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Company Research8 Apr 2024
Companies That Had Their IPO in 1995: The Internet Hype Ramps Up
An overview of the general market sentiment and IPO landscape during 1995 as internet and tech companies were gaining traction.
Western Digital (WDC) investor relations material
Western Digital Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Oct, 2025
Executive summary
Revenue reached $2.82 billion in Q1FY26, up 27% year-over-year, driven by strong cloud and AI demand, with non-GAAP EPS at $1.78 and GAAP EPS at $3.07.
Major hyperscale customers committed to long-term purchase orders, and 2.2 million ePMR drives were shipped, reflecting robust product demand.
Completed the separation of the Flash business (Sandisk), retaining a minority stake with plans to monetize remaining shares before February 2026.
Board approved a 25% increase in the quarterly dividend to $0.125 per share and increased share repurchases to $553 million.
Internal AI use delivered up to 10% productivity gains in engineering and manufacturing.
Financial highlights
Q1FY26 revenue was $2.82 billion, up 27% year-over-year and 8% sequentially, with cloud segment contributing 89% ($2.5 billion).
Non-GAAP gross margin reached 43.9%, up 660 basis points year-over-year; GAAP gross margin was 43.5%.
Non-GAAP operating income was $856 million, up 110% year-over-year; GAAP operating income was $792 million, up 137%.
Free cash flow was $599 million, with operating cash flow at $672 million and capex at $73 million.
204 exabytes shipped, up 23% year-over-year; nearline exabytes at 183.
Outlook and guidance
Q2FY26 revenue expected at $2.9 billion (+/- $100 million), up 20% year-over-year.
Non-GAAP gross margin guidance of 44–45%; operating expenses projected at $365–$375 million.
Non-GAAP diluted EPS expected at $1.88 (+/- $0.15) on ~375 million shares.
Capital expenditures for 2026 expected at 4%–6% of net revenue.
Liquidity and credit facilities sufficient for at least the next twelve months.
Impact of Sandisk retained interest on results?
What drove the Q1FY26 free cash flow turnaround?
Explain non-GAAP diluted share calculation change.
Ensuring HAMR reliability for rapid deployment?
How do long-term POs shape supply planning?
Balance supply discipline vs. SSD adoption risk?
AI's impact on exabyte growth outlook?
HAMR qualification and production ramp timeline
Supply-demand balance through calendar 2026?
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Next Western Digital earnings date
AGM 202520 Nov, 2025
Next Western Digital earnings date
AGM 202520 Nov, 2025
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Frequently asked questions
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. The company's product portfolio includes hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers. It also offers datacenter devices comprising HDDs designed for enterprise performance; enterprise solid state drives (eSSDs) that are used in server and datacenter environments; enterprise-class HDDs and SSDs; system solutions for shared storage environments in the cloud; capacity HDDs for use in data centers to store bulk unstructured data primarily used by cloud service providers under original equipment manufacturer agreements; dual-port multi-protocol NVMe PCIe SSDs that are used in various internet applications; data center software solution that enables customers to efficiently manage their storage infrastructures; and data center systems.
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