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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
Western Digital (WDC) investor relations material
Western Digital Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Revenue reached $3.02 billion in Q2 FY26, up 25% year-over-year, driven by strong demand in cloud, AI, and high-capacity HDDs.
Non-GAAP EPS was $2.13, up 78% year-over-year; GAAP diluted EPS was $4.73, up 272%.
Cloud segment accounted for 89% of revenue, with significant growth in high-capacity and UltraSMR drives.
Completed the separation of the Flash business (Sandisk), retaining a minority stake and using part to reduce debt.
Free cash flow was $653 million, with over 100% returned to shareholders via buybacks and dividends.
Financial highlights
Gross margin was 45.7% (GAAP) and 46.1% (non-GAAP), up 770–800 bps year-over-year.
Operating income was $1,019 million (non-GAAP), up 72% year-over-year; GAAP operating income was $908 million.
Net income from continuing operations was $1.84 billion, up from $466 million a year ago.
Operating cash flow was $745 million; free cash flow $653 million.
Cash and equivalents at $1.98 billion at quarter end.
Outlook and guidance
Q3 FY26 revenue expected at $3.2 billion ± $100 million, reflecting ~40% year-over-year growth.
Non-GAAP gross margin guidance of 47–48%; operating expenses $380–$390 million; tax rate ~16%.
Non-GAAP EPS expected at $2.30 ± $0.15.
CapEx to remain 4–6% of revenue as HAMR ramps.
Board declared a $0.125 per share dividend, payable March 18, 2026.
Explain the Sandisk retained interest gain impact
Quantify AI-driven HDD demand contribution
Future capital allocation strategy for FCF
Strategy for extending LTAs beyond 2028
New laser IP impact on HAMR cost/performance
Capital allocation post-SanDisk share monetization
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Next Western Digital earnings date
Innovation Day 20263 Feb, 2026
Western Digital
Next Western Digital earnings date
Innovation Day 20263 Feb, 2026
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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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