Western Digital
We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (“HDD”) technology.
10-K, Aug 14, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Business
How does Western Digital make money?
Flash is 51.9% of revenue.
Source and method
Revenue by segments, FY2022.
annual report FY2022 · 0000106040-22-000055 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($18.8B).
- Flash: $9.8B · 51.9%
- HDD: $9.0B · 48.1%
What is left of every $100?
Of every $100 in revenue, $73 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $12.9B
- Gross profit: $6.3B
- Operating income: $4.5B
- Net income: $9.4B
- Free cash flow: $3.5B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“HDDs are critical components in the worldwide data infrastructure market, powering the AI-driven digital economy.”
“HDDs provide reliable, cost-effective, high-capacity storage needs for a wide range of applications, ranging from cloud data centers, enterprise storage systems, edge computing, and smart video to client and consumer devices.”
“At Western Digital, we believe that data storage provides the strategic foundation for the AI-driven data economy.”
Item 1 · Business · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Where did the growth actually come from?
Flash drove 96% of Western Digital’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue +36%
“Net revenue increased by 36% in 2026 compared to 2025, primarily driven by a 25% increase in exabytes sold and an 8% increase in ASPs per exabyte, both of which were driven by strong demand across all of our end markets.”
Item 7 · MD&A · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Number check (revenue): stated 36% matches stored growth (+35.7%, ±10%)
Revenue: $12.9B FY2026 · +35.7% vs FY2025 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Position: a ‘we believe’ sentence without a number or a named product.
- R&D +17%: no stored value to check the quoted number against.
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 36% to $12.9B.
Revenue grew 44% YoY to $3.7B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 71.5%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
34.5% operating margin, up from 24.5%.
48.9% gross margin, up from 38.8%.
Operating income grew 91% to $4.5B.
Net income grew 399% to $9.4B.
SG&A fell 3.0% to $551M.
EPS diluted grew 374% to $24.28.
41.7% operating margin, up from 26.1%.
54.1% gross margin, up from 41.0%.
Operating income grew 130% YoY to $1.6B.
Net income grew 1033% YoY to $3.2B.
SG&A grew 11% YoY to $138M.
EPS diluted grew 477% YoY to $8.20.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $27 of every $100 as free cash.
Operating cash flow grew 132% to $3.9B.
Capex grew 1.5% to $418M.
Buybacks grew 1640% to $2.6B.
Dividends grew 295% to $174M.
Stock-based compensation fell 23% to $204M.
Free cash flow grew 90% YoY to $1.3B.
Operating cash flow grew 86% YoY to $1.4B.
Capex grew 52% YoY to $108M.
Buybacks grew 351% YoY to $672M.
Dividends grew 23% YoY to $54.0M.
Stock-based compensation was flat at $45.0M YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.6B cash vs $1.1B debt.
Total debt fell 78% to $1.1B.
Interest expense fell 54% to $165M.
Total assets fell 1.0% to $13.9B.
Equity grew 67% to $8.9B.
Cash fell 25% YoY to $1.6B.
Total debt fell 78% YoY to $1.1B.
Interest expense fell 81% YoY to $14.0M.
Total assets fell 1.0% YoY to $13.9B.
Equity grew 67% YoY to $8.9B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One Western Digital customer: $2.1B.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Western Digital annual report)
“For 2026, three customers accounted for 16%, 15%, and 13%, respectively, of our net revenue.”
10-K · 0001628280-26-057139 · filed Aug 14, 2026 · basis: filing text, verified verbatim
Suppliers named by Western Digital
No supplier among the covered companies is named in the filings.
Western Digital holds stakes in
Others name Western Digital
1 competitor mention (e.g. Seagate) · 2 other mentions (e.g. Fortinet, Sandisk) · 1 partner mention (e.g. Sandisk) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 30 risk factors, one per theme.
Customer concentration
“There is significant revenue concentration in our Cloud end market and among our top customers.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Supply chain and manufacturing
“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.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Competition
“If we do not properly manage technology transitions and product development and introduction, our competitiveness and operating results may be negatively affected.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Security, defects and outages
“We are subject to risks related to product defects, which could result in product recalls or epidemic failures and could subject us to warranty, litigation or indemnification claims that exceed our expectations or estimates.”
Item 1A · Risk Factors · 10-K · 0001628280-26-057139 · filed Aug 14, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.49%.
Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Fmr LLC7.2%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
Jpmorgan Chase & Co5.3%
13G/A · as of Mar 31, 2025 · filed Apr 22, 2025
BlackRock Inc.8.5% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.2%
33.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC8.0%
26.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.9%
22.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jpmorgan Chase & Co5.2%
17.0M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Capital World Investors5.1%
16.6M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,846 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 224 sales · $74.9M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | |||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values