |
| Net income | $524.0M | $257.0M | $1.18B | $1.84B | $3.21B | $3.20B | |
| Diluted EPS | $1.42 | $0.76 | $3.07 | $4.73 | $8.52 | $8.50 | |
| Gross margin | 39.8% | 41.0% | 43.5% | 45.7% | 50.2% | 54.1% | |
| Operating margin | 33.1% | 26.1% | 28.1% | 31.9% | 35.7% | 41.7% |
Fiscal years (4-quarter sums)FY22 $18.79B · FY23 $12.32B · FY24 $9.54B · FY25 $11.40B · FY26 $12.92B
Revenue by product · FY26
Revenue by geography · FY26
Balance sheet, Jul 3, 2026Cash & short-term investments $1.58B · Total debt $1.05B · Total assets $13.86B · Shareholders' equity $8.86B
Dividends
Last raised to $0.15 from $0.125 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 17 | $0.15 | raised from $0.125 |
| Mar 5, 2026 | Mar 5 | Mar 18 | $0.125 | |
| Dec 4, 2025 | Dec 4 | Dec 18 | $0.125 | raised from $0.10 |
| Sep 4, 2025 | Sep 4 | Sep 18 | $0.10 | |
| Jun 4, 2025 | Jun 4 | Jun 18 | $0.10 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 344.68M · Float 341.46M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 32.95M | 9.56% | 13F | Aug 7, 2026 |
| FMR LLC | 25.98M | 7.54% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 22.51M | 6.53% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 17.01M | 4.93% | 13F | Aug 12, 2026 |
| Capital World Investors | 16.60M | 4.82% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Cynthia L. Tregillis | officer: Chief Legal Officer & Corp Sec | −1,007 | $478.36 |
| Aug 26, 2026 | Cynthia L. Tregillis | officer: Chief Legal Officer & Corp Sec | −476 | $450.78 |
| Aug 24, 2026 | Cynthia L. Tregillis | officer: Chief Legal Officer & Corp Sec | −684 | $446.17 |
| Aug 21, 2026 | Cynthia L. Tregillis | officer: Chief Legal Officer & Corp Sec | −235 | $477.27 |
| Aug 11, 2026 | Irving Tan | director, officer: Chief Executive Officer | −20,000 | $444.97 |
Peers
- Seagate Technology
Direct HDD duopoly rival in nearline cloud and enterprise drives.
- Sandisk
Former WDC flash unit; enterprise SSD challenges HDD in data-center wallets.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Western Digital | $460.35 | +0.15% | $158.36B | 18.5 | 22.4 | 12.3 | +43.8% |
| Seagate Technology | $829.30 | −0.06% | $186.06B | 59.7 | 22.9 | 15.3 | +48.5% |
| Sandisk | $1,483.30 | −0.08% | $219.91B | 20.1 | 7.1 | 10.9 | +371.6% |
| Median | 39.9 | 15.0 | 13.1 | +210.0% |