WDC Financials Western Digital

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has declined 10.7% per year over the past 5 years.
Operating margin has expanded, at 24.5% in the latest year.
Free cash flow has grown 48.5% per year over the past 5 years.

Financial health

Total debt ($4.7B) exceeds cash ($2.1B); net debt is $2.6B.
Total debt has grown in line with revenue (-13.2% vs -10.7% per year).
Operating income covered interest expense 6.5× in the latest year.
Total debt is 1.7× EBITDA.

Shareholder returns

Dividends have been paid for 1 consecutive year, consuming 2.3% of earnings and 3.4% of free cash flow.
The dividend has declined 40.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$9.5B	$1.9B	38.8%	24.5%	$1.3B	$4.7B	$2.1B
2024	$6.3B	-$798M	28.1%	-6.4%	-$781M	$7.4B	$1.6B
2023	$6.3B	-$1.7B	22.2%	-8.8%	-$1.2B	$7.1B	$2.0B
2022	$18.8B	$1.5B	31.3%	12.7%	$758M	$7.0B	$2.3B
2021	$16.9B	$821M	26.7%	7.2%	$752M	$8.7B	$3.4B
2020	$16.7B	-$250M	22.6%	2.0%	$177M	$9.6B	$3.0B
2019	$16.6B	-$754M	22.6%	0.5%	$671M	$10.5B	$3.5B
2018	$20.6B	$675M	37.3%	17.5%	$3.4B	$11.2B	$5.0B
2017	$19.1B	$397M	31.8%	10.2%	$2.9B	$13.4B	$6.4B
2016	—	$242M	—	—	$1.4B	$17.5B	$8.2B
2015	—	$1.5B	—	—	$1.6B	$2.3B	$5.0B
2014	—	$1.6B	—	—	$2.2B	$2.4B	$4.8B
2013	—	$980M	—	—	$2.2B	$2.0B	$4.3B
2012	—	$1.6B	—	—	$2.4B	$2.2B	$3.2B
2011	—	$726M	—	—	$877M	$294M	$3.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Apr '26	$3.3B	$3.2B	50.2%	35.7%	$978M	$1.6B	$2.0B
Jan '26	$3.0B	$1.8B	45.7%	30.1%	$653M	$4.7B	$2.0B
Oct '25	$2.8B	$1.2B	43.5%	28.1%	$599M	$4.7B	$2.0B
Jun '25	$2.6B	$282M	41.0%	26.1%	$675M	$4.7B	$2.1B
Mar '25	$2.3B	$520M	39.8%	33.1%	$379M	$7.3B	$3.5B
Dec '24	$2.4B	$594M	37.7%	23.2%	$287M	$7.4B	$2.3B
Sep '24	$2.2B	$493M	36.4%	15.1%	-$62M	$7.4B	$1.7B
Jun '24	$2.0B	$39M	34.8%	-4.5%	$250M	$7.4B	$1.6B
Mar '24	$1.8B	$135M	29.6%	5.4%	-$39M	$7.8B	$1.9B
Dec '23	$1.4B	-$287M	22.9%	-15.4%	-$242M	$8.4B	$2.5B
Sep '23	$2.8B	-$685M	3.6%	-21.7%	-$750M	$7.7B	$2.0B
Jun '23	$2.7B	-$709M	3.4%	-24.3%	-$187M	$7.1B	$2.0B
Mar '23	$2.8B	-$571M	10.2%	-16.8%	-$505M	$7.1B	$2.2B
Dec '22	$3.1B	-$451M	17.0%	-10.3%	-$223M	$7.1B	$1.9B
Sep '22	$3.7B	$27M	26.3%	4.2%	-$314M	$7.1B	$2.0B
Jul '22	$4.5B	$301M	31.9%	12.4%	$15M	$7.0B	$2.3B
Apr '22	$4.4B	$25M	27.0%	7.4%	$107M	$7.2B	$2.5B
Dec '21	$4.8B	$564M	32.8%	15.0%	$360M	$7.3B	$2.5B
Oct '21	$5.1B	$610M	33.0%	15.4%	$276M	$8.5B	$3.3B
Jul '21	$4.9B	$622M	31.8%	13.7%	$668M	$8.7B	$3.4B

Valuation over time

How the market has priced WDC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 8.4× (Mar '23) to 123.5× (Jun '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 24.5× (Jun '26).
The dividend yield has fallen from 0.2% (Jun '25) to 0.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WDC growing its revenue and profit?

Over the past 5 years, Western Digital's revenue has declined 10.7% per year. These are computed facts, not advice.

How much debt does WDC have?

As of FY2025, Western Digital reported $4.7B of total debt against $2.1B of cash; operating income covered interest expense 6.5×.

What is WDC's profit margin?

In FY2025, gross margin was 38.8%, operating margin 24.5%, and net margin 19.8%.

What is WDC's P/E ratio?

As of Jun '26, Western Digital traded at a price-to-earnings ratio of about 123.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.