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Western Digital (WDC) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 23, 2026 · Western Digital (WDC) Q1 FY27 earnings results →

Q1 FY27 Revenue up 56% year over year to $4.4B · 41¢ of every $1 of revenue kept as net profit · operating margin 46.7%

Western Digital made $4.4B in Q1 FY27 (+56% Y/Y): Cloud $3.9B, Client $320M, Consumer $193M. Operating margin 46.7%, net earnings $1.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.

Revenue$4.4B
Year over year+56%
Operating margin46.7%
Net earnings$1.8B
Operating cash flow$1.6B

Drawing the Sankey…

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Western Digital Q1 FY27 revenue breakdown: Sankey diagram of revenue (Cloud, Client, Consumer), costs, profit and cash flow
Western Digital Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $4.4B in Q1 FY27, up 55% year over year and up 17% from the previous quarter. Cloud was the largest line at 88% of revenue. Cloud added $1.4B year over year (up 54%), 87% of the total change.

Gross margin was 57.8%, up 14.3 points from Q1 FY26. Operating profit was $2.0B, a 46.7% margin (up 18.6 points year over year). Of the extra revenue versus Q1 FY26, 80% reached operating profit, above the 28% margin then. Operating expenses grew 12% against revenue growth of 55%. The fastest-growing cost line was Other operating costs (+1333%). Net earnings were $1.8B, up 51% year over year. The effective tax rate was 12.7%.

Operating cash flow was $1.6B (up 139% year over year), 90% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.36B. Capital expenditures of $0.23B left free cash flow of $1.4B.

Quarterly history

Western Digital revenue by quarterWestern Digital revenue by quarter$2.3BQ3 FY25$2.6BQ4 FY25$2.8BQ1 FY26$3.0BQ2 FY26$3.3BQ3 FY26$3.7BQ4 FY26$4.4BQ1 FY27
Western Digital net earnings by quarterWestern Digital net earnings by quarter$520MQ3 FY25$282MQ4 FY25$1.2BQ1 FY26$1.8BQ2 FY26$3.2BQ3 FY26$3.2BQ4 FY26$1.8BQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 23, 2026$4.4B+56%46.7%$1.8B$1.6B
Q4 FY2610-KAug 14, 2026$3.7B+44%41.7%$3.2B$1.4B
Q3 FY2610-QMay 1, 2026$3.3B+46%35.7%$3.2B$1.1B
Q2 FY2610-QJan 30, 2026$3.0B+25%30.1%$1.8B$745M
Q1 FY2610-QOct 31, 2025$2.8B+27%28.1%$1.2B$672M
Q4 FY2510-KAug 14, 2025$2.6B+30%26.1%$282M$746M
Q3 FY2510-QMay 2, 2025$2.3B+31%33.1%$520M$508M

Charts

Western Digital: revenue growth, year over year and quarter over quarterWestern Digital: revenue growth, year over year and quarter over quarterY/YQ/Q+31%Q3 FY25+30%+14%Q4 FY25+27%+8%Q1 FY26+25%+7%Q2 FY26+46%+11%Q3 FY26+44%+12%Q4 FY26+56%+17%Q1 FY27
Latest (Q1 FY27): Y/Y +56%, Q/Q +17%.
Western Digital: where the cash came from (+) and went (−), TTM to Q1 FY27Western Digital: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$4.9BBuybacks−$3.0BOther financing−$2.4BCash drawn (+) / kept (−)$734MNet borrowing (+) / repaid (−)$613MCapital spending−$572MDividends−$196MOther investing−$25.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Western Digital: profit against cash, quarter by quarterWestern Digital: profit against cash, quarter by quarterNet incomeOperating cash flow$594M$403MQ2 FY25$520M$508MQ3 FY25$282M$746MQ4 FY25$1.2B$672MQ1 FY26$1.8B$745MQ2 FY26$3.2B$1.1BQ3 FY26$3.2B$1.4BQ4 FY26$1.8B$1.6BQ1 FY27
Latest (Q1 FY27): Net income $1.8B, Operating cash flow $1.6B.
Western Digital: diluted shares by fiscal yearWestern Digital: diluted shares by fiscal year309MFY21316MFY22318MFY23326MFY24359MFY25383MFY26
+23.9% since FY21: more shares outstanding (issuance, stock pay).
Western Digital: long-term debt falling due (FY25)Western Digital: long-term debt falling due (FY25)$2.2B2026$1.5B2027$500M2029
Cash $2.1B, short-term investments —, long-term debt $4.7B at 2025-06-27.
Western Digital in its industry: growth against margin (6 companies, SIC 3572)Western Digital in its industry: growth against margin (6 companies, SIC 3572)revenue growth, year over year →↑ operating marginmedian +56%median 47%SNDKSTXNTAPPQMCOWDC (+56%, 47%)
Computer Storage Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Memory & storage (excluding HBM)

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About Western Digital

Western Digital was founded in 1970 and is a Standard & Poor’s 500 (“S&P 500”) company headquartered in San Jose, California. We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (“HDD”) technology. 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.

In its own words, from its 10-K, filed Aug 14, 2026.

Western Digital against its Computer Storage Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +56% against the peers' median +56%. Operating margin: 46.7% against the peers' median 46.7%.

CompanyQuarterRevenueY/YOp. margin
WDC Western DigitalQ1 FY27$4.4B+56%46.7%
SNDK SandiskQ1 FY27$11.0B+378%79.6%
STX Seagate Technology HoldingsQ1 FY27$4.2B+61%48.8%
NTAP NetAppQ1 FY27$1.8B+30%26.6%
P EverpureQ2 FY27$1.2B+38%5.3%
QMCO QuantumQ1 FY27$80.8M+26%6.2%

Source: Western Digital 10-Q on SEC EDGAR · CIK 106040 · Computer Storage Devices

Guidance and outlook

Western Digital Revenue: guidance against what was reportedWestern Digital Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY25Q3 FY25$2.3BQ4 FY25$2.6BQ1 FY26$2.8BQ2 FY26$3.0BQ3 FY26$3.3BQ4 FY26$3.7BQ1 FY27$4.4B
Met or beat 6 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns WDC and who is buying

Largest holders of WDC (13F)Largest holders of WDC (13F)BlackRock$21.0BFMR LLC$16.6BVanguard Capital Management LLC$14.4BCapital World Investors$10.6BState Street$10.4BInvesco$9.2BVanguard Portfolio Management LLC$8.4BVanguard Group$7.3BGeode Capital Management, LLC$5.4BMorgan Stanley$5.2B
Funds' net buying of WDC by quarter (13F)Funds' net buying of WDC by quarter (13F)−$1.1B2024-09$586M2024-12$968M2025-03$1.2B2025-06−$2.2B2025-09−$1.7B2025-12−$2.0B2026-03−$10.3B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WDC

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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