Demand and volumemixed · 5 filings
“The increase in exabytes sold was driven by strong demand for our high-capacity enterprise products.”10-K · Aug 14, 2026 ↗
Western Digital Corporation
WDC
Market read
Western Digital Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 18 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
What changed
- Revenue increased 45.5% versus the comparable filing period.
Company-2.9% todayVolume comparison unavailable
Market group0 of 18 activeTechnology-Heavy Mixed · unavailable
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Exabytes sold rose 25% in the latest twelve-month period, with management citing strong demand across all end markets.
- 10-Q reports a 34% year‑over‑year increase in exabytes sold for the quarter, attributed to strong demand across end markets.
Invalidation: The isolated read changes if WDC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 18 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 45.5% versus the comparable filing period.
- Operating margin improved 2.5 percentage points.
- Net income increased 516.3% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Exabytes sold rose 25% in the latest twelve-month period, with management citing strong demand across all end markets.
- 10-Q reports a 34% year‑over‑year increase in exabytes sold for the quarter, attributed to strong demand across end markets.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements125
Verified relationships10
Evidence supporting the case
- Latest annual revenue changed +35.7% year over year.
- Operating margin changed +10.0 percentage points in the latest annual period.
- Net margin changed +53.1 percentage points in the latest annual period.
- Pricing and mix has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Diluted shares increased 6.7% in the latest annual period.
- Operating cash flow was only 0.42x net income in the latest annual period.
Questions before a position
- P/E is 18% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
447.016m+71.2%12m+370.4%24m+635.5%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-07-01$18.8B+11.1%$4.89+2.3%
2023-06-30$6.3B-66.7%$-5.37+0.6%
2024-06-28$6.3B+1.0%$-2.61+2.5%
2025-06-27$9.5B+50.7%$5.12+10.1%
2026-07-03$12.9B+35.7%$24.28+6.7%
What management says matters
Persistent and emerging business drivers
Pricing and mixpositive · 4 filings
“The increase was largely due to an increased volume of shipments, a better cost structure on our newer generation products, a mix shift towards higher capacity drives and improved pricing.”10-K · Aug 14, 2026 ↗
Credit and interest ratesnegative · 2 filings
“Of this amount, $65 million of savings is expected from the deductible interest paid with respect to years 2008 through 2015 that were previously classified as a deferred tax asset due to interest expense limitation rules have been utilized during the year en…”10-K · Aug 14, 2026 ↗
Legal and regulatory exposuremixed · 2 filings
“As a result of the settlement, the Company reversed $ 201 million of previously recorded charges in Operating expense under Litigation matter and $ 6 million of post-judgment interest previously recorded in Other income (expense), net.”10-K · Aug 14, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 13.3× · EV/sales 13.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
447.42-2.9% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 16:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for WDC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-01 against the comparable filing from 2025-05-02.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 45.5% versus the comparable filing period.
- Operating margin improved 2.5 percentage points.
- Net income increased 516.3% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Gross Profit and Gross Margin Gross profit increased by $764 million for the three months ended April 3, 2026 from the comparable period in the prior year, due to an increased volume of shipments, a lower cost structure on our newer generation products and improved pricing.”
“Gross margin increased by 10 percentage points year over year, primarily due to a lower cost structure on our newer generation products and improved pricing.”
“Gross profit increased by $1.66 billion for the nine months ended April 3, 2026 from the comparable period in the prior year and gross margin increased by 9 percentage points during the same year-over-year period, primarily due to the same factors noted for the three-month period above.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind WDC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
SNDKSandisk CorporationinvesteeAug 14, 2025 ▾
“We retained an equity interest in Sandisk in connection with the Separation, of which we divested a portion in June 2025 in a debt-for-equity exchange.”
Depended on by
OSSOne Stop Systems, Inc.supplierMar 18, 2026 ▾
“Through a strategic agreement with Western Digital, we acquired an exclusive software license for Ion Accelerator Storage Area Networking (“SAN”) source code and software development rights, and we hired their core engineering team in July 2017.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WDC is currently a Early Follower in the organic co-movement group Technology-Heavy Mixed. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for WDC; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.