WDC · Full Picture

WESTERN DIGITAL CORP — the full picture

Trailing window · 2026-05-11 to 2026-08-09

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Guidance and Outlook · Guidance & outlookPriority 87
    +35.0% net_income; 2 sources (news, press_release); 4 forward row(s); quote_verified
    Q1FY27 revenue guidance (non-GAAP): $4.1 billion +/- $100 million (implying a range of $4.0B to $4.2B) and expected to be up 42% to 49% year-over-year
  2. Liquidity and Debt Position · UnclassifiedPriority 80
    -24.2% net_income (realized); 2 sources (news, press_release); quote_verified
    Long-term debt at July 3, 2026: $0 million (down from $2,485 million at June 27, 2025)
  3. Gross Margin Drivers · Gross marginPriority 73
    -0.1% operating_income; 2 sources (news, press_release); 1 forward row(s); quote_verified
    GAAP Q4FY26 gross margin: 54.1%, up 1310 basis points year-over-year and up 390 basis points sequentially
  4. Operating Income and Margins · Operating income & profitabilityPriority 72
    -0.9% net_income; 1 forward row(s); quote_verified
    GAAP Q4FY26 operating income: $1,563 million, up 130% year-over-year and up 31% sequentially
  5. Revenue Performance and Mix · Revenue growth & mixPriority 72
    +121.2% revenue (realized); 2 sources (news, press_release); quote_verified
    Q4FY26 revenue: $3,747 million, up 44% year-over-year and up 12% quarter-over-quarter
  6. Income Tax Rate Changes · TaxPriority 71
    -12.8% net_income (realized); quote_verified
    Q1FY27 non-GAAP tax rate guidance: approximately 17%
  7. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 64
    quote_verified
    Separation Date of Flash business into Sandisk: February 21, 2025; Sandisk results are no longer consolidated into WD after that date
  8. Capital Return Program · Buybacks & dividendsPriority 60
    2 sources (news, press_release); 1 forward row(s); quote_verified
    Repurchases of common stock in Q4FY26: $672 million and for fiscal year 2026: $2,592 million
  9. Operating Cash Flow Trends · Cash flow generationPriority 55
    quote_verified
    Net cash provided by operating activities for the year ended July 3, 2026: $3,929 million (up from $1,691 million prior year)
  10. AI Storage Contract Visibility · UnclassifiedPriority 53
    1 forward row(s); quote_verified
    Western Digital said AI storage contract talks extend as far as 2031, securing capacity up to five years in advance for AI infrastructure customers.
  11. HDD Technology Competition · Competition & market sharePriority 53
    quote_verified
    Seagate faced manufacturing issues with Heat-Assisted Magnetic Recording (HAMR) technology, which contributed to the stock pressure.
  12. Strategic Business Separation · UnclassifiedPriority 53
    quote_verified
    Seeking Alpha and others described Western Digital as a pure-play HDD storage provider post-Sandisk spin-off, with cloud representing 89% of revenue.

Threads by pillar

Revenue & Demand Priority 78 · 4 threads

Costs & Margins Priority 79 · 4 threads

Capital & Balance Sheet Priority 78 · 4 threads

Strategy & Portfolio Priority 64 · 1 thread

Legal, Regulatory & Policy Priority 41 · 1 thread

Guidance & Outlook Priority 87 · 1 thread

Macro & Market Conditions Priority 53 · 1 thread

Unclassified Priority 84 · 4 threads

Expected impact by metric

metricforward netforward grossrealized
net_income+34.1%+36.4%+62.6%
operating_income-0.9%+0.9%+104.8%
margin——+78.0%
revenue——+121.2%