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Western Digital cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q1 FY27 · $4.3B over twelve months

Operating cash flow$1.6B
Capital spending−$227M
Free cash flow+$1.4B
Cash / net income0.9×
Cash conversion cycle36 days

Analysis

In Q1 FY27, Western Digital generated $1.6B of operating cash flow and spent $227M on capital projects, leaving free cash flow of $1.4B.

Over the twelve months to Oct 2, 2026, operating cash flow was $4.9B; the largest uses were buybacks ($3.0B), other financing ($2.4B), capital spending ($572M); besides operations, cash came from net borrowing (+) / repaid (−) ($613M); the cash balance fell by $734M.

Operating cash flow was $1.6B against net income of $1.8B — 0.9× profit, roughly in line with earnings. The largest differences: inventory −$269M, receivables −$206M, income taxes payable +$131M.

Its cash conversion cycle was 36 days (receivables 44 + inventory 81 − payables 89).

Free cash flow

Western Digital: free cash flow by quarterWestern Digital: free cash flow by quarter$287MQ2 FY25$379MQ3 FY25$675MQ4 FY25$599MQ1 FY26$653MQ2 FY26$978MQ3 FY26$1.3BQ4 FY26$1.4BQ1 FY27
Operating cash flow less capital spending.
Western Digital: operating cash flow against capital spendingWestern Digital: operating cash flow against capital spendingOperating cash flowCapital spending$403M$116MQ2 FY25$508M$129MQ3 FY25$746M$71.0MQ4 FY25$672M$73.0MQ1 FY26$745M$92.0MQ2 FY26$1.1B$145MQ3 FY26$1.4B$108MQ4 FY26$1.6B$227MQ1 FY27
Latest (Q1 FY27): Operating cash flow $1.6B, Capital spending $227M.

Capital allocation, year by year

Western Digital: where the cash came from (up) and went (down), by fiscal yearWestern Digital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $1.9BFY22: Net borrowing −$3.5BFY22: Shares issued $122MFY22: Asset sales $32.0MFY22: Capital spending −$1.1B$2.0BFY22FY23: Operating cash flow −$408MFY23: Shares issued $974MFY23: Capital spending −$821M$974MFY23FY24: Operating cash flow −$294MFY24: Net borrowing $3.9BFY24: Shares issued $75.0MFY24: Capital spending −$487M$4.0BFY24FY25: Operating cash flow $1.7BFY25: Net borrowing $56.0MFY25: Shares issued $77.0MFY25: Asset sales $401MFY25: Capital spending −$412MFY25: Buybacks −$149MFY25: Dividends −$44.0M$2.2BFY25FY26: Operating cash flow $3.9BFY26: Net borrowing $282MFY26: Shares issued $64.0MFY26: Capital spending −$418MFY26: Buybacks −$2.6BFY26: Dividends −$174M$4.3BFY26
Over these 5 years operating cash flow totalled $6.8B; the largest uses were net borrowing ($3.5B) and capital spending ($3.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$1.1B
Net cash$262M
Due within a year$2.2B

Western Digital funds itself: free cash flow was $4.3B over the last twelve months, and $1.3B of cash and investments stands against $1.1B of debt ($2.2B due within a year, 0.6× covered by cash).

Western Digital: debt maturities by year (FY25)Western Digital: debt maturities by year (FY25)$2.2BYear 1$1.5BYear 2$500MYear 4
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Western Digital: sources (+) and uses (−) of cash, Q1 FY27Western Digital: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$1.6BBuybacks−$1.0BOther financing−$887MNet borrowing (+) / repaid (−)$300MCash drawn (+) / kept (−)$265MCapital spending−$227MDividends−$56.0MOther investing$2.0M
Western Digital: sources (+) and uses (−) of cash, TTM to Q1 FY27Western Digital: sources (+) and uses (−) of cash, 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 profit to cash

Western Digital: net income to operating cash flow, Q1 FY27Western Digital: net income to operating cash flow, Q1 FY27Net income$1.8BDepreciation & amortization$104MStock-based pay$79.0MDeferred taxes−$30.0MReceivables−$206MInventory−$269MPayables$52.0MAccrued liabilities−$14.0MEmployee-related liabilities−$83.0MIncome taxes payable$131MOther operating capital$58.0MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2744818936
Q4 FY2648768935
Q3 FY2649748438
Q2 FY2646768438
Q1 FY2649838646

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$1.6B−$227M−$1.0B−$56.0M$300M—$265M$1.4B
Q4 FY26$1.4B−$108M−$672M−$54.0M$350M$32.0M$471M$1.3B
Q3 FY26$1.1B−$145M−$752M−$43.0M−$5.0M—−$75.0M$978M
Q2 FY26$745M−$92.0M−$615M−$43.0M−$32.0M—$73.0M$653M
Q1 FY26$672M−$73.0M−$553M−$34.0M−$31.0M—$66.0M$599M
Q4 FY25$746M−$71.0M−$149M−$44.0M−$1.8B$8.0M$1.4B$675M
Q3 FY25$508M−$129M——$4.0B$17.0M−$1.2B$379M
Q2 FY25$403M−$116M————−$586M$287M

Western Digital: income statement and cash flow

Western Digital, Q1 FY27: revenue $4.4B (+56% year over year), operating margin 46.7%. The chart follows the revenue to costs, profit and cash.

Western Digital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.