Western Digital (WDC)
Market Price (7/23/2026): $571.63 | Market Cap: $195.5 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
Western Digital (WDC)
Market Price (7/23/2026): $571.63Market Cap: $195.5 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 3.3 Bil, FCF LTM is 2.9 Bil Stock buyback supportStock Buyback 3Y Total is 2.1 Bil Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, Hybrid Cloud Solutions, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 130%, 12M Rtn12 month market price return is 732% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88% Key risksWDC key risks include [1] heavy revenue concentration with a few large, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 3.3 Bil, FCF LTM is 2.9 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.1 Bil |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, Hybrid Cloud Solutions, Show more. |
| Stock price has recently run up significantly6M Rtn6 month market price return is 130%, 12M Rtn12 month market price return is 732% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 88% |
| Key risksWDC key risks include [1] heavy revenue concentration with a few large, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/21/2026
Western Digital (WDC) stock has gained about 105% since 3/31/2026 because of the following key factors:
1. Surging demand for high-capacity hard disk drives (HDDs) driven by Artificial Intelligence (AI) infrastructure needs. The AI investment cycle has shifted to infrastructure scalability, with high-performance data storage, positioning Western Digital as a key beneficiary. Hard disk drives are increasingly vital for AI data lakes and cold storage due to their massive scale and lower Total Cost of Ownership (TCO) compared to SSDs for vast datasets. This strong demand has led to a tightening supply, with nearline HDD capacity reportedly sold out through the remainder of fiscal year 2026. Morgan Stanley estimated that HDD supply could run 10-15% short of demand in calendar year 2026, while AI-driven storage consumption is projected to grow 40-50% annually against a supply growth of 30-35%. Western Digital has also secured multi-year purchasing agreements extending to 2028-2029 for AI models.
2. Robust financial performance exceeding expectations and strong guidance. Western Digital reported exceptional fiscal Q3 2026 results (period ended April 3, 2026), with revenue of $3.34 billion, marking a 45% year-over-year increase and surpassing analyst estimates of $3.25 billion. Non-GAAP diluted EPS for fiscal Q3 2026 was $2.72, beating analyst forecasts of $2.36 by 15.25%. The company achieved a non-GAAP gross margin of 50.5% in fiscal Q3 2026, marking the first time it exceeded 50% in its history. For fiscal Q4 2026 (ending June 2026), Western Digital provided optimistic guidance, expecting revenue to be up 36% to 44% year-over-year and non-GAAP gross margin in the range of 51% to 52%. The company's CFO noted that the average selling price (ASP) per terabyte increased by 9% year-over-year, while the cost per terabyte falls approximately 10% annually, contributing to incremental gross margins of 70% to 75%.
Show more
Western Digital (WDC) stock has gained about 105% since 3/31/2026 because of the following key factors:
1. Surging demand for high-capacity hard disk drives (HDDs) driven by Artificial Intelligence (AI) infrastructure needs. The AI investment cycle has shifted to infrastructure scalability, with high-performance data storage, positioning Western Digital as a key beneficiary. Hard disk drives are increasingly vital for AI data lakes and cold storage due to their massive scale and lower Total Cost of Ownership (TCO) compared to SSDs for vast datasets. This strong demand has led to a tightening supply, with nearline HDD capacity reportedly sold out through the remainder of fiscal year 2026. Morgan Stanley estimated that HDD supply could run 10-15% short of demand in calendar year 2026, while AI-driven storage consumption is projected to grow 40-50% annually against a supply growth of 30-35%. Western Digital has also secured multi-year purchasing agreements extending to 2028-2029 for AI models.
2. Robust financial performance exceeding expectations and strong guidance. Western Digital reported exceptional fiscal Q3 2026 results (period ended April 3, 2026), with revenue of $3.34 billion, marking a 45% year-over-year increase and surpassing analyst estimates of $3.25 billion. Non-GAAP diluted EPS for fiscal Q3 2026 was $2.72, beating analyst forecasts of $2.36 by 15.25%. The company achieved a non-GAAP gross margin of 50.5% in fiscal Q3 2026, marking the first time it exceeded 50% in its history. For fiscal Q4 2026 (ending June 2026), Western Digital provided optimistic guidance, expecting revenue to be up 36% to 44% year-over-year and non-GAAP gross margin in the range of 51% to 52%. The company's CFO noted that the average selling price (ASP) per terabyte increased by 9% year-over-year, while the cost per terabyte falls approximately 10% annually, contributing to incremental gross margins of 70% to 75%.
Show more
Updated on 7/21/2026
Western Digital (WDC) stock has gained about 105% since 3/31/2026 because of the following key factors:
1. Surging demand for high-capacity hard disk drives (HDDs) driven by Artificial Intelligence (AI) infrastructure needs. The AI investment cycle has shifted to infrastructure scalability, with high-performance data storage, positioning Western Digital as a key beneficiary. Hard disk drives are increasingly vital for AI data lakes and cold storage due to their massive scale and lower Total Cost of Ownership (TCO) compared to SSDs for vast datasets. This strong demand has led to a tightening supply, with nearline HDD capacity reportedly sold out through the remainder of fiscal year 2026. Morgan Stanley estimated that HDD supply could run 10-15% short of demand in calendar year 2026, while AI-driven storage consumption is projected to grow 40-50% annually against a supply growth of 30-35%. Western Digital has also secured multi-year purchasing agreements extending to 2028-2029 for AI models.
2. Robust financial performance exceeding expectations and strong guidance. Western Digital reported exceptional fiscal Q3 2026 results (period ended April 3, 2026), with revenue of $3.34 billion, marking a 45% year-over-year increase and surpassing analyst estimates of $3.25 billion. Non-GAAP diluted EPS for fiscal Q3 2026 was $2.72, beating analyst forecasts of $2.36 by 15.25%. The company achieved a non-GAAP gross margin of 50.5% in fiscal Q3 2026, marking the first time it exceeded 50% in its history. For fiscal Q4 2026 (ending June 2026), Western Digital provided optimistic guidance, expecting revenue to be up 36% to 44% year-over-year and non-GAAP gross margin in the range of 51% to 52%. The company's CFO noted that the average selling price (ASP) per terabyte increased by 9% year-over-year, while the cost per terabyte falls approximately 10% annually, contributing to incremental gross margins of 70% to 75%.
3. Significant analyst upgrades and increased price targets. A multitude of financial analysts raised their ratings and substantially increased their price targets for WDC during the specified period. For example, Morgan Stanley lifted its price target from $488.00 to $650.00 on June 15, 2026. Cantor Fitzgerald increased its price target from $660.00 to $900.00 on June 29, 2026. Citi raised its target from $500.00 to $685.00 on June 5, 2026, and further to $800.00 by July 13, 2026. Wells Fargo raised its target to $730.00 on July 10, 2026. These upgrades reflect growing confidence in Western Digital's market position and future earnings potential.
4. Strategic pivot to a pure-play HDD company with enhanced capital returns. Following the successful spin-off of its flash memory business (SanDisk Corporation) in early 2025, Western Digital transformed into a streamlined, pure-play leader in the high-capacity hard disk drive market. This strategic separation allowed the company to focus on its high-margin HDD business, particularly benefiting from AI data center demand, which led to a re-rating by analysts who now view it as an "AI infrastructure" play. Concurrently, Western Digital demonstrated a commitment to shareholder returns by authorizing a $4 billion share repurchase program in fiscal Q3 2026 and increasing its quarterly cash dividend by 20% to $0.15 per share.
Show less
Western Digital (WDC) stock has gained about 105% since 3/31/2026 because of the following key factors:
1. Surging demand for high-capacity hard disk drives (HDDs) driven by Artificial Intelligence (AI) infrastructure needs. The AI investment cycle has shifted to infrastructure scalability, with high-performance data storage, positioning Western Digital as a key beneficiary. Hard disk drives are increasingly vital for AI data lakes and cold storage due to their massive scale and lower Total Cost of Ownership (TCO) compared to SSDs for vast datasets. This strong demand has led to a tightening supply, with nearline HDD capacity reportedly sold out through the remainder of fiscal year 2026. Morgan Stanley estimated that HDD supply could run 10-15% short of demand in calendar year 2026, while AI-driven storage consumption is projected to grow 40-50% annually against a supply growth of 30-35%. Western Digital has also secured multi-year purchasing agreements extending to 2028-2029 for AI models.
2. Robust financial performance exceeding expectations and strong guidance. Western Digital reported exceptional fiscal Q3 2026 results (period ended April 3, 2026), with revenue of $3.34 billion, marking a 45% year-over-year increase and surpassing analyst estimates of $3.25 billion. Non-GAAP diluted EPS for fiscal Q3 2026 was $2.72, beating analyst forecasts of $2.36 by 15.25%. The company achieved a non-GAAP gross margin of 50.5% in fiscal Q3 2026, marking the first time it exceeded 50% in its history. For fiscal Q4 2026 (ending June 2026), Western Digital provided optimistic guidance, expecting revenue to be up 36% to 44% year-over-year and non-GAAP gross margin in the range of 51% to 52%. The company's CFO noted that the average selling price (ASP) per terabyte increased by 9% year-over-year, while the cost per terabyte falls approximately 10% annually, contributing to incremental gross margins of 70% to 75%.
3. Significant analyst upgrades and increased price targets. A multitude of financial analysts raised their ratings and substantially increased their price targets for WDC during the specified period. For example, Morgan Stanley lifted its price target from $488.00 to $650.00 on June 15, 2026. Cantor Fitzgerald increased its price target from $660.00 to $900.00 on June 29, 2026. Citi raised its target from $500.00 to $685.00 on June 5, 2026, and further to $800.00 by July 13, 2026. Wells Fargo raised its target to $730.00 on July 10, 2026. These upgrades reflect growing confidence in Western Digital's market position and future earnings potential.
4. Strategic pivot to a pure-play HDD company with enhanced capital returns. Following the successful spin-off of its flash memory business (SanDisk Corporation) in early 2025, Western Digital transformed into a streamlined, pure-play leader in the high-capacity hard disk drive market. This strategic separation allowed the company to focus on its high-margin HDD business, particularly benefiting from AI data center demand, which led to a re-rating by analysts who now view it as an "AI infrastructure" play. Concurrently, Western Digital demonstrated a commitment to shareholder returns by authorizing a $4 billion share repurchase program in fiscal Q3 2026 and increasing its quarterly cash dividend by 20% to $0.15 per share.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 105.9% change in WDC stock from 3/31/2026 to 7/22/2026 was primarily driven by a 55.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 270.42 | 556.67 | 105.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,734 | 11,777 | 9.7% |
| Net Income Margin (%) | 35.4% | 55.1% | 55.4% |
| P/E Multiple | 24.2 | 29.4 | 21.1% |
| Shares Outstanding (Mil) | 341 | 342 | -0.3% |
| Cumulative Contribution | 105.9% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| WDC | 105.9% | |
| Market (SPY) | 14.9% | 59.0% |
| Sector (XLK) | 35.6% | 71.4% |
Fundamental Drivers
The 223.4% change in WDC stock from 12/31/2025 to 7/22/2026 was primarily driven by a 118.1% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 172.14 | 556.67 | 223.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,126 | 11,777 | 16.3% |
| Net Income Margin (%) | 25.3% | 55.1% | 118.1% |
| P/E Multiple | 23.2 | 29.4 | 26.4% |
| Shares Outstanding (Mil) | 345 | 342 | 0.9% |
| Cumulative Contribution | 223.4% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| WDC | 223.4% | |
| Market (SPY) | 9.9% | 54.1% |
| Sector (XLK) | 25.4% | 66.2% |
Fundamental Drivers
The 772.3% change in WDC stock from 6/30/2025 to 7/22/2026 was primarily driven by a 197.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.82 | 556.67 | 772.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,919 | 11,777 | 32.0% |
| Net Income Margin (%) | 18.5% | 55.1% | 197.7% |
| P/E Multiple | 13.5 | 29.4 | 118.1% |
| Shares Outstanding (Mil) | 348 | 342 | 1.8% |
| Cumulative Contribution | 772.3% |
Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| WDC | 772.3% | |
| Market (SPY) | 22.0% | 50.8% |
| Sector (XLK) | 43.0% | 62.4% |
Fundamental Drivers
The 1871.8% change in WDC stock from 6/30/2023 to 7/22/2026 was primarily driven by a 2444.2% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.23 | 556.67 | 1871.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,174 | 11,777 | -16.9% |
| P/S Multiple | 0.6 | 16.2 | 2444.2% |
| Shares Outstanding (Mil) | 319 | 342 | -6.7% |
| Cumulative Contribution | 1871.8% |
Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| WDC | 1871.8% | |
| Market (SPY) | 74.6% | 53.2% |
| Sector (XLK) | 111.3% | 62.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WDC Return | 18% | -52% | 66% | 14% | 288% | 219% | 1230% |
| Peers Return | 49% | -30% | 60% | 24% | 97% | 168% | 982% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| WDC Win Rate | 50% | 42% | 58% | 67% | 92% | 71% | |
| Peers Win Rate | 63% | 38% | 63% | 57% | 63% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| WDC Max Drawdown | -32% | -55% | -29% | -30% | -43% | -37% | |
| Peers Max Drawdown | -20% | -44% | -17% | -32% | -42% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STX, MU, DELL, HPE, NTAP. See WDC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)
How Low Can It Go
| Event | WDC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.9% | -18.8% |
| % Gain to Breakeven | 75.1% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.9% | -7.8% |
| % Gain to Breakeven | 42.6% | 8.5% |
| Time to Breakeven | 320 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.4% | -6.7% |
| % Gain to Breakeven | 34.1% | 7.1% |
| Time to Breakeven | 100 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.2% | -24.5% |
| % Gain to Breakeven | 104.9% | 32.4% |
| Time to Breakeven | 544 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.0% | -33.7% |
| % Gain to Breakeven | 138.3% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.9% | -19.2% |
| % Gain to Breakeven | 66.5% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
In The Past
Western Digital's stock fell -42.9% during the 2025 US Tariff Shock. Such a loss loss requires a 75.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WDC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.9% | -18.8% |
| % Gain to Breakeven | 75.1% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.9% | -7.8% |
| % Gain to Breakeven | 42.6% | 8.5% |
| Time to Breakeven | 320 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.4% | -6.7% |
| % Gain to Breakeven | 34.1% | 7.1% |
| Time to Breakeven | 100 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.2% | -24.5% |
| % Gain to Breakeven | 104.9% | 32.4% |
| Time to Breakeven | 544 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.0% | -33.7% |
| % Gain to Breakeven | 138.3% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.9% | -19.2% |
| % Gain to Breakeven | 66.5% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -51.3% | -12.2% |
| % Gain to Breakeven | 105.3% | 13.9% |
| Time to Breakeven | 349 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -59.7% | -6.8% |
| % Gain to Breakeven | 148.1% | 7.3% |
| Time to Breakeven | 525 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.8% | -17.9% |
| % Gain to Breakeven | 55.6% | 21.8% |
| Time to Breakeven | 107 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -40.2% | -15.4% |
| % Gain to Breakeven | 67.1% | 18.2% |
| Time to Breakeven | 745 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.5% | -53.4% |
| % Gain to Breakeven | 208.0% | 114.4% |
| Time to Breakeven | 249 days | 1085 days |
In The Past
Western Digital's stock fell -42.9% during the 2025 US Tariff Shock. Such a loss loss requires a 75.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Western Digital (WDC)
Western Digital Corporation (WDC) is a global leader in data storage devices and solutions. The company designs, manufactures, and sells a comprehensive range of products for storing digital information, primarily focusing on both traditional hard disk drives (HDDs) and advanced flash-based solid state drives (SSDs) and memory products.
Its extensive product portfolio is categorized into three main areas. Client devices include HDDs and SSDs for personal computers, gaming consoles, and smart video systems, as well as embedded flash storage for mobile phones, tablets, and applications in automotive, IoT, and industrial sectors. Data center devices and solutions comprise enterprise-grade HDDs and SSDs, along with software and storage platforms for servers, online transactions, and big data analysis. Client solutions encompass external HDDs, portable SSDs, removable memory cards for consumer devices like cameras and phones, and USB flash drives.
Western Digital markets its products under well-known brands such as G-Technology, SanDisk, and WD. The company serves a diverse global customer base, including original equipment manufacturers (OEMs) who integrate storage into their products, as well as distributors, dealers, resellers, and retailers. Its products cater to a wide array of markets, from consumer electronics and mobile computing to enterprise data centers and specialized industrial applications across North America, Europe, Asia, and other international regions.
AI Analysis | Feedback
They are the Intel of data storage, providing the core memory components (hard drives, SSDs, flash) for everything from consumer devices to massive data centers.
Imagine Samsung, but solely focused on manufacturing and selling digital storage devices (hard drives, SSDs, memory cards) for a vast range of products, from phones to enterprise servers.
AI Analysis | Feedback
- Hard Disk Drives (HDDs): Data storage devices offered for client computing devices and enterprise data centers.
- Solid State Drives (SSDs): High-performance, flash-based storage solutions for client devices, embedded applications, and enterprise servers.
- Flash-based Embedded and Removable Storage: Compact flash-based products including memory wafers, embedded storage for mobile devices, and removable cards/USB drives.
- Data Center Storage Solutions: Comprehensive systems and platforms designed for enterprise data storage, including tiered models and software.
- External Storage and Wireless Drives: Portable and desktop external storage products (HDDs and SSDs), as well as wireless drives for backup and streaming.
AI Analysis | Feedback
Western Digital (WDC) primarily sells its products to other companies (B2B) across various categories, as explicitly stated in its description: "original equipment manufacturers, distributors, dealers, resellers, and retailers."
Based on its product offerings, the major customer types and examples of companies that would likely be significant customers include:
-
Original Equipment Manufacturers (OEMs): Companies that integrate Western Digital's HDDs, SSDs, and flash-based embedded storage into their own final products.
- PC and Laptop Manufacturers:
- HP Inc. (HPQ)
- Dell Technologies Inc. (DELL)
- Apple Inc. (AAPL)
- Gaming Console Manufacturers:
- Sony Group Corporation (SONY)
- Microsoft Corporation (MSFT) (for Xbox)
- Mobile and Tablet Manufacturers:
- Apple Inc. (AAPL)
- Server and Enterprise System Manufacturers:
- Hewlett Packard Enterprise Company (HPE)
- Dell Technologies Inc. (DELL)
- PC and Laptop Manufacturers:
-
Hyperscale Cloud Service Providers and Data Center Operators: Large technology companies that purchase enterprise storage solutions for their extensive data centers and cloud infrastructure.
- Amazon.com, Inc. (AMZN) (for Amazon Web Services - AWS)
- Microsoft Corporation (MSFT) (for Azure)
- Alphabet Inc. (GOOGL) (for Google Cloud)
- Meta Platforms, Inc. (META)
-
Distributors and Major Retailers: Companies that purchase Western Digital's branded products (such as SanDisk, WD, and G-Technology) for resale through their distribution networks or retail stores to businesses and individual consumers.
- Major Electronics Distributors:
- Arrow Electronics, Inc. (ARW)
- Avnet, Inc. (AVT)
- Large Retail Chains (including e-commerce):
- Amazon.com, Inc. (AMZN)
- Best Buy Co., Inc. (BBY)
- Walmart Inc. (WMT)
- Major Electronics Distributors:
AI Analysis | Feedback
- Showa Denko K.K. (SDKYY)
- Hoya Corporation (HOCPY)
- Nidec Corporation (NJDCY)
- TDK Corporation (TTDKY)
- Marvell Technology, Inc. (MRVL)
- Silicon Motion Technology Corporation (SIMO)
AI Analysis | Feedback
Irving Tan, Chief Executive Officer
Irving Tan leads Western Digital as its Chief Executive Officer, a role he assumed following the company's separation of its Flash business in early 2025. He has decades of experience in sales, global operations, market transitions, and customer and government dynamics. Before becoming CEO, Tan served as Western Digital's Executive Vice President for Global Operations, overseeing global operations functions, procurement, supply chain, and IT. He is also a veteran of Cisco. Tan currently chairs the Board of Directors for SATS and is on the Board of Directors for the U.S.-Japan Business Council. His predecessor, David Goeckeler, became CEO of the independent SanDisk.
Kris Sennesael, EVP, Chief Financial Officer
Kris Sennesael became Western Digital's Chief Financial Officer effective May 12, 2025, bringing over 25 years of experience in finance and general management within the semiconductor and technology sectors. In this role, he is responsible for the company's global finance organization, including accounting, financial planning and analysis, tax, treasury, internal audit, investor relations, and corporate real estate. Prior to joining Western Digital, Sennesael served as CFO at Skyworks Solutions, where he contributed to scaling the business through organic and inorganic growth strategies. His career also includes CFO positions at Enphase Energy and Standard Microsystems, as well as leadership roles at ON Semiconductor, AMI Semiconductor, and Alcatel Microelectronics. Sennesael currently serves on the Board of Directors of MaxLinear.
B. Scott Davis, Executive Vice President and Chief Sales & Marketing Officer
B. Scott Davis serves as Executive Vice President and Chief Sales & Marketing Officer at Western Digital.
Cynthia Tregillis, EVP, Chief Legal Officer & Secretary
Cynthia Tregillis holds the position of Executive Vice President, Chief Legal Officer & Secretary at Western Digital.
Katie Watson, Chief Human Resources Officer
Katie Watson is the Chief Human Resources Officer for Western Digital.
AI Analysis | Feedback
Here are the key risks to Western Digital's business:
-
Cyclicality of the Storage Industry and Customer Concentration: Western Digital operates in a storage industry historically prone to "boom-and-bust" cycles. The company's business is heavily concentrated on a few hyperscale cloud clients, with the Cloud segment driving a significant portion of its revenue. This makes Western Digital highly vulnerable to the capital expenditure cycles and purchasing pattern shifts of these major customers. A slowdown in spending from these key clients could immediately impact Western Digital's top line.
-
Technological Execution and Competition: The data storage market is intensely competitive and rapidly evolving. Western Digital faces risks related to the continuous need for technological innovation, such as perfecting complex laser-assisted recording (HAMR) for higher-capacity drives, to maintain its density leadership against rivals like Seagate Technology. Additionally, while HDDs currently offer a better cost-per-terabyte for large-scale data storage, a precipitous drop in NAND Flash prices could lead to high-capacity SSDs beginning to cannibalize parts of the HDD market, posing a competitive threat.
-
Geopolitical and Trade Headwinds: Western Digital maintains significant global supply chain and manufacturing operations, particularly in Southeast Asia. This exposes the company to geopolitical risks, including ongoing U.S.-China trade disputes and the potential for new tariffs, which could impact its global supply chain, manufacturing costs, and overall profitability. Macroeconomic volatility and rising global trade tensions could also trigger demand fluctuations across its enterprise, distribution, and retail segments.
AI Analysis | Feedback
The widespread and accelerating shift of consumer and enterprise data storage from local/on-premise physical devices to cloud-based solutions.
AI Analysis | Feedback
Addressable Markets for Western Digital's Main Products and Services
Western Digital Corporation (WDC) operates in several data storage markets, offering a range of products including hard disk drives (HDDs), solid-state drives (SSDs), flash-based embedded storage, data center solutions, and client solutions like external drives, removable cards, and USB flash drives. The addressable market sizes for these key product categories are substantial and predominantly global.Solid State Drives (SSDs)
The global Solid State Drive (SSD) market was valued at approximately USD 19.1 billion in 2023 and is projected to reach USD 55.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. Other estimates place the global SSD market at USD 59.5 billion in 2024, with a projection to reach USD 166.1 billion by 2033 at a CAGR of 12.1%. The client SSD market, specifically for consumer and client-grade devices, was valued at approximately USD 10.3 billion in 2024 and is projected to reach USD 65.9 billion by 2030, growing at a CAGR of 36.3%. The enterprise SSD segment is expected to grow at the highest rate, with projections indicating a 40% revenue share by the end of 2035 for the enterprise segment within the broader SSD market.Hard Disk Drives (HDDs)
The global hard disk drive (HDD) market was estimated at USD 44.31 billion in 2024. Another report indicates the global HDD market reached approximately USD 49.68 billion in 2025, with forecasts suggesting an expansion to USD 92.55 billion by 2034. The market is projected to reach USD 117.5 billion by 2036, reflecting a CAGR of 5.30% from 2026. Enterprise adoption of HDDs accounted for 58% of total market usage in 2025.Data Center Storage
The global data center storage market was valued at USD 61.94 billion in 2024 and is projected to reach USD 148.39 billion by 2032, growing at a CAGR of 11.54% from 2025 to 2032. Another estimate for the global data center storage market values it at USD 63.72 billion in 2024, with a projection to surpass USD 208.96 billion by 2034, growing at a CAGR of 12.61% from 2025 to 2034. North America currently holds the largest share of the global data center storage market, accounting for approximately 40.1% to 45% in 2024.Flash-Based Embedded Storage Products
The global embedded storage solutions market was valued at approximately USD 10.24 billion in 2023 and is predicted to grow to around USD 22.07 billion by 2032, with a CAGR of roughly 8.91% between 2024 and 2032. Universal Flash Storage (UFS), a key component in embedded storage, was estimated at USD 7.7 billion globally in 2024 and is expected to reach USD 21.7 billion by 2030, growing at a CAGR of 18.8%.Client Solutions (External HDD/SSD, Removable Cards, USB Flash Drives)
The external hard disk market was valued at US$ 5.54 billion in 2025 and is expected to reach US$ 8.56 billion by 2032, with a CAGR of 6.4% from 2026-2032. The external SSD market was valued at USD 2.38 billion in 2024 and is projected to grow to USD 3.84 billion by 2032, exhibiting a CAGR of 7.2%. The global USB Flash Drive market size is projected to be USD 5.93 billion in 2025 and reach USD 8.77 billion by 2031, growing at a CAGR of 6.66% from 2026 to 2031. Another source estimates the global USB Flash Drives market size at USD 6.14 billion in 2025, with growth to USD 11.37 billion by 2033 at a CAGR of 8.00%.AI Analysis | Feedback
Western Digital (WDC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Strong Demand for High-Capacity Nearline Drives in Cloud and Enterprise: Western Digital is experiencing robust demand for its high-capacity nearline drives, particularly from hyperscale cloud providers and enterprise data centers. The cloud segment consistently represents a significant portion of the company's total revenue and is a major growth engine. The company has reported strong year-over-year revenue increases driven by this demand, with a strategic focus on delivering scalable and cost-effective storage solutions for these markets.
- Growth Driven by AI-Powered Data Expansion: The accelerating proliferation of Artificial Intelligence (AI) across various industries is generating a rapid increase in data creation and the demand for storage. Use cases such as generative AI workloads (text-to-image, text-to-video) and the need for massive data lakes to fuel AI models are projected to significantly boost HDD exabyte shipments, with an expected 23% compound annual growth rate (CAGR) from 2024 to 2028.
- Advancements and Adoption of Next-Generation HDD Technologies: Western Digital's continued innovation in hard disk drive (HDD) technology, including Heat-Assisted Magnetic Recording (HAMR), Energy-Assisted Perpendicular Magnetic Recording (ePMR), and UltraSMR (Shingled Magnetic Recording), is crucial for meeting the escalating demand for higher capacity storage. The company has been shipping millions of units of its latest generation ePMR and UltraSMR products, and HAMR technology development is accelerating with qualifications planned with hyperscale customers in the first half of calendar year 2026.
- Strategic Focus on Data Center and Cloud Markets: The company has reinforced its leadership in delivering world-class, sustainable storage solutions at scale, specifically targeting the ever-growing data demands of the cloud and enterprise markets. This strategic emphasis ensures that Western Digital remains a trusted partner for hyperscale cloud providers, offering solutions with low total cost of ownership (TCO) that align with their expanding infrastructure needs.
AI Analysis | Feedback
Share Repurchases
- In February 2026, Western Digital's Board of Directors authorized an additional $4.0 billion for share repurchases.
- As of February 2, 2026, approximately $484 million remained under a prior share repurchase authorization.
- The company repurchased approximately 3.8 million shares for $615 million in fiscal Q2 2026, contributing to $1.4 billion returned to shareholders through dividends and buybacks since fiscal Q4 2025.
Outbound Investments
- In January 2026, Western Digital announced a strategic investment in Qolab to support next-generation quantum hardware and nanofabrication process innovation.
Capital Expenditures
- Western Digital's capital expenditures have decreased from $1.146 billion in fiscal year 2021 to $412 million in fiscal year 2025.
- The latest twelve months (TTM) capital expenditures were $365 million, with $92 million reported for Q2 fiscal year 2026.
- The company's capital allocation strategy includes reinvestment in the business for maintaining existing and expanding new property, plant, and equipment, with a focus on high-value end markets and the AI-driven data economy.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 499.24 |
| Mkt Cap | 195.5 |
| Rev LTM | 25,286 |
| Op Inc LTM | 3,459 |
| FCF LTM | 3,447 |
| FCF 3Y Avg | 1,966 |
| CFO LTM | 4,822 |
| CFO 3Y Avg | 3,246 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 30.5% |
| Rev Chg 3Y Avg | 13.1% |
| Rev Chg Q | 44.8% |
| QoQ Delta Rev Chg LTM | 9.6% |
| Op Inc Chg LTM | 80.1% |
| Op Inc Chg 3Y Avg | 21.4% |
| Op Mgn LTM | 27.0% |
| Op Mgn 3Y Avg | 14.2% |
| QoQ Delta Op Mgn LTM | 2.3% |
| CFO/Rev LTM | 27.0% |
| CFO/Rev 3Y Avg | 15.4% |
| FCF/Rev LTM | 19.8% |
| FCF/Rev 3Y Avg | 6.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 195.5 |
| P/S | 10.5 |
| P/Op Inc | 33.5 |
| P/EBIT | 27.5 |
| P/E | 37.7 |
| P/CFO | 29.1 |
| Total Yield | 3.5% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.7% |
| 3M Rtn | 63.0% |
| 6M Rtn | 138.9% |
| 12M Rtn | 392.2% |
| 3Y Rtn | 1,074.7% |
| 1M Excs Rtn | -9.1% |
| 3M Excs Rtn | 58.9% |
| 6M Excs Rtn | 146.1% |
| 12M Excs Rtn | 361.2% |
| 3Y Excs Rtn | 1,005.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hard disk drives (HDD) | 9,520 | 6,317 | 6,255 | 9,040 | 8,216 |
| Flash-based products (Flash) | 6,063 | 9,753 | 8,706 | ||
| Total | 9,520 | 6,317 | 12,318 | 18,793 | 16,922 |
| $ Mil | 2001 |
|---|---|
| WDT | -4 |
| All Other | -30 |
| Total | -34 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Hard disk drives (HDD) | 1,643 | -765 |
| Total | 1,643 | -765 |
| $ Mil | 2001 |
|---|---|
| WDT | 496 |
| All Other | 12 |
| Total | 508 |
Price Behavior
Price Behavior
| Market Price | $556.67 | |
| Market Cap ($ Bil) | 190.4 | |
| First Trading Date | 01/02/1987 | |
| Distance from 52W High | -25.4% | |
| 50 Days | 200 Days | |
| DMA Price | $557.34 | $318.07 |
| DMA Trend | up | up |
| Distance from DMA | -0.1% | 75.0% |
| 3M | 1YR | |
| Volatility | 91.8% | 75.3% |
| Downside Capture | 413.45 | 248.17 |
| Upside Capture | 492.66 | 450.19 |
| Correlation (SPY) | 59.5% | 51.3% |
WDC Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.70 | 4.11 | 3.40 | 3.31 | 2.90 | 1.90 |
| Up Beta | 6.12 | 4.81 | 3.38 | 3.23 | 2.65 | 1.62 |
| Down Beta | 3.42 | 2.60 | 3.38 | 2.04 | 2.29 | 1.79 |
| Up Capture | 794% | 765% | 726% | 1466% | 2853% | 7448% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 24 | 40 | 75 | 154 | 424 |
| Down Capture | 314% | 321% | 227% | 200% | 156% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 17 | 23 | 50 | 98 | 326 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDC | |
|---|---|---|---|---|
| WDC | 718.8% | 75.1% | 3.11 | - |
| Sector ETF (XLK) | 38.8% | 24.7% | 1.27 | 62.8% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | 51.1% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | 30.6% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | 4.3% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | -9.6% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | 24.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDC | |
|---|---|---|---|---|
| WDC | 60.7% | 51.4% | 1.11 | - |
| Sector ETF (XLK) | 19.6% | 25.6% | 0.68 | 60.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 55.0% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 19.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | 13.9% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 26.0% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 21.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WDC | |
|---|---|---|---|---|
| WDC | 32.3% | 49.6% | 0.76 | - |
| Sector ETF (XLK) | 24.5% | 24.8% | 0.89 | 59.5% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 57.2% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 13.6% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | 20.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 35.8% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -0.7% | 6.8% | 25.7% |
| 1/29/2026 | -10.1% | -6.5% | -3.0% |
| 10/30/2025 | 8.7% | 18.4% | 15.8% |
| 7/30/2025 | 10.2% | 3.3% | 14.9% |
| 4/30/2025 | 8.0% | 9.0% | 29.4% |
| 1/29/2025 | 4.7% | 3.1% | 4.2% |
| 10/24/2024 | 4.7% | -1.5% | 0.2% |
| 7/31/2024 | -9.7% | -16.1% | -6.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 15 |
| # Negative | 12 | 11 | 8 |
| Median Positive | 4.7% | 7.1% | 15.8% |
| Median Negative | -3.1% | -2.9% | -5.4% |
| Max Positive | 10.2% | 18.4% | 37.2% |
| Max Negative | -10.1% | -16.1% | -16.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -0.7% | 6.8% | 25.7% |
| 1/29/2026 | -10.1% | -6.5% | -3.0% |
| 10/30/2025 | 8.7% | 18.4% | 15.8% |
| 7/30/2025 | 10.2% | 3.3% | 14.9% |
| 4/30/2025 | 8.0% | 9.0% | 29.4% |
| 1/29/2025 | 4.7% | 3.1% | 4.2% |
| 10/24/2024 | 4.7% | -1.5% | 0.2% |
| 7/31/2024 | -9.7% | -16.1% | -6.0% |
| 4/25/2024 | 2.8% | 0.4% | 7.7% |
| 1/25/2024 | -3.5% | -4.9% | -5.4% |
| 10/30/2023 | 7.3% | 10.4% | 20.3% |
| 7/31/2023 | 0.7% | 2.2% | -2.4% |
| 5/8/2023 | -1.7% | 7.5% | 17.1% |
| 1/31/2023 | -1.4% | -2.0% | -12.7% |
| 10/27/2022 | -2.7% | -2.0% | 5.8% |
| 8/5/2022 | -5.7% | -1.7% | -16.5% |
| 4/28/2022 | 0.9% | 16.3% | 18.3% |
| 1/27/2022 | -7.3% | -2.9% | -5.4% |
| 10/28/2021 | -8.7% | -3.9% | 3.0% |
| 8/4/2021 | 3.3% | 2.7% | -5.1% |
| 4/29/2021 | -0.7% | -2.1% | 5.8% |
| 1/28/2021 | 7.2% | 12.6% | 37.2% |
| 10/28/2020 | -1.8% | -3.3% | 18.1% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 15 |
| # Negative | 12 | 11 | 8 |
| Median Positive | 4.7% | 7.1% | 15.8% |
| Median Negative | -3.1% | -2.9% | -5.4% |
| Max Positive | 10.2% | 18.4% | 37.2% |
| Max Negative | -10.1% | -16.1% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/20/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/22/2023 | 10-K |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/25/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/20/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/22/2023 | 10-K |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/25/2022 | 10-K |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/27/2021 | 10-K |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/28/2020 | 10-K |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-Q |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/27/2019 | 10-K |
Recent Forward Guidance
Updated 7/8/2026Latest: Q3 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 3.55 Bil | 3.65 Bil | 3.75 Bil | 14.1% | Higher New | Guidance: 3.20 Bil for Q3 2026 | |
| Q4 2026 Gross margin | 51.0% | 51.5% | 52.0% | 4.0% | Higher New | Guidance: 47.5% for Q3 2026 | |
| Q4 2026 Operating expenses | 385.00 Mil | 390.00 Mil | 395.00 Mil | 1.3% | Higher New | Guidance: 385.00 Mil for Q3 2026 | |
| Q4 2026 Diluted net income per common share | 3.1 | 3.25 | 3.4 | 41.3% | Higher New | Guidance: 2.3 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 3.10 Bil | 3.20 Bil | 10.3% | Higher New | Guidance: 2.90 Bil for Q2 2026 | ||
| Q3 2026 Gross margin | 47.0% | 47.5% | 48.0% | 3.0% | Higher New | Guidance: 44.5% for Q2 2026 | |
| Q3 2026 Operating expenses | 380.00 Mil | 385.00 Mil | 390.00 Mil | 4.1% | Higher New | Guidance: 370.00 Mil for Q2 2026 | |
| Q3 2026 Diluted net income per common share | 2.15 | 2.3 | 2.45 | 22.3% | Higher New | Guidance: 1.88 for Q2 2026 | |
Q1 2026 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 2.80 Bil | 2.90 Bil | 3.00 Bil | 7.4% | Higher New | Guidance: 2.70 Bil for Q1 2026 | |
| Q2 2026 Gross margin | 44.0% | 44.5% | 45.0% | 3.0% | Higher New | Guidance: 41.5% for Q1 2026 | |
| Q2 2026 Operating expenses | 365.00 Mil | 370.00 Mil | 375.00 Mil | -1.3% | Lower New | Guidance: 375.00 Mil for Q1 2026 | |
| Q2 2026 Diluted net income per common share | 1.73 | 1.88 | 2.03 | 22.1% | Higher New | Guidance: 1.54 for Q1 2026 | |
Insider Activity
Updated 7/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 7212026 | 529.63 | 808 | 427,941 | 60,663,291 | Form |
| 2 | Cole, Martin I | Direct | Sell | 6112026 | 536.01 | 720 | 385,924 | 13,632,236 | Form | |
| 3 | Cole, Martin I | Direct | Sell | 6112026 | 511.16 | 3,280 | 1,676,600 | 13,368,333 | Form | |
| 4 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 6052026 | 545.60 | 432 | 235,699 | 63,640,421 | Form |
| 5 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 6022026 | 556.24 | 2,475 | 1,376,694 | 47,366,061 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 7212026 | 529.63 | 808 | 427,941 | 60,663,291 | Form |
| 2 | Cole, Martin I | Direct | Sell | 6112026 | 536.01 | 720 | 385,924 | 13,632,236 | Form | |
| 3 | Cole, Martin I | Direct | Sell | 6112026 | 511.16 | 3,280 | 1,676,600 | 13,368,333 | Form | |
| 4 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 6052026 | 545.60 | 432 | 235,699 | 63,640,421 | Form |
| 5 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 6022026 | 556.24 | 2,475 | 1,376,694 | 47,366,061 | Form |
| 6 | Kiddoo, Bruce E | Direct | Sell | 5292026 | 528.52 | 750 | 396,390 | 2,062,814 | Form | |
| 7 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 5272026 | 539.63 | 214 | 115,481 | 63,221,432 | Form |
| 8 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 5272026 | 488.61 | 308 | 150,492 | 57,721,942 | Form |
| 9 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 5222026 | 458.87 | 106 | 48,640 | 54,349,939 | Form |
| 10 | Davis, Brian Scott | Chief Sales & Mrktng Officer | Direct | Sell | 5122026 | 500.69 | 10,000 | 5,006,895 | 52,854,790 | Form |
| 11 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 5052026 | 443.19 | 4,674 | 2,071,447 | 39,904,821 | Form |
| 12 | Tan, Irving | Chief Executive Officer | Direct | Sell | 5052026 | 411.84 | 20,000 | 8,236,864 | 246,344,024 | Form |
| 13 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 4222026 | 377.09 | 363 | 136,884 | 45,259,473 | Form |
| 14 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 3102026 | 255.32 | 8,518 | 2,174,858 | 25,347,645 | Form |
| 15 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 3052026 | 268.27 | 9,324 | 2,501,382 | 32,644,052 | Form |
| 16 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 3052026 | 270.31 | 10,148 | 2,743,110 | 29,137,840 | Form |
| 17 | Cole, Martin I | Direct | Sell | 3032026 | 271.67 | 6,000 | 1,630,002 | 7,995,974 | Form | |
| 18 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 2272026 | 286.11 | 214 | 61,228 | 38,276,082 | Form |
| 19 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 2242026 | 281.70 | 308 | 86,764 | 37,961,610 | Form |
| 20 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 2242026 | 283.83 | 130 | 36,898 | 38,336,067 | Form |
| 21 | Davis, Brian Scott | Chief Sales & Mrktng Officer | Direct | Sell | 2192026 | 279.16 | 10,000 | 2,791,603 | 33,999,491 | Form |
| 22 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 2062026 | 270.49 | 6,780 | 1,833,922 | 36,932,164 | Form |
| 23 | Massengill, Matthew E | Family Trust | Sell | 2062026 | 260.43 | 36,926 | Form | |||
| 24 | Tan, Irving | Chief Executive Officer | Direct | Sell | 2042026 | 255.44 | 20,000 | 5,108,831 | 159,289,777 | Form |
| 25 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 1212026 | 229.00 | 447 | 102,363 | 32,819,822 | Form |
| 26 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 12082025 | 168.14 | 8,943 | 1,503,713 | 21,331,442 | Form |
| 27 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 12082025 | 159.94 | 13,877 | 2,219,510 | 21,721,189 | Form |
| 28 | Alexy, Kimberly | Direct | Sell | 12082025 | 160.08 | 2,000 | 320,165 | 253,731 | Form | |
| 29 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 12032025 | 160.57 | 2,801 | 449,752 | 23,217,519 | Form |
| 30 | Cole, Martin I | Direct | Sell | 12032025 | 162.62 | 6,000 | 975,696 | 5,761,973 | Form | |
| 31 | Oulman, Roxanne | Direct | Sell | 11262025 | 154.42 | 1,800 | 277,956 | 596,524 | Form | |
| 32 | Alexy, Kimberly | Direct | Sell | 11262025 | 154.00 | 1,768 | 272,272 | 552,090 | Form | |
| 33 | Cole, Martin I | Direct | Sell | 11062025 | 161.32 | 10,000 | 1,613,212 | 6,372,834 | Form | |
| 34 | Tan, Irving | Chief Executive Officer | Direct | Sell | 11052025 | 150.69 | 20,000 | 3,013,784 | 97,264,908 | Form |
| 35 | Gubbi, Vidyadhara K | Chief of Global Operations | Direct | Sell | 9052025 | 90.29 | 11,343 | 1,024,162 | 13,687,633 | Form |
| 36 | Zamiska, Gene M | SVP & Princ. Acctg Officer | Direct | Sell | 8282025 | 80.90 | 353 | 28,558 | 2,218,682 | Form |
| 37 | Zamiska, Gene M | SVP & Princ. Acctg Officer | Direct | Sell | 8272025 | 79.10 | 814 | 64,387 | 2,224,450 | Form |
| 38 | Zamiska, Gene M | SVP, Global Accounting & Chief | Direct | Sell | 8252025 | 74.78 | 1,828 | 136,698 | 2,223,359 | Form |
| 39 | Tregillis, Cynthia L | Chief Legal Officer & Corp Sec | Direct | Sell | 8252025 | 74.78 | 14,067 | 1,051,930 | 10,121,548 | Form |
| 40 | Zamiska, Gene M | SVP, Global Accounting & Chief | Direct | Sell | 8252025 | 75.68 | 3,160 | 239,149 | 2,388,461 | Form |
| 41 | Tan, Irving | Chief Executive Officer | Direct | Sell | 8212025 | 75.90 | 8,621 | 654,334 | 45,148,052 | Form |
| 42 | Gubbi, Vidyadhara K | Chief of Global Ops | Direct | Sell | 8132025 | 76.26 | 5,597 | 426,827 | 11,795,821 | Form |
| 43 | Gubbi, Vidyadhara K | Chief of Global Ops | Direct | Sell | 8132025 | 74.88 | 3,947 | 295,532 | 12,000,666 | Form |
Investor Activity (13F)
Updated Jul 23, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whitebox Advisors LLC | $1.5 Bil | 21.1% | 545 | Hold | 13F |
| Boussard & Gavaudan Investment Management LLP | $186.1 Mil | 17.9% | 84 | TRIM -6.9% | 13F |
| Maple Rock Capital Partners Inc. | $378.8 Mil | 12.3% | 44 | TRIM -41.2% | 13F |
| Amanah Holdings Trust | $85.2 Mil | 9.4% | 20 | Hold | 13F |
| Talos Eurisko Asset Management LP | $47.0 Mil | 8.0% | 23 | TRIM -16.0% | 13F |
| Trivest Advisors Ltd | $93.3 Mil | 6.7% | 29 | TRIM -60.6% | 13F |
| Rivermont Capital Management LP | $31.3 Mil | 6.6% | 20 | TRIM -25.0% | 13F |
| Alta Park Capital, LP | $34.2 Mil | 5.5% | 24 | TRIM -67.8% | 13F |
| Anther Capital Ltd | $192.7 Mil | 5.0% | 31 | New | 13F |
| Castle Hook Partners LP | $237.7 Mil | 4.8% | 44 | TRIM -33.7% | 13F |
| WT Asset Management Ltd | $220.9 Mil | 4.6% | 32 | ADD +98.5% | 13F |
| Tyro Capital Management LLC | $16.1 Mil | 4.1% | 23 | New | 13F |
| Permit Capital, LLC | $11.1 Mil | 3.8% | 19 | TRIM -48.5% | 13F |
| Attestor Capital Ltd | $14.3 Mil | 3.8% | 9 | ADD +139.8% | 13F |
| Atalan Capital Partners, LP | $36.4 Mil | 3.4% | 10 | TRIM -80.9% | 13F |
| XN LP | $74.5 Mil | 2.7% | 23 | New | 13F |
| UNICOM Systems, Inc. | $24.5 Mil | 2.5% | 32 | New | 13F |
| Avala Global LP | $51.1 Mil | 2.5% | 22 | Hold | 13F |
| Jericho Capital Asset Management L.P. | $157.3 Mil | 2.3% | 23 | New | 13F |
| Soroban Capital Partners LP | $310.1 Mil | 2.2% | 27 | Hold | 13F |
| Hawk Ridge Capital Management LP | $56.6 Mil | 2.1% | 48 | TRIM -35.7% | 13F |
| Park West Asset Management LLC | $20.3 Mil | 1.8% | 48 | TRIM -32.7% | 13F |
| Melqart Asset Management (UK) Ltd | $17.4 Mil | 1.7% | 41 | TRIM -35.4% | 13F |
| Whale Rock Capital Management LLC | $111.4 Mil | 1.4% | 35 | New | 13F |
| Oribel Capital Management, LP | $7.6 Mil | 1.2% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Anther Capital Ltd | $192.7 Mil | 5.0% | 31 | New | 13F |
| Jericho Capital Asset Management L.P. | $157.3 Mil | 2.3% | 23 | New | 13F |
| Whale Rock Capital Management LLC | $111.4 Mil | 1.4% | 35 | New | 13F |
| XN LP | $74.5 Mil | 2.7% | 23 | New | 13F |
| UNICOM Systems, Inc. | $24.5 Mil | 2.5% | 32 | New | 13F |
| Tyro Capital Management LLC | $16.1 Mil | 4.1% | 23 | New | 13F |
| Oribel Capital Management, LP | $7.6 Mil | 1.2% | 41 | New | 13F |
| Attestor Capital Ltd | $14.3 Mil | 3.8% | 9 | ADD +139.8% | 13F |
| WT Asset Management Ltd | $220.9 Mil | 4.6% | 32 | ADD +98.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Wolf Hill Capital Management, LP | $101.7 Mil | 11.8% | 22 | Exited | Dec 31, 2025 | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $20.9 Mil | 1.9% | 43 | Exited | Dec 31, 2025 | 13F |
| MIG Capital, LLC | $11.6 Mil | 2.0% | 43 | Exited | Dec 31, 2025 | 13F |
| Atalan Capital Partners, LP | $36.4 Mil | 3.4% | 10 | TRIM -80.9% | Mar 31, 2026 | 13F |
| Alta Park Capital, LP | $34.2 Mil | 5.5% | 24 | TRIM -67.8% | Mar 31, 2026 | 13F |
| Trivest Advisors Ltd | $93.3 Mil | 6.7% | 29 | TRIM -60.6% | Mar 31, 2026 | 13F |
| Permit Capital, LLC | $11.1 Mil | 3.8% | 19 | TRIM -48.5% | Mar 31, 2026 | 13F |
| Maple Rock Capital Partners Inc. | $378.8 Mil | 12.3% | 44 | TRIM -41.2% | Mar 31, 2026 | 13F |
| Hawk Ridge Capital Management LP | $56.6 Mil | 2.1% | 48 | TRIM -35.7% | Mar 31, 2026 | 13F |
| Melqart Asset Management (UK) Ltd | $17.4 Mil | 1.7% | 41 | TRIM -35.4% | Mar 31, 2026 | 13F |
| Castle Hook Partners LP | $237.7 Mil | 4.8% | 44 | TRIM -33.7% | Mar 31, 2026 | 13F |
| Park West Asset Management LLC | $20.3 Mil | 1.8% | 48 | TRIM -32.7% | Mar 31, 2026 | 13F |
| Rivermont Capital Management LP | $31.3 Mil | 6.6% | 20 | TRIM -25.0% | Mar 31, 2026 | 13F |
| Talos Eurisko Asset Management LP | $47.0 Mil | 8.0% | 23 | TRIM -16.0% | Mar 31, 2026 | 13F |
| Boussard & Gavaudan Investment Management LLP | $186.1 Mil | 17.9% | 84 | TRIM -6.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whitebox Advisors LLC | $1.5 Bil | 21.1% | 545 | Hold | 13F |
| Maple Rock Capital Partners Inc. | $378.8 Mil | 12.3% | 44 | TRIM -41.2% | 13F |
| Soroban Capital Partners LP | $310.1 Mil | 2.2% | 27 | Hold | 13F |
| Castle Hook Partners LP | $237.7 Mil | 4.8% | 44 | TRIM -33.7% | 13F |
| WT Asset Management Ltd | $220.9 Mil | 4.6% | 32 | ADD +98.5% | 13F |
| Anther Capital Ltd | $192.7 Mil | 5.0% | 31 | New | 13F |
| Boussard & Gavaudan Investment Management LLP | $186.1 Mil | 17.9% | 84 | TRIM -6.9% | 13F |
| Jericho Capital Asset Management L.P. | $157.3 Mil | 2.3% | 23 | New | 13F |
| Whale Rock Capital Management LLC | $111.4 Mil | 1.4% | 35 | New | 13F |
| Trivest Advisors Ltd | $93.3 Mil | 6.7% | 29 | TRIM -60.6% | 13F |
| Amanah Holdings Trust | $85.2 Mil | 9.4% | 20 | Hold | 13F |
| XN LP | $74.5 Mil | 2.7% | 23 | New | 13F |
| Hawk Ridge Capital Management LP | $56.6 Mil | 2.1% | 48 | TRIM -35.7% | 13F |
| Avala Global LP | $51.1 Mil | 2.5% | 22 | Hold | 13F |
| Talos Eurisko Asset Management LP | $47.0 Mil | 8.0% | 23 | TRIM -16.0% | 13F |
| Atalan Capital Partners, LP | $36.4 Mil | 3.4% | 10 | TRIM -80.9% | 13F |
| Alta Park Capital, LP | $34.2 Mil | 5.5% | 24 | TRIM -67.8% | 13F |
| Rivermont Capital Management LP | $31.3 Mil | 6.6% | 20 | TRIM -25.0% | 13F |
| UNICOM Systems, Inc. | $24.5 Mil | 2.5% | 32 | New | 13F |
| Park West Asset Management LLC | $20.3 Mil | 1.8% | 48 | TRIM -32.7% | 13F |
| Melqart Asset Management (UK) Ltd | $17.4 Mil | 1.7% | 41 | TRIM -35.4% | 13F |
| Tyro Capital Management LLC | $16.1 Mil | 4.1% | 23 | New | 13F |
| Attestor Capital Ltd | $14.3 Mil | 3.8% | 9 | ADD +139.8% | 13F |
| Permit Capital, LLC | $11.1 Mil | 3.8% | 19 | TRIM -48.5% | 13F |
| Oribel Capital Management, LP | $7.6 Mil | 1.2% | 41 | New | 13F |
Western Digital — Investor Video Playlist
Products & Services
ArcticFlow™ Thermal Zone-Cooling Technology
Leadership
Reinventing Storage for AI at Scale | Ahmed Shihab, CPO, WD | Computex 2026
Leadership
WD CEO Irving Tan on AI-Driven Growth and Strong Q3 Earnings Results | CNBC The Exchange
Leadership
Bloomberg Interview with CEO Irving Tan
Leadership
WD Leaders: What We're Investing in for the Future
Investor / Analyst
Western Digital Innovation Day 2026 | Feb 03, 2026
Products & Services
FMS 2024 Keynote: Storage for AI Using GPUs
Products & Services
New Era of NAND
Products & Services
The AI Data Cycle
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 7/22/2026